Iberia Pharmaceuticals India Limited

This section provides an overview of the industry context, primarily referencing external industry research reports. It discusses the projected global economic growth, the impact of geopolitical tensions, and the outlook for the Indian economy. It details various economic indicators such as GDP growth projections, sectoral growth in Gross Value Added (GVA), and consumer price inflation trends. Furthermore, it mentions the influence of weather patterns like El Niño and the impact of geopolitical conflicts on supply chains for various industries.

The provided text covers various macroeconomic and demographic trends in India, including monetary policy stances, industrial growth, state-wise production metrics, household savings patterns, and demographic shifts. It discusses the impact of various factors like monsoon expectations, industrial production growth, the performance of different states in terms of per capita SDP, the shift in household savings towards physical assets, and the growth in disposable income and consumer spending. Furthermore, it details trends in population growth, urbanization, and the movement of the USD exchange rate.

The section discusses macroeconomic factors, including fluctuations in the INR–USD exchange rate, and the impact of geopolitical tensions on import costs for various industries. It also covers trade negotiations between India and the US, including proposed tariff rates for certain sectors. Furthermore, the text details the growth of the global pharmaceutical industry, the structure of its value chain, and the specific dynamics of the Indian pharmaceutical industry. This includes market size, growth drivers, market segmentation into generic drugs and OTC medicines, and the competitive advantages of India in manufacturing.

The pharmaceutical industry in India shows significant activity across various segments, including the production of bulk drugs (APIs) and vaccines, where India maintains a leading global position. India is a major producer of APIs, with export dominance, while also working to reduce reliance on imports. The sector also encompasses Contract Research and Manufacturing Services (CRAMS), which offer outsourced services like drug manufacturing and clinical research. Furthermore, the market is seeing growth in traditional medicine systems, biologics, nutraceuticals, and medical devices, alongside a growing trend of outsourcing to Contract Development and Manufacturing Organizations (CDMOs).

The text discusses the growing presence of Indian players in regulated markets, particularly in the US, creating opportunities for Indian Contract Development and Manufacturing Organizations (CDMOs) to serve large pharma companies for large-scale production and exports. The industry is seeing a shift towards complex therapies like biologics and biosimilars, demanding CDMOs with advanced technical capabilities in areas such as fermentation and aseptic filling. Furthermore, there is a growing need for expertise in innovative drug delivery systems like nanoparticles and injectables. The pharmaceutical industry is also shifting towards asset-light models, where CDMOs provide fully equipped infrastructure and technical expertise to allow companies to meet production demands without significant capital expenditure. Regulatory aspects involve various bodies like CDSCO and DCGI, and changes to rules aim to simplify processes, while compliance with GMP standards is mandatory for maintaining licenses. The text also covers market dynamics for the Cardio Diabetic segment, noting the high risk associated with cardiovascular diseases and diabetes in India, and the growth drivers in these markets.

The provided text details various types of cardiac devices used for treating heart rhythm issues, including ICDs, pacemakers, and VADs, alongside diagnostic tools like MRI and CT for cardiac imaging. It also covers treatments for blocked arteries such as coronary stents and the use of Cardiac Resynchronization Therapy (CRT) devices. The text highlights market growth drivers for cardiovascular devices in India, such as the popularity of minimally invasive treatments and the aging population. Furthermore, the text discusses the expanding dermatology and aesthetics markets, which are growing due to increased awareness of skin health and disposable income, with various treatments like botulinum toxins, dermal fillers, chemical peels, and mesotherapy gaining traction.

The text details various aesthetic and dermatology treatments gaining traction in India, including thread lifts, exosomes, and PDRN for rejuvenation. It also covers the growth of energy-based aesthetic devices, clinical dermatology segments like acne, psoriasis, and pigmentation disorders, and the market for derma cosmetics. The market for derma cosmetics is expanding due to consumer awareness and a preference for comprehensive skincare. Furthermore, the market for oral supplements is growing, driven by health awareness and the need for nutritional support.

