Himalaya Nutravedics India Limited IPO

01At a glance

What the company does: makes Ayurvedic medicines and nutraceutical supplements, mostly softgel capsules and medicated oils, at one leased plant in Hyderabad, and sells them under its own brands and as a contract manufacturer for other companies (RHP p.172).

Who pays it: stockists and super stockists, who supply pharmacies and clinics, for the own-brand products (RHP p.175); and other Ayurvedic and nutraceutical companies for the contract manufacturing, about 90% of which comes from clients in Kerala (RHP p.177). The prospectus does not name its customers; the largest was 36.02% of FY26 revenue (RHP p.34).

Why it is raising money: up to ₹1,375.00 lakh for working capital and up to ₹750.00 lakh for branding, digital marketing and sales expansion, with the balance for general corporate purposes (RHP p.105).

How fast it has grown: revenue from ₹1,442.56 lakh in FY24 to ₹4,306.75 lakh in FY26, about 72.8% a year, and profit after tax from ₹42.60 lakh to ₹738.97 lakh, about 316% a year, our arithmetic (RHP p.69).

The one thing to understand: the profit has not turned into cash. Over FY24 to FY26 the company reported ₹1,004.75 lakh of profit after tax and a combined operating cash outflow of ₹577.65 lakh as receivables and stock built up, our arithmetic (RHP p.70). That profit also carried almost no income tax, under a startup tax holiday that the company says ends after FY27 (RHP p.35).

02The business, in plain words

Himalaya Nutravedics was incorporated in June 2022 and began manufacturing in September 2022 at a leased plant in Cherlapally, Hyderabad, at first mostly for other companies (RHP p.172). It now runs two businesses from that one plant: its own brands of classical Ayurvedic formulations, proprietary Ayurvedic formulations and nutraceutical supplements, and third-party manufacturing to other brands' specifications (RHP p.173). The own brands were 51.14% of FY26 revenue, up from 19.65% in FY25 (RHP p.176).

A doctor prescribes → a pharmacy orders from a stockist → the stockist orders from Himalaya Nutravedics, which makes the product in Hyderabad → the stockist pays the company after a credit period. Another Ayurvedic or nutraceutical brand places a purchase order → Himalaya Nutravedics formulates, makes and packs it to that brand's specification → the brand pays for the finished goods.

The own brands are sold through a field force of about 58 people, including medical representatives, who visit doctors, run medical camps and continuing medical education programmes, and do no mass-media advertising (RHP p.175). The network is more than 60 distributors, each typically linked to more than 10 stockists (RHP p.193). The company sells at a uniform national maximum retail price and gives a 2% cash discount for payment within 14 days (RHP p.194). Stockists may return unsold products when they expire (RHP p.38).

The portfolio runs to more than 100 products sold in 17 states (RHP p.32). Shelf life is 18 months for nutraceuticals and 36 months for Ayurvedic products (RHP p.179). The plant holds AYUSH and FSSAI licences and WHO-GMP, ISO 9001, ISO 22000, HACCP, HALAL and KOSHER certificates (RHP p.173). At the date of the prospectus the company did no digital marketing and ran no official social media accounts (RHP p.195); the ₹750.00 lakh object is for digital marketing and online sales (RHP p.108). In July 2026 it published a notice that it is not associated with any other business using the name Himalaya (RHP p.32).

Earnings equation: Revenue = units sold × price per unit, across softgels, oils, tablets and other forms. The prospectus gives production, not units sold: 7,64,64,530 softgels and 8,11,870 bottles of medicated oil in FY26 (RHP p.191). Against FY26 softgel revenue of ₹2,572.61 lakh and oil revenue of ₹1,289.14 lakh, that is about ₹3.36 per softgel and ₹158.79 per 200 ml bottle produced, our arithmetic (RHP p.180).

03Where the money comes from

Source: (RHP p.176).

Source: (RHP p.180). Ayurvedic products, across both businesses, were 79.27%, 92.09% and 94.57% of revenue in FY24, FY25 and FY26, and nutraceuticals the rest (RHP p.33).

By state, Kerala was 49.33% of FY26 revenue, after 68.92% in FY25 and 45.57% in FY24 (RHP p.178). Gujarat went from 0.02% of revenue in FY25 to 13.21% in FY26, and Uttar Pradesh from 3.17% to 11.68%, while Telangana fell from 28.68% in FY24 to 9.49% (RHP p.178). All revenue is domestic (RHP p.271).

