Anondita Medicare: share price, financial results, shareholding and management
Anondita Medicare makes condoms at its own plant in Noida and sells them under its own brand, Cobra, to shops in several states and to government health programmes. Its shares trade on NSE Emerge.
What this page is built from. Read for this page: 3 earnings call transcripts, 3 investor presentations, 3 press releases, 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing. Also 151 exchange announcements, 2 shareholding patterns and 2 years of reported results. Every figure carries its source; where the documents are silent, the page says so.
- Market cap
- ₹2,007 cr at ₹1,110
- Share price
- ₹1,110 close on 4 Sept 2026
- 52-week high / low
- ₹1,316 / ₹262 to the same date
- P/E
- 58.5× on FY26 profit
- Book value
- ₹72 P/B 15.5×
- ROCE
- 45% FY26, average capital
- ROE
- 41% FY26, average equity
- Debt to equity
- 0.26 borrowings ₹34 cr
- Promoter holding
- 62.40% 31 March 2026
- Dividend
- None in the past year
- Face value
- ₹10 lot of 200
- IPO price
- ₹145 listed 1 Sept 2025
Our arithmetic on reported figures; prices run 30 days behind the market, as SEBI's rules for education sites require.
Anondita Medicare key points: what to know in 30 seconds
Condoms the Noida plant can make in a year, up from 562 million after 307 million pieces were added on 23 February 2026.
Investor presentation, June 2026, p.11Condoms made in FY26, against 259 million in FY25.
Annual report 2025-26, p.10Four lines of about 250 million pieces a year are on trial and four more are being built, due by January 2027, the managing director says.
Annual report 2025-26, p.13Share of FY26 sales made to government buyers; the rest came mostly from the company's own brand, the chief financial officer said.
Earnings call transcript, May 2026, p.12Declared the lowest bidder (L1) in August 2026 in a Central Medical Services Society tender to supply 8,00,62,000 condoms for the family planning programme.
Press release, September 2026, p.2Served through 26 super stockists and 195 distributors across eight states and regions, including Maharashtra, West Bengal and Rajasthan.
Investor presentation, June 2026, p.15MDSAP certification in November 2025 covers selling in Australia, Brazil, Canada, Japan and the United States; SABS certification covers male condoms for South Africa.
Annual report 2025-26, p.13 and p.11Brickwork Ratings rated ₹56.2 cr of bank loans in May 2026, noting the promoter centred management and working capital tied up in long credit periods.
Credit rating note, May 2026, p.2Each point is read from the company's documents or worked out from its reported figures, with the source under it.
What does Anondita Medicare do? Business, products and customers
Anondita Medicare makes male condoms at its plant in Noida, Uttar Pradesh, and sells them under its own brand, COBRA, in flavours such as strawberry, mint, chocolate and coffee. Every condom is tested electronically, and the company prints and packs in house. It also supplies condoms to government buyers such as the Central Medical Services Society for the family planning programme.
The business began in 1999 as a proprietorship of Anupam Ghosh that packed and sold condoms and gloves; it started making condoms in 2004 and for years made them for other brands, including Mankind Pharma's Manforce. The company was formed in March 2024 to take over that business and bought the subsidiary Anondita Healthcare and Rubber Products India Limited, which sells COBRA products along with gloves, pregnancy test kits and other wellness items. The shares listed on NSE Emerge on 1 September 2025.
Revenue from operations was ₹137.4 cr in FY26; the chief financial officer said on the May 2026 call that about ₹118 cr came from condoms and about ₹19 cr from gloves, and that about 42% of sales went to government buyers. The chief financial officer also said government payments take at least 120 days, and trade receivables stood at ₹51.9 cr at March 2026.
Capacity rose to 869 million pieces a year after 307 million pieces were added on 23 February 2026, and more lines are on trial or being built. The company reports trial production of female condoms in latex and non latex, MDSAP and SABS certificates for selling abroad, and trial export orders from a partner in Kenya.
From the offer document, the 2025-26 annual report, the June 2026 investor presentation and the May 2026 earnings call.
Who runs Anondita Medicare? Management and board background
Has 25 years of experience in the healthcare products industry. Started in 1999 packing and selling contraceptives and gloves through the proprietorship M/s Healthcare Products, set up a condom plant in 2004, renamed the firm M/s Anondita Healthcare in 2013, and the company took over that business in 2024. Education: Senior Secondary (10+2).
Offer document, p.163 and p.210B.A. (Hons.) in Philosophy from Indraprastha College, New Delhi. Has 10 years of experience in administration and human resources and has been a director since 2014 at the group company Anondita Healthcare Products Private Limited. The offer document lists Sonia Ghosh as the wife of Anupam Ghosh and the mother of Reshant Ghosh. Resigned as Whole Time Director on 29 October 2025 (Annual report 2025-26, p.36).
