Dev Accelerator Limited

Anlon Healthcare Limited is a chemical manufacturing company engaged in manufacturing of; (i) high purity advance pharmaceutical intermediates ('Pharma Intermediate') which serves as raw material/ key starting material in the manufacturing of active pharmaceutical ingredients; and (ii) active pharmaceutical ingredients ('APIs') which serves as a raw material for pharmaceutical formulations in preparation of various type of Finished Dosage Formula ('FDF') such as tablet, capsules, ointment, syrup etc, ingredients in nutraceuticals formulations, personal care products and animal health products. The products spans across the family of pharmaceutical intermediates, active pharmaceutical ingredients, nutraceutical APIs and ingredients for personal care and veterinary API. In addition to the manufacturing of Pharma Intermediate and APIs in accordance with various domestic and international standards, they have recently started undertaking custom manufacturing services for complex or novel chemical compounds, tailoring the manufacturing process to meet specific customer requirements, including producing chemicals with purity levels that exceed industry standards. As on the date of this RHP, the product portfolio consists of sixty-five (65) commercialised products and twenty-eight (28) products which are at pilot stage and forty-nine (49) products which are at laboratory testing stage/ laboratory scale stage. Company supplies the products in both domestic and overseas markets to various pharmaceutical companies and third party dealers and distributors. In addition to the domestic market sales in India, they have expanded the scale of operations and global footprint with customers in over 15 countries including Italy, Germany, South Korea, China, Argentina, Chile, Columbia, Mexico, Egypt, Turkey, Japan, Brazil, United Kingdom, United Arab Emirates etc.among others. As per financial performance, Anlon Healthcare Limited has posted total income / net profits of Rs 113.12 Cr / 5.82 Cr (FY23), Rs 66.69 Cr / Rs 9.66 Cr (FY24) and Rs 120.45 Cr / 20.52 Cr (FY25). So as per previous financials data, company has shown zzig-zag results, sudden rise in net-profit just before IPO raises doubts, trade receivables for FY25 is around 62% of total sales and inventory levels are around 41% of FY25 total sales, which are very high. Company has an average EPS of Rs 6.23 and average RoNW of 25.51% for last three fiscals. Issue is priced at a P/BV of 4.51 as per NAV of Rs 20.18/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 83.11, 50.09 and 23.57 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Interactive Financial Services Limited is associated with this IPO, and have handled 23 IPOs in last three fiscal years. ( As on 18.08.25 ) As per financials, Vikran Engineering Limited has shown good sales growth, RoNW is 16.63% and P/E is 58.40, 33.43 and 32.15 respectively as per FY23, FY24 and FY25 earnings. So issue looks aggressively priced and trade receivables are also high. Company is an Indian Engineering, Procurement and Construction (EPC) company, which is highly competitive & growing business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Parth Naimeshbhai Shah
• 2 Umesh Satishkumar Uttamchandani
• 3 Rushit Shardulkumar Shah
• 4 Jaimin Jagdishbhai Shah
• 5 Pranav Niranjan Pandya
• 6 Amisha Jaimin Shah
• 7 Kruti Pranav Pandya
• 8 Dev Information Technology Limited