Accretion Nutraveda Limited Company is in the business of the Manufacturing of Ayurvedic and Nutraceutical products across several dosage forms, including Tablets, Capsules, Oral liquids, Oral Powders, External Preparation and Oils. They are a healthcare focused Company specialising in contract manufacturing, serving domestic as well as export markets in various countries like Sri Lanka, Singapore and the USA. They offer a diverse range of dosage forms, leveraging both Classical Ayurvedic principles and modern nutraceutical science. Since its inception in 2021, the Company has established itself as a reliable Contract Development and Manufacturing Organization (CDMO), offering specialized services to a wide range of clients across various industries. Company's product portfolio includes Tablets, such as film-coated and chewable varieties, for applications in liver care, gynecological care, bone and joint health, and respiratory support. They also manufacture Capsules, including hard gelatin and HPMC capsules, targeting areas like liver detoxification, women's health, and cognitive support. The oral liquids include syrups, suspensions, and tonics, which are particularly suited for paediatric and geriatric segments. Additionally, they produce Traditional Ayurvedic Powders known as churans for digestive health, medicated ayurvedic oils for musculoskeletal and dermatological applications using traditional processes, and a range of external preparations like balms, ointments, creams, and gels for pain relief, skin care, and hair care. Company's leased manufacturing facility spans a built-up area of approximately 10,763 square feet over two floors. The facility is designed for ayurvedic and nutraceutical production and is equipped with significant infrastructure that includes 13 Air Handling Units with HEPA filters, dedicated processing areas, and separate dispensing booths to prevent cross-contamination. The facility holds multiple certifications that attest to its adherence to quality and safety standards, including GMP certification for the manufacture of Ayurveda, Siddha & Unani Drugs from the Gujarat FDCA, WHO-GMP certification, FSSC 22000 for Food Safety Systems, ISO 9001:2015 for Quality Management Systems, ISO 45001:2018 for Occupational Health and Safety. As per financial performance, Accretion Nutraveda Limited has posted total income / net profits of Rs 3.07 / 0.28 Cr (FY23), Rs 5.19 / Rs 0.82 Cr (FY24), Rs 16.05 Cr / 2.61 Cr (FY25) and Rs 14.06 Cr / 2.33 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 4.49 and average RoNW of 67.45% for last three fiscals. Issue is priced at a P/BV of 2.68 as per NAV of Rs 48.2/- as on Post Issue. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 113.63, 35.75 and 20.02 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Sobhagya Capital Options Private Limited is associated with this IPOs, and has handled 5 IPOs in last three fiscal years. From last 5 IPOs, three opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 5 IPOs, all are trading below issue price or at par. (as on 20.01.26 ) As per financials, Accretion Nutraveda Limited has shown good growth, RoNW is 48.85% and P/E is 113.63, 35.75 and 20.02 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Company is in the business of the Manufacturing of Ayurvedic and Nutraceutical products, which is very competitive business segment. Performance of BRLM is poor post listing. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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