Ghaziabad-based Rodec Pharma, a fast-growing player in the veterinary healthcare and animal nutrition industry, has filed its DRHP with the Securities and Exchange Board of India (SEBI). Rodec Pharma IPO is an OFS of up to 56,50,000 equity shares of face value INR 10 each by Promoter and Managing Director Mukesh Kumar Gupta. Khambatta Securities is the Book Running Lead Manager (BRLM) to the issue, while Bigshare Services will serve as the Registrar to the offer.
Company Overview
Rodec Pharma is a veterinary pharmaceutical and animal nutrition company engaged in the manufacturing, marketing, and distribution of veterinary drugs and animal feed supplements across India.
Founded in 1997, the company began as a distributor of veterinary formulations and evolved into a fully integrated manufacturer after commissioning its Fami-QS and ISO-certified facility in Ghaziabad, Uttar Pradesh, in December 2022. This transition enabled Rodec to bring manufacturing in-house, improve margins, enhance quality control, and expand production capacity.
The company’s core business is divided into two segments:
- Veterinary Pharmaceutical Drugs – covering therapeutic categories such as antibiotics, analgesics, antipyretics, hormones, anthelmintics, steroids, herbal formulations, and vitamins.
- Animal Feed Supplements – targeting nutritional balance, reproductive performance, and overall animal productivity.
Rodec serves veterinarians, livestock farmers, and animal healthcare providers through a nationwide distribution network comprising:
- 13 consignee agents
- 401 stockists
- 416 veterinary sales representatives (VSRs)
operating across 15 Indian states, including major markets such as Uttar Pradesh, Maharashtra, Punjab, Gujarat, Rajasthan, and Assam.
Strategic Partnerships & Growth Initiatives
Rodec Pharma recently entered into a alliance with Bluejais B.V., Netherlands, becoming its exclusive Indian distributor for poultry health products—Moistal and Acidro-H.
This partnership marks Rodec’s entry into the poultry segment, an emerging high-growth market in India, which ranks second globally in egg production.
The company’s future strategies focus on:
- Expanding into under-penetrated geographies,
- Strengthening its consignee agent and stockist base,
- Enhancing cost efficiency through digitalisation and procurement optimisation, and
- Diversifying its portfolio further into poultry nutrition and feed therapeutics.
Rodec Pharma IPO: Financial Performance
Rodec Pharma has demonstrated consistent revenue growth, rising profitability, and margin expansion following its shift to in-house manufacturing.
| Particulars | FY2023 | FY2024 | FY2025 | H1 FY2026 |
|---|---|---|---|---|
| Revenue from Operations | 71.61 | 88.42 | 106.39 | 62.73 |
| EBITDA | 8.12 | 15.73 | 25.76 | 1.34 |
| EBITDA Margin (%) | 11.34 | 17.79 | 24.21 | 2.14 |
| PAT | 5.21 | 11.04 | 18.26 | 0.97 |
| PAT Margin (%) | 7.28 | 12.48 | 17.16 | 15.51 |
| RoE (%) | 25.21 | 34.76 | 36.49 | 16.23 |
| RoCE (%) | 23.20 | 38.19 | 40.94 | 20.24 |
Between FY23 and FY25, Rodec’s Revenue from Operations grew at a CAGR of 21.9%, while Profit After Tax (PAT) increased at an impressive CAGR of 87.2%. The company’s Debt-Equity ratio improved significantly to 0.02 as of September 2025, underscoring its strong balance sheet and low leverage.
Industry Landscape & Competitive Positioning
Rodec operates within India’s expanding animal healthcare sector, which is vital to the agricultural economy. India’s livestock population stands at over 53.6 crore, and the sector contributes approximately 5.5% to national GVA and 31% to agricultural GVA (FY2023–24).
The company competes with established players such as Hester Biosciences, Alembic Pharmaceuticals, Intas Pharmaceuticals, and Elanco India, yet stands out for its superior revenue and profit growth trajectory, efficient capital utilization, and high return ratios.
Conclusion
Rodec Pharma IPO DRHP filing marks a pivotal step in its growth trajectory as it transitions from a regional veterinary supplier to a pan-India animal healthcare manufacturer.
With a proven record of financial resilience, diversified operations, the Rodec Pharma IPO is poised to attract investor interest as a high-margin, niche opportunity in India’s animal health and agri-pharma sector.
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