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A Scalable Specialty Pharma Platform with Global Growth Potential…

Symbiotec Pharmalab Ltd. (Symbiotec), incorporated in 2002, is an R&D-driven pharmaceutical and biotechnology company specializing in active pharmaceutical ingredients (APIs), nutritional ingredients, specialty products, and complex injectables. With over 20 years of industry experience, it has evolved into a backward-integrated manufacturing platform with global regulatory approvals, including US FDA and EUGMP. The company is a global leader in corticosteroid and steroidal-hormone APIs and leverages its expertise in organic chemistry, biotechnology, biologics, CDMO services, and complex injectables to serve regulated and emerging markets worldwide through cost-efficient, vertically integrated operations.

• The global pharma market is valued at $1,621 billion in 2025 and is expected to grow at ~6% CAGR through 2030, driven by ageing populations, chronic diseases, OTC demand, and opportunities in precision medicine and advanced therapies.

• The topline grew at ~10% CAGR to Rs 869cr in FY26, driven by higher manufacturing and sales volumes, supported by expanded API, biologics, and complex injectable capacities, strengthening its integrated CDMO platform.

• EBITDA grew at a CAGR of ~18% over FY24-FY26, with margins expanding by ~350 bps to ~27%, supported by operating leverage and lower raw material costs due to reduced import dependency.

• Adj. PAT increased at a CAGR of ~8% to Rs 119cr over FY24-26, reflecting strong topline performance, margin expansion, and manufacturing scale up.

• The company derives ~67% of its FY26 revenue from exports, reflecting a ~17% CAGR from FY25. Its extensive international reach spans 40+ countries, supported by a customer base of over 200 global clients.

• The company has commissioned two new facilities in Madhya Pradesh for largescale fermentation and complex injectables, while a dedicated biologics facility is under construction to support future growth.

• At the upper price band of Rs 988, Symbiotec is valued at ~53x FY26 P/E and ~28x FY26 EV/EBITDA on a post-issue basis, which appears in line with its listed peers. Given its strong growth prospects, supported by market leadership, a strong international presence, and a diversified product portfolio, the company is wellpositioned to benefit from the growing global pharmaceutical market. Hence, we assign a “SUBSCRIBE” rating for medium to long-term investors.

Purpose of IPO

The offer consists of fresh issue of Rs 150cr and Offer for Sale (OFS) of Rs 1,607cr. The net proceeds from the fresh issue will be primarily utilized for debt repayment (Rs 113cr), while the remaining proceeds will be used for general corporate purposes. The sellers also include the private equity funds Rosewood Investments and Motilal Oswal Alternates.

Key Risks

• Facility Ramp-Up Risk: Delays or challenges in ramping up production at new facilities could result in lower-than-expected returns and reduced profitability.

• FDA Review Risk: The final outcome of the August 14, 2026 FDA inspection remains pending and may adversely affect operations.

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SEBI Registration Number: INH200000345