Bio Medica Laboratories Limited was originally incorporated in August 2015 and transitioned to a public limited company in October 2024. Based in Indore, Madhya Pradesh, the company specializes in manufacturing pharmaceutical parenteral formulations, specifically generic generic injectables like Liquid Injections and Dry Powder Injections. These products serve both the human and veterinary healthcare sectors. The company operates primarily on a B2B business model through contract manufacturing, serving institutional and corporate clients rather than end consumers. Its production process relies on publicly available formulas, which eliminates the need for a high-intensity internal R&D department or patent acquisitions. The company is categorized as an MSME and utilizes various government incentive schemes to support its operations. Currently, the company manages two manufacturing facilities in Indore. While production at Manufacturing Unit-I is currently suspended due to non-compliances, Manufacturing Unit-II is fully operational and compliant with Schedule M guidelines. This second unit features advanced automation, which has driven a significant increase in production efficiency and capacity utilization, rising to approximately 65% for ampoules and 72% for vials by late 2025. The company's future growth strategy involves a major expansion plan to set up a new manufacturing facility at its existing Manufacturing Unit-II premises using IPO proceeds. This expansion is designed to meet WHO specifications and will involve significant investment in site development and advanced machinery. This strategic scaling aims to broaden the company's product portfolio—currently at 71 types of formulations—and strengthen its market position in high-value injectables. As per financial performance, Bio Medica Laboratories Limited has posted total income / net profits of Rs 16.24 / 0.33 Cr (FY23), Rs 15.34 / Rs 2.49 Cr (FY24), Rs 38.32 Cr / 9.79 Cr (FY25) and Rs 28.62 Cr / 8.66 Cr ( Upto 30.11.25 FY26). So as per previous financials data, company has shown good growth, but sudden rise in net-profit just before IPO and negative cash flow in FY25 and 8M FY26 raise concerns. Company has an average EPS of Rs 6.30 and average RoNW of 74.69% for last three fiscals. Issue is priced at a P/BV of 7.46 as per NAV of Rs 18.64/- as on 30.11.25 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 69.95, 17.85 and 13.45 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Narnolia Financial Services Limited is associated with this IPOs, and has handled 28 IPOs in last three fiscal years. From last 10 IPOs, two opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, four are trading below issue price and remaining all are trading above issue price or at par. (as on 18.05.26 ) As per financials, Bio Medica Laboratories Limited has shown good results, RoNW is 99.59% and P/E is 69.95, 17.85 and 13.45 respectively as per FY24, FY25 and annualised FY26 earnings. So, issue looks fully priced. But sudden rise in net-profit just before IPO and negative cash flow in FY25 and 8M FY26 raise. Company is engaged in the manufacturing of Pharmaceutical Parenteral Formulations, which is highly competitive business segment. Performance of BRLM is average 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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