Ujin Pharma IPO

Incorporated in May 2024, Ujin Pharma Limited is a chemical distribution and supply company engaged in the trading and distribution of solvents, specialty chemicals, acids, monomers, pharmaceutical raw materials, and nutraceuticals. The company serves a diverse customer base across pharmaceuticals, agrochemicals, specialty chemicals, petrochemicals, automotive, paints & coatings, printing inks, packaging, and industrial sectors. With over two decades of industry experience through its predecessor partnership firm, the company has built a strong sourcing network comprising 1,277 suppliers and distribution infrastructure supported by warehouses in Bhiwandi (Maharashtra) and Kandla (Gujarat). Through its subsidiary, Shiv Shakti Oxalate Private Limited (SSOPL), the company has expanded into value-added chemical processing activities including solvent recycling, solvent recovery, and printing chemical manufacturing.

Ujin Pharma Limited IPO Overview

Ujin Pharma Limited has filed a Draft Red Herring Prospectus (DRHP) with SEBI on June 22, 2026, for a 100% book-built initial public offering. The IPO comprises a fresh issue of up to 1.19 crore equity shares and an Offer for Sale (OFS) of up to 0.73 crore shares by promoters — Jinesh Rasiklal Sheth and Umang Ketan Mehta. The issue will be allocated with 50% reserved for Qualified Institutional Buyers, 35% for Retail Investors, and 15% for Non-Institutional Investors. SMC Capitals Ltd. and Marwadi Chandarana Intermediaries Brokers Pvt. Ltd. are the book-running lead managers, while KFin Technologies Ltd. is the registrar of the issue. Key details like IPO dates, price bands, and lot size are yet to be announced. The company’s promoters currently hold 98.50% of the pre-issue share capital. Post-issue shareholding will be subject to the final offer price and allotment.

Ujin Pharma Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	1,91,51,400 shares (agg. up to ₹[.] Cr)
Fresh Issue	1,18,69,100 shares (agg. up to ₹[.] Cr)
Offer for Sale (OFS)	72,82,300 shares (agg. up to ₹[.] Cr)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	5,50,00,000 shares
Shareholding post-issue	6,68,69,100 shares

Ujin Pharma Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Ujin Pharma Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Net Offer
Retail Shares Offered	Not less than 35% of the Net Offer
NII (HNI) Shares Offered	Not less than 15% of the Net Offer

Ujin Pharma Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹4.39 (basic)
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	17.07%
Net Asset Value (NAV)	₹28.54
Return on Equity (RoE)	18.21%
Return on Capital Employed (RoCE)	12.68%
EBITDA Margin	2.64%
PAT Margin	1.62%
Debt to Equity Ratio	1.55

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (₹ in million)
Investment in Altra Agro-Chem Private Limited (making it subsidiary)	617.20
Investment in Altra Pharma-Chem Private Limited (making it subsidiary)	216.40
Repayment/pre-payment of certain borrowings	250.00
General corporate purposes*	[●]
Total	1,083.70

*Note: To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC.

Ujin Pharma Limited Financials (₹ in million)

Particulars	31 Dec 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	6,993.10	6,158.20	4,835.00	3,956.70
Revenue	15,113.37	16,288.27	14,909.02	14,257.61
Profit After Tax	254.68	142.92	160.06	100.44
Reserves and Surplus	1,386.50	1,145.20	1,085.80	933.20
Total Borrowings	2,442.10	2,076.80	1,472.20	620.10
Total Liabilities	5,415.52	4,835.36	3,749.22	3,023.41

Financial Status of Ujin Pharma Limited

Ujin Pharma IPO Strengths

A. Efficient Sourcing Network and Supply Chain Management

Ujin Pharma Limited has built a robust sourcing network comprising 1,277 suppliers, including domestic and international suppliers across multiple countries. The company’s supply chain capabilities are supported by strategically located warehouses in Bhiwandi (Maharashtra) and Kandla (Gujarat), enabling efficient movement of products from sourcing locations to customers across 22 states and union territories in India.

B. Diversified Portfolio Across Chemical Distribution and Value-Added Processing

Ujin Pharma Limited offers a diversified portfolio of over 100 chemical products comprising solvents, specialty chemicals, acids, monomers, pharmaceutical raw materials and nutraceuticals. Through its subsidiary SSOPL, the company has expanded into solvent recycling, recovery and printing chemical manufacturing, creating an integrated business model spanning distribution and value-added processing.