Source: (RHP p.34). Revenue depends on a few customers: ten of them provided 81.24% of FY26 revenue and the largest provided ₹1,551.50 lakh (RHP p.34). The company has no long-term contracts with its customers (RHP p.39). The prospectus does not say how many of the ten are contract-manufacturing clients and how many are stockists.

04The growth record

Source: (RHP p.126), with operating cash flow from (RHP p.70) and borrowings from (RHP p.282). Return on year-end net worth was 31.77%, 33.08% and 45.12% (RHP p.124).

Our arithmetic: revenue grew about 72.8% a year from FY24 to FY26, the same figure the prospectus gives (RHP p.108); EBITDA grew about 194.3% a year and profit after tax about 316.5% a year; EBITDA margin rose 1,234 basis points and PAT margin 1,421 basis points (RHP p.126). Other income of ₹5.28 lakh was 0.7% of the ₹748.13 lakh profit before tax in FY26 (our arithmetic, RHP p.69, RHP p.276). Trade receivable days were 39 in FY24, 98 in FY25 and 90 in FY26 (RHP p.111).

Under the table: tax was ₹1.65 lakh in FY25 and ₹9.16 lakh in FY26 on profit before tax of ₹224.83 lakh and ₹748.13 lakh, after Section 80-IAC deductions of ₹239.96 lakh and ₹759.70 lakh (RHP p.276). The minimum alternate tax of ₹37.42 lakh and ₹124.88 lakh for those years was booked as a credit to be used later, not as an expense (RHP p.277). Restatement raised FY26 profit by ₹17.22 lakh over the audited ₹721.74 lakh and lowered FY24 profit from the audited ₹52.42 lakh (RHP p.255). FY24 and FY25 were audited by the previous auditor, J.K. Mundada & Co. (RHP p.240). No year end was changed.

05What the growth is made of

Revenue rose by ₹2,864.19 lakh from FY24 to FY26, our arithmetic (RHP p.69). By dosage form, softgels added ₹1,633.62 lakh and medicated oils ₹1,242.17 lakh, tablets added ₹122.76 lakh and the other forms fell by ₹134.36 lakh, our arithmetic (RHP p.180). By business, own brands added ₹1,798.03 lakh, almost all of it in FY26, and third-party manufacturing ₹1,066.16 lakh, our arithmetic (RHP p.176). By state, Kerala added ₹1,467.30 lakh, and Gujarat and Uttar Pradesh, near zero in FY24, reached ₹568.75 lakh and ₹503.18 lakh (RHP p.178).

The prospectus gives production volumes, not sales volumes. Softgel output rose from 3,45,25,000 units in FY24 to 7,64,64,530 in FY26, 2.2 times, while softgel revenue rose 2.7 times; medicated oil output rose from 90,000 bottles to 8,11,870, 9.0 times, while oil revenue rose 27.4 times, our arithmetic (RHP p.191). Revenue per softgel produced moved from about ₹2.72 to ₹3.36, and per oil bottle produced from about ₹52.19 to ₹158.79, our arithmetic (RHP p.180).

The prospectus does not disclose units sold, selling prices, or the split between own-brand and contract sales within each dosage form, so the increase cannot be separated into volume, price and mix. The company attributes the growth to demand for softgels and oils, new customers and the shift to its own brands (RHP p.290), and says the own brands carry higher margins than contract manufacturing (RHP p.292).

06Earnings quality

The item that needs explaining is FY26: profit of ₹738.97 lakh against an operating cash outflow of ₹383.44 lakh (RHP p.70). In the year receivables rose by ₹494.74 lakh and inventories by ₹563.13 lakh (RHP p.70), and raw and packing material stock went from ₹91.59 lakh to ₹670.17 lakh (RHP p.269).

The company says it built raw material stock for a larger branded range and new states (RHP p.111), and that payable days are low because it pays key suppliers promptly or in advance (RHP p.112). The FY26 operating cash flow also includes a ₹124.88 lakh increase in non-current assets, the same amount as that year's minimum alternate tax credit (RHP p.277).

The gap was funded by ₹391.23 lakh of short-term borrowing and ₹223.41 lakh from share issues (RHP p.70).

07The balance sheet

At March 31, 2026 borrowings were ₹513.18 lakh: a cash credit of ₹459.17 lakh from The Cosmos Co-operative Bank at 8.95% floating, repayable on demand, and ₹54.00 lakh on a vehicle loan against a Mercedes Benz car at 8.54%, with a final instalment of ₹46,72,800 (RHP p.261). Cash was ₹144.54 lakh, of which ₹99.94 lakh was a fixed deposit held as margin or security (RHP p.270). Net worth was ₹1,637.61 lakh (RHP p.126), and other non-current assets of ₹162.39 lakh match the minimum alternate tax credit (RHP p.68).

