Asston Pharmaceuticals is engaged in the manufacturing and export of both pharmaceutical formulations and nutraceutical products in domestic and various African markets. Their Company operates under brand “Asston”. Presently, the Company is involved in the business of manufacturing and marketing of Tablets, Capsules, Oral Liquid, External Preparations (Ointment, Cream, Gel and Lotion) and Oral Powder (Sachet, Dry Syrup) etc.
Asston Pharmaceuticals, an Book Built Issue amounting to ₹ 27.56 Crores, consisting entirely an an Fresh Issue of 22.41 Lakh Shares. The subscription period for the Asston Pharmaceuticals IPO opens on July 09, 2025, and closes on July 11, 2025. The allotment is expected to be finalized on or about Monday, July 14, 2025, and the shares will be listed on the BSE SME with a tentative listing date set on or about Wednesday, July 16, 2025.
The Share Price Band of Asston Pharmaceuticals IPO is set at ₹ 115 to ₹ 123 per equity share. The Market Capitalisation of the Asston Pharmaceuticals Limited at IPO price of ₹ 123 per equity share will be ₹ 104.70 Crores. The lot size of the IPO is 1,000 shares. Individual investors are required to invest a minimum of 2 lots (2,000 shares), amounting to ₹ 2,46,000.
SOBHAGYA CAPITAL OPTIONS PRIVATE LIMITED is the book running lead manager of the Asston Pharmaceuticals IPO, while MAASHITLA SECURITIES PRIVATE LIMITED is the registrar for the issue. JSK Securities and Services Private Limited is the Market Maker for Asston Pharmaceuticals IPO.
Asston Pharmaceuticals LimitedIPO GMP Today
The Grey Market Premium of Asston Pharmaceuticals Limited IPO is expected to be ₹ 12 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Asston Pharmaceuticals LimitedIPO Live Subscription Status Today: Real-Time Update
Asston Pharmaceuticals IPO will be open for its subscription on 09 July, 2025.
Asston Pharmaceuticals IPO Anchor Investors Report
Asston Pharmaceuticals has raised ₹ 7.81 Crores from Anchor Investors at a price of ₹ 123 per shares in consultation of the Book Running Lead Managers. The company allocated 6,35,000 equity shares to the Anchor Investors. Check Full List of Asston Pharmaceuticals Anchor Investor List.
Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion. Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.
Asston Pharmaceuticals Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online Asston Pharmaceuticals IPO allotment date is 14 July, 2025, Monday. Asston Pharmaceuticals IPO Allotment will be out on 14th July, 2025 and will be live on Registrar Website from the allotment date. Check Asston Pharmaceuticals IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Asston Pharmaceuticals Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Asston Pharmaceuticals LimitedIPO
Asston Pharmaceuticals to utilise the Net Proceeds towards the following objects: 1. ₹ 630.0 Lakhs is required for funding capital expenditure requirements towards acquiring machinery in the manufacturing unit
2. ₹ 1,300.00 Lakhs is required for funding the incremental working capital requirements of the Company
3. ₹ 100.00 Lakhs is required for repayment and/or prepayment, in part or full, of certain of their outstanding borrowings availed by the Company
4. General Corporate Purposes
Asston Pharmaceuticals is engaged in the manufacturing and export of pharmaceutical formulations and nutraceutical products, operating across domestic markets and various African countries under the brand name “Asston.” The product portfolio includes tablets, capsules, oral liquids, ointments, creams, gels, lotions, and oral powders (sachets and dry syrups).
The company operates on a principal-to-principal model, supplying products to multiple corporate clients through loan licensing and contract manufacturing arrangements. It also offers formulation support to WHO-GMP-certified manufacturers, particularly for syrups, tablets, injectables, and antibiotics.
The primary manufacturing facility is located in Ambernath, Maharashtra, with dedicated floors for pharmaceutical and nutraceutical products, adhering to distinct FDA and FSSAI standards. The plant has a monthly production capacity of 8–9 crore tablets, with actual output averaging 5–6 crore tablets, depending on product weight. Additionally, the unit can produce 37.5 kiloliters of nutraceutical syrups and 30–40 lakh sachets per month.
The facility is certified by Central and State FDA, accredited by NQA, and compliant with Quality Management System (QMS) standards. It includes an in-house QA/QC department, warehouse infrastructure for controlled storage, and maintains environmental compliance under orange and green zone classifications.
The company holds over 150 registered trademarks and exports products like capsules, syrups, sachets, injectables (LVP and SVP), pediatric drugs, NTTB (New to the Basket) treatments, and eye drops to global markets including South Africa and West Africa. Finished goods are distributed directly to pharmacies and distributors.
