Amanta Healthcare IPO: Check IPO Date, Lot Size, Price & Details

Business Overview:

Amanta Healthcare Limited, incorporated in 1994, is a pharmaceutical company engaged in the development, manufacturing, and marketing of sterile liquid products and medical devices. The company specializes in parenteral products, manufactured in plastic containers using advanced Aseptic Blow-Fill-Seal (ABFS) and Injection Stretch Blow Moulding (ISBM) technologies. Its product range covers large volume parenterals (LVPs) and small volume parenterals (SVPs) across six therapeutic segments. The portfolio includes IV fluids, diluents, ophthalmic solutions, respiratory care, and irrigation solutions, while its medical device segment offers products such as irrigation solutions, first-aid items, and eye lubricants. Amanta also provides a wide range of closure systems and fill volumes from 2 ml to 1000 ml.

The company operates through three strategic business units: National Sales, International Sales, and Product Partnering. Domestically, it markets over 45 generic products under its own brands through a network of 320 distributors and stockists. Internationally, it exports to Africa, Latin America, the UK, and other regions, with products registered in 19 countries and a portfolio of 47 products across 120 jurisdictions. In FY25, exports were made to 21 countries. Through product partnering, Amanta engages in large-scale manufacturing, loan licensing, and collaborations with leading Indian and global pharmaceutical companies.

It’s advanced GMP-certified manufacturing facility in Gujarat houses multiple LVP and SVP lines and is supported by a dedicated formulation and development (F&D) and quality control laboratory. With a team of 123 skilled professionals and experienced leadership, Amanta continues to strengthen its position as a trusted provider of sterile liquid formulations and medical devices.

IPO Synopsis: 

Objective of the Issue:

• Funding capital expenditure requirements for civil construction work and towards purchase of equipment, plant and machinery for setting up new manufacturing line of SteriPort at Hariyala, Kheda, Gujarat (70 Crores)
• Funding capital expenditure requirements towards civil construction work, purchase of equipment, plant and machinery for setting up new manufacturing line for SVP at Hariyala, Kheda, Gujarat (30 Crores)
• General corporate purposes

Risks:

• High debt-to-equity ratio and finance costs: The Company’s debt levels have risen over the past three years, with finance costs still forming 45% of EBITDA in FY25 despite improvement from FY23. Repayment using PAT remains uncertain given stable revenue and profit trends. Elevated debt and interest expenses pose a significant financial risk.
• Single manufacturing facility and labor-intensive operations: All production is concentrated in one facility at Hariyala, Gujarat, making the company highly vulnerable to operational disruptions. Any labor disputes, workforce unionization, or regional challenges could severely affect output. Heavy reliance on a single, labor-intensive site heightens operational risks and reduces resilience against unforeseen external shocks.
• Litigation on product quality: The Company faces an ongoing legal case regarding a batch of sterile water for injection allegedly failing sterility standards. Regulators directed distributors to halt sales, and the matter remains unresolved. An unfavorable court ruling could damage reputation, disrupt supply, and lead to financial liabilities or regulatory scrutiny.
• Regulatory and policy risks: The pharmaceutical and medical devices sector is subject to strict government oversight and frequent regulatory changes, including pricing controls. Any unfavorable shifts in policies, drug pricing norms, or compliance requirements could negatively impact margins, restrict product offerings, and significantly affect revenue and long-term business sustainability.

Strengths:

• Well-established manufacturer with diverse portfolio: Amanta Healthcare manufactures a wide range of pharmaceutical formulations across six therapeutic areas, supported by advanced closure systems and container sizes from 2 ml to 1000 ml. With 47 products registered in 120 jurisdictions, the company maintains a strong domestic presence and global footprint, ensuring product relevance across markets.
• Large manufacturing capabilities: The Company operates a state-of-the-art facility spread over 66,852 sq. meters in Gujarat, equipped with advanced ABFS and ISBM technologies. It has four LVP and three SVP production lines, enabling scalable manufacturing of sterile liquid formulations with strict quality compliance. This robust infrastructure strengthens its competitive edge in regulated markets.
• Wide domestic and international network: Amanta leverages a strong distribution network of over 320 stockists and 96 sales professionals across India, supported by digital platforms like Pharma Cloud and sales automation tools. Internationally, its marketing footprint spans multiple geographies, ensuring efficient demand planning, sales forecasting, and optimized reach to hospitals, nursing homes, and global healthcare providers.
• Experienced management and skilled workforce: The company benefits from the leadership of Bhavesh Patel, Promoter and Managing Director, who brings nearly 30 years of industry experience. His vision is supported by a team of over 500 employees across manufacturing, sales, and quality control. This blend of expertise and skilled manpower drives consistent operational excellence.

Financial Snapshot (Rs. In Crores):

• Stable topline with recent dip: The Company’s revenues have been broadly steady, moving from ₹262 Cr in FY23 to ₹276 Cr in FY25. Sales growth has been negligible over the past 3 years which is a worrying trend for the company products demand.
• Consistent operating performance: EBITDA has steadily improved from ₹56 Cr (FY23) to ₹61 Cr (FY25). Margins remain strong in the 20-22% range, reflecting good cost control and operational efficiency even in a flat revenue environment.
• Turnaround in profitability: The company moved from a net loss (–₹2 Cr) in FY23 to a profit of ₹10 Cr in FY25. PAT margin rose sharply to 3.6% in FY25.
• Improved return ratios: ROE recovered strongly to 10.4% in FY25 from just 4.5% in FY24 and a negative base in FY23. ROCE remained healthy at 21%, indicating efficient deployment of capital and improving shareholder value creation. ROA trend is particularly worrying for the past 3 years and leads to the conclusion that company is not utilizing its assets efficiently.