Contingent liabilities were ₹27.26 lakh, an income tax demand, with no guarantees given and no capital commitments (RHP p.71). The plant is leased to December 31, 2035 at ₹2,31,000 a month (RHP p.199); the balance sheet carries no lease liability line (RHP p.68).

Source: (RHP p.260) and (RHP p.286). The August figures give the vehicle loan as ₹50.27 lakh in the summary and ₹53.26 lakh in the lender detail on the same page (RHP p.286). The ICICI facility, sanctioned June 12, 2026 under the CGTMSE scheme, replaced the Cosmos Bank one (RHP p.286).

After the issue: the price is blank, so the proceeds and the post-issue balance sheet cannot be worked out. None of the named objects repays debt; ₹1,375.00 lakh goes to working capital over FY27 and FY28 and ₹750.00 lakh to marketing (RHP p.106). Our arithmetic: net debt at March 2026 was ₹368.64 lakh, 0.45 times FY26 EBITDA (RHP p.126).

08What the money is for

Source: (RHP p.106). The share of each object in the fresh issue cannot be given until the price is set.

Working capital: the company puts its working capital need at ₹1,748.53 lakh at March 2026 and plans to fund part of the increase to March 2028 from the issue, the rest from borrowings and internal accruals (RHP p.107). Of a stated requirement of up to ₹3,267.97 lakh, ₹1,892.97 lakh is to come from internal accruals or borrowings (RHP p.106). The plan assumes 90 inventory days, 94 receivable days and 18 payable days (RHP p.110).

Marketing: ₹441.00 lakh for advertising on e-commerce and quick commerce marketplaces, ₹300.00 lakh for performance marketing and ₹9.00 lakh for the company's own website, over 12 to 15 months (RHP p.115). The amounts rest on a proposal from Divrit Consultancy Pvt Ltd dated July 8, 2026 and valid to January 7, 2027, which passes the ₹750.00 lakh through to platforms and charges a separate ₹4.00 lakh a month paid from internal accruals; no binding agreement has been signed (RHP p.117).

General corporate purposes are capped at 15% of the amount raised or ₹10 crore, whichever is lower (RHP p.105). Issue expenses are blank (RHP p.120). A monitoring agency, Brickwork Ratings, has been appointed voluntarily (RHP p.77).

Into the business: the whole issue, up to 24,99,600 new shares; the rupee amount is blank until the price is set (RHP p.1). To selling shareholders: nothing; there is no offer for sale (RHP p.1).

09Who is selling

No one. The issue is entirely new shares issued by the company (RHP p.1). The promoters and promoter group will not bid in the issue (RHP p.104).

10Promoters

The promoters are Rohit Asawa, Divya Asawa, Chanda Asawa and Rama Raju Penmatsa (RHP p.231). The prospectus lists Divya Asawa as Rohit Asawa's spouse and Chanda Asawa as Rohit Asawa's mother (RHP p.235), and lists Sneha Penmatsa and Penmatsa Swathi as daughters of Rama Raju Penmatsa (RHP p.236).

Rohit Asawa, chairman and managing director, has over 12 years in technology and the nutraceutical and Ayurvedic industry, previously at Ericsson in India and the United States, and is a partner in Raghuveer Enterprises (RHP p.216). Divya Asawa, a non-executive director since April 30, 2025, has over 7 years in financial management and is also a partner in Raghuveer Enterprises (RHP p.216). Chanda Asawa has over 7 years of experience and Rama Raju Penmatsa over 0.4 year, neither with a professional qualification (RHP p.232).

The promoter group firms are Raghuveer Enterprises, Navodaya Wiress, Primo Solutions, Akanksha Trading Company and Hanuman Traders (RHP p.236). The company has no group companies (RHP p.310). Rohit Asawa left Prometrik Engineering Limited on September 17, 2025 (RHP p.234). The prospectus names no listed company the promoters have promoted. No promoter shares are pledged (RHP p.99), no litigation is outstanding against the promoters (RHP p.301), and all four have personally guaranteed the ₹500.00 lakh ICICI Bank cash credit (RHP p.50).

