As India’s booming nutraceutical and wellness industry continues to attract investor interest, a relatively young but promising player—Influx Healthtech is all set to hit the markets with its Initial Public Offering (IPO) from 18 June to 20 June 2025, listing on NSE EMERGE on 25 June 2025. Influx Healthtech is growing rapidly, has a diversified portfolio, state of the art manufacturing capabilities and a sharp management team at the helm. It’s a unique investment opportunity in India’s CDMO space.
Influx Healthtech IPO review covers the offer details, company fundamentals, financials, strengths, risks and valuation to help you decide if Influx deserves a place in your portfolio.
IPO Snapshot
| Details | Values |
| IPO Price Band | INR 91 – 96 per share |
| Issue Type | Fresh Issue + Offer for Sale |
| Fresh Issue Size | 50,00,400 shares (INR 45.50 – 48 crore) |
| Offer for Sale (Promoter) | 11,00,400 shares (INR 10.01 – 10.56 crore) |
| Total IPO Size | 61,00,800 shares (INR 55.52 – 58.57 crore) |
| Lot Size | 1,200 shares (INR 1,15,200 minimum) |
| Listing Platform | NSE EMERGE |
| Retail Quota | 35% |
The IPO is priced at 12.36–13.04x FY25 earnings which is relatively cheap compared to listed peer Sudarshan Pharma (48.28x) and almost in line with Quest Laboratories (10.38x).
Company Overview
Founded in 2020 by Mr. Munir Abdul Ganee Chandniwala, Influx Healthtech is a Mumbai-based CDMO specializing in nutraceuticals, cosmetics, ayurvedic products, veterinary supplements, and homecare solutions. What sets Influx apart is not just its broad product range of 3,559+ SKUs across five categories, but also its in-house formulation development department, WHO-GMP, ISO, HACCP, and FDA certifications, and a 98.5%+ customer retention rate.
Manufacturing Infrastructure
- 3 leased units in Thane with combined capacity of 13,800 kg/day
- FY25 capacity utilization:
- Unit 1 (Nutraceuticals): 93%
- Unit 2 (Cosmetics/Ayurveda): 90%
- Unit 3 (Veterinary/Homecare): 66%
- Plans for capacity expansion through IPO proceeds (INR 36.74 crore of the fresh issue)
Financials at a Glance
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 76.06 | 99.97 | 104.85 |
| EBITDA (%) | 14.10 | 16.96 | 19.62 |
| Net Profit | 7.20 | 11.13 | 13.37 |
| EPS (INR) | 3.96 | 6.13 | 7.36 |
| ROCE (%) | 78.60 | 65.58 | 49.17 |
| RONW (%) | 61.76 | 48.85 | 36.98 |
| Debt-to-Equity | 0.07 | 0.01 | 0.01 |
The numbers show steady growth in topline and profitability indicating strong cost control and operating leverage. Especially the near zero debt and rising EPS makes the valuation even more attractive.
Revenue Profile & Growth Drivers
Influx Healthtech has seen CAGR revenue growth of 17% over the last three fiscal years, with a sharp focus on the nutraceutical segment, contributing nearly 90% of revenue in FY25. Here’s the segmental revenue breakdown for FY25:
| Segment | Revenue (INR Cr.) | Contribution (%) |
| Nutraceuticals | 94.04 | 89.69 |
| Cosmetics | 6.41.05 | 6.11 |
| Ayurvedic | 3.24 | 3.09 |
| Veterinary | 1.10 | 1.05 |
| Homecare | 0.07 | 0.06 |
Interestingly the Nutraceutical Candies and Gym Supplements segment contributed INR 31.26 crore in FY25 which shows alignment with India’s growing wellness and functional foods space.
Influx Healthtech IPO Review: Customer Metrics
Influx has consistently expanded its client base:
- FY25 clients: 571 (147 new; 424 existing)
- Revenue from existing clients: INR 98.30 crore (93.75% of total)
- Revenue from new clients: INR 6.55 crore
This highlights strong retention, long-term contracts, and client satisfaction. Key B2B clients include Bling Brands, Evoq Business Ventures, Bruder Life Science, and Bigflex Lifescience.
