newboard.in
MainboardDRHP filedOffer-document study

Rodec Pharma Limited IPO

DRHP 11 Jan 2026

DRHP filed
11 Jan 2026

Rodec Pharma Limited: what the offer document says

A Ghaziabad animal-health company that makes animal feed supplements and markets veterinary drugs made for it by contract manufacturers is listing through a sale of 5,650,000 shares by its founder; the company raises nothing. Revenue rose from ₹716 million in FY23 to ₹1,064 million in FY25 at an EBITDA margin of 24.21%, but operating cash flow was ₹10.90 million in the six months to September 2025.

Published 21 Sep 2026 · 1,341 words · read from the DRHP

01At a glance

What the company does — manufactures animal feed supplements at one plant in Ghaziabad, Uttar Pradesh, which began operating on 29 December 2022, and markets veterinary pharmaceutical drugs made by third-party manufacturers, for cattle and other livestock (DRHP p.30, DRHP p.35).

Who pays it — veterinary channels: the company sells through veterinary sales representatives, consignee agents and stockists; the top ten customers were 59.29% of revenue in the six months to September 2025 and the largest 15.39% (DRHP p.35, DRHP p.49). Uttar Pradesh was 37.77% of revenue (DRHP p.47).

Why it is raising money — it is not. The offer is entirely a sale by the promoter Mukesh Kumar Gupta, and the company receives no proceeds (DRHP p.31).

How fast it has grown — revenue from ₹716.13 million in FY23 to ₹1,063.93 million in FY25, and ₹627.27 million in the six months to September 2025 (DRHP p.135).

The one thing to understand — a marketing business that has added manufacturing. Veterinary drugs, all made by contract manufacturers, were 61.58% of revenue in the six months; the in-house plant makes the feed supplements, 38.30% (DRHP p.45, DRHP p.46). EBITDA margin rose from 11.34% in FY23 to 24.21% in FY25 (DRHP p.136).

02The business, in plain words

An animal-health company sells medicines and nutritional supplements for livestock to vets and farmers through a field sales force and stockists. Some products it makes; others it has made by licensed manufacturers under its own brand.

A dairy farmer in Uttar Pradesh is advised by a vet to use a feed supplement and a medicine → the farmer buys them from a local stockist → the stockist restocks from Rodec's consignee agent → Rodec made the supplement in Ghaziabad and bought the drug from a contract manufacturer.

The company has agreements of two to five years with its third-party drug manufacturers (DRHP p.45). It has faced a delay in getting consent to operate from the Uttar Pradesh Pollution Control Board (DRHP p.35).

Earnings equation: Profit ≈ product sales × gross margin − field-force and distribution cost. EBITDA margin was 21.35% in the six months (DRHP p.136).

03Where the money comes from

Revenue, ₹ millionFY23FY24FY25H1 FY26
Veterinary pharmaceutical drugs480.05539.73616.74386.28
Animal feed supplements231.65343.14446.83240.26
Revenue from operations716.13884.211,063.93627.27

Source: DRHP p.46, DRHP p.135. H1 FY26 is six months.

Share of revenueFY23FY24FY25H1 FY26
Largest customer12.96%14.91%15.43%15.39%
Top ten customers54.77%58.77%59.09%59.29%
Uttar Pradesh45.22%39.19%38.74%37.77%

Source: DRHP p.47, DRHP p.49.

04The growth record

₹ million, restated standaloneFY23FY24FY25H1 FY26
Revenue from operations716.13884.211,063.93627.27
EBITDA81.18157.29257.62133.91
EBITDA margin11.34%17.79%24.21%21.35%
Profit after tax52.11110.36182.5797.31
Cash from operations106.0690.1888.6010.90

Source: DRHP p.135, DRHP p.136. H1 FY26 is six months.

05What the growth is made of

Feed supplements, which the company now makes itself: their revenue nearly doubled from ₹232 million in FY23 to ₹447 million in FY25 (DRHP p.46). In FY23 most feed-supplement revenue came from products made by third parties, and by FY25 none did (DRHP p.45). Margins rose as manufacturing moved in-house (DRHP p.30, DRHP p.136).