Rohit Asawa was paid ₹12.18 lakh, ₹16.40 lakh and ₹18.24 lakh in FY24, FY25 and FY26 (RHP p.279), and from January 20, 2026 is appointed for three years at a salary of up to ₹24.00 lakh a year (RHP p.218). Divya Asawa's FY26 sitting fees of ₹0.35 lakh were unpaid at the date of the prospectus (RHP p.219).

Source: average cost (RHP p.98), build-up (RHP p.100). Rohit Asawa gifted 2,20,000 shares to Chanda Asawa and 22,000 to Divya Asawa on September 5, 2024 (RHP p.100). A rights issue of 31,70,000 shares at ₹10 on March 24, 2025 went to Chanda Asawa, Divya Asawa, Rohit Asawa and Kakarlapudi Krishna Kiran (RHP p.89). Kakarlapudi Krishna Kiran then gifted 6,40,000 shares to Rama Raju Penmatsa on November 19, 2025 (RHP p.100). A one-for-two bonus followed on February 21, 2026 (RHP p.93). The weighted average cost of shares issued in the last 18 months is ₹10.83 (RHP p.128).

11Who already owns it

Source: (RHP p.99) and (RHP p.97); the last column is our arithmetic on 88,06,320 shares, the 63,06,720 existing shares plus the full fresh issue. The promoters hold 87.41% before the issue (RHP p.99) and would hold about 62.6% after it, and with the promoter group 95.14% before and about 68.1% after, our arithmetic. The prospectus gives the issue as 28.38% of the post-issue capital (RHP p.2). The promoters' pre-issue holding is also printed as 87.38% (RHP p.231).

The public shareholders came in mainly through a preferential allotment on February 5, 2026 at ₹113 a share, priced on a registered valuer's report of January 5, 2026 (RHP p.94); after the bonus that price is ₹75.33 (RHP p.128). The largest allottee was PVE Asset Services LLP with 54,757 shares (RHP p.91). Our arithmetic: the allottees named in the capital-structure table add up to 2,22,185 shares, 17,700 more than the 2,04,485 the same table states (RHP p.89).

Two years before the prospectus Sneha Penmatsa held 50.00%, Rohit Asawa 37.35% and Divya Asawa 12.05% (RHP p.99); one year before, Kakarlapudi Krishna Kiran held 16.00% and Sneha Penmatsa 8.00% (RHP p.98). The company had 42 shareholders at the date of the prospectus (RHP p.103).

12What changed just before the IPO

• The registered office moved to the Cherlapally plant on August 21, 2023 (RHP p.210).
• A rights issue of 31,70,000 shares at ₹10, ₹317.00 lakh, on March 24, 2025 (RHP p.128).
• Divya Asawa joined the board on April 30, 2025 (RHP p.220).
• DPIIT startup recognition on May 19, 2025 (RHP p.306); FY25 was the first year of the Section 80-IAC deduction (RHP p.132).
• The auditor J.K. Mundada & Co. resigned on November 19, 2025 and J Singh & Associates was appointed on November 28, 2025 (RHP p.84).
• Kakarlapudi Krishna Kiran gifted 6,40,000 shares to Rama Raju Penmatsa on November 19, 2025 (RHP p.100).
• Sneha Penmatsa resigned as a director on November 25, 2025, and two independent directors joined on November 28, 2025 (RHP p.220).
• The company became a public company on December 12, 2025 (RHP p.2).
• A new ten-year lease of the plant from January 1, 2026 at ₹2,31,000 a month (RHP p.199).
• The CFO and company secretary were appointed on January 8, 2026, and Rohit Asawa became chairman and managing director on January 20, 2026 (RHP p.229).
• A preferential allotment of 2,04,485 shares at ₹113 on February 5, 2026 (RHP p.89).
• Four product trademarks were assigned to the company on February 6, 2026 (RHP p.51).
• Pollution control consents to establish and operate were received on February 10 and March 5, 2026 (RHP p.45).
• A one-for-two bonus of 21,02,235 shares on February 21, 2026 (RHP p.94).
• An income tax demand of ₹27.26 lakh on March 6, 2026 (RHP p.71).
• In FY26 consultancy charges rose from ₹21.83 lakh to ₹149.97 lakh and commission from ₹7.50 lakh to ₹175.17 lakh (RHP p.274).
• Staff attrition was 95.89% in FY24, 97.26% in FY25 and 37.76% in FY26 (RHP p.291).
• The cash credit moved from Cosmos Bank to ICICI Bank on a sanction of June 12, 2026 (RHP p.286).

13Capacity and expansion

Source: (RHP p.191) and (RHP p.192), as certified by an independent chartered engineer, Inn Tech Global Valuers, on May 6, 2026 (RHP p.184).

