1. At a Glance
Once upon a latex time, India got a new FMCG contender that doesn’t sell soaps, fairness creams, or noodles — it sellsconfidence.Anondita Medicare Ltd, the maker of the now-famous “COBRA” condoms, has stormed into the SME markets like a well-aimed shot. With amarket cap of ₹1,125 crore, astock price of ₹622, and an almost risquéP/E of 49x, this baby is growing faster than Tinder downloads on Valentine’s week.
InQ2FY26, Anondita clocked₹54 crore in sales(up 72.2% YoY) and aPAT of ₹12.9 crore(up 126% YoY). That’s right — profits doubled while half the market was still giggling at the IPO prospectus. ItsOperating Profit Marginsits at a juicy33.4%, proving that this company knows how to perform… financially, of course.
The ₹65.5 crore IPO from September 2025 gave them enough cash to add capacity, buy machinery, and polish the “COBRA” brand into a market slayer. Withpromoters holding 61.8%, and institutions like SageOne and Cognizant Capital watching closely, this isn’t a joke stock — it’s a serious play in India’s most private public sector: safe pleasure.
2. Introduction – The Rise of the Latex Lakhpatis
Let’s be honest — you don’t expect the next “FMCG growth story” to come wrapped in foil. ButAnondita Medicareis here to change that. Founded inMarch 2024, the company has already managed what many legacy FMCG players take decades to achieve: brand recall. “COBRA” isn’t just a name; it’s a punchline, a brand, and apparently a very profitable business.
The post-pandemic years made India hygiene-obsessed. While others were peddling sanitizers, Anondita was busy preparing for therealpublic health demand — condoms that are safe, fun, and yes, flavored. Its flagship product range spans from classic latex to fruity adventures, and the company even started producingfemale condoms, a rarity in India’s market.
Their biggest customer isn’t the guy next door; it’s theGovernment of Indiaitself. ThroughCMSSand variousState AIDS Control Societies, Anondita’s products reach lakhs of citizens under public health programs. When the government buys your product in bulk and pays on time, that’s not a business — that’s a dream with margins.
With a strong domestic base across Delhi, UP, and beyond, plus UN qualification pending for exports, Anondita’s ambitions go way beyond India’s borders. Africa and Southeast Asia — markets they once supplied to — could soon see COBRA rise again.
3. Business Model – WTF Do They Even Do?
Anondita’s business model is simple, but its execution is precise. Theymanufacture condoms— male and female — in their11,000 sq. ft. Noida plant, with aninstalled capacity of 56.2 crore pieces per annum. The factory runs at about39% utilisation, which means a ton of unused capacity waiting to explode (pun intended).
Theirflagship “COBRA”brand accounts for almost all their sales. The company’s in-houseprinting and packagingsetup ensures better control, faster delivery, and lower costs. Every product undergoes100% electronic testing, giving it a quality seal stronger than most listed auditor reports.
Thecustomer mixis deliciously stable:
- Government tenders (CMSS, State AIDS Control)– The steady, high-volume contracts.
- Distributors (Calcutta Cosmetics)– Keeps the commercial flow alive.
- Subsidiary sales (Anondita Healthcare & Rubber Products India Ltd)– An internal loop of efficiency and control.
With almost99.9% of revenuecoming from condoms, they’ve officially retired from pandemic-era mask and glove sales. Instead, they’re expanding intofemale condoms, a niche where margins are strong and competition is laughably low. The company’s R&D and patent application for female condom manufacturing shows it’s thinking long-term — and globally.
4. Financials Overview
| Metric | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Mar’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹54.0 Cr | ₹31.0 Cr | ₹45.0 Cr | 72.2% ↑ | 20.0% ↑ |
| EBITDA | ₹19.0 Cr | ₹10.0 Cr | ₹15.0 Cr | 90.0% ↑ | 26.6% ↑ |
| PAT | ₹12.9 Cr | ₹5.7 Cr | ₹9.2 Cr | 126% ↑ | 40.2% ↑ |
| EPS (₹) | 7.1 | 4.3 | 5.7 | 65.1% ↑ | 24.5% ↑ |
And with that, Anondita proved what every
FMCG founder dreams of — scaling up with government contracts while keeping margins tighter than your auditor’s ethics.
At aP/E of ~49x, it’s trading in the big leagues — rubbing shoulders with Dabur, Colgate, and Godrej Consumer. But unlike them, it’s growing triple digits, not single.
5. Valuation Discussion – The Fair Value Foreplay
Let’s undress the numbers.
a) P/E Method:EPS (TTM) = ₹11.88Industry P/E ≈ 50So, Fair Value = ₹11.88 × (45–55) = ₹535 – ₹653
b) EV/EBITDA Method:EV = ₹1,135 Cr; EBITDA = ₹26 CrEV/EBITDA = 43.9x (premium zone!)If we normalize to a sector average of 35–45x, Fair Value Range = ₹550 – ₹700
c) DCF (Desi Cash Flow Forecast):Assume PAT grows 30% for 3 years (considering capacity), then stabilizes at 15%. Discounting at 12%, we get intrinsic range ≈ ₹500 – ₹720
📢Fair Value Range: ₹500 – ₹700 per share
Disclaimer: This fair value range is for educational purposes only and not investment advice. Latex up, not leverage up.
6. What’s Cooking – News, Triggers, and Tender Tales
It’s been a dramatic quarter at the latex headquarters.
- Oct 2025:Amartya Ghosh joined as Whole-Time Director, replacingSonia Ghosh, who resigned “for personal reasons.” The family board shuffle kept gossip circles buzzing — corporate governance or family dinner politics? You decide.
- Sep 2025:Awarded L1 status in theGeM tender worth ₹19.7 crorefor supplying 19.7 crore contraceptives. This one contract alone could fill warehouses from Noida to Nairobi.
- IPO Debut (Sep 1, 2025):Raised ₹65.5 crore. The IPO was oversubscribed faster than free Wi-Fi at a metro station. Funds are now flowing intomachinery, capacity upgrades, and working capital.
- Export Revival:Pursuing UN qualification for global tenders. Once approved, Anondita could supply to WHO, UNFPA, and African health programs — a huge kicker for FY26–27.
So yeah, a hot mix of family boardroom drama, government orders, and expansion buzz. Who said condoms were boring?
