Iberia Pharmaceuticals India IPO

Strengths · 7

• 01Revenue from operations rose from Rs 69.36 crore in FY2024 to Rs 96.54 crore in FY2026, with year-on-year growth of 25.03% in FY2025 and 11.32% in FY2026.
• 02Profit after tax grew from Rs 7.82 crore in FY2024 to Rs 11.13 crore in FY2026, after peaking at Rs 14.19 crore in FY2025.
• 03Operating cash flow turned positive at Rs 11.03 crore in FY2026, after negative Rs 2.58 crore in FY2025 and negative Rs 7.48 crore in FY2024.
• 04The sales network has 289 medical representatives and 472 stockists and distributors as on 31 March 2026, covering 26 States and 5 Union Territories.
• 05Own brands are growing: they gave 14.11% of product revenue in FY2026 against 4.13% in FY2024, led by Dermpix at Rs 12.44 crore.
• 06Customers are spread out: the top 10 customers gave 30.23% of FY2026 revenue, down from 36.66% in FY2024.
• 07Current ratio improved to 3.32 in FY2026 from 1.52 in FY2024, and the auditors made no qualification or adverse remark.

Risks · 10

• 01The top 2 brands gave 83.96% of revenue from operations in FY2026 (89.17% in FY2025), so a fall in either brand would hurt the business.
• 02Foreign brands (Sesderma, Noreva, Mediderma) gave 85.89% of product revenue in FY2026, and the company depends on exclusive arrangements with the foreign brand owners.
• 03The company makes nothing itself. In FY2026 its top five manufacturers supplied 80.22% of purchases from third-party manufacturers.
• 04EBITDA fell 22.85% to Rs 16.96 crore in FY2026 and EBITDA margin dropped to 17.56% from 25.34% in FY2025.
• 05Return on net worth fell from 87.85% in FY2024 to 24.31% in FY2026, and ROCE fell from 47.02% to 19.85% over the same period.
• 06Total borrowings rose from Rs 10.79 crore in FY2024 to Rs 19.28 crore in FY2026, and operating cash flow was negative in FY2024 and FY2025.
• 07Revenue is concentrated in Maharashtra and Delhi, which exposes the company to state-specific risks.
• 08The company disclosed past non-compliance and delayed filings under the Companies Act and FEMA Non-Debt Instruments Regulations, 2019.
• 09Rs 31.00 crore of the net proceeds goes to working capital and Rs 16.90 crore to branding, while the general corporate purposes amount is not yet fixed.
• 10The planned manufacturing facility in Haryana is yet to be built, and it will need uninterrupted electricity, water and fuel.

Iberia Pharmaceuticals India Limited markets and distributes pharmaceutical and derma cosmetic products across dermatology, aesthetic dermatology, hair care, cardio-diabetic and general therapeutic segments. The company was incorporated on 30 March 2013 and has a track record in the derma cosmetics segment since then.

The company sells under six brands. Dermpix, KeyCi and Metacare are its own brands. Sesderma and Mediderma come from Spain and Noreva comes from France, and the company holds exclusive distribution rights for them. Foreign brands gave 85.89% of product revenue in FY2026 (91.35% in FY2025). Own brands gave 14.11% in FY2026, up from 4.13% in FY2024. Dermpix alone earned Rs 12.44 crore in FY2026.

The company does not manufacture anything. It relies on third-party manufacturers for all its products. It owns two plots, Plot No. 5 and Plot No. 6, in Sector 7B, MET Jhajjar, Haryana, where it plans to set up its own manufacturing facility. Its registered office in Dwarka, Delhi, its corporate office in Gurugram and a warehouse in Delhi are all leased.

Products reach doctors through 289 medical representatives and reach pharmacies and hospitals through 472 stockists and distributors, as on 31 March 2026. The company operates in 26 States and 5 Union Territories, with key markets in Delhi, Maharashtra, Gujarat, Karnataka and Tamil Nadu. It also sells in Sri Lanka, Nepal and the UAE. An exclusive online distributor sells some cosmetic products to consumers on its website and on marketplaces.

The promoters are Nitin Jain, Rishabh Jain, Saurav Ojha and Shivani Jain. Nitin Jain is the Managing Director and has been a director since incorporation.

The industry

The Indian dermatology market was about USD 1,799 million in CY25 and grew at a CAGR of 8.5% during CY21 to CY25, according to the CARE report. It is projected to reach about USD 2,908 million by CY31, a CAGR of 8.3% over CY25 to CY31. Derma cosmetics were valued at about USD 453.5 million in CY25 and are projected to reach USD 1,084.7 million by CY31. Clinical dermatology was about USD 746 million in CY25. The Indian pharmaceutical market is estimated at about USD 60 billion in FY26.

Customer concentration: The largest customer gave 7.84% of FY2026 revenue from operations, the top 5 gave 19.48% (21.60% in FY2025) and the top 10 gave 30.23% (32.85% in FY2025).