Amanta Healthcare IPO is drawing significant attention from investors in India’s fast-growing pharmaceutical sector. The IPO is scheduled for 1 to 3 September 2025. The company seeks to raise INR 120–126 crore through a fresh issue of 1 crore shares.
In this Amanta Healthcare IPO review, we move beyond numbers to examine the company’s core business model and revenue streams—the real engine that drives growth. With manufacturing facilities already running at over 90% utilisation, Amanta enters the capital market at a turning point where capacity expansion is crucial for scaling up.
By the end of this piece, you will understand how Amanta Healthcare makes money, whether its revenues are stable, and how its diversified structure reduces risks
2. Company Overview & Operations
Founded in 1994, Amanta Healthcare has positioned itself as a sterile pharmaceutical specialist with strengths in manufacturing, formulation, and distribution.
- Manufacturing Infrastructure: A large WHO-GMP certified plant in Hariyala, Kheda (Gujarat), spread over 66,852 sq. meters, with 4 lines for Large Volume Parenterals (LVPs) and 3 lines for Small Volume Parenterals (SVPs).
- Product Range: 47 registered products across six therapeutic categories — IV fluids, injectables, ophthalmics, respiratory solutions, diluents, and irrigation/medical devices. Fill volumes range from 2 ml to 1000 ml.
- Technology Advantage: Use of ABFS (Aseptic Blow-Fill-Seal) and ISBM (Injection Stretch Blow Moulding) ensures high-quality sterile packaging, replacing older glass bottles that were prone to contamination.
- Distribution Reach:
- Domestic: Sales via 320+ distributors/stockists, supported by a 96-member sales team.
- International: Products registered in 120 jurisdictions; exports to 21 countries, including the UK, UAE, Philippines, and Sudan.
3. Amanta Healthcare IPO Review: Business Model Analysis
Amanta Healthcare business model is built on three complementary revenue streams, each serving a different type of customer need.
3.1 Domestic Branded Generics
This is the company’s largest business vertical (over 55% of FY25 revenues). Products are marketed under Amanta’s own brand, “SteriPort”, and primarily include:
- IV fluids (saline, dextrose, Ringer lactate)
- Ophthalmics (eye drops)
- Injectables (antibiotics, antifungals, pain management drugs)
Amanta sells these products to its network of distributors, who then supply hospitals, clinics, and pharmacies. The company also offers target-based incentives to distributors, encouraging higher sales volumes.
3.2 International Branded Generics
Accounting for ~33% of FY25 revenue, this business focuses on semi-regulated and emerging markets such as Sudan, the Philippines, Ethiopia, and also taps into regulated markets like the UK.
- Exported formulations include common IV solutions, ophthalmics, injectables, and respiratory nebules.
- Compliance with multiple regulatory authorities ensures credibility in foreign markets.
Products are exported under Amanta’s own label, enabling it to build a global presence while diversifying away from India.
3.3 Product Partnering (Contract Manufacturing)
A smaller but strategic vertical (~10.5% of FY25 revenue). Amanta provides contract manufacturing services for other pharma companies, including “loan-license manufacturing.”
- These partnerships often involve long-term agreements, where Amanta produces formulations on behalf of clients.
- The business operates on a cost-plus model, providing stable margins insulated from retail price volatility.
Clients provide specifications, and Amanta manages procurement, production, and packaging. This builds sticky B2B relationships with large pharma players.
4. Amanta Healthcare Revenue Streams Analysis
Amanta Healthcare’s revenues are diversified across SBUs, geographies, and products, which helps reduce dependence on any single market.
4.1 Business-Wise Revenue (FY23–FY25)
- Domestic Branded Generics: INR 152.37 crore (55.5%)
- International Branded Generics: INR 90.83 crore (33.1%)
- Product Partnering: INR 28.84 crore (10.5%)
Domestic branded sales remain the anchor, but international revenues are steadily increasing, giving Amanta a global balance.
4.2 Geography-Wise Revenue (FY25)
- Domestic: INR 184.94 crore (67.3%)
- Exports: INR 89.77 crore (32.7%)
👉 Export mix shows strength in:
- UAE (6.6%)
- UK (4.4%)
- Philippines (3.7%)
- Sudan (3.9%)
- Thailand (3.0%)
This wide footprint ensures no single country dominates, protecting against regional risks.
4.3 Product Contribution
- Large Volume Parenterals (LVPs): The backbone of revenues (saline, dextrose, electrolytes).
- Small Volume Parenterals (SVPs): High-margin ophthalmics, respiratory solutions, and injectables.
- Medical Devices/Irrigation Products: Complementary offerings like wound cleaning and eye lubricants.
