Claroid Pharmaceuticals IPO
Claroid Pharmaceuticals IPO — date, issue size, SEBI status & DRHP details 2026
Claroid Pharmaceuticals filed its draft red herring prospectus (DRHP) with SEBI on 30 Sep 2026 for an IPO of a fresh issue of up to 74,50,000 shares and an offer for sale of up to 51,50,000 shares. The draft is under SEBI review. The price band, lot size and IPO dates are not announced yet.
Claroid Pharmaceuticals makes generic tablets, capsules and ointments at its plant in Pirana, Ahmedabad, and sells mostly to Africa. Revenue from operations grew from Rs 62.99 crore in FY2024 to Rs 169.72 crore in FY2026.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Claroid Pharmaceuticals IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 30 Sep 2026
- SEBI observations TBA
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 30 Sep 2026 |
|---|---|
| SEBI status | Under SEBI review · 4 Nov 2026 |
| Last SEBI communication | 4 Nov 2026 |
| Coordinating lead manager | One View Corporate Advisors Private Limited |
| RHP, price band & dates | Not announced |
Claroid Pharmaceuticals IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to 74,50,000 shares |
| Offer for sale | Up to 51,50,000 shares |
| Total issue size | Depends on the price band |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Oneview Corporate Advisors Private Limited, Valmiki Leela Capital Private Limited |
| Registrar | MUFG Intime India Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Baiju Bhupendrabhai Desai | Promoter | Up to 10,55,750 shares | Rs 3.36 |
| Soni Snehalkumar Hasmukhlal | Promoter | Up to 4,73,800 shares | Rs 3.55 |
| Rushin Baijubhai Desai | Promoter | Up to 9,78,500 shares | Rs 3.51 |
| Patel Shaileshbhai Arjanbhai | Promoter | Up to 9,61,332 shares | Rs 3.57 |
| Patel Ghanshyam Arjanbhai | Promoter | Up to 9,85,367 shares | Rs 3.58 |
| Falguni Baijubhai Desai | Promoter Group | Up to 5,06,416 shares | Rs 3.39 |
| Juhi Rushin Desai | Promoter Group | Up to 17,167 shares | Nil |
| Patel Jyotiben Ghanshyam | Promoter Group | Up to 17,167 shares | Nil |
| Patel Jahanvi Ghanshyambhai | Promoter Group | Up to 17,167 shares | Nil |
| Patel Het Ghanshyambhai | Promoter Group | Up to 17,166 shares | Nil |
| Patel Kanchanben Shaileshbhai | Promoter Group | Up to 17,167 shares | Nil |
| Patel Princy Shaileshbhai | Promoter Group | Up to 17,167 shares | Nil |
| Dhyani Shaileshbhai Patel | Promoter Group | Up to 17,167 shares | Nil |
| Soni Falguniben Snehalkumar | Promoter Group | Up to 17,166 shares | Nil |
| Nirali Baijubhai Desai | Promoter Group | Up to 17,167 shares | Nil |
| Soni Shubham Snehalkumar | Promoter Group | Up to 17,167 shares | Nil |
| Ghanshyam Arjanbhai Patel HUF | Promoter Group | Up to 17,167 shares | Nil |
The five promoters acquired their shares at a weighted average cost of Rs 3.36 to Rs 3.58 per share, and ten promoter group sellers hold shares at a cost of Nil.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 8
- 01Revenue from operations grew 70.23% in FY2026 after growth of 58.26% in FY2025 and 53.69% in FY2024.
- 02EBITDA margin rose to 24.12% in FY2026 from 14.40% in FY2025, and PAT rose to Rs 22.70 crore from Rs 7.22 crore.
- 03Return on capital employed was 52.66% in FY2026 against 21.74% in FY2025.
- 04Debt to equity fell to 0.62 in FY2026 from 1.87 in FY2025 and 2.00 in FY2024, as total borrowings dropped to Rs 27.46 crore from Rs 40.54 crore.
- 05Net cash from operating activities was positive at Rs 17.02 crore in FY2026 and Rs 15.17 crore in FY2025.
- 06Working capital days improved to 29 in FY2026 from 52 in FY2024, and debtor days fell to 53 from 106.
- 07A network of more than 30 distributors across Africa supports product registrations and sales in the export markets.
- 08The restated financials carry no auditor reservation, qualification or adverse remark for FY2024 to FY2026.
Risks · 10
- 01Nigeria gave 76.21% of revenue from operations in FY2026 (Rs 129.34 crore), so any trade, currency or political problem there hits the company directly.
- 02Exports were 78.27% of revenue from operations in FY2026, which exposes the company to the risks of international business.
- 03The top 10 customers gave 62.80% of sale of products in FY2026 and the top 5 gave 42.84%. The largest customer alone gave 15.94%.
- 04Tablets gave 52.06% of sale of products in FY2026, so the business leans on one dosage form.
- 05All production is at a single plant in Ahmedabad, so a shutdown there would stop the whole business.
- 06Of the total offer of 1,26,00,000 shares, up to 51,50,000 shares are an offer for sale, and the company gets no money from them.
- 07The proposed injectables and eyedrops plant is costed at Rs 167.97 crore based on a project report and vendor quotes, and needs regulatory approvals that have not yet been received.
