🧠 “Asston Pharma IPO: From Albendazole to Anchor Book – Is This ₹104 Cr Capsule Worth Swallowing?”

At a Glance

Asston Pharmaceuticals Ltd is raising ₹27.56 Cr via a 100% fresh issue IPO on BSE SME. The company manufactures and exports pharma formulations like tablets, syrups, and capsules – mostly under third-party contracts. While FY25 saw a 218% PAT boost, it smells like IPO timing ka magic. At a post-issue P/E of 13.2x, is the pricing fair or sugar-coated?

1. 🎯 Introduction with Hook

Albendazole, Diclofenac, Ibuprofen… and IPO?
That’s the prescription from Asston Pharmaceuticals, a Navi Mumbai-based exporter of generic pharma products and OTC drugs.

The company has grown from ₹7 Cr to ₹25 Cr in revenue in two years, and is now looking to list on the SME board with an ₹123/share IPO. That’s right – a capsule company asking for a vitamin-sized valuation.

So is this Asston-ishing, or just another generics exporter trying to ride the SME listing wave?

2. 🧪 Business Model – WTF Do They Even Do?

Asston is in the formulation game, manufacturing and exporting:

• 💊 Tablets, capsules, sachets
• 🧃 Syrups, suspensions
• 🚚 Mostly exported (contract-manufactured), also sells to Indian marketers

They don’t own global brands. No blockbuster molecule. Just low-risk, low-margin, mass-manufactured formulations.

Most of their sales are B2B exports or P2P (principle-to-principle) model sales.

3. 💰 Financials Overview – Profit, Margins, ROE, Growth

Let’s look at how they performed before and after IPO dreams began…