🧠 At a Glance
Influx Healthtech Ltd is a contract manufacturer for nutraceuticals, ayurveda, cosmetics, and homecare. It’s profitable, almost debt-free, and clocks a stunning 60% ROCE. But with debtor days ballooning to 113 and IPO rumours in the air, we ask: is this the next Suven Pharma or just another vitamin-packed bubble?
🏭 1. What Influx Actually Does (Besides Sound Fancy)
- Founded: Sep 2020
- Business Model: Contract Development & Manufacturing Organization (CDMO)
- Sectors Served:
- Nutraceuticals (think: health gummies, powders, protein)
- Ayurveda & Herbal
- Veterinary feed supplements (hello, healthy cows)
- Homecare products (detergents, disinfectants, etc.)
- Core Capabilities:
- Product Formulation & R&D
- Regulatory Compliance (aka ‘babu ka kaagaz’ management)
- End-to-end Manufacturing for B2B brands
In short: You bring the label, they build the product.
📦 2. Financials — Clean, Lean, and Cream?
| Metric | FY23 | FY24 | FY25 (Est) |
|---|---|---|---|
| Revenue (₹ Cr) | 76 | 100 | 105 |
| Operating Profit (₹ Cr) | 11 | 17 | 21 |
| OPM % | 14% | 17% | 20% |
| Net Profit (₹ Cr) | 7 | 11 | 13 |
| ROCE | 85% | 60% | – |
| ROE | 50%+ | 45%+ | – |
| Borrowings (₹ Cr) | 1 | 0 | 0 |
| P/E (Unlisted Estimate) | ~16.6x | – | – |
🧠 Highlights:
- Debt-Free? Yes.
- Consistently Profitable? Yes.
- Cash Flow from Ops? Stable.
- Revenue Growth? Meh – 5% YoY.
This is a company that’s profitable, efficient, and capital-light. In SME language: an actual unicorn minus the glitter.
⚠️ 3. But Wait — Debtors, Inventory, and Cycles?
| FY25 Operating Cycle |
|---|
| Debtor Days: 113 😬 |
| Inventory Days: 112 😐 |
| Payable Days: 248 😎 |
| CCC: -24 🔁 (Nice. Sort of.) |
It’s great that they manage working capital well, but…
113 days to recover money in CDMO biz = “Client ne bola: bhai, delivery ho gayi, paisa baad mein.”
They’re funding other brands’ working capital.
💥 4. Valuation Peek — Is It Worth the Capsules?
Let’s assume:
- FY25 PAT = ₹13 Cr
- Current unlisted Market Cap = ₹222 Cr
- That gives a P/E ~17x
- Sector average:
- Suven Pharma: 32x
- Divi’s Labs: 38x
- Nutra SME Peers: 20–30x
🧮 Fair Value Range = 18x to 25x
➡️ FV Range = ₹234 Cr – ₹325 Cr
Not overvalued… yet.
If they list near ₹200–250 Cr – fair entry zone.
If IPO gets pumped to ₹400+ Cr? You’re paying for turmeric-flavoured hope.
🧪 5. SWOT Analysis (Sans Consultant Jargon)
| Strengths (💪) | Weaknesses (🥲) |
|---|---|
| 60%+ ROCE = elite returns | Low brand recall (B2B only) |
| Debt-free, cash-light | Slowing revenue growth |
| Wide sector exposure | Debtors rising |
| Opportunities (🚀) | Threats (⚠️) |
|---|---|
| Nutraceuticals boom 🥦 | Regulatory delays (FSSAI) |
| Ayurveda demand 📈 | New CDMOs popping up 🧫 |
| Export play maybe? 🌍 | Client concentration risk |
🧬 6. Is It The Real Deal or Just a Glorified Lab Partner?
Let’s be honest:
- This isn’t a moonshot startup.
- But it’s clean, cash-efficient, and niche profitable.
- It rides 5 trends at once: wellness, Ayurveda, homecare, pet health, and cosmetics.
If they keep it lean, don’t over-raise, and stay away from influencer brand BS (“Keto tablets by YouTubers”), this could be a silent compounding machine.
🤓 TL;DR — Pop That Capsule
- Influx Healthtech is a profitable CDMO for nutraceuticals, Ayurveda & cosmetics
- Debt-free. ROCE over 60%. PE under 17x. That’s rare air 🚀
- Only concern? Debtors rising and growth slowing
- FV Range: ₹234 Cr to ₹325 Cr based on FY25 PAT of ₹13 Cr
- IPO coming? Worth tracking for clean SME exposure. Not a scam.
Tags:
Influx Healthtech IPO, CDMO India, nutraceutical stocks, Ayurveda manufacturing, SME IPO 2025, debt-free pharma stocks, Influx Healthtech analysis, EduInvesting coverage
✍️ Written by Prashant | 📅 18 June 2025