Capacity is stated for one 8-hour shift and 25 working days a month; the plant can run up to three shifts but runs one (RHP p.192). The plant has a built-up area of about 12,544 square feet (RHP p.183) and about 63 machines (RHP p.184). The issue funds no new capacity: the objects are working capital and marketing (RHP p.105). The prospectus does not say what a second shift would cost or what output it would add in practice.

14Market size and industry structure

As claimed: the industry chapter draws on “Blending Nature and Science: Nutraceuticals and Ayurveda Industry”, dated May 15, 2026, by Infomerics Analytics & Research, which the company commissioned and paid for (RHP p.31). It puts the Indian nutraceuticals market at around USD 30.4 billion in 2024 (RHP p.148) and, citing IBEF, the Indian Ayurvedic products market at Rs. 62,600 crore in 2022 (RHP p.153).

The part that is addressable: Ayurvedic and nutraceutical formulations sold through doctors, stockists and pharmacies in the 17 states where the company sells (RHP p.182), plus contract manufacturing for other brands. The prospectus does not size that part.

What the company is today: FY26 revenue of ₹4,306.75 lakh, about ₹43.07 crore, is about 0.07% of the 2022 Ayurvedic products figure, our arithmetic on figures from different years (RHP p.153).

The commissioned report describes the nutraceutical industry as intensely competitive, with numerous unorganised participants (RHP p.157), and entry barriers as moderate to high because of compliant plants and FSSAI and AYUSH rules (RHP p.49). Ayurvedic products are regulated under the Ministry of AYUSH and nutraceuticals under FSSAI (RHP p.173). The company has no exports and has begun preliminary work on export documentation (RHP p.183).

15Competitive position

Source: (RHP p.127). The prospectus does not describe the peers' businesses or where they overlap with the company's.

The reasons the company itself gives for customers choosing it are in-house manufacturing of several dosage forms, doctor engagement rather than advertising, repeat orders from stockists and contract clients, and its quality systems (RHP p.181). It has no technical or financial collaborations (RHP p.196).

Its own trademark applications for the Himalaya Nutravedics name and logo are opposed, and it has undertaken to stop fresh packing under them and use up existing stock within six months (RHP p.32). It has taken assignment of four product trademarks, CRANALL, FOSGATE, TAMSURAL-D and RITEVEDA, whose recording in its name is pending (RHP p.51). Some contract-manufacturing customers may market products in the same categories as its own brands (RHP p.43).

16Peers the company named

Peers named in the offer document: Jeena Sikho Lifecare Limited and Sandu Pharmaceuticals Limited (RHP p.125).

Source: (RHP p.125); peer P/E on BSE closing prices of August 31, 2026, with an average of 24.68 (RHP p.124).

Jeena Sikho Lifecare's revenue is about 18.6 times the company's, with a higher margin; Sandu Pharmaceuticals is about 1.6 times its size with a PAT margin of 2.53% against 17.16%, our arithmetic (RHP p.127). The return on net worth printed for the two peers, 27.67% and 2.53%, is the same as their net profit margin; profit divided by net worth from the same table gives about 47.4% and 4.0%, our arithmetic (RHP p.127). The issue's own P/E is blank until the price is set (RHP p.124).

17Risks, in plain words

Customers: ten customers provided 81.24% of FY26 revenue (RHP p.34) → there are no long-term contracts, so orders can shrink without notice (RHP p.39) → the largest customer alone was ₹1,551.50 lakh, 36.02% (RHP p.34).

Geography: Kerala was 49.33% of FY26 revenue (RHP p.178) → about 90% of the contract-manufacturing business comes from clients there (RHP p.177) → Kerala revenue was ₹2,124.72 lakh.

Suppliers: the largest supplier provided 62.13% of FY26 purchases and ten provided 94.30% (RHP p.34) → there are no long-term supply agreements → purchases from the largest supplier were ₹1,969.08 lakh (RHP p.34).

Tax: FY25 and FY26 profit was largely exempt under Section 80-IAC, which the company says is available up to FY27 (RHP p.35) → the company estimates the extra tax afterwards at about 28% of profit before tax (RHP p.35) → the FY26 deduction was ₹759.70 lakh (RHP p.276), and the tax department has already disputed the FY25 claim (RHP p.71).

Financial: operating cash flow was negative in FY24, FY25 and FY26 (RHP p.39) → growth has been funded with borrowing and new shares → receivables were ₹1,058.69 lakh at March 2026, 24.58% of FY26 revenue (RHP p.55).

