Symbiotec Pharmalab, a research-driven pharmaceutical and biotechnology company based in Indore, Madhya Pradesh, has filed DRHP with the Securities and Exchange Board of India (SEBI). Symbiotec Pharmalab IPO comprises a fresh issue and an offer for sale—is expected to raise approximately INR 2,180.0 crore.
Symbiotec Pharmalab IPO: Business Overview
Founded in 2002, Symbiotec Pharmalab has evolved from a small lab-scale operation into a vertically integrated “microbe-to-pharmacy” platform specializing in corticosteroid and steroidal-hormone active pharmaceutical ingredients (APIs). With a global market share of 36.2% in corticosteroids and 44.2% in steroidal-hormone APIs (FY25), the company holds a leadership position worldwide (source: F&S Report).
The company’s products span over 60 APIs, including Hydrocortisone, Testosterone, Methylprednisolone, Progesterone, and Betamethasone, many of which command more than 50% global volume share. Symbiotec is the only Indian and global manufacturer with a presence across the top ten corticosteroid and hormone APIs.
Symbioteck Pharmalab Offer Structure & Promoter Details
Symbiotec Pharmalab’s IPO will consist of both a fresh issue and an offer for sale:
- Fresh issue: Up to INR 150 crore
- Offer for sale: Up to INR 2,030 crore
- Total issue size: Up to INR 2,180 crore
Selling Shareholders
- Satwani Holdings LLP (INR 180 crore – promoter)
- Rosewood Investments (INR 1,250 crore – investor)
- India Business Excellence Fund – III (INR 600 crore – investor)
Promoters including Anil Satwani, Kashish Satwani, Sushil Satwani, and Satwani Holdings LLP collectively hold around 27% of the company, while major institutional shareholders such as Rosewood Investments (37.19%) and India Business Excellence Fund–III (24.47%) also have a significant stake.
Use of IPO Proceeds
The net proceeds of the fresh issue will primarily be used for:
- Repayment or prepayment of borrowings: INR 112.5 crore
- General corporate purposes: balance amount to be finalised
Symbiotec Pharmalab IPO: Financial Performance
Symbiotec has demonstrated robust financial growth over the past three fiscal years.
| Particulars | FY2023 | FY2024 | FY2025 | Q1 FY2026 |
|---|---|---|---|---|
| Revenue from operations | 566.51 | 716.25 | 751.55 | 203.17 |
| EBITDA | 74.25 | 177.04 | 206.11 | 60.61 |
| PAT | 23.49 | 100.06 | 96.79 | 29.92 |
| EBITDA Margin (%) | 12.96 | 24.48 | 27.26 | 29.45 |
| PAT Margin (%) | 4.10 | 13.83 | 12.80 | 14.54 |
Revenue grew at a CAGR of 15.18% (FY23–FY25), while PAT quadrupled, showcasing operational efficiency and gains from capacity expansions.
The company maintains a CARE A+ credit rating. Total borrowings as of March 2025 stood at INR 540.9 crore, against a net worth of INR 821.1 crore.
Manufacturing and Capacity Expansion
Symbiotec operates an extensive, multi-scale, vertically integrated manufacturing network across Madhya Pradesh:
- Rau Facility (Indore): 92 MT synthesis capacity; USFDA, EU-GMP, WHO-GMP approved.
- Pithampur Facility (SEZ): 492.67 MT chemical synthesis and 300 KL fermentation capacity.
- Ujjain Facility: Newly commissioned with 400 KL fermentation capacity and expansion underway for biologics (GLP-1, Insulins).
- Mhow Facility: Newly commissioned for complex injectables with 20 million vials annual capacity.
The company has invested over INR 700 crore in infrastructure in the last three fiscals and continues to maintain a clean regulatory record—with over 10 regulatory inspections (USFDA, EU-GMP, ANVISA, PMDA) without critical observations.
Business Verticals
Symbiotec’s operations span three synergistic verticals:
- API Manufacturing: Core business contributing nearly 100% of FY2025 revenue.
- CDMO Services: Emerging growth area, backed by take-or-pay contracts for insulin, GLP-1, and fermentation-based nutraceuticals.
- Complex Injectables: Focused on double-chamber vials (DCVs) and drug-device combinations, leveraging backward integration.
Research & Development
R&D is central to Symbiotec’s growth model. The company employs 138 scientists, including 11 PhDs, across three dedicated R&D centers in Indore.
- R&D expenditure averaged 3–4% of revenue, totalling INR 31.1 crore in FY2025.
- Capabilities span organic chemistry, biotechnology, and complex injectables, including cutting-edge platforms such as continuous flow chemistry, biotransformation, and precision fermentation.
Workforce and Leadership
As of 30 June 2025, Symbiotec had a total of 1,752 permanent staff and 490 contractual staff on board. At the helm is Chairman and Managing Director Anil Satwani, a seasoned pro with a wealth of experience in the pharmaceuticals, biotechnology and global compliance sectors.
Symbiotec IPO: Key Offer Details & Intermediaries
- Book Running Lead Managers:
- JM Financial
- Avendus Capital
- Motilal Oswal Investment Advisors
- Nomura Financial Advisory
- Registrar: MUFG Intime India
Verdict
Symbiotec Pharmalab IPO DRHP filing is a clear sign that India’s next-generation API players are on the rise – companies that combine biotechnology, chemistry, and injectable expertise in a single, vertically integrated model. Its global leadership in corticosteroids and hormones, spotless regulatory record, and flourishing biologics pipeline put it right at the top – with both scale and differentiation on its side.
With a significant 50% of revenues coming from exports, and a long history of regulatory compliance under its belt, the company is well placed to capitalise on global supply chain diversification and pharma reshoring trends.
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