Ujin Pharma IPO
Ujin Pharma IPO — date, issue size, SEBI status & DRHP details 2026
Ujin Pharma filed its draft red herring prospectus (DRHP) with SEBI on 26 Jun 2026 for an IPO of a fresh issue of up to 1,18,69,100 shares and an offer for sale of up to 72,82,300 shares. SEBI has issued its observations on 29 Sep 2026, which clears the IPO for launch within 12 months. The price band, lot size and IPO dates are not announced yet.
Ujin Pharma distributes solvents, acids, specialty chemicals and pharmaceutical raw materials to customers in 22 States and Union Territories. Revenue from operations was Rs 1,628.83 crore in FY2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Ujin Pharma IPO stands
From draft to listing. Today is 23 October 2026.
- DRHP filed 26 Jun 2026
- SEBI observations 29 Sep 2026
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 26 Jun 2026 |
|---|---|
| SEBI status | SEBI approved · 29 Sep 2026 |
| Approval valid until | 29 Sep 2027 |
| RHP, price band & dates | Not announced |
Ujin Pharma 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 1,18,69,100 shares |
| Offer for sale | Up to 72,82,300 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 | SMC Capitals Limited, Marwadi Chandarana Intermediaries Brokers Private Limited |
| Registrar | KFin Technologies Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Jinesh Rasiklal Sheth | Promoter | Up to 36,41,150 shares | Rs 0.77 |
| Umang Ketan Mehta | Promoter | Up to 36,41,150 shares | Rs 0.77 |
Both selling promoters have a weighted average cost of acquisition of Rs 0.77 per share, certified by J S Bhalja & Co on 22 June 2026.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations rose from Rs 1,425.76 crore in FY2023 to Rs 1,628.83 crore in FY2025.
- 02EBITDA grew from Rs 13.09 crore in FY2023 to Rs 35.45 crore in FY2025, and EBITDA margin moved from 0.92% to 2.18%.
- 03The company sold 2,08,133.43 MT of chemicals in FY2025 to 721 customers, and 2,63,236.39 MT in the nine months ended 31 December 2025.
- 04Customer dependence is moderate: the top 5 customers gave 21.00% of revenue from sale of products in FY2025 and 19.79% in the nine months to December 2025.
- 05Net worth grew from Rs 93.32 crore at FY2023 to Rs 132.29 crore at FY2025, and Rs 157.76 crore at 31 December 2025.
- 06Profit after tax for the nine months ended 31 December 2025 was Rs 25.47 crore, higher than Rs 14.29 crore for the full FY2025.
- 07Warehouses in Bhiwandi and Kandla support supply, and imports from international suppliers were 26.56% of purchases in the nine months to December 2025.
Risks · 10
- 01Margins are thin: EBITDA margin was 2.18% and PAT margin 0.87% in FY2025, so small cost or price changes can move profit sharply.
- 02Borrowings rose from Rs 62.01 crore at FY2023 to Rs 207.68 crore at FY2025 and Rs 244.21 crore at 31 December 2025. Debt to equity was 1.57 times in FY2025.
- 03Net debt to EBITDA was 3.39 times in FY2025 and 3.55 times in the nine months to December 2025.
- 04Distribution gave 95.65% of sales of products in the nine months to December 2025, so the business depends on one activity.
- 05Methanol and Toluene gave 34.82% of sales of products in the nine months to December 2025.
- 06The top 10 suppliers gave 46.13% of purchases in the nine months to December 2025, and imports were 26.56% of purchases.
- 07The company has no long-term agreements with customers. The top 10 customers gave 32.64% of revenue from sale of products in the nine months to December 2025.
- 08Indirect sales through traders and distributors were 67.50% of revenue from sale of products in the nine months to December 2025.
- 09Of the offer, 72,82,300 shares are an offer for sale by two promoters, and that money does not reach the company. The fresh issue funds investment in two associate companies, debt repayment and unspecified general corporate purposes.
- 10FY2023 and FY2024 figures are standalone while FY2025 and later are consolidated after the subsidiary joined, so the years are not fully comparable.
Ujin Pharma financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Dec 2025 (9 months) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 1511.34 | 1628.83 | 1490.90 | 1425.76 |
| Total Income | 1523.11 | 1636.06 | 1497.33 | 1435.20 |
| EBITDA | 39.97 | 35.45 | 29.62 | 13.09 |
| Profit After Tax | 25.47 | 14.29 | 16.01 | 10.04 |
| Net Worth | 157.76 | 132.29 | 108.58 | 93.32 |
| Total Borrowing | 244.21 | 207.68 | 147.22 | 62.01 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
How Ujin Pharma plans to use the fresh issue proceeds.