The text discusses the evolving landscape of the supplement market, noting a consumer shift towards natural, 'clean-label' alternatives over synthetic additives. It details specific segments for women's and men's health supplements, highlighting product types for hormonal balance, fitness, and mental well-being. Furthermore, the text covers distribution channels, including online and offline channels for cosmetics, and the B2B channel for institutional buyers. The market analysis also covers the aesthetic market, which is expanding due to non-surgical procedures, rising disposable incomes, and changing consumer perceptions, alongside advancements in dermatological technologies.

The Indian aesthetic dermatology market is experiencing growth driven by global trends favoring non-invasive procedures like Botox, fillers, lasers, and HIFU, alongside the popularity of chemical peels and cosmeceuticals. The sector is characterized by a dual focus on treating medical conditions and addressing cosmetic needs, with advancements in clinical dermatology involving biologics and laser therapies, and derma cosmetics surging for anti-aging benefits. Key market drivers include increased consumer awareness, lifestyle changes, and the rise of medical tourism. However, the market faces challenges such as high treatment costs, limited rural awareness, and regulatory hurdles. Furthermore, the pharmaceutical supply chain is vulnerable due to reliance on imports for raw materials, and the cardio-diabetic segment faces pressure from generic competition and increasing regulatory scrutiny.

This section describes several pharmaceutical and healthcare companies, detailing their business operations, product portfolios, and market positioning. Iberia Pharmaceuticals India Limited focuses on marketing and distributing pharmaceutical, derma cosmetic, and wellness products across dermatology, hair care, and cardio-diabetic segments. Glenmark Pharmaceuticals Limited is a global R&D-driven pharmaceutical company with operations across numerous countries and focuses on respiratory, dermatology, and oncology therapies. Torrent Pharmaceuticals Limited manufactures branded and generic formulations across cardiovascular, GI, CNS, and Vitamin/Mineral segments, with manufacturing facilities approved by various international regulatory bodies. Zydus Lifesciences Limited has a broad portfolio including generics, branded generics, specialty formulations, and consumer wellness products, with a significant presence in the US generic market. Eris Lifesciences Limited focuses on branded generics in chronic and acute segments across various therapeutic areas. IPCA Laboratories Limited is a fully integrated pharmaceutical company that manufactures over 350 formulations and 80 APIs, with a diverse global presence.

Iberia Pharmaceuticals India Limited is an Indian pharmaceutical and derma cosmetics company offering a diverse portfolio across aesthetic dermatology, hair care, cardio-diabetic, and general therapeutics. The company markets and distributes various products under its own brands and those of foreign brands, catering to a wide range of skin, hair, cardiovascular, diabetic, and anti-aging concerns. The company's product portfolio includes pharmaceutical drugs, derma cosmetic products, and over-the-counter solutions for healthcare and aesthetic use.

The company's product portfolio spans several key areas, including dermatology and aesthetic care, which addresses various skin and hair conditions. The portfolio includes numerous products categorized for different skin concerns, such as moisturizing creams, cleansing gels, and anti-dark spot treatments. Furthermore, the company operates in the therapeutic pharmaceuticals segment through its Metacare division, focusing on cardiovascular and metabolic disorders. The company maintains an extensive pan-India distribution network, supported by a large team of medical representatives and stockists, and has established track records in the market since 2013. The company is also pursuing backward integration by establishing its own manufacturing facilities.

The company intends to expand its market reach into foreign markets, specifically targeting South Asia and the Middle East by appointing exclusive distributors for its brands in Nepal, Sri Lanka, Saudi Arabia, and the United Arab Emirates. The company employs an integrated marketing strategy involving healthcare professional interactions, educational initiatives, merchandise, and digital outreach to build brand awareness. Furthermore, the company has diversified its product portfolio beyond dermatology and derma cosmetics into the cardio-diabetic segment with the launch of the proprietary brand Metacare, which offers products for managing chronic conditions like hypertension and diabetes. The overall product portfolio covers prescription and over-the-counter products addressing various skin, hair, cardiovascular, diabetic, and wellness needs.