The product basket is designed to ensure steady demand (IV fluids) along with higher-margin specialised therapies (ophthalmics, respiratory).
5. Financial Performance Snapshot
Amanta Healthcare has gone through a turnaround phase over the last three years. From a small loss in FY23, the company has steadily moved into profitability while improving margins and reducing debt.
Key Financials
| Particulars | FY 2023 | FY 2024 | FY 2025 | Trend / Notes |
|---|---|---|---|---|
| Revenue from Operations | 259.13 | 280.34 | 274.71 | FY25 dipped (-2.0%) after FY24 growth |
| EBITDA | 56.31 | 58.76 | 61.05 | Margins stable → FY25 EBITDA margin 22.1% |
| PAT | -2.11 | 3.63 | 10.50 | Clear turnaround → margins expanding |
| PAT Margin (%) | -0.81% | 1.29% | 3.82% | Strong operating leverage effect |
| RoNW (%) | -3.36% | 5.48% | 10.89% | Steady improvement in shareholder returns |
| RoCE (%) | 12.19% | 12.76% | 13.72% | Stable efficiency on capital use |
| EPS (INR) | -0.79 | 1.35 | 3.71 | FY25 EPS shows recovery |
| Debt-Equity Ratio | 3.43 | 3.10 | 2.02 | Leverage reducing, still on higher side |
| Operating Cash Flow | 42.58 | 58.07 | 46.62 | Consistently positive – supports capex |
Amanta is no longer in a “struggling small pharma” zone. It has become a stable cash-flow generating player with improving profitability, though revenue growth has slowed, making capacity expansion essential.
6. Amanta Healthcare IPO Analysis: Key Strengths
- Diversified Portfolio – Six therapeutic categories (IV fluids, injectables, ophthalmics, respiratory, diluents, irrigation/medical devices) ensure steady demand and product diversity.
- Strong Manufacturing Backbone – Utilisation levels above 90% show robust demand; expansion funded by IPO will unlock the next growth phase.
- Balanced Market Mix – FY25 revenue split: Domestic 67% vs Exports 33%. No single country dominates exports, spreading risk.
- Regulatory Strength – WHO-GMP, ISO, and country-specific accreditations (UK, Sudan, Philippines, Kenya) enhance credibility.
7. Amanta Healthcare IPO Analysis: Key Risks & Challenges
- Raw Material Volatility – LDPE and Polypropylene granules make up ~40% of raw material costs. Prices are tied to crude oil, exposing Amanta to global price swings.
- Capacity Constraints – Current utilisation at ~96% leaves little room for organic volume growth unless IPO-funded expansions are executed smoothly.
- Export Market Exposure – Heavy reliance on semi-regulated markets like Sudan, Ethiopia, Philippines creates vulnerability to geopolitical or regulatory shocks.
- Debt Levels – Though improving, a 2.02x debt-equity ratio still indicates higher leverage compared to some peers.
- Competitive Landscape – Global MNCs and Indian generics firms operate in the same sterile injectables space, keeping pricing pressure alive.
8. Valuation & Peer Comparison
At the upper price band of INR 126, Amanta Healthcare is valued at:
- P/E (FY25 earnings): 32.3x – 34.0x (pre-issue), ~44x – 46x (post-issue)
- EPS (FY25): INR 3.71 (pre-issue), INR 2.70 (post-issue)
- RoNW: 10.89% (FY25)
- NAV: INR 33.43 per share
Peer Benchmarking:
| Company | P/E Ratio | EPS (INR ) | RoNW (%) | Revenue (Cr.) |
|---|---|---|---|---|
| Amanta Healthcare | 44–46x (post-issue) | 3.71 | 10.89 | 276.09 |
| Denis Chem Lab | ~15.9x | 5.82 | 9.49 | 175.67 |
9. IPO Proceeds Utilisation
- INR 70 crore → New SteriPort (LVP) line at Hariyala facility
- INR 30.13 crore → New SVP line (ophthalmics, respiratory)
- Balance → General corporate purposes
The IPO proceeds are growth-focused and directly linked to capacity expansion, which aligns with the company’s high utilisation and future demand outlook.
Final Words
The Amanta Healthcare IPO Review reveals a company that has:
- Recovered profitability and reduced leverage.
- Well-diversified revenue streams across domestic, exports, and B2B contract manufacturing.
- High utilisation rates, showing strong demand visibility.
- Balanced domestic + export revenue mix.
- Expanding margins (EBITDA >22%).
- IPO proceeds fund critical expansion.
For long-term investors with moderate risk appetite, Amanta offers a growth-backed pharma story with strong fundamentals. This IPO is best suited for investors looking at the 3–5 year horizon, rather than quick listing gains.
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