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VIJAYPD CEUTICAL LIMITED is a distribution and supply company operating in the pharmaceutical and consumer goods sectors. Evolving from a partnership firm named 'M/s. Vijay Pharma' established in 1971, the company recently converted to a public limited entity and acquired the business of 'M/s. P.D. Doshi'. It functions as a comprehensive service provider, acting as representatives, dealers, agents, and stockists. Its product portfolio includes a wide array of pharmaceuticals like injections and tablets, wellness products such as vitamins and serums, and FMCG items including personal care and baby products. The company operates three distribution warehouses in Mumbai, serving over 2,109 pharmacies, clinics, and nursing homes by leveraging relationships with more than 170 healthcare product manufacturers and managing over 19,000 SKUs.
Opening Date
Sep 29, 2025
Closing Date
Oct 01, 2025
Listing Date
Oct 07, 2025
IPO Type
SME
IPO Status
Closed
Issue Size
19.25 Cr
Fresh Issue
19.25 Cr
Offer for Sale
—
Price Band
₹35 - ₹35
Lot Size
4000
The main objectives of the issue are to utilize the Net Proceeds for the following purposes:
Funding capital expenditure of ₹10.83 crores towards the construction of a manufacturing plant for Pharmaceutical APIs, Intermediates, and Chemicals, and for the purchase of new machinery at MIDC - Shrirampur, Ahmednagar, Maharashtra. This strategic diversification aims to reduce dependency on imports and enhance control over the supply chain.
Repayment or prepayment of certain borrowings availed by the company, amounting to ₹5.10 crores. This will help reduce outstanding indebtedness, improve the debt-equity ratio, and lower interest expenses.
To fund general corporate purposes, which may include meeting working capital requirements, business development, marketing, and other corporate contingencies to support overall growth.
P/E Ratio
—
EPS
—
ROE
28.91%
ROCE
17.3%
RONW
14.91%
Debt to Equity Ratio
0.68
PAT Margin
4.49%
EBITDA Margin
8.04%
P/B
—
Strategic location in Western Mumbai Suburban with easy access to a vast network of manufacturers, wholesalers, and healthcare providers, complemented by a long-term client relationship strategy.
A comprehensive and diverse product portfolio of over 19,000 SKUs, including pharmaceuticals, wellness products, and FMCG items, supported by technology-driven inventory management.
Led by an experienced management team and promoters with over six decades of collective experience in the pharmaceutical distribution industry, providing strong execution capabilities.
Maintains a streamlined and efficient supply chain, which reduces lead times, minimizes inventory costs, and improves overall responsiveness to market changes.
Significant revenue concentration with all sales originating from customers located in Maharashtra, exposing the business to regional economic and regulatory risks.
Absence of long-term agreements with customers, allowing them to terminate relationships without notice, which could lead to revenue instability.
Lack of long-term contracts with pharmaceutical manufacturers, which could lead to supply disruptions, price volatility, or shortfalls in product availability.
The business is working capital intensive, and any insufficiency in cash flows or inability to secure financing could adversely affect operations and growth.
Diversification into manufacturing of Active Pharmaceutical Ingredients (APIs) and excipients, supported by government initiatives like the PLI scheme, to reduce import dependency and improve margins.
Pursue inorganic growth through the acquisition and integration of smaller distributors in a highly fragmented market to expand geographic reach and scale.
Geographic expansion into untapped domestic markets like North-Eastern and Central India, as well as entering international markets through pharmaceutical exports.
Capitalize on the strong growth of the Indian pharmaceutical industry, which is projected to grow at a CAGR of 10% between FY 2024-30.
High dependence on imports for key raw materials like APIs, particularly from China, making the company vulnerable to supply chain disruptions and geopolitical tensions.
Stringent quality control regulations and manufacturing practices imposed by global regulatory bodies like the US FDA, where non-compliance can lead to severe penalties.
Stiff competition from low-cost imported APIs, mainly from China, which currently meets a significant portion of India's requirements and poses a price threat to domestic manufacturers.
Operates in a highly competitive and fragmented distribution landscape with around 20,000 entities, facing pressure from both organized and unorganized players.