Vijaypd Ceutical IPO Opens at ₹35 Per Share with ₹19 Crore Issue Size

Mumbai, 29 September 2025: Vijaypd Ceutical Ltd, a pharmaceutical and FMCG distributor, has opened its ₹19 crore SME IPO today at a fixed price of ₹35 per share. The issue, which closes on 1 October 2025, will finalise allotments on 3 October and list on the NSE/BSE SME platform on 7 October 2025.

Headquartered in Maharashtra, Vijaypd Ceutical Ltd operates in pharmaceutical and FMCG distribution, supplying to thousands of pharmacies and clinics. The company, which is now entering the manufacturing of APIs and excipients, is seeking a listing on the NSE and BSE SME platforms. Its promoters bring over 60 years of sector experience, providing a foundation for the firm’s next phase of expansion.

Vijaypd Ceutical IPO Launch: ₹19 Crore Offering with Lot Size of 4,000 Shares

The Vijaypd Ceutical IPO, priced at ₹35 per share, has a minimum lot size of 4,000 shares, translating into an investment of ₹1.4 lakh per lot. The issue runs from 29 September to 1 October 2025, with shares credited on 6 October and listing scheduled for 7 October. The company has appointed a SEBI-registered registrar to handle allotments and refunds.

Vijaypd Ceutical IPO Revenue More Than Doubles in FY25 as Margins Expand to 4.5%

Vijaypd Ceutical Ltd reported a sharp jump in revenue from operations, which grew from ₹5,432.81 lakh in FY24 to ₹10,681.01 lakh in FY25, nearly doubling year-on-year. Profit after tax also surged to ₹479.55 lakh in FY25, compared to ₹165.02 lakh in FY24 and just ₹18.16 lakh in FY23, reflecting a strong turnaround. The company’s PAT margin improved from 0.37% in FY23 to 4.49% in FY25, showing operational efficiency gains.

EBITDA rose significantly from ₹486.99 lakh in FY24 to ₹859.12 lakh in FY25, while net worth increased to ₹3,216.98 lakh in FY25. A key highlight was the improvement in its debt-equity ratio, which fell sharply from 30.04x in FY24 to 0.68x in FY25, reducing financial risk. However, the Return on Net Worth (RoNW) slipped from 55.64% in FY24 to 14.91% in FY25, reflecting higher capital base post-equity infusion.

Vijaypd Ceutical IPO Strong Distribution Reach with Over 2,100 Pharmacies in Maharashtra

The company distributes more than 19,000 stock-keeping units (SKUs) to over 2,100 pharmacies, clinics, and nursing homes across Maharashtra. With approvals from FDA, FSSAI, and BMC, the firm maintains compliance and quality assurance. Backed by over six decades of promoter experience in pharmaceutical distribution, Vijaypd Ceutical plans to diversify into active pharmaceutical ingredient (API) and excipient manufacturing, moving beyond its current distribution model.

Vijaypd Ceutical IPO Key Business Strengths Include Market Reach and Profitability Turnaround

Vijaypd Ceutical has leveraged its widespread distribution network and regulatory approvals to scale operations. Its most notable strength has been the significant turnaround in profitability, with PAT margin expanding to 4.5% in FY25. The planned diversification into API and excipient manufacturing highlights its strategy to reduce dependency on the distribution segment while building a stronger growth pipeline.

Vijaypd Ceutical IPO Risks Remain in Working Capital and Regional Concentration

Despite improvements, challenges persist. The business remains working capital intensive, given its inventory-heavy nature. Additionally, its geographic concentration in Maharashtra exposes the firm to regional demand fluctuations and competition from larger players such as MedPlus and Entero. Margins, while improving, still remain below industry benchmarks, and the company’s historically high FY24 debt-equity ratio of 30.04x underlines the importance of maintaining financial discipline.

The Vijaypd Ceutical IPO represents a significant move for the company as it transitions from being primarily a regional distributor to expanding into pharmaceutical manufacturing. With revenues doubling in FY25, a stronger balance sheet, and a diversified growth plan, the firm positions itself for broader sectoral participation, though risks linked to working capital intensity and regional dependency remain crucial considerations.

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