- 08General corporate purposes can take up to 25% of gross proceeds, and the amount is not yet fixed.
- 09Revenue and profit have grown quickly, but net cash from operating activities was negative at Rs 2.51 crore in FY2024.
- 10Litigation against the company includes 1 criminal case and 2 tax cases with an aggregate amount of Rs 259.46 lakh. The company has also faced delays in obtaining certain environmental approvals in the past.
Claroid Pharmaceuticals financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue from Operations | 169.72 | 99.70 | 63.00 |
| EBITDA | 40.94 | 14.35 | 11.77 |
| Profit After Tax | 22.70 | 7.22 | 4.12 |
| Net Worth | 44.38 | 21.69 | 14.47 |
| Total Borrowing | 27.46 | 40.54 | 29.00 |
Key ratios (FY26)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹167.97 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Claroid Pharmaceuticals
The business is built around exports to semi-regulated markets, mainly in Africa. Exports were Rs 129.93 crore, or 76.55% of revenue from operations, in FY2026. Nigeria alone gave 76.21% of revenue from operations in FY2026. Domestic sales, almost all in Gujarat, were 21.26% of revenue in FY2026.
The company sells through a network of more than 30 distributors across Africa. In some countries the local distributor helps with, or handles, the registration of the products and brand names with the regulator, and Claroid is named as the manufacturer.
In FY2026, tablets made 52.06% of revenue from sale of products, capsules 20.87%, ointments 4.79%, and others such as syrup, raw material and packing material 22.27%. The company has a single manufacturing facility at Pirana, Ahmedabad, which began operations in March 2021. It sits on about 12,332 square meters of land. All plant and machinery is owned and none is second hand or leased.
The company plans to use the fresh issue money to set up a proposed plant for injectables and eyedrops on its existing land. The promoters are Baiju Bhupendrabhai Desai, Soni Snehalkumar Hasmukhlal, Rushin Baijubhai Desai, Patel Shaileshbhai Arjanbhai and Patel Ghanshyam Arjanbhai. It also has a Tanzania entity, Claroid Pharmaceuticals Limited (Tanzania), where two promoters are directors.
The industry
The Indian pharmaceutical formulation industry grew from Rs 1,721.4 billion in FY2021 to Rs 2,396.0 billion in FY2025. It is estimated at Rs 2,638.3 billion in FY2026, a CAGR of 8.9%. The D&B report projects it to grow at about 11.1% CAGR from Rs 2,915.1 billion in FY2027 to Rs 4,437.0 billion by FY2031. India supplies about 20% of the world's generic medicines and exported pharmaceuticals worth USD 30.47 billion in FY2025.
Customer concentration: Top 5 customers gave 42.84% of sale of products in FY2026 (51.08% in FY2025), and the top 10 gave 62.80% (69.83% in FY2025).
Promoters & management
The five promoters hold 3,59,10,000 shares or 85.50% before the issue, and the promoter group holds another 14.50%, so together they hold 100% of the 4,20,00,000 shares.
| Name | Role |
|---|---|
| Baiju Bhupendrabhai Desai | Managing Director |
| Patel Ghanshyam Arjanbhai | Chairman and Non-Executive Director |
| Soni Snehalkumar Hasmukhlal | Whole-Time Director |
| Patel Shaileshbhai Arjanbhai | Whole-Time Director |
| Rushin Baijubhai Desai | Whole-Time Director |
| Jagad Devarsh Naresh | Chief Financial Officer |
| Megha Parikh | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Claroid Pharmaceuticals IPO: frequently asked
When will the Claroid Pharmaceuticals IPO open?
The Claroid Pharmaceuticals IPO dates are not announced yet. The draft is under SEBI review. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Claroid Pharmaceuticals IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the Claroid Pharmaceuticals IPO?
Claroid Pharmaceuticals filed its draft red herring prospectus (DRHP) with SEBI on 30 Sep 2026 for an IPO of a fresh issue of up to 74,50,000 shares and an offer for sale of up to 51,50,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the Claroid Pharmaceuticals IPO?
The draft is under SEBI review. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Claroid Pharmaceuticals IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Claroid Pharmaceuticals IPO GMP once the RHP and price band are out.
What will Claroid Pharmaceuticals do with the IPO money?
As per the DRHP: Fund capital expenditure to set up the proposed plant for injectables and eyedrops (₹167.97 crore); General corporate purposes.
Who are the lead managers of the Claroid Pharmaceuticals IPO?
The book running lead managers are Oneview Corporate Advisors Private Limited, Valmiki Leela Capital Private Limited. MUFG Intime India Private Limited is the registrar.
Is Claroid Pharmaceuticals profitable?
Yes. Profit after tax was Rs 22.70 crore in FY2026, Rs 7.22 crore in FY2025 and Rs 4.12 crore in FY2024.
Where does Claroid Pharmaceuticals sell its medicines?
Exports were 76.55% of revenue from operations in FY2026, with Nigeria alone at 76.21%. Domestic sales, mostly in Gujarat, were 21.26%.
Who owns Claroid Pharmaceuticals?
The five promoters hold 85.50% and the promoter group holds 14.50% before the issue.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Claroid Pharmaceuticals files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