About Ujin Pharma
Distribution is almost the whole business. It gave 95.65% of sales of products in the nine months ended 31 December 2025 and 99.82% in FY2025. Methanol and Toluene together gave 34.82% of sales of products in the nine months ended 31 December 2025. The company serves pharmaceutical, agrochemical, specialty chemical, petrochemical, industrial and automotive users, along with paints, coatings, printing inks and packaging. Its customers include manufacturers, traders and distributors.
The company sold products to customers across 22 States and Union Territories in India and exported to 14 countries, including Australia, Bangladesh, China, Cyprus, Hong Kong, Indonesia, Jordan and South Korea. India gave 85.45% of sales of products in FY2025, and a large part of it came from Maharashtra and Gujarat. It served 721 customers and bought from 319 suppliers in FY2025.
Warehouses and storage facilities are in Bhiwandi, Maharashtra and Kandla, Gujarat. Its subsidiary Shiv Shakti Oxalate Private Limited became a subsidiary during FY2025. It runs a plant at MIDC Kurkumbh, Pune, for solvent recycling and recovery and for printing chemicals. These two lines together gave 4.34% of sales of products in the nine months ended 31 December 2025.
The promoters Jinesh Rasiklal Sheth and Umang Ketan Mehta started the partnership firm M/s Ujin Pharma Chem in 2005, which was later converted into the company. Both have over 20 years of experience in the chemical and pharmaceutical industries. The company plans to shift from pure distribution towards value-added chemical processing, partly by investing in its associate companies Altra Agro-Chem Private Limited and Altra Pharma-Chem Private Limited.
The industry
As per the D&B report quoted in the document, the Indian specialty chemical market grew from USD 50 billion in FY2021 to USD 60 billion in FY2024 and is estimated at USD 64 billion in FY2025. It is projected to reach USD 91 billion by FY2030, a CAGR of 7.2%. The Indian chemical solvent industry grew from Rs 336 billion in FY2021 to Rs 400 billion in FY2024, a CAGR of about 5.9%. It is expected to reach Rs 584 billion by FY2030, a CAGR of about 6.5%. Demand comes from pharmaceuticals, paints and coatings, agrochemicals, adhesives, printing inks and specialty chemicals.
Customer concentration: Top 5 customers gave 21.00% of revenue from sale of products in FY2025 (22.01% in FY2024) and the top 10 gave 30.81%.
Promoters & management
Promoters hold 98.49% and the promoter group 0.01% before the issue, on the basis of 5,50,00,000 shares.
| Name | Role |
|---|---|
| Umang Ketan Mehta | Chairman and Whole-Time Director |
| Jinesh Rasiklal Sheth | Managing Director |
| Vivek Bharat Parekh | Chief Financial Officer |
| Priyanka Kumari | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Marwadi Chandarana Intermediaries Pvt.Ltd.
4 issues handledBest listing: Vahh Chemicals (+16.7%). Weakest: PAN HR Solutions (+0.4%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Ujin Pharma IPO: frequently asked
When will the Ujin Pharma IPO open?
The Ujin Pharma IPO dates are not announced yet. SEBI has issued its observations on 29 Sep 2026, which clears the IPO for launch within 12 months. 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 Ujin Pharma 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 Ujin Pharma IPO?
Ujin Pharma filed its draft red herring prospectus (DRHP) with SEBI on 26 Jun 2026 for an IPO of a fresh issue of up to 1,18,69,100 shares and an offer for sale of up to 72,82,300 shares. The final size in rupees depends on the price band.
Has SEBI approved the Ujin Pharma IPO?
SEBI has issued its observations on 29 Sep 2026, which clears the IPO for launch within 12 months. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Ujin Pharma IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Ujin Pharma IPO GMP once the RHP and price band are out.
What will Ujin Pharma do with the IPO money?
As per the DRHP: Invest in Altra Agro-Chem Private Limited, an associate company, by subscribing to its equity shares to make it a subsidiary; Invest in Altra Pharma-Chem Private Limited, an associate company, by subscribing to its equity shares to make it a subsidiary; Repay or prepay, in full or in part, certain borrowings of the company; General corporate purposes.
Who are the lead managers of the Ujin Pharma IPO?
The book running lead managers are SMC Capitals Limited, Marwadi Chandarana Intermediaries Brokers Private Limited. KFin Technologies Limited is the registrar.
Is Ujin Pharma profitable?
Yes. Profit after tax was Rs 14.29 crore in FY2025, Rs 16.01 crore in FY2024 and Rs 10.04 crore in FY2023. The PAT margin was 0.87% in FY2025.
Who owns Ujin Pharma?
Jinesh Rasiklal Sheth and Umang Ketan Mehta hold 49.24% each before the issue. Promoters and promoter group together hold 98.50%.
What does Ujin Pharma do?
It distributes solvents, acids, specialty chemicals and pharmaceutical raw materials. Its subsidiary recycles solvents and makes printing chemicals at Kurkumbh, Pune.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Ujin Pharma 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.
