Mumbai-based Encube Ethicals Limited has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).
The IPO, with a face value of Re 1, is an complete offer for sale of Rs 3,000 crore by promoters – Mehul Madhusudan Shah, and Investor Selling Shareholder – Frontier Investment Holdings Pte. Ltd.
The issue is being made through the book-building process, in line with SEBI ICDR Regulations, wherein not more than 50% reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and not less than 35% for Retail Individual Investors (RIIs).
About the Company
Incorporated in 1995, the company is global specialty pharmaceutical formulations platform with deep domain expertise in technically complex topical and transdermal dosage forms, serving 50 countries including regulated markets such as the United States, UK and Europe, and India as of March 31, 2026.
The company operates through three business verticals: its Global Generics business (“Global Generics”), Global Contract Development and Manufacturing Organization (“CDMO”) business (“Global CDMO”), and India Branded Formulations business (“India Branded Formulations”). Each serves different end markets and customer segments, supported by a unified platform comprising R&D, manufacturing infrastructure, quality management systems, and supply chain capabilities.
With over 28 years of operations, the company have built significant global scale in topical manufacturing and an aggregate installed filling and packaging capacity of 807 million units as of March 31, 2026 that corresponds to approximately 2.8 times the total US topical market demand in Fiscal 2026 (Source: F&S Report).
The company’s manufacturing facilities have accreditations from 11 regulatory authorities, including the USFDA, EU GMP, EAEU, Japan PMDA, Health Canada, Brazil ANVISA and TGA Australia. Their operations are supported by a workforce of 1,684 employees as of March 31, 2026.
The company also operates a dedicated R&D centre, Encube Advanced Research Centre in Palava, Mumbai (spanning a built-up area of 117,252 square feet) which is approved by the USFDA and led by a team of 228 employees (of which 12 were PhDs) as of March 31, 2026.
According to the F&S Report, the company is the only Indian topical CDMO among the assessed peers with the ability to serve multiple regulated markets as of March 31, 2026. In Fiscals 2026, 2025 and 2024, regulated markets contributed to Rs. 477.7 crore, Rs. 331.1 crore and Rs. 394.8 crore respectively, representing 61.02%, 51.49% and 66.89%, respectively, of their Global CDMO revenue during the same periods.
The company serves as a comprehensive development and manufacturing partner for some of the global pharmaceutical companies across various geographies. As of March 31, 2026, the company provides services to over 160 pharmaceutical companies across 50 countries, with a portfolio of over 550 stock keeping units (“SKUs”) primarily focused on regulated markets.
Its revenue from operations was Rs 1,848.7 crore during FY26 as against Rs 1,085.9 during FY24.
Its net profit was Rs 436.7 crore during FY26 as against Rs 156.1 crore during FY24.
JM Financial Limited, Axis Capital Limited, and Kotak Mahindra Capital Company Limited are the book running lead managers, and MUFG Intime India Private Limited is the registrar to the issue.
The shares are proposed to be listed on the BSE and NSE.