Influx Healthtech IPO Review: Key Strengths
- Diversified Portfolio: With 3,559 products and offerings from ODFs, vegan bars to ayurvedic gummies, Influx caters to multiple customer needs under one roof.
- Robust Formulation Team: The in-house department of 8 experts has developed market-first innovations like:
- Capsule-in-capsule & bi-layer gummies
- Sugar-free fiber gummies
- Pectin-free gummies
- Ready-to-drink nutritional gels
- Anhydrous sunscreens
- Vegan and whey protein bars
- High Operational Efficiency: FY25 utilization stood at 93% for nutraceuticals, reflecting demand pull. GMP and Schedule M compliance ensures scalable growth without regulatory bottlenecks.
- Capital Efficiency: ROCE and RONW consistently above industry benchmarks, even as Influx Healthtech reinvests in R&D and expansion.
- India’s Booming Nutraceutical Market: India’s nutraceutical sector is poised to double to USD 64.83 billion by 2030, growing at a 13.9% CAGR. Influx Healthtech is well-positioned to ride this wave.
Use of IPO Proceeds
The fresh issue of INR 45.50 – 48 crore is earmarked for:
- INR 22.49 crore – Nutraceutical manufacturing expansion
- INR 11.49 crore – Veterinary food facility
- INR 2.76 crore – Machinery for homecare and cosmetics
- Remaining – General corporate purposes
This capacity-driven capex is expected to unlock further growth in FY26–27 and beyond.
Comparison with Listed Peers
| Company | PE ratio | EPS | RONW (%) | Book Value | Revenue (Cr.) |
| Influx Healthtech | 12.36 – 13.04 | 7.36 | 36.98 | 19.91 | 104.99 |
| Sudarshan Pharma | 48.28 | 0.66 | 12.45 | 5.30 | 5,053.84 |
| Quest Laboratories | 10.38 | 8.28 | 16.58 | 49.92 | 1,081.59 |
Influx Healthtech’s low PE, high RONW, and robust EPS underscore its undervaluation relative to peers. Though its revenue is smaller, the high capital efficiency and niche CDMO model offer scalable earnings potential.
Risks to Consider
- High dependence on Nutraceutical Industry: ~90% revenue comes from nutraceuticals; any industry downturn, customer loss or competitor innovation can impact operations and profitability.
- Single Manufacturing Location Risk: Facility is concentrated in Palghar, Maharashtra; disruption due to natural disasters, accidents or regulatory issues can severely impact operations and financials.
- Geographical Revenue Concentration: 88–90% revenue from Maharashtra, Gujarat and Karnataka; regional disruption or inability to expand nationally can impact business sustainability and growth.
- Segment Concentration Risk: 89.69% of FY25 revenue from nutraceuticals; weak demand or regulatory issues in end user industries can have cascading impact on company performance.
- No AYUSH License: No AYUSH license held; future regulatory changes or misinterpretation can result in compliance issues, operational disruption and financial penalties.
- Capital Intensive: Continuous technology and capacity upgrades required; may require future funding which can increase financial burden and dependence on external capital.
- Unsecured Loans on Demand: INR 21.92 lakh unsecured loan from directors is repayable on demand; sudden recall can strain cash flows and force borrowing at unfavorable terms.
Final Take: Should You Subscribe?
Influx Healthtech IPO checks several boxes for investors:
- Proven growth (FY23–25 CAGR over 17%)
- Consistent profitability with rising margins
- Innovative product pipeline
- Low debt and high returns on capital
- Attractive valuations
As a CDMO with strong customer retention, capital deployment and capex led growth Influx is a rare combination of stability and innovation in the growing Indian healthtech manufacturing space. For long term investors who are bullish on India’s nutraceutical and wellness story Influx Healthtech is a story worth looking at during the IPO window.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.