To ensure production consistency and scalability, the company has signed five-year contracts with five WHO-GMP-certified manufacturers. One specializes in antibiotics, while the others produce generic formulations. A new loan license agreement with a Gujarat-based manufacturer is underway to scale ointment production.
The company supplies its contract partners with active pharmaceutical ingredients (APIs), excipients, and packaging materials, and also sources finished goods from other approved suppliers. All associated facilities include on-site warehousing for efficient material handling.
A dedicated regulatory department oversees formulation development, manages dossiers in compliance with global regulatory authorities, and maintains partnerships with NABL-accredited and FDA-approved labs to ensure product quality from production to export.
Since its inception in 2019, Asston Pharmaceuticals has conducted business in over 10 countries, focusing on affordable, high-quality pharmaceutical products for price-sensitive markets. As on 31 May, 2025, the have 46 Permanent employees and 6 contractual employees in various departments. The Bankers to the company are Bank of Maharashtra and ICICI Bank Limited.
INDUSTRY ANALYSIS
Indian Pharmaceutical Industry: A Comprehensive Overview
India has cemented its position as the largest global supplier of generic medicines and a leading producer of affordable vaccines. Over the past nine years, the Indian pharmaceutical industry has evolved into a dynamic and robust sector, growing at a CAGR of 9.43%, with a total turnover of ₹4,17,345 crore in FY 2023–24. The sector encompasses a wide range of segments, including generic drugs, over-the-counter (OTC) products, active pharmaceutical ingredients (APIs), biosimilars, biologics, contract research and manufacturing services (CRAMS), and vaccines.
With the highest number of USFDA-compliant manufacturing facilities outside the US and around 500 API producers contributing approximately 8% to the global API market, India is a critical player in global pharma supply chains.
Key Strengths of the Indian Pharmaceutical Industry
Cost Efficiency: Competitive production and R&D costs.
Skilled Talent Pool: Abundance of technically proficient scientists and managerial personnel.
Diverse Population: Ideal for conducting large-scale clinical trials.
Regulatory Excellence: Over 700 USFDA-approved and 2400+ WHO-GMP certified facilities.
Government Support: Policies such as the Production Linked Incentive (PLI) scheme, Jan Aushadhi Scheme, and liberal FDI policies (100% for greenfield, 74% for brownfield).
Biologics and Biosimilars Capabilities: Strong pipeline with long-term growth potential.
Medical Tourism and Advanced Labs: Attracting global demand due to quality, infrastructure, and affordability.
Export Landscape
India is widely known as the "Pharmacy of the World", exporting over 60,000 generic brands across 60+ therapeutic categories. It contributes:
20% of global generic exports by volume
50% of vaccine demand globally
40% of US generic demand
25% of the UK’s medicine demand
50% of Africa’s generics consumption
India's pharma exports totaled US$ 27.82 billion in FY24, up from US$ 25.36 billion in FY23, registering a 9.7% year-on-year growth. In April 2024 alone, exports rose 7.36% to US$ 2.43 billion. Major importing countries included:
USA: US$ 8.73 billion (31.35% share)
UK: US$ 784.32 million
South Africa: US$ 718.54 million
Netherlands: US$ 699.16 million
France: US$ 667.49 million
India supplies anti-retroviral drugs to over 80% of global AIDS patients and has been a crucial exporter of hydroxychloroquine during global health emergencies.
Market Size and Growth Potential
The Indian pharmaceutical market was valued at US$ 49.78 billion in FY23 and is expected to reach:
US$ 65 billion by 2024
US$ 130 billion by 2030
US$ 450 billion by 2047
Additional growth drivers:
Domestic Market Growth: Expected to rise 8–10% in FY24
Export Growth: 8% CAGR from FY18–FY23
Biotechnology Sector: Valued at US$ 137 billion in 2022, aiming for US$ 300 billion by 2030
Medical Devices Market: US$ 11 billion currently, projected to grow to US$ 50 billion by 2030
Biosimilars Market: Anticipated to reach US$ 12 billion by 2025, growing at 22% CAGR
India is the third-largest API producer globally, with over 500 APIs manufactured and contributing 57% of WHO’s prequalified list.
Strategic Outlook and Policy Support
India’s pharma sector contributes around 1.72% of GDP and holds a key position in global pharmaceutical value chains. The government is focused on:
Boosting innovation through funding and start-up support.
Accelerating rural healthcare and increasing access to affordable generics via the Jan Aushadhi network.