Offer document, p.163, p.211 and p.215Founder and Director of the subsidiary Anondita Healthcare and Rubber Products India Limited, with about three years of experience in marketing: market analysis, marketing strategy and building a network of distributors and retailers. Education: Senior Secondary (10+2).
Annual report 2025-26, p.16; Offer document, p.211Retired Government of India officer with over 36 years in taxation and revenue administration; served as Joint Secretary, Department of Revenue, Director General (Safeguards), Ministry of Finance, and Chief Commissioner, Customs and Central Excise, Meerut, with additional charge of Lucknow. M.A. in English Literature, B.I.T.S. Pilani.
Annual report 2025-26, p.17; Offer document, p.214Chartered Accountant and proprietor of M/s Nishi Goel & Associates, with experience in corporate law, direct and indirect taxation, auditing and accounting. Began in 2007 in the IT sector reviewing financial software and later worked at ICAI on putting XBRL in place in India.
Annual report 2025-26, p.16; Offer document, p.214Qualified Company Secretary (ICSI) with over eight years of experience and proprietor of M/s K Gaurav & Co., consulting on corporate law and compliance in the real estate and NBFC sectors. Chairs the audit committee and the nomination and remuneration committee.
Annual report 2025-26, p.17Anondita Medicare order book, guidance and what the company says is coming
The company says it is targeting revenue growth of 60 to 70% by FY27 with an EBITDA margin of about 30%, and an export share of 25% by FY27. On the May 2026 call the managing director said the South African government had approved the company to supply for five years, with the purchase order still pending. A June 2026 press release says the company is targeting ₹1,000 cr of revenue in the next two years. These are the company's statements, not newboard's.
| What management said | When | What happened |
|---|---|---|
| UN qualification under way, with an export launch by the end of the then current year or in the first quarter of the next | Offer document | At the May 2026 call the UN application was still pending; trial export orders had come from Kenya |
The company's own statements, attributed; not newboard's estimates.
Anondita Medicare strengths and things to watch, from the numbers
- Sales have grown very fast.
- It earns a high return on the money it uses.
- It has little debt for its size.
- The promoters own a large part of the company.
- It paid no dividend in the past year.
Worked out from the reported figures by fixed rules, the same for every company. Facts, not a view on the shares.
Anondita Medicare peers and competitors: listed SME companies in personal products
Other SME companies in the same industry are listed on NSE Emerge and BSE SME. By sales, Anondita Medicare is the biggest of the 8 listed SMEs in its industry; the ones closest to it in size are below.
| Company | Market cap ₹ cr | P/E | Revenue ₹ cr | Profit ₹ cr | EBITDA margin | D/E |
|---|---|---|---|---|---|---|
| Anondita Medicare | 2,007 | 58.5 | 137 | 34 | 37% | 0.26 |
| H. R. Hygiene Products | 141 | 12.8 | 130 | 11 | 14% | 0.51 |
| Recode Studios | 358 | 32.5 | 80 | 11 | 21% | 0.30 |
| Medistep Healthcare | 33 | 5.4 | 71 | 6 | 12% | 0.14 |
| Aakaar Medical Technologies | 89 | 13.4 | 67 | 7 | 15% | 0.34 |
| Macobs Technologies | 198 | 68.1 | 41 | 3 | 8% | 0.06 |
| Ravelcare | 77 | 15.0 | 27 | 5 | 26% | 0.00 |
| Novateor Research Laboratories | 19 | 193.7 | 4 | 0 | -3% | 0.09 |
Each company's latest full year and its price 30 days back; a list of companies in the same line of business, not a comparison of their shares.
Anondita Medicare half-yearly results
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Revenue | 31 | 46 | 54.1 | 83.3 |
| Expenses | 22 | 30 | 37.1 | 54.2 |
| EBITDA | 10 | 16 | 19.2 | 31.5 |
| EBITDA margin | 31% | 35% | 35% | 38% |
| Profit before tax | 8 | 14 | 17.4 | 29.5 |
| Profit after tax | 6 | 10 | 13 | 21.3 |
Anondita Medicare profit and loss: revenue, profit and margins (FY25 to FY26)
Sales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
| FY25 | FY26 | |
|---|---|---|
| Sales | 77 | 137 |
| Expenses | 51 | 91.4 |
| Operating profit | 26 | 50.7 |
| OPM | 33% | 37% |
| Other income | 0 | 0.8 |
| Interest | 3 | 3.5 |
| Depreciation | 1 | 1.1 |
| Profit before tax | 22 | 46.9 |
| Tax rate | 25% | 27% |
| Net profit | 16 | 34.3 |
| EPS ₹ | 11.34 | 21.30 |
₹ crore, consolidated where the company reports it. Growth is compounded a year (our arithmetic).
