Virupaksha Organics IPO
Virupaksha Organics IPO — date, issue size, SEBI status & DRHP details 2025
Virupaksha Organics filed its draft red herring prospectus (DRHP) with SEBI on 8 Oct 2025 for an IPO of a fresh issue of up to ₹740 crore. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Virupaksha Organics makes active pharmaceutical ingredients and intermediates, with six manufacturing units and one R&D unit. Revenue from operations grew from Rs 644.84 crore in FY2023 to Rs 811.71 crore in FY2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Virupaksha Organics IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 08 Oct 2025
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 8 Oct 2025 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Virupaksha Organics IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue only |
|---|---|
| Fresh issue | Up to ₹740 Cr |
| Offer for sale | None |
| Total issue size | ₹740 Cr |
| Pre-IPO placement | Up to ₹148 Cr (reduces the fresh issue) |
| 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 | Axis Capital Limited, SBI Capital Markets Limited |
| Registrar | KFin Technologies Limited |
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations grew from Rs 644.84 crore in FY2023 to Rs 811.71 crore in FY2025.
- 02Profit after tax rose from Rs 43.09 crore in FY2023 to Rs 78.71 crore in FY2025.
- 03EBITDA margin was 17.77% in FY2025, against 14.10% in FY2023.
- 04Gross profit margin improved to 45.48% in FY2025 from 39.19% in FY2023.
- 05Manufacturing capacity rose to 988 kilolitres in FY2025 from 800 kilolitres in FY2023, with 223 reactors.
- 06Net debt to equity fell to 0.58 times in FY2025 from 1.10 times in FY2023.
- 07The company has 54 products, made up of 23 APIs and 31 intermediates, and 64 customer audits were conducted in FY2025.
Risks · 10
- 01Analgesics, anti-histamines and anti-fungal products gave 88.27% of revenue from operations in FY2025, so demand for a few therapeutic areas drives results.
- 02The top 10 customers gave 41.87% of revenue from operations in FY2025, up from 34.62% in FY2024.
- 03The Karnataka State Pollution Control Board has issued notices and closure directions for Unit 3 and Unit 6 over alleged non-compliance under the Water Act.
- 04A first information report was filed in February 2024 against promoter and whole-time director Balasubba Reddy Mamilla in his capacity as a director.
- 05Revenue from outside India fell to 17.49% in FY2025 from 32.92% in FY2023, and the company has received a USFDA Form 483 in the past.
- 06Related party dealings are large. Purchases from Virupaksha Laboratories Private Limited were Rs 70.06 crore in FY2025 and sales to it were Rs 28.77 crore.
- 07Total borrowings were Rs 282.23 crore as of 31 March 2025, and promoters have given personal guarantees for certain borrowings.
- 08Inventories rose to Rs 169.87 crore in FY2025 from Rs 107.15 crore in FY2024, and net working capital days were 90.
- 09General corporate purposes can be up to 25% of the gross proceeds, and the amount is not yet specified.
- 10The company has recently acquired Progenerics and Oxygenta and may not integrate them smoothly.
Virupaksha Organics financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Revenue from Operations | 811.71 | 765.99 | 644.84 |
| Total Income | 816.52 | 769.45 | 650.65 |
| EBITDA | 144.24 | 139.18 | 90.91 |
| Profit After Tax | 78.71 | 73.68 | 43.09 |
| Net Worth | 456.62 | 275.31 | 209.71 |
| Total Borrowing | 282.23 | 264.35 | 240.85 |
| Total Assets | 952.48 | 696.69 | 601.76 |
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
₹555 crore of the fresh issue is earmarked to named objects.
About Virupaksha Organics
The company also runs a contract development and manufacturing (CDMO) business, where it uses its R&D and plant capacity to serve third-party manufacturers. CDMO was 3.51% of revenue from operations in FY2025, down from 18.84% in FY2023. Sale of APIs and intermediates was 96.49% of revenue in FY2025.
As of 31 March 2025 the company operated six manufacturing units and one R&D unit. Its units are in Telangana, including IDA Pashamylaram in Patancheru, and in Bidar district, Karnataka. Total manufacturing capacity was 988 kilolitres across 223 reactors in FY2025, up from 800 kilolitres and 197 reactors in FY2023.
Sales are mostly in India. Sale of products in India was 82.51% of revenue from operations in FY2025, against 67.08% in FY2023. Sales outside India fell to 17.49% from 32.92% over the same period. Analgesics, anti-histamines and anti-fungal products together gave 88.27% of revenue from operations in FY2025.
The company had 978 permanent employees and 896 contractual workers as of 31 March 2025. It has recently acquired Progenerics Pharma Private Limited and Oxygenta Pharmaceutical Limited. Oxygenta was acquired on 20 June 2025 and its shares are listed on BSE. The promoters are Chandra Mouliswar Reddy Gangavaram, Balasubba Reddy Mamilla and members of their families.
The industry
The offer document cites the F&S report. India's API market is expected to grow from USD 4.1 billion in 2024 to USD 6.0 billion by 2029, a CAGR of 7.6%. Indian domestic demand for small molecule intermediates is projected to grow from USD 0.9 billion in 2024 to USD 1.3 billion by 2029, a CAGR of 8.9%. The Indian contract development and manufacturing market is projected to reach USD 10.5 billion by 2029 from USD 5.5 billion in 2024.
Customer concentration: Top 10 customers gave 41.87% of revenue from operations in FY2025, 34.62% in FY2024 and 34.97% in FY2023.
Promoters & management
Promoters hold 49.61% and the promoter group holds 10.25% of the pre-issue paid-up capital, together 59.86%.
| Name | Role |
|---|---|
| Chandra Mouliswar Reddy Gangavaram | Managing Director |
| Balasubba Reddy Mamilla | Whole-Time Director |
| Chandrasekhar Reddy Gangavaram | Whole-Time Director |
| Prasad Reddy Battinapatla | Chief Financial 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.
SBI Capital Markets Ltd.
71 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: Kalyan Jewellers India (-15.0%).
Axis Capital
127 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
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.
Virupaksha Organics IPO: frequently asked
When will the Virupaksha Organics IPO open?
The Virupaksha Organics IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. 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 Virupaksha Organics 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 Virupaksha Organics IPO?
Virupaksha Organics filed its draft red herring prospectus (DRHP) with SEBI on 8 Oct 2025 for an IPO of a fresh issue of up to ₹740 crore. The DRHP puts the total at about ₹740 crore.
Has SEBI approved the Virupaksha Organics IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Virupaksha Organics IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Virupaksha Organics IPO GMP once the RHP and price band are out.
What will Virupaksha Organics do with the IPO money?
As per the DRHP: Fund capital expenditure for capacity expansion at the Expansion Units (₹360 crore); Prepay or repay certain outstanding borrowings of the company (₹195 crore); General corporate purposes.
Who are the lead managers of the Virupaksha Organics IPO?
The book running lead managers are Axis Capital Limited, SBI Capital Markets Limited. KFin Technologies Limited is the registrar.
Is Virupaksha Organics profitable?
Yes. Profit after tax was Rs 78.71 crore in FY2025, Rs 73.68 crore in FY2024 and Rs 43.09 crore in FY2023.
Does Virupaksha Organics have an offer for sale?
No. The issue is a fresh issue of up to Rs 740.00 crore, so all money goes to the company. A pre-IPO placement of up to Rs 148.00 crore may reduce the fresh issue.
How much do promoters own in Virupaksha Organics?
Promoters hold 49.61% and the promoter group 10.25% before the issue, together 59.86%.
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 Virupaksha Organics 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.