C. Established Customer and Supplier Relationships

Ujin Pharma Limited has developed long-standing relationships with customers operating across multiple end-use industries including pharmaceuticals, agrochemicals, petrochemicals, and automotive sectors. The company’s supplier network has expanded significantly, enabling diversified sourcing capabilities across domestic and international markets.

D. Strong Growth in Operational Scale and Profitability

Ujin Pharma Limited has demonstrated consistent growth, with revenue from operations increasing from ₹14,257.61 million in Fiscal 2023 to ₹16,288.27 million in Fiscal 2025. EBITDA improved from ₹130.90 million to ₹354.46 million during the same period, with EBITDA margin expanding from 0.92% to 2.18%.

E. Integrated Distribution and Value-Added Processing Model

Ujin Pharma Limited, through SSOPL’s manufacturing facility at MIDC Kurkumbh, Pune, equipped with distillation systems, extraction and blending units, has integrated distribution with solvent recycling and recovery operations, enabling participation in sustainable chemical processing and circular economy practices while expanding product offerings.

Other IPO Pages Linking

A. Business Overview

Ujin Pharma Limited is a chemical distribution and supply company engaged in the trading and distribution of solvents, specialty chemicals, acids, monomers, pharmaceutical raw materials, and nutraceuticals. The company serves customers across pharmaceuticals, agrochemicals, specialty chemicals, petrochemicals, automotive, paints & coatings, printing inks, packaging, and industrial sectors.

B. Operational Footprint

The company’s operations are supported by warehouses and storage facilities strategically located in Bhiwandi, Maharashtra, and Kandla, Gujarat. These locations provide access to major transportation networks and port-based logistics infrastructure. The company supplied approximately 8.53 lakh MT of chemical products to over 3,000 customers during the last three financial years.

C. Subsidiary and Value-Added Operations

Through its subsidiary, Shiv Shakti Oxalate Private Limited (SSOPL), the company has expanded into value-added chemical processing activities including solvent recycling, solvent recovery, and printing chemical manufacturing. SSOPL operates a manufacturing facility at MIDC Kurkumbh, Pune, with an installed capacity for processing of printing chemicals and solvent recycling and recovery operations.

Product Portfolio

The company’s product portfolio spans six major categories:

• Pharmaceuticals Raw Material (43 products)
  

  Methylene Chloride, Propylene Glycol, Triethylamine, Ethylene Dichloride, Paracetamol IP, N-Propanol, Methyl Chloroformate, Tetrahydrofuran

• Solvents (24 products)
  

  Acetone, Isopropyl Alcohol, Toluene, Methanol, Mixed Xylene, Dimethylformamide, Methyl Ethyl Ketone, Methyl Isobutyl Ketone

• Acids (8 products)
  

  Acetic Acid, Isophthalic Acid, Adipic Acid, Propionic Acid, Formic Acid 85%, Boric Acid

• Monomers (5 products)
  

  Butyl Acrylate Monomer, Methyl Acrylate, Styrene Monomer, Vinyl Acetate Monomer

• Specialty Chemicals (31 products)
  

  Acetonitrile, Methyl 6-Methylnicotinate, Triphenylphosphine, Acrylonitrile, Butyl Cellosolve, Potassium Carbonate, Aniline, Bisphenol A

• Nutraceuticals (2 products)
  

  Lactose Edible Grade, WPC 80% Extra Grade

Management Team

The company is led by Promoters Jinesh Rasiklal Sheth and Umang Ketan Mehta, who possess over two decades of experience in the chemical and pharmaceutical sectors. The management team includes experienced professionals overseeing finance, regulatory compliance, logistics, procurement, marketing, and supply chain management functions.

Industry Outlook

A. Indian Chemical Distribution and Specialty Chemicals Industry

The Indian chemical distribution market is projected to grow from USD 14.46 billion in 2025 to USD 26.0 billion by 2035, exhibiting a compound annual growth rate of 6.0%. Specialty chemicals now account for nearly 22% of the market and are expected to grow at a CAGR of 12%, driven by demand in EVs, electronics, and sustainable materials. Production is forecast to increase by 10.9% in 2026, driven by strong domestic demand and government support.

B. Growth Drivers

• Strong domestic demand
  

  India has become the world’s third-largest agrochemical exporter, with the domestic market valued significantly.

• Government support

  Production Linked Incentive (PLI) schemes and ‘Make in India’ initiatives are driving chemical sector growth.

• Expanding end-user industries
  

  Pharmaceuticals, agrochemicals, paints & coatings, and automotive sectors continue to drive chemical demand.

• Supply chain localization
  

  Companies are striking a strategic balance between localizing supply chains and leveraging India’s growing importance in global value chains.