Anondita Medicare balance sheet: assets, borrowings and net worth
The company's own money, its net worth, has grown fast. Its loans are smaller than its own money.
| FY25 | FY26 | |
|---|---|---|
| Equity capital | 13 | 18.1 |
| Reserves | 24 | 111 |
| Borrowings | 27 | 33.6 |
| Other liabilities | 12 | 22 |
| Total liabilities | 77 | 185 |
| Fixed assets | 13 | 39.3 |
| Capital work in progress | 6 | - |
| Investments | 3 | 3.3 |
| Other assets | 55 | 142 |
| Total assets | 77 | 185 |
Anondita Medicare cash flow: operations, investing and financing
Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares.
Bars below the line are cash going out.
| FY25 | FY26 | |
|---|---|---|
| Cash from operations | -7 | 10.6 |
| Cash from investing | -19 | -62.7 |
| Cash from financing | 26 | 61.3 |
| Net cash flow | 0 | 9.2 |
Anondita Medicare ratios: working capital days and returns
Customers take about as long to pay as they did in FY25.
| FY25 | FY26 | |
|---|---|---|
| Debtor days | 127 | 138 |
| Inventory days | 128 | - |
| Days payable | 36 | - |
| Cash conversion cycle | 218 | - |
| Working capital days | 129 | - |
| ROCE | - | 45% |
| ROE | - | 41% |
Anondita Medicare promoters and major shareholders
Everyone holding one per cent or more at 31 March 2026, and how that changed since 30 Sept 2025:
| Holder | Type | Holding | Change |
|---|---|---|---|
| Anupam Ghosh | Promoter | 61.99% | +0.28 pts |
| Moheet Vinodkumar Agarwal | Individual HNI | 3.05% | new |
| Sageone-Flagship Growth Oe Fund | AIF | 2.92% | -0.09 pts |
| Vikasa India Eif I Fund - Incube Global Opportunities | FPI | 2.12% | new |
| Ritu Bapna | NRI | 1.91% | no change |
| Sageone - Flagship Growth 2 Fund . | AIF | 1.75% | new |
| Mansi Share & Stock Broking Private Limited | Body Corporate | 1.63% | new |
| Vanaja Sundar Iyer | Individual HNI | 1.59% | new |
| Siddharth Iyer | Individual HNI | 1.28% | new |
| Sagar P Brahmbhatt | Individual HNI | 1.24% | -0.07 pts |
From the shareholding pattern the company files with the exchange.
Anondita Medicare latest news, orders and filings
The company files often, and a good part of its announcements are about orders won.
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 29, 2026. Further, the company has informed the Exchange regarding voting results
- Shareholders meetingProceedings of Annual General Meeting held on September 29, 2026
- Copy of Newspaper PublicationRegarding Basis of Allotment of Right Issue
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
- Allotment of Securitiesallotment of 958166 fully paid up equity shares pursuant to Rights Issue at its meeting held on September 24, 2026
- Outcome of Board MeetingHeld on September 24, 2026
- Updates'Withdrawal of Nullification Letter and confirmation of allotment of 9,58,166 Rights Equity Shares as per the Corrigendum to the Letter of Offer dated September
- Record Datethat the Record Date is September 22, 2026 and the Book Closure period for the purpose of the 3rd Annual General Meeting (AGM) for the financial year 2025 26 wi
- Copy of Newspaper PublicationRelating to arrangements for disposal of odd lots in respect of Right Issue
- Updates'INTIMATION REGARDING PARTIAL NULLIFICATION OF CORRIGENDUM TO THE LETTER OF OFFER DATED AUGUST 27, 2026'
- Updates'CORRIGENDUM TO THE LETTER OF OFFER DATED AUGUST 27, 2026'
- Updates'Intimation Regarding Arrangements for Disposal of Odd Lots Rights Issue of Anondita Medicare Limited '
Anondita Medicare share split, bonus and dividends
- Rights issueRIGHTS 97:1831 @ PREMIUM RS 940/-ex-date 2 Sept 2026
From the corporate actions the company announces on the exchange.
Anondita Medicare annual reports, earnings calls and documents
- Offer documentread
- 2 June 2026read
- 31 May 2026read
- 28 May 2026read
- 30 June 2026read
- 31 May 2026read
- 31 March 2026read
Every document links to its source; “read” marks those this page is built from.
Checks we ran on Anondita Medicare's data
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,80,86,618 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY25 to FY26.
- iPrices run to 4 Sept 2026, 30 days behind the market, from the exchange's daily figures.
Anondita Medicare study: what the filings say about the business
Read from 15 of the company's own documents
1Is it a good business?