The company offers various product lines under different brands, including Epidure for skin barrier repair, L-trum and Itruf for antifungal treatments, Bilhyde for urticaria, Ozecit for impetigo, and Tofa-AD for autoimmune skin disorders. KeyCi is an online exclusive cosmetic brand focused on the premium skincare segment, while Metacare is a proprietary brand for therapeutic pharmaceuticals targeting cardiovascular and metabolic health. Sesderma is a global derma cosmetics company that focuses on research and nanotechnology in skincare and has an exclusive distribution model in certain territories.

The company imports products into India and handles all sales, marketing, and distribution activities within the country. They market and distribute the entire portfolio of Sesderma products through a network of medical representatives and stockists/distributors for offline channels, while cosmetic products are made available via an appointed online distributor. The portfolio is dynamic, and as of the DRHP date, they distribute approximately 27 products comprising 69 SKUs under the Sesderma brand. Furthermore, the company has exclusive distribution rights for Mediderma products in various countries pursuant to an agreement with a partnership firm within its Promoter Group.

The company markets several product lines under different brands, including a professional peel, a medical device for collagen stimulation, and various skincare products targeting different skin concerns. The company has an exclusive distribution agreement with a French brand, Noreva, for skincare products in India, which involves importing and undertaking necessary regulatory registrations. Products are distributed through offline channels like stockists/distributors and medical representatives, as well as online channels via an appointed distributor. The company distributes approximately 7 products comprising 25 SKUs as of the Draft Red Herring Prospectus date.

The company maintains quality assurance through a combination of selected third-party manufacturing partners, regulatory compliance, product-specific evaluation, and independent testing. For pharmaceutical products, third-party manufacturers hold necessary licenses, and for cosmetic products, they adhere to rules, and the company conducts specific evaluations like PIPT and SPF studies. The company procures foreign brands like Sesderma, Mediderma, and Noreva through various distribution arrangements, either via direct imports or authorized distributors. The company has established a pan-India distribution network covering 26 states and 5 union territories. Revenue is primarily derived from the domestic market, although a small portion comes from foreign markets, and the company is expanding its foreign presence by appointing distributors in several overseas markets.

The company's supply chain involves two directly managed warehouses in Delhi, supplemented by two third-party logistics service providers for product distribution across India. The distribution strategy is divided into online and offline segments, with the offline approach focusing on a pan-India presence via a robust network and a dedicated team of 302 Medical Representatives. The company has established a wide distribution network through various distributors and stockists across numerous states and has also appointed distributors in Sri Lanka, Nepal, UAE, and Saudi Arabia. For online distribution, an exclusive agreement is in place with Iberia Skin Brands India Limited, which handles sales through its digital platforms. Furthermore, customer leads from certain brand websites are forwarded to the company for engagement.

The company utilizes various information technology infrastructure to support its business functions, including customer relationship management, finance, accounting, human resource management, and general business operations. Key systems employed include Salesforce for CRM, Tally for accounting, and HR One for human resource processes. Furthermore, the company has implemented SAP Business One as an ERP solution, alongside a Warehouse Management System (WMS) and Unique Serial Numbers (USNs) for inventory tracking. The company plans to incorporate automation and IT systems, including SCADA-enabled machines, for future manufacturing facilities. The company is subject to various industry-specific regulations, such as the Drugs and Cosmetics Act, 1940, and the Narcotic Drugs and Psychotropic Substances Act, 1985.

This section details various Indian laws and regulations that may apply to the company's operations, covering areas such as narcotic drugs, food safety, legal metrology, intellectual property, labour, and environmental compliance. It outlines specific requirements related to licensing, standards, documentation, and consumer protection across these diverse legal frameworks.