06Earnings quality

Operating cash flow has fallen behind profit: ₹88.60 million against ₹182.57 million of profit in FY25, and ₹10.90 million against ₹97.31 million in the six months (DRHP p.136). There are no auditor qualifications that have not been given effect in the restated accounts (DRHP p.34).

07The balance sheet

₹ millionMar 2023Mar 2024Mar 2025Sep 2025
Net worth206.66317.49500.36599.59
Net debt108.2066.6681.93(16.14)
Debt to equity0.570.210.170.02

Source: DRHP p.136.

08What the money is for

Use of proceeds₹ million
Paid to Mukesh Kumar Gupta, the selling shareholdernot yet stated
Received by the companynil

Source: DRHP p.31.

09Who is selling

SellerShares offeredShare of holding
Mukesh Kumar Gupta (promoter)up to 5,650,00049%

Source: DRHP p.31. Mukesh Kumar Gupta holds 11,604,140 shares and would keep 5,954,140; the last column is our arithmetic.

10Promoters

The promoters are Mukesh Kumar Gupta, Chhaya Gupta and Utkarsh Gupta (DRHP p.30).

11Who already owns it

Holder, before the offerShare
Mukesh Kumar Gupta51.38%
Chhaya Gupta25.19%
Utkarsh Gupta13.61%
Promoter group (three holders)2.22%
Ramveer Singh and Sakshi Tomar Parihar1.06% each

Source: DRHP p.31, DRHP p.32.

Promoters and promoter group hold 92.40% (DRHP p.31).

12What changed just before the IPO

  • Manufacturing — in-house production began in December 2022 (DRHP p.30).
  • Margins — EBITDA margin more than doubled from FY23 to FY25 (DRHP p.136).
  • Debt — net cash at September 2025 (DRHP p.136).
  • Cash flow — operating cash flow fell to ₹10.90 million in the six months (DRHP p.136).

13Capacity and expansion

One manufacturing facility in Ghaziabad, for feed supplements (DRHP p.35). Veterinary drugs are made by contract manufacturers (DRHP p.45). No expansion is funded by the offer (DRHP p.31).

14Market size and industry structure

The CRISIL report cited in the offer document says India has about 536.8 million livestock, including 303.8 million bovines, is the world's largest milk producer, and has about 67,889 veterinary institutions (DRHP p.30). newboard has not tested the report's statements.

15Competitive position

What the document claims, and what it rests on:

  • A certified plant with FAMI-QS and ISO certifications (DRHP p.30).
  • A field network of veterinary sales representatives, consignee agents and stockists (DRHP p.35).

Against that: dependence on contract manufacturers for its largest product line, one state for over a third of revenue, a short manufacturing record, and a pending pollution-board consent (DRHP p.35, DRHP p.47).

16Peers the company named

Company, FY25Revenue, ₹ mnP/ERoNW
Rodec Pharma1,063.93—36.49%
Hester Biosciences3,111.0246.058.82%

Source: DRHP p.134.

No P/E is possible for the company until a price band is set.

17Risks, in plain words

  • Contract manufacturers. A few make all its veterinary drugs (DRHP p.35).
  • Two product lines. Drugs and feed supplements are almost all revenue (DRHP p.35).
  • Short record. Manufacturing only since December 2022 (DRHP p.35).
  • Uttar Pradesh. 38% of revenue (DRHP p.47).
  • Pollution consent. Delay in obtaining consent to operate (DRHP p.35).
  • One plant. All manufacturing in Ghaziabad (DRHP p.35).

18Litigation and regulatory matters

Proceedings outstandingCount₹ million
By the company — criminal292.57

Source: DRHP p.34. No proceedings are listed against the company, promoters or directors (DRHP p.34).

20What the offer document does not say

In the sections read for this study, the document does not give:

  • Who the contract manufacturers are and how concentrated supply is, in the pages read.
  • Why operating cash flow fell in the six months, in the pages read.
  • The status of the pollution-board consent.
  • What the 29 criminal proceedings filed by the company concern.
  • The price band, lot size or issue dates, which is normal at DRHP stage.

