Anondita Medicare  IPO GMP & Subscription status

Core Business & Overview

• Anondita Medicare Limited was incorporated on 12 March 2024 as a public limited company under the Companies Act, with the Corporate Identification Number U22193DL2024PLC428183. Registered at Vasant Kunj, New Delhi.
• It emerged via a business transfer from its predecessor, M/s Anondita Healthcare, owned by promoter Mr. Anupam Ghosh, transferring all assets and liabilities effective 1 April 2024.

• Specialized in manufacturing condoms and sexual wellness products under the flagship brand “COBRA”, offering flavored variants (e.g., strawberry, mint, chocolate, bubblegum) with 100% electronic testing and export-quality packaging.
• Has an annual installed capacity of ~562 million units, primarily produced at its Noida facility with around 11 production lines, also expanding into female condoms.
• The company is active in exports to regions such as Southeast Asia, Africa, and the Middle East, and collaborates with NGOs, governments, and health organizations for family planning initiatives.
• Maintains modern quality testing systems and long-standing relationships with institutional buyers.

Strengths

1. Established and trusted brand in the condom sector, particularly recognized for the “COBRA” line.
2. Robust manufacturing infrastructure: high-capacity operations (~562 million units annually) with advanced testing and quality control.
3. Strong export orientation & institutional partnerships, driving broader market access and public health collaborations.
4. Impressive financial growth trajectory, with substantial year-on-year revenue and PAT increases.

Risks

1. Revenue concentration: Heavy reliance on sales of condoms, which may limit diversification.
2. Dependency on institutional customers and government tenders, which could lead to fluctuating demand and receipt timelines.
3. Regulatory exposure: The sexual wellness and contraceptive industry operates under stringent health and quality regulations both domestically and internationally.
4. Currency risk: With exports forming a significant revenue stream, there’s inherent susceptibility to foreign exchange volatility.
5. Leverage and open charges: According to CompanyCheck, the company holds ₹27.60 crore in open charges as of mid-2025, adding debt-related pressure

Financial Performance Overview (₹ in Crore)

Revenue

• FY 2023: ₹35.91 Cr
• FY 2024: ₹46.43 Cr (+29.3% growth)
• FY 2025: ₹76.99 Cr (+65.8% growth)
  Strong upward trend, showing rapid expansion in business scale.

Profit

• FY 2023: ₹0.35 Cr
• FY 2024: ₹3.84 Cr (~10x growth)
• FY 2025: ₹16.42 Cr (+327% growth)

Profitability has surged, indicating better margins and operational efficiency.

Assets

• FY 2023: ₹37.80 Cr
• FY 2024: ₹42.91 Cr (+13.5% growth)
• FY 2025: ₹78.27 Cr (+82.4% growth)
  Significant asset growth in FY 2025, likely due to capacity expansion and investments.

✅ Pros

• Strong growth in revenue and profit over last 3 years.
• Established COBRA condom brand with global reach.
• Large production capacity (~562 million units annually).
• Presence in exports and government/NGO supply contracts.
• Experienced promoters with industry expertise.

❌ Cons

• Heavy reliance on condom sales, limited diversification.
• High dependence on government tenders and institutional buyers.
• Regulatory and compliance risks in sexual wellness sector.
• Foreign exchange risk due to export reliance.
• Existing borrowings and financial liabilities.