Encube Ethicals Ltd. IPO Details
Encube Ethicals was incorporated on September 7, 1995. The company is a global pharmaceutical formulations platform specializing in technically complex topical and transdermal products, with operations across 50 countries, including regulated markets. It operates through Global Generics, Global CDMO, and India Branded Formulations, supported by integrated R&D, manufacturing, quality, and supply chain capabilities
| Bidding Dates |
|---|
| To Be Announced |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| - | - | - | - | 0 | - | - | ₹30,000.0 M | DRHP DOC |
Encube Ethicals issue details
Encube Ethicals IPO issue size is ₹ 30,000.0 M
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
Encube Ethicals IMPORTANT IPO DATES
| Issue Open Date | - |
| Issue close Date | - |
| Allotment Date | - |
| Refund Date | - |
| Demat Account Credit Date | - |
| Listing Date | - |
| Listing on Exchange(s) | NSE and BSE |
Encube Ethicals NUMBER OF SHARES ON OFFER
Encube Ethicals FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 1,848.7 | 436.7 | 303.1 | 101.9 | 35.9% |
| FY25 | 1,344.8 | 249.6 | 299.8 | 150.9 | 33.6% |
| FY24 | 1,085.9 | 156.1 | 181.9 | -96.8 | 27.4% |
Encube Ethicals INFORMATION ON IPO ISSUE
About Encube Ethicals
Encube Ethicals was incorporated on September 7, 1995. The company is a global pharmaceutical formulations platform specializing in technically complex topical and transdermal products, with operations across 50 countries, including regulated markets. It operates through Global Generics, Global CDMO, and India Branded Formulations, supported by integrated R&D, manufacturing, quality, and supply chain capabilities
Object of the Issue
- To carry out the offer for sale of equity shares of face value of Rs 1 each by the selling shareholders aggregating up to Rs 3,000 crore
- To achieve the benefits of listing the equity shares on the stock exchanges
Encube Ethicals - PROMOTERS
| Name |
|---|
| Mehul Madhusudan Shah |
Encube Ethicals - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Mehul Madhusudan Shah | Chairman & Managing Director |
| Pratik Haresh Kamani | Executive Director & Chief Executive Officer |
| Amit Varma | Non-Executive Director |
| Pallavi Pratap Gokhale | Independent Director |
| Sudarshan Jain | Independent Director |
| Manoj Kumar | Independent Director |
Encube Ethicals Book Running Lead Manager
JM Financial Limited
encube.ipo@jmfl.com
Axis Capital Limited
encube.ipo@axiscap.in
Kotak Mahindra Capital Company Limited
encube.ipo@kotak.com
Encube Ethicals Registrar to the Offer
MUFG Intime India Private Limited
encubeethicals.ipo@in.mpms.mufg.com
Encube Ethicals Strengths
Integrated business verticals
The company has a diversified presence across B2B and B2C channels, multiple regulated markets and product categories, enabling it to leverage customer relationships and intellectual property through cross-selling, licensing and selective acquisitions. Its presence across markets such as India, the US, UK and Germany supports portfolio optimisation and scalable commercialisation of products
R&D capabilities
The company’s integrated R&D platform supports its Global Generics, Global CDMO and India Branded Formulations businesses, with a 117,252 sq. ft. research centre and 228 employees as of March 31, 2026. Its capabilities cover formulation development, analytical testing, technology transfer and advanced topical, transdermal and drug-delivery systems, enabling faster product development and commercialisation
Large-scale topical manufacturing capacity
The company operates topical manufacturing facilities in Goa and Indore with aggregate capacity of 15,624 metric tonnes and filling and packaging capacity of 807 million units as of March 31, 2026. Its facilities support Global Generics, Global CDMO and India Branded Formulations, with dedicated capacities for high-volume topicals, complex products, hormones and transdermal patches
Encube Ethicals Risks
Regulatory risks
The company operates in a highly regulated pharmaceutical industry and must comply with extensive requirements governing product development, manufacturing, storage, distribution and approvals across India, the US and other markets. Failure to meet regulatory standards or changes in regulations could lead to higher compliance costs, delays, recalls, litigation and adverse effects on its reputation and financial performance
Competition
The company operates in a highly competitive pharmaceutical industry across Global Generics, Global CDMO and India Branded Formulations, competing on product development, quality, regulatory compliance, manufacturing capabilities and customer relationships. Increased competition, pricing pressure, new entrants or industry consolidation could reduce market share, revenue and profitability
Counterparty credit risk
The company faces credit risk from customers who may delay or default on payments, affecting its ability to collect receivables and maintain cash flows. Although no material bad debts or write-offs occurred in FY24–FY26, future customer financial difficulties or defaults could adversely affect its business and financial performance
IPO FAQs
The promoter of the company is Mehul Madhusudan Shah.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.