21Five questions for management

  1. How many contract manufacturers make the veterinary drugs, and what share does the largest make?
  2. Why did operating cash flow fall to ₹11 million in the six months?
  3. When will the Uttar Pradesh Pollution Control Board consent be granted?
  4. Why is Mukesh Kumar Gupta offering nearly half of that shareholding?
  5. What are the 29 criminal proceedings the company has filed?

1Sources and cited facts

This study was read from 1 document the company filed. The 30 figures it cites are listed under the document each came from, with the page and the sentence as printed.

Rodec Pharma Limited DRHPdrhp · filed 2026-01-1130 facts
  1. 1
    At a glanceUttar Pradesh was 37.77% of revenue (DRHP p.47).p.47

    “Uttar Pradesh was 37.77% of revenue (DRHP p.47).”

  2. 2
    At a glanceThe offer is entirely a sale by the promoter Mukesh Kumar Gupta, and the company receives no proceeds (DRHP p.31).p.31

    “The offer is entirely a sale by the promoter Mukesh Kumar Gupta, and the company receives no proceeds (DRHP p.31).”

  3. 3
    At a glanceHow fast it has grown** — revenue from ₹716.13 million in FY23 to ₹1,063.93 million in FY25, and ₹627.27 million in the six months to September 2025 (DRHP p.135).p.135

    “How fast it has grown** — revenue from ₹716.13 million in FY23 to ₹1,063.93 million in FY25, and ₹627.27 million in the six months to September 2025 (DRHP p.135).”

  4. 4
    At a glanceEBITDA margin rose from 11.34% in FY23 to 24.21% in FY25 (DRHP p.136).p.136

    “EBITDA margin rose from 11.34% in FY23 to 24.21% in FY25 (DRHP p.136).”

  5. 5
    The business, in plain wordsThe company has agreements of two to five years with its third-party drug manufacturers (DRHP p.45).p.45

    “The company has agreements of two to five years with its third-party drug manufacturers (DRHP p.45).”

  6. 6
    The business, in plain wordsIt has faced a delay in getting consent to operate from the Uttar Pradesh Pollution Control Board (DRHP p.35).p.35

    “It has faced a delay in getting consent to operate from the Uttar Pradesh Pollution Control Board (DRHP p.35).”

  7. 7
    The business, in plain wordsEBITDA margin was 21.35% in the six months (DRHP p.136).p.136

    “EBITDA margin was 21.35% in the six months (DRHP p.136).”

  8. 8
    What the growth is made ofFeed supplements, which the company now makes itself: their revenue nearly doubled from ₹232 million in FY23 to ₹447 million in FY25 (DRHP p.46).p.46

    “Feed supplements, which the company now makes itself: their revenue nearly doubled from ₹232 million in FY23 to ₹447 million in FY25 (DRHP p.46).”

  9. 9
    What the growth is made ofIn FY23 most feed-supplement revenue came from products made by third parties, and by FY25 none did (DRHP p.45).p.45

    “In FY23 most feed-supplement revenue came from products made by third parties, and by FY25 none did (DRHP p.45).”

  10. 10
    Earnings qualityOperating cash flow has fallen behind profit: ₹88.60 million against ₹182.57 million of profit in FY25, and ₹10.90 million against ₹97.31 million in the six months (DRHP p.136).p.136

    “Operating cash flow has fallen behind profit: ₹88.60 million against ₹182.57 million of profit in FY25, and ₹10.90 million against ₹97.31 million in the six months (DRHP p.136).”

  11. 11
    Earnings qualityThere are no auditor qualifications that have not been given effect in the restated accounts (DRHP p.34).p.34

    “There are no auditor qualifications that have not been given effect in the restated accounts (DRHP p.34).”

  12. 12
    PromotersThe promoters are Mukesh Kumar Gupta, Chhaya Gupta and Utkarsh Gupta (DRHP p.30).p.30

    “The promoters are Mukesh Kumar Gupta, Chhaya Gupta and Utkarsh Gupta (DRHP p.30).”