Promoting chronic care segments (cardiovascular, anti-diabetic, anti-depressants, oncology) due to the rising burden of lifestyle diseases.
Enhancing regulatory frameworks, such as the revised Schedule-M GMP norms, to align with international best practices.
With medicine spending projected to grow 912% in the next five years, India is expected to become one of the top 10 medicine-spending nations globally.
Conclusion
The Indian pharmaceutical industry is a cornerstone of the global healthcare ecosystem. With unmatched scale, affordability, and regulatory standards, India continues to be a trusted supplier of safe and affordable medicines to the world. The growth trajectory for the sector remains strong, driven by domestic demand, export expansion, and innovation, positioning India as a future global leader in life sciences and healthcare innovation.
BUSINESS STRENGTHS
1. Formulation Expertise
Strong foundation in formulation development across diverse therapeutic segments, supported by an in-house QA/QC facility. Recognized as a reliable partner in international export markets due to consistent quality and technical capabilities.
2. Experienced Promoters
Promoters with over three decades of experience in formulations and international pharma exports have played a critical role in building the “Asston” brand and ensuring compliance with global regulatory standards.
3. Diverse Product Portfolio
Portfolio includes 100+ registered trademarks, covering generic medicines, pediatric drugs, anti-TB (NTTB) treatments, eye drops, tablets, capsules, syrups, sachets, and injectables, making Asston a one-stop solution for varied healthcare needs.
4. Strategic Location Registered office in Navi Mumbai and manufacturing unit in Ambernath offer close proximity to the Ulwe airport, JNPT seaport, and major highways, enabling efficient logistics and export operations.
5. Skilled Workforce
A team of 50 skilled professionals oversees all stages from manufacturing to export, ensuring compliance with industry standards and maintaining product quality across supply chains.
6. Strong Contract Manufacturing Network
Ties with five WHO-GMP certified contract manufacturers and one FDA-approved in-house unit at Ambernath provide a network of six active production sites, ensuring flexibility and scalability. Expansion discussions with a Gujarat-based partner are underway.
7. Robust Quality Assurance
All products undergo stringent quality checks through a dedicated QA/QC team, ensuring compliance with domestic and international regulatory norms and maintaining consistency in deliverables.
8. Established Export Clientele
Exports primarily to pharmacies in West and South Africa, with strong relationships across 10+ international clients, focusing on emerging markets in Africa and Asia.
9. Competitive Pricing Strategy
Efficient formulation and outsourcing practices enable cost-effective pricing, offering a competitive edge in target regions, especially across price-sensitive markets.
10. Asset-Light Business Model
Operating primarily through outsourced manufacturing, the company avoids heavy capital expenditure and regulatory liabilities, ensuring lower operational risk and leaner cost structure.
BUSINESS STRATEGIES
1. Global Market Expansion
Aiming to become a leading global supplier of pharmaceutical products, with current operations in West Africa and plans to enter high-margin markets like North America and Europe through a broader portfolio of generic and branded offerings.
2. Diversification of Product Portfolio
Holds a valid nutraceutical product license and intends to introduce new products based on market demand, further expanding the current offerings.
3. Augmenting Warehouse Capacity
Existing warehouses at Ambernath and contract manufacturing sites support current operations. Plans are in place to expand storage and handling infrastructure to meet future demand and support larger export volumes and nationwide distribution.
4. Expansion of Contract Manufacturing Network
Currently partnered with five WHO-GMP certified contract manufacturers. Strategy includes increasing partnerships to diversify production risk, enhance price leverage, and scale up capacity for a growing international customer base.
5. Technology and Digital Infrastructure Upgrade
Plans to invest in ERP systems and digital tools to optimize operations, improve supply chain visibility, ensure regulatory compliance, and drive cost and time efficiency across manufacturing and distribution.
BUSINESS RISK FACTORS & CONCERNS
1. Regulatory Compliance Risk
Operations are subject to extensive regulation in India and abroad. Non-compliance with pharmaceutical, safety, environmental, labor, or health regulations (such as the Environment Protection Act, Air and Water Pollution Acts, and Bio-Medical Waste Rules) may adversely impact business operations and financial performance.
2. Dependence on Third-Party Manufacturers
While a dedicated facility exists at Ambernath, Maharashtra, production of several formulations relies on contract manufacturing. Currently, four contract manufacturers are engaged, with expansion discussions underway to add a fifth partner in Gujarat. Production lead times average 60 days post-purchase order. Disruptions or quality issues at third-party units could impact delivery schedules and customer satisfaction.
