IPO Overview
Bio Medica Laboratories Limited, incorporated in August 2015, is engaged in manufacturing pharmaceutical parenteral formulations including liquid injectables, dry powder injectables, ethical drugs, generic medicines, and OTC pharmaceutical products for both human and veterinary healthcare segments. The company primarily operates on a contract manufacturing B2B model. Its product portfolio comprises 58 liquid injectable products and 15 dry powder injectable products, with key therapeutic categories including antibiotics (Amikacin Sulphate, Ceftriaxone), pain management (Buprenorphine), supplements (Vitamin B12, D3 & Calcium formulations), and anti-malarials (Artesunate). The company operates from its GMP & GLP certified manufacturing facilities based in Indore, Madhya Pradesh.
The company is now launching its SME IPO on the NSE SME Emerge platform. The total issue size is ₹52.43 crore at the upper cap, priced in a band of ₹132 to ₹139 per share with a lot size of 2,000 shares. The IPO opens on 21 May 2026 and closes on 25 May 2026, with listing expected on 29 May 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME Emerge |
| IPO Open Date | 21 May 2026 |
| IPO Close Date | 25 May 2026 |
| Allotment Date | 26 May 2026 (Expected) |
| Refund Initiation | 28 May 2026 |
| Credit to Demat | 28 May 2026 |
| Listing Date | 29 May 2026 (Tentative) |
| Price Band | ₹132 – ₹139 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹2,78,000 (approx) |
| Issue Size | ₹52.43 crore |
| Fresh Issue | 33,95,000 shares (₹47.19 crore) |
| Offer For Sale (OFS) | 3,77,000 shares (₹5.24 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | 1,89,000 shares (Reserved) |
OFS / Selling Shareholders
The IPO comprises a fresh issue of 34.06 lakh shares and an offer for sale of 3.77 lakh shares. The OFS portion is relatively small — the majority of funds raised will go directly to the company for business expansion.
Objects of the Issue (Fund Utilization)
The net proceeds from the IPO will be utilized towards repayment of loans, enhancement of existing production capabilities by setting up a new manufacturing facility at the existing premises, and general corporate purposes.
Specifically, ₹6.50 crore will be used for repayment/prepayment of existing borrowings. The remaining proceeds are allocated for:
- Repayment / prepayment of existing borrowings — ₹6.50 crore
- Setting up a new manufacturing facility at the existing premises
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Narnolia Financial Services Limited
- Registrar to the Issue: Skyline Financial Services Pvt. Ltd.
- Allotment Status: skylinerta.com
Promoters & Management
- Promoters: Mr. Mukesh Mehta and Mr. Pradeep Mehta
- Managing Director: Mr. Pradeep Mehta
Mr. Pradeep Mehta, Managing Director, stated that the company has remained committed to manufacturing high-quality pharmaceutical injectable formulations while maintaining stringent quality standards and regulatory compliance. Over the years, the company has built strong capabilities in liquid and dry powder injectables, supported by GMP & GLP certified manufacturing facilities and advanced quality control infrastructure.
Company Details
Bio Medica Laboratories is a pharmaceutical company established in 2015 and based in Indore, Madhya Pradesh. The company is engaged in manufacturing parenteral formulations such as liquid injectables and dry powder injections for both human and veterinary healthcare segments. It operates mainly on a B2B contract manufacturing model, supplying ethical drugs, generic medicines, and OTC products to pharmaceutical companies across multiple Indian states. The company also has GMP and GLP certified manufacturing facilities with a growing presence in domestic and export markets.
Sectors Served:
- Human Healthcare (Hospitals, Clinics, Pharma Companies)
- Veterinary Healthcare
- B2B Contract Manufacturing Clients
Key Products Manufactured:
- Liquid Injectables (58 products) — Ampoules, Vials
- Dry Powder Injectables (15 products)
- Therapeutic categories: Antibiotics, Pain Management, Vitamins & Supplements, Anti-malarials
Key Capabilities:
- Specialises in injectable formulations for both human and veterinary use under a B2B contract model, reducing marketing expenses and allowing focus on manufacturing quality.
- Equipped with a comprehensive array of tools enabling a wide range of tests and analyses efficiently and accurately; continues to benefit from government incentives under the MSME Incentive Scheme 2021.
Certifications:
- GMP Certified (Good Manufacturing Practices)
- GLP Certified (Good Laboratory Practices)
- FDA Approvals for ~50+ products across Unit 1 and Unit 2
Manufacturing Facilities:
- Plot No. 11B-11C, Sector-E, Sanwer Road Industrial Area, Indore, Madhya Pradesh
- Two manufacturing units — Unit 2 added recently, operating satisfactorily throughout FY25
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | PAT Margin |
| FY23 | ₹16.23 | ₹0.33 | 2.06% |
| FY24 | ₹15.25 | ₹2.51 | 16.39% |
| FY25 | ₹38.20 | ₹9.79 | 25.64% |
Key Financial Metrics
- Revenue increased by 150% and PAT rose by 292% between FY24 and FY25 — driven primarily by the commissioning of Unit 2 and FDA approvals for ~50 new products.
- ROE of nearly 100% and EBITDA margin close to 40% reflect strong operational efficiency compared to peers.
- P/E at upper price band: 17.84x (based on FY25 earnings); 13.46x (based on FY26 annualised earnings).
- Total borrowings as of March 31, 2025 stood at ₹15.01 crore, comprising long-term and short-term borrowings.
- Debt-equity ratio of 2.23 as of November 30, 2025 — which is on the higher side.
Company Strengths
- Strong growth track record — revenue surged from ₹16.23 crore in FY23 to ₹38.20 crore in FY25, with profits rising sharply from ₹0.33 crore to ₹9.79 crore.
- Operates in the pharmaceutical injectables and contract manufacturing segment where long-term industry demand remains supported by rising healthcare spending, growing generic drug demand, and expansion in domestic pharmaceutical manufacturing capabilities.
- GMP & GLP certified manufacturing facilities with FDA approvals across 50+ products — enabling access to regulated market clients
- B2B contract manufacturing model reduces marketing costs and creates stable, repeat client relationships
- A major portion of IPO proceeds will expand production capacity, which could drive future sales and profitability.
- Expanding into both human and veterinary segments, diversifying revenue streams
Key Risks & Challenges
- Small-scale operations, dependency on a few clients, and negative operating cash flow in FY25 may impact short-term liquidity.
- Debt-equity ratio of 2.23 as of November 30, 2025 raises concern about leverage levels.
- FY26 bumper earnings may not be sustainable — the high PAT margin of 30.35% in 8M FY26 could be a one-time effect tied to ramp-up of Unit 2, and future margins may moderate.
- The company manufactures pharmaceutical formulations based solely on publicly available formulas and processes — it does not have any proprietary patents or in-house R&D, limiting competitive differentiation.
- FY24 revenue actually declined vs FY23 (₹15.25 crore vs ₹16.23 crore), indicating early-stage growth inconsistency before Unit 2 stabilised
- SME IPO liquidity risk — limited secondary market depth on NSE SME Emerge platform
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