Key Market Figures

• Chemicals and petrochemicals demand in India is expected to nearly triple and reach US$ 1 trillion by 2040.

• Exports of Chemicals and allied Products reached US$ 18,652 million during FY26.

• Specialty chemical makers’ revenue growth is expected at 6-7% this fiscal.

• India chemical logistics market expected to increase from USD 29.03 billion in 2025 to USD 43.15 billion by 2031.

Challenges

Revenue growth of India’s specialty chemical manufacturers is expected to moderate by about 200 basis points this fiscal as muted exports offset the benefits of resilient domestic demand. Operating margins could decline, as weak exports and higher input costs weigh on the sector.

How Will Ujin Pharma Benefit

• Growing chemical distribution market
  

  The Indian chemical distribution market expanding from USD 14.46 billion to USD 26.0 billion by 2035 provides significant growth opportunities for Ujin Pharma’s core distribution business.

• Expanding specialty chemicals demand
  

  With specialty chemicals growing at 8-12% CAGR, the company’s diversified portfolio of over 100 chemical products positions it to capture increasing demand from multiple end-use industries.

• Government policy support
  

  PLI schemes and ‘Make in India’ initiatives are expected to boost domestic chemical manufacturing, benefiting the company’s sourcing network and distribution operations.

• Value-added processing opportunities
  

  The company’s expansion into solvent recycling and recovery through SSOPL aligns with the growing emphasis on sustainable chemical processing and circular economy practices.

• Pharmaceutical and agrochemical sector growth
  

  India’s position as the world’s third-largest agrochemical exporter creates sustained demand for the company’s pharmaceutical raw materials and specialty chemicals.

• Supply chain localization trend
  

  The strategic shift toward localizing supply chains in India presents opportunities for Ujin Pharma to strengthen its domestic sourcing and distribution capabilities.

• Expanding customer base
  

  With over 700 customers served, the company is well-positioned to benefit from increasing industrial activity across multiple sectors.

Peer Group Comparison

Ujin Pharma Limited Peer Comparison (Based on DRHP/RHP)

Company	Revenue (₹ in million)	Face Value (₹)	P/E (x)	Basic EPS (₹)	Diluted EPS (₹)	RoNW (%)	NAV (₹)
Ujin Pharma Limited*	16,288.27	10	[●]	2.56	2.51	11.87%	24.36
Peer Group
Shiv Shakti Ltd. (Standalone)	—	10	4.14	30.67	30.67	18.30%	143.64
Deepak Nitrite Ltd. (Consolidated)	—	2	4.14	51.12	51.12	13.61%	397.70
Balaji Amines Ltd. (Consolidated)	—	2	43.94	48.62	48.62	8.05%	622.94
Alkyl Amines Chemical Ltd. (Standalone)	—	2	50.29	36.40	36.35	13.94%	273.96

Key Strategies for Ujin Pharma Limited

Strategic Expansion into Value-Added Chemical Processing

Ujin Pharma Limited intends to strengthen its presence in complementary segments of the chemical industry by progressively expanding participation in value-added chemical processing and manufacturing-related activities. Through the acquisition of SSOPL, the company has expanded into solvent recycling and recovery, enabling participation in sustainable chemical processing while leveraging existing sourcing networks and customer relationships.

Expanding Presence Across Domestic and International Markets

Ujin Pharma Limited intends to continue expanding its presence across domestic and international markets by leveraging sourcing capabilities and established customer relationships. The sourcing network includes suppliers in India as well as international chemical manufacturing countries including the United States, United Kingdom, Singapore, Canada, Hong Kong, Switzerland, and France.

Increasing Share of Customer Procurement Spend

Ujin Pharma Limited intends to increase its share of business from existing customers by expanding the range of products and solutions offered across the chemical value chain. The expansion into solvent recycling and strategic investments in associate companies are expected to broaden product offerings beyond current distribution operations.

Pursue Strategic Acquisitions and Inorganic Growth

Ujin Pharma Limited intends to pursue selective inorganic growth opportunities that complement existing business operations and support the long-term objective of strengthening presence across the chemical value chain. Strategic acquisitions, investments, and partnerships can enable accelerated growth, expanded product portfolio, and enhanced manufacturing capabilities.

Strengthening Balance Sheet and Improving Financial Flexibility

Ujin Pharma Limited intends to continue strengthening its balance sheet through prudent capital management and reduction of indebtedness. A portion of the net proceeds is proposed to be utilized towards pre-payment or repayment of certain outstanding borrowings, which is expected to reduce indebtedness, lower finance costs, and improve the debt-equity profile.