3. Customer Concentration Risk
Revenue is highly concentrated, with the top ten customers contributing over 97% of revenue in FY24, and 100% in FY23 and FY22. Only two customers are under one-year contracts, while others operate on a purchase-order basis. Loss of major customers or fluctuations in demand can significantly impact revenues.
4. Geographic Concentration Risk
All owned and contract manufacturing units, along with the registered office, are located in Maharashtra, leading to regional concentration risk. Any disruption—due to natural disasters, political instability, workforce issues, or regulatory hurdles—in this region could severely affect production and supply chains.
Asston Pharmaceuticals faces key risks related to regulatory compliance, heavy reliance on third-party manufacturers, customer concentration, and regional operational dependency. These risks, if unmitigated, could affect the company's supply continuity, financial health, and business sustainability.
Asston Pharmaceuticals Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakh)
Period Ended
May 31, 2025
Mar 31, 2025
Mar 31, 2024
Mar 31, 2023
Reserve of Surplus
576.87
444.63
560.86
128.59
Total Assets
3,183.43
2,812.26
2,026.02
1,369.42
Total Borrowings
783.28
725.72
681.99
524.51
Fixed Assets
93.44
95.56
109.10
113.14
Cash
21.50
19.91
0.64
12.37
Net Borrowing
761.78
705.81
681.35
512.14
Revenue
620.93
2,561.02
1,584.09
719.19
EBITDA
194.90
673.03
280.06
217.05
PAT
132.24
432.51
136.03
105.66
EPS
2.11
6.9
2.37
1.89
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP. Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 4:- Price to Book Value calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Lead Manager : SOBHAGYA CAPITAL OPTIONS PRIVATE LIMITED Contact Person : Mr. Rishabh Singhvi/ Ms. Nisha Telephone : +91 7836066001 Email : cs@sobhagyacap.com Website : https://www.sobhagyacapital.com/
Asston Pharmaceuticals IPO Review
Asston Pharmaceuticals is engaged in the manufacturing and export of both pharmaceutical formulations and nutraceutical products in domestic and various African markets. Their Company operates under brand “Asston”. Presently, the Company is involved in the business of manufacturing and marketing of Tablets, Capsules, Oral Liquid, External Preparations (Ointment, Cream, Gel and Lotion) and Oral Powder (Sachet, Dry Syrup) etc.
The Company has experienced significant growth, with a current strength of over 50 team members and growing. The team operates under the leadership of the promoters, Dr. Ashish Sakalkar, Mrs. Saili More and Mr. Sachin Badakh, who possesses an expertise in formulations, market operations, and exports of healthcare product in the pharmaceutical industry.
The Revenues from operations for the Period ended on May 31, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 620.93, ₹ 2,561.02 Lakh, ₹ 1,584.09 Lakh and ₹ 719.19 Lakh. The EBITDA for the Period ended on May 31, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 194.90, ₹ 673.03 Lakh, ₹ 280.06 Lakh and ₹ 217.05 Lakh. The Profit after Tax for the Period ended on May 31, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 132.24, ₹ 432.51 Lakh, ₹ 136.03 Lakh and ₹ 105.66 Lakh respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹6.9and post-issue EPS of ₹ 5.08 for FY24.The pre-issue P/E ratio is 17.83x, while the post-issue P/E ratio is 24.21x. The company's ROCE for FY24 is 51.25%, ROE for FY24 is 50.56% and RoNW is 40.36%. The Annualised EPS is ₹9.32and the Annualised P/E Ratios is 13.20x. These metrics suggest that the IPO is fully priced.
The Grey Market Premium (GMP) of Asston Pharmaceuticals showing listing gains of 9.75 %.Given the company's financial performance and the valuation of the IPO, we recommend Risky Investors to Apply to the Asston Pharmaceuticals Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
280.06 Lakh and ₹ 217.05 Lakh. The Profit after Tax for the Period ended on May 31, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 132.24, ₹ 432.51 Lakh, ₹ 136.03 Lakh and ₹ 105.66 Lakh respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹6.9and post-issue EPS of ₹ 5.08 for FY24.The pre-issue P/E ratio is 17.83x, while the post-issue P/E ratio is 24.21x. The company's ROCE for FY24 is 51.25%, ROE for FY24 is 50.56% and RoNW is 40.36%. The Annualised EPS is ₹9.32and the Annualised P/E Ratios is 13.20x. These metrics suggest that the IPO is fully priced.
The Grey Market Premium (GMP) of Asston Pharmaceuticals showing listing gains of 9.75 %.Given the company's financial performance and the valuation of the IPO, we recommend Risky Investors to Apply to the Asston Pharmaceuticals Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