Anondita Medicare makes condoms in Noida and earns its money from its own Cobra brand and from government family planning orders, and the company says the brand earns better margins.
Its weak spot is slow payment from government buyers and heavy spending on new lines, so cash from the business has trailed profit.
Much of the business is won on price. Government orders go to the lowest bidder, and the offer document says price decides most customer choices.
The evidence
Offer document: price is the deciding factor in most cases (p.183); government tenders usually go to the lowest bid, L1 (p.185). About 42% of FY26 sales were to government buyers (call, p.12).
Offer document, p.183 and p.185; Earnings call transcript, May 2026, p.12It makes and packs its own products and is strong in North India, but it is small next to national brands.
The evidence
Brickwork notes a dominant regional position in North India and in-house manufacturing as a cost advantage, but a smaller scale than larger peers and high competition from players such as Mankind Pharma and Durex.
Credit rating note, May 2026, p.2 and p.3Government buyers are the largest single group, alongside shops reached through its own subsidiary and distributors.
The evidence
About 42% of FY26 sales went to government buyers and 58% to the own brand (call, p.12). In FY25, government agencies and AIDS control societies bought ₹34.5 cr of the company's ₹60.5 cr standalone sales (offer document, p.180).
Earnings call transcript, May 2026, p.12; Offer document, p.180Yes. New lines cost a lot, and slow government payments tie up money in receivables.
The evidence
The chief financial officer put FY26 capital spending at about ₹62 cr (call, p.9); the ongoing expansion is estimated at about ₹75 cr plus taxes (presentation, p.12); trade receivables were ₹51.9 cr at March 2026 (presentation, p.37). Brickwork calls the business working capital intensive (p.2).
Earnings call transcript, May 2026, p.9; Investor presentation, June 2026, p.12 and p.37; Credit rating note, May 2026, p.2It keeps winning government tenders at home and has new certificates for selling abroad, but the big export orders were not yet confirmed at the last call.
The evidence
Declared L1 in August 2026 for a Central Medical Services Society tender of 8,00,62,000 condoms (press release, p.2). MDSAP and SABS certificates in hand (annual report, p.13); the South African purchase order was pending and the UN application still in the pipeline at the May 2026 call (p.8 and p.9).
Press release, September 2026, p.2; Annual report 2025-26, p.13; Earnings call transcript, May 2026, p.8 and p.9Sales have grown each year so far, but they bunch up at the year end and latex costs move with the seasons.
The evidence
The chief financial officer said government sales are higher in the last quarter because budgets must be used within the year (call, p.12); FY26 revenue was ₹54.1 cr in the first half and ₹83.3 cr in the second. Brickwork notes latex price spikes in the rainy season (p.3).
Earnings call transcript, May 2026, p.12; Credit rating note, May 2026, p.3Each answer is about that one question, read from the documents; it is not a view on the shares.
2What do the numbers say?
Sales and profit grew fast in each of the last three years as the business moved from making for other brands to its own brand and government orders.
Margins widened in the latest year, and the second half was much bigger than the first because government buyers order near the year end.
Cash from the business lagged well behind profit because government buyers pay slowly, and the money raised went mostly into new machines and lines.
- Four new lines on trial and four more being built, due by January 2027 (Annual report 2025-26, p.13).
- The South African government supply: approved for five years, with the purchase order still pending at the May 2026 call (Earnings call transcript, May 2026, p.8).
- Supply under the Central Medical Services Society family planning tender for 8,00,62,000 condoms, where the company was declared L1 in August 2026 (Press release, September 2026, p.2).
- UN qualification for exports, still pending at the May 2026 call (Earnings call transcript, May 2026, p.9).
Frequently asked questions about Anondita Medicare
- What does Anondita Medicare do?
- Anondita Medicare makes condoms at its own plant in Noida and sells them under its own brand, Cobra, to shops in several states and to government health programmes. Its shares trade on NSE Emerge.
- What is the share price of Anondita Medicare?
- ₹1,110 at the close on 4 Sept 2026; prices on newboard run 30 days behind the market.
- What is the market cap of Anondita Medicare?
- ₹2,007 cr at the close on 4 Sept 2026, on 1,80,86,618 shares.
- What is the P/E of Anondita Medicare?
- 58.5 times FY26 profit at the close on 4 Sept 2026 (our arithmetic).
- What are Anondita Medicare's revenue and profit?
- Revenue ₹137 cr and profit after tax ₹34 cr in FY26.
- Who are the promoters of Anondita Medicare?
- Anupam Ghosh, Sonia Ghosh, Reshant Ghosh; promoters held 62.40% at 31 March 2026.
- What was the IPO price of Anondita Medicare?
- ₹145 a share; it listed on 1 Sept 2025.
- What is Anondita Medicare's website?
- www.anonditamedicare.com