Single plant: all manufacturing is at one leased facility (RHP p.35) → a disruption there stops all production → the lease runs to December 31, 2035 at ₹2,31,000 a month (RHP p.36).

Regulation: manufacturing began in September 2022 (RHP p.172), and the pollution control consents to establish and operate were received in February and March 2026, which the prospectus describes as a delay (RHP p.45) → several forms were filed late with the Registrar of Companies, one by 1,308 days (RHP p.38) → no action has been started, and the company says any penalty will be paid from internal accruals (RHP p.38).

Brand: the applications for the company's own name and logo as trademarks are opposed (RHP p.32) → it has undertaken to phase them out of its packaging → the change covers more than 100 products in 17 states (RHP p.32).

Promoters: all four promoters guarantee the ₹500.00 lakh cash credit (RHP p.50) → if a guarantee is withdrawn the lender may ask for repayment (RHP p.50).

Issue-specific: ₹750.00 lakh goes to a channel the company has not used; it does no digital marketing today (RHP p.195) → the plan rests on one agency proposal with no binding agreement (RHP p.117). The CFO and company secretary joined in January 2026 (RHP p.229).

18Litigation and regulatory matters

There are no criminal, statutory or material civil proceedings by or against the company, promoters or directors (RHP p.301). Past delays in filings with the Registrar of Companies and the late pollution control consents have led to no action so far (RHP p.38). At March 2026 the company owed 27 trade creditors ₹69.93 lakh, of which ₹6.43 lakh to 11 micro and small enterprises (RHP p.303).

19Related-party transactions

Source: (RHP p.279) and (RHP p.280); the grouped rows are our arithmetic. The prospectus lists Umesh Chand Asawa as Rohit Asawa's father and Kakarlapudi Krishna Kiran as Sneha Penmatsa's spouse (RHP p.279).

A loan of ₹155.00 lakh from Umesh Chand Asawa outstanding at March 2024 was repaid in FY25, and no related-party loan was outstanding at March 2025 or March 2026 (RHP p.280). The schedule shows no sales to or purchases from related parties (RHP p.280). Pay for the CFO, ₹2.59 lakh, and the company secretary, ₹1.20 lakh, and sitting fees for the independent directors began in FY26 (RHP p.279).

Loans from relatives and advances to Kakarlapudi Krishna Kiran stopped after FY25. On February 6, 2026 Kakarlapudi Krishna Kiran assigned the RITEVEDA trademark to the company (RHP p.51). The prospectus also states that no director or key managerial person has given or taken a loan from the company as at its date (RHP p.230).

20What the offer document does not say

Units sold and selling prices by product are not disclosed; only production is. The names of customers and suppliers are not disclosed. Margins of the own brands against contract manufacturing are not disclosed. The value of expired products returned by stockists is not disclosed. The consideration paid for the four trademarks assigned on February 6, 2026 is not stated in the pages read.

Whether the ₹162.39 lakh minimum alternate tax credit can be used under the Income Tax Act, 2025 is not stated; the tax statement says only that minimum alternate tax paid from April 1, 2026 is a final tax (RHP p.132). The gap between the allottees named in the February 2026 preferential allotment and the total stated is not explained.

When Rama Raju Penmatsa became a promoter is not stated; the shares came by gift on November 19, 2025 (RHP p.100), and the prospectus also states there has been no change in promoters in the preceding year (RHP p.313). The customers behind the new Gujarat and Uttar Pradesh revenue are not identified. The price band, issue price, lot size, issue expenses and the general corporate purposes amount are left blank.

21Five questions for management

1. How many softgels and bottles of medicated oil were sold in each of FY24, FY25 and FY26, at what average price, and how were they split between own brands and contract manufacturing?
2. How many of the ten customers that provided 81.24% of FY26 revenue are contract-manufacturing clients, and what share of FY26 revenue came from customers added in that year?
3. What was the gross margin on own-brand sales against contract manufacturing in FY25 and FY26?
4. Why did raw and packing material stock rise from ₹91.59 lakh to ₹670.17 lakh at March 2026, and how much of the ₹1,058.69 lakh of receivables at that date has since been collected?
5. What effective tax rate applies in FY27 and FY28 under the minimum alternate tax rules the prospectus describes, and how much of the ₹162.39 lakh tax credit can be used?

1Sources and cited facts

This study was read from 1 document the company filed. The 205 figures it cites are listed under the document each came from, with the page and the sentence as printed.