  13. 13
    Who already owns itPromoters and promoter group hold 92.40% (DRHP p.31).p.31

    “Promoters and promoter group hold 92.40% (DRHP p.31).”

  14. 14
    What changed just before the IPOManufacturing** — in-house production began in December 2022 (DRHP p.30).p.30

    “Manufacturing** — in-house production began in December 2022 (DRHP p.30).”

  15. 15
    What changed just before the IPOMargins** — EBITDA margin more than doubled from FY23 to FY25 (DRHP p.136).p.136

    “Margins** — EBITDA margin more than doubled from FY23 to FY25 (DRHP p.136).”

  16. 16
    What changed just before the IPODebt** — net cash at September 2025 (DRHP p.136).p.136

    “Debt** — net cash at September 2025 (DRHP p.136).”

  17. 17
    What changed just before the IPOCash flow** — operating cash flow fell to ₹10.90 million in the six months (DRHP p.136).p.136

    “Cash flow** — operating cash flow fell to ₹10.90 million in the six months (DRHP p.136).”

  18. 18
    Capacity and expansionOne manufacturing facility in Ghaziabad, for feed supplements (DRHP p.35).p.35

    “One manufacturing facility in Ghaziabad, for feed supplements (DRHP p.35).”

  19. 19
    Capacity and expansionVeterinary drugs are made by contract manufacturers (DRHP p.45).p.45

    “Veterinary drugs are made by contract manufacturers (DRHP p.45).”

  20. 20
    Capacity and expansionNo expansion is funded by the offer (DRHP p.31).p.31

    “No expansion is funded by the offer (DRHP p.31).”

  21. 21
    Market size and industry structureThe CRISIL report cited in the offer document says India has about 536.8 million livestock, including 303.8 million bovines, is the world's largest milk producer, and has about 67,889 veterinary institutions (DRHP p.30).p.30

    “The CRISIL report cited in the offer document says India has about 536.8 million livestock, including 303.8 million bovines, is the world's largest milk producer, and has about 67,889 veterinary institutions (DRHP p.30).”

  22. 22
    Competitive positionA certified plant** with FAMI-QS and ISO certifications (DRHP p.30).p.30

    “A certified plant** with FAMI-QS and ISO certifications (DRHP p.30).”

  23. 23
    Competitive positionA field network** of veterinary sales representatives, consignee agents and stockists (DRHP p.35).p.35

    “A field network** of veterinary sales representatives, consignee agents and stockists (DRHP p.35).”

  24. 24
    Risks, in plain wordsContract manufacturers.** A few make all its veterinary drugs (DRHP p.35).p.35

    “Contract manufacturers.** A few make all its veterinary drugs (DRHP p.35).”

  25. 25
    Risks, in plain wordsTwo product lines.** Drugs and feed supplements are almost all revenue (DRHP p.35).p.35

    “Two product lines.** Drugs and feed supplements are almost all revenue (DRHP p.35).”

  26. 26
    Risks, in plain wordsShort record.** Manufacturing only since December 2022 (DRHP p.35).p.35

    “Short record.** Manufacturing only since December 2022 (DRHP p.35).”

  27. 27
    Risks, in plain wordsUttar Pradesh.** 38% of revenue (DRHP p.47).p.47

    “Uttar Pradesh.** 38% of revenue (DRHP p.47).”

  28. 28
    Risks, in plain wordsPollution consent.** Delay in obtaining consent to operate (DRHP p.35).p.35

    “Pollution consent.** Delay in obtaining consent to operate (DRHP p.35).”

  29. 29
    Risks, in plain wordsOne plant.** All manufacturing in Ghaziabad (DRHP p.35).p.35

    “One plant.** All manufacturing in Ghaziabad (DRHP p.35).”

  30. 30
    Litigation and regulatory mattersNo proceedings are listed against the company, promoters or directors (DRHP p.34).p.34

    “No proceedings are listed against the company, promoters or directors (DRHP p.34).”

Not on this page yet: the peer table the issuer printed. Each is added when the pipeline extracts it from the offer document.