Globtier Infotech Limited

Anondita Medicare Limited is a manufacturer of male condoms with a variety of flavors, with the flagship product marketed and sold under the brand 'COBRA'. They have an installed production capacity of nearly 562 million condoms per annum. The company uses CNG as a clean, environmentally friendly manufacturing fuel for its manufacturing plant situated at D-001, Sector 80, Gautam Budh Nagar, Noida, Uttar Pradesh, 201301. The manufacturing capability is supported by 11 existing manufacturing lines at the moment. Capacity utilization of company for FY25, FY24 and FY23 is 46.05%, 39.14% and 32.80% respectively. The company distributes its products through the distributor, M/s Calcutta Cosmetics, and its own subsidiary, M/s Anondita Healthcare & Rubber Products (I) Limited. This subsidiary is dedicated to the sales and marketing of healthcare products under its registered brand, 'COBRA'. They also sell the products directly to several Government Procurement Agencies and AIDS Control Societies (with the government's own labelling and packaging). As per financial performance, Anondita Medicare Limited has posted total income / net profits of Rs 36.14 Cr / 0.35 Cr (FY23), Rs 46.55 Cr / Rs 3.84 Cr (FY24) and Rs 60.88 Cr / 10.80 Cr (FY25). So as per previous financials data, company has shown good growth, but trade receivables is around 27% of FY25 total sales. Company has an average EPS of Rs 3.72 and average RoNW of 33.62% for last three fiscals. Issue is priced at a P/BV of 6.80 as per NAV of Rs 21.32/- as on post issue. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 756, 68.21 and 24.28 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 SME IPO, and has handled 20 SME IPOs in last three fiscal years. ( As on 18.08.25 ) As per financials, Anondita Medicare Limited has shown good growth, RoNW is 41.71% and P/E is 756, 68.21 and 24.28 respectively as per FY23, FY24 and FY25 earnings. So issue looks fully priced, but trade receivables are around 27% for FY25 total sales and also sudden rise in net profit just before IPO raises doubts. Company is a manufacturer of male condoms with 'COBRA', which is highly competitive 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 Rajiv Shukla
• 2 Rekha Shukla
• 3 Rahul Shukla