This section details various legal frameworks and regulations pertinent to the company's operations, including those related to wages, social security, taxation, foreign investment, competition, and corporate law. It outlines several laws such as the Code on Wages, the Code on Social Security, various GST laws, the Income-tax Act, and regulations governing foreign investment and securities. Furthermore, it covers aspects of competition law, the Companies Act, the Indian Contract Act, the Indian Stamp Act, and various laws governing the regulation of commercial establishments by local bodies. The text also provides a brief history of the company, including its incorporation, name changes, conversion to a public limited company, and amendments to its Memorandum of Association, along with milestones such as turnover and product launches.

The company has received recognition for excellence in the skincare and beauty sector and has been recognized as the 'Best Emerging Pharmaceuticals Company in India' by Business Outline. The company currently has no financial or strategic partners, and no defaults or rescheduling have occurred with financial institutions. Regarding corporate structure, the company has one subsidiary, Iberia Skin Brands Limited (U.K.), which is engaged in the distribution of derma cosmetic, skincare, and aesthetic care products. The company has not made any material acquisitions or divestments, nor has it undertaken any mergers, amalgamations, or asset revaluations since its incorporation. Furthermore, the company does not have any holding company, joint ventures, or associate companies as of the date of the DRHP.

This section provides detailed profiles for the company's directors, including personal and professional details, such as names, ages, designations, addresses, and terms of directorship. It also lists the companies in which the directors hold positions, including Indian private and public companies, and LLPs. The section further details the professional experience and responsibilities of the key personnel, such as the Managing Director, Whole-time Director, and Independent Directors, and includes various confirmations regarding conflicts of interest and arrangements with third parties.

This section details the remuneration and other terms of employment for various directors and promoters. It outlines specific provisions regarding fixed salaries, performance-linked incentives, perquisites, expense reimbursements, contributions to various funds, and clawback provisions. It also specifies the sitting fees for Non-Executive Directors and Independent Directors, noting that the company has not entered into contracts for appointing or fixing director remuneration in the two years preceding the DRHP date.

This section details various aspects related to the remuneration, shareholding, and director interests of the company. It specifies that no directors have received remuneration from subsidiaries in Fiscal 2026, and the company currently has no associates or joint ventures. Furthermore, it outlines rules regarding director interests in contracts, related party transactions, and loans. The text also covers provisions related to borrowing powers and the structure and composition of the Board, including the establishment of various Board-level committees.

This section details various functions and responsibilities delegated to different committees within the company, including the Nomination and Remuneration Committee (NRC), the Stakeholders’ Relationship Committee, the Corporate Social Responsibility Committee (CSR Committee), and the Initial Public Offering Committee (IPO Committee). It outlines the scope for these committees concerning director appointments, remuneration policies, shareholder grievances, CSR activities, and the process for conducting Initial Public Offerings.

This section details various powers and authorizations related to the issuance process, including consultation with regulatory bodies, the handling of shareholder participation, and the execution of necessary legal and procedural documentation. It outlines the company's authority to manage the entire issuance lifecycle, from drafting prospectuses to finalizing agreements with various intermediaries. Furthermore, it specifies powers related to listing the equity shares and establishing corporate governance policies.

The section details the qualifications and tenure of key personnel, including a Manager - Human Resources, and outlines various governance aspects such as the status of Key Managerial Personnel, relationships among promoters, and interest in related party transactions. It also specifies the shareholding structure of the promoters and clarifies the relationship dynamics between them.

The company has established a Non-Compete Agreement with Satnam & Company, which restricts Satnam & Company from engaging in other business activities and limits its ability to solicit customers or use the company's trade secrets to compete. Furthermore, there is no disclosed conflict of interest between the company's third-party service providers or suppliers and its Promoters, nor between the lessor of crucial immovable properties and the Promoters. The Promoters have not had any interest in property acquired by the company in the preceding three years or in transactions involving land acquisition, construction, or machinery supply.

This section appears to be an excerpt from an Independent Auditor's Examination Report concerning the restated consolidated financial information of Iberia Pharmaceuticals India Limited. It details the scope of the examination, which involved reviewing various financial statements and notes prepared by the Company. The financial information was prepared in accordance with accounting principles generally accepted in India, including Indian Accounting Standards (Ind AS), and was approved by the Board of Directors for inclusion in the Draft Red Herring Prospectus (DRHP).

The definitions section identifies the issuer as Iberia Pharmaceuticals India Limited, which is a public limited company incorporated under the Companies Act, 1956. The company's registered office is located in Delhi. The definitions also specify key personnel such as the Chief Financial Officer (CFO) and the Company Secretary and Compliance Officer. Furthermore, the section details various terms related to the issue process, including different types of bidders, the role of the Book Running Lead Manager (BRLM), and various aspects of the allotment procedure.

This section outlines various terms and definitions related to the public issue process, including investor types, documentation, and intermediaries. It details procedures for fund transfer, the role of various participants like Depository Participants, the nature of the prospectus, and the different categories of bidders such as QIBs, Retail Individual Bidders (RIBs), and Non-Institutional Bidders (NIBs). It also specifies the process for finalizing the issue price and the various accounts and agreements involved in the issuance.

This section primarily details the mechanism for submitting applications in public issues, specifically mentioning the use of the UPI mechanism for applications up to ₹ 5,0. It outlines the required parties for the application, including syndicate members, stock brokers, depository participants, and registrars. The text also lists various circulars and regulations that govern this process, including those from SEBI and Stock Exchanges.

This section primarily lists various SEBI regulations and circulars that are applicable to the context of the prospectus. It also details conventions regarding the jurisdiction (India and its territories), time, and currency. Furthermore, it specifies that financial data is derived from restated financial information, and clarifies the differences between Indian Accounting Standards (Ind AS) and Indian GAAP. The text also mentions the source of industry-related information, which is a report prepared by CARE Analytics and Advisory Private Limited.

This section discusses forward-looking statements within the Draft Red Herring Prospectus, cautioning investors that these statements are based on current plans, estimates, and expectations and that actual results may differ materially. The text lists various risks and uncertainties, including regulatory changes, economic conditions, market volatility, and operational issues, which could impact the company's business activities. Investors are cautioned not to place undue reliance on these statements as a guarantee of future performance.

This section details various corporate and procedural information related to the Draft Red Herring Prospectus, including the company's registered and corporate office details, the list of Board of Directors, and various compliance and advisory entities involved in the issuance process. It outlines who the Registrar of Companies is, the Book Running Lead Manager, the legal counsel, and the statutory auditors. Furthermore, it specifies procedures for investor grievances and the filing process for the prospectus with SEBI.

Turnaround Corporate Advisors Private Limited is the sole Book Running Lead Manager for the Issue, and there is no allocation of responsibilities among the managers. The book-building process involves collecting bids based on the Red Herring Prospectus, bid forms, and revision forms within a specified price band and minimum bid lot. The price band and minimum bid lot size will be decided in consultation with the Book Running Lead Managers (BRLMs). Bidders must use the ASBA process, and UPI bidders have alternative participation methods. Restrictions exist regarding the withdrawal or lowering of bids for certain bidder categories, and allocation to Anchor Investors is discretionary. The issue is subject to obtaining final listing and trading approvals from Stock Exchanges and filing the Prospectus with the RoC.

This section details the capital structure of the company, including the authorized and issued share capital. It also provides a history of equity share allotments, including rights issues and private placements, which occurred over several years. The section also mentions a future bonus issue scheduled for January 30, 2026, and clarifies that no equity shares have been issued for consideration other than cash or through bonus issues since incorporation.

The section details various aspects related to the issue and holding of equity shares, including restrictions on issuing shares at a lower price than the issue price and limitations on the issuance of shares under schemes of arrangement. It also outlines provisions regarding employee stock option schemes, and clarifies the requirements for promoter shareholding, including minimum contribution and lock-in periods. Furthermore, it specifies rules concerning the pledgeability of promoter holdings and the transferability of locked-in shares among promoters and the promoter group.

This section details the shareholding pattern of the company as of the Draft Red Herring Prospectus date, including a breakdown by category. It also provides information on secondary transactions involving the promoter and promoter group, noting no such acquisitions were disclosed except as mentioned elsewhere. Furthermore, the text lists details of major shareholders holding 1% or more of the paid-up share capital, showing their holdings as of the prospectus date, 10 days prior, one year prior, and two years prior. It also outlines details regarding the acquisition prices of equity shares by promoters and the promoter group within the last three years.

The company has complied with relevant Companies Acts regarding share issuance since its inception, and no buy-back arrangements have been entered into by the company, its directors, or the Book Running Lead Managers. The company has not made any public issue or rights issue other than those disclosed previously. Furthermore, the company does not currently intend to alter its capital structure in certain ways for a specified period, and no financing arrangements have been made by the promoter group for the purchase of securities. The total number of equity share holders as of the draft prospectus date is specified, and all equity shares are held in dematerialized form.

The issue involves a fresh issue of equity shares up to 64,75,560 shares with a face value of ₹10, aggregating up to a certain amount. The net proceeds from this issue are proposed to be utilized for several purposes, including capital expenditure for machinery, repayment of outstanding borrowings, branding and marketing, funding working capital, and general corporate purposes. The utilization plan details the estimated deployment of these funds across different financial years, with provisions for utilizing internal accruals or other funds if the estimated utilization is not fully met.

The section details various proposed purchases and capacity utilization calculations for different production lines, including capacity for bottle output, batch production, and tube filling. It also outlines the plan to acquire specialized equipment such as HVAC & Clean Room Systems, Standard Production Plants, and various laboratory instruments. Furthermore, the company intends to utilize a significant portion of the net proceeds for debt repayment and other corporate purposes.

The company has detailed various loan agreements and the corresponding amounts outstanding, which include both secured and unsecured loans. The section also outlines the proposed utilization of net proceeds from the issue, primarily for marketing and brand promotion activities. Specific provisions detail the planned expenditure on offline marketing, such as events, merchandise, and gifts, as well as online marketing, including paid media and SEO initiatives. Furthermore, the company intends to use a portion of the net proceeds to fund incremental working capital requirements and another significant amount for capital expenditure for setting up a new manufacturing facility.

The company requires funding for various aspects of its operations, including capital expenditure for plant and machinery and incremental working capital to support a transition to an in-house manufacturing model. The working capital requirements are projected over several fiscal years, with projections showing significant changes due to the shift in business model. The company proposes to utilize a portion of the net proceeds from the issue to fund incremental working capital needs, primarily through internal accruals and borrowings. The remaining net proceeds are proposed for general corporate purposes.

The section details various aspects related to the issue, including the treatment of surplus amounts, confirmations from Chartered Accountants regarding the object details, and the breakdown of estimated issue-related expenses. It further outlines the various components of these expenses, such as fees payable to various parties, processing charges, and miscellaneous costs. The text also covers the handling of gross proceeds, the undertaking to deposit net proceeds with scheduled commercial banks, monitoring of fund utilization, and restrictions on using proceeds for trading or investments in other listed companies. Finally, it addresses the possibility of bridge financing and the process for varying the objects of the issue, along with confirmations that no part of the net proceeds will be paid to promoters or related parties.

The section details the basis for determining the issue price, which involves consultation with Book Running Lead Managers based on market demand and various quantitative, operational, and qualitative factors. Qualitative factors include the company's position as a Pan-India player, its diversified product portfolio, established distribution network, robust sourcing capabilities, strong liquidity, and experienced management. Quantitative factors are derived from Restated Consolidated Financial Statements, including Basic and Diluted Earnings Per Equity Share (EPS) for different fiscal years, as well as various financial ratios like P/E ratio, Return on Net Worth (RoNW), Net Asset Value (NAV), and Key Performance Indicators (KPIs).

This section presents various financial ratios and comparisons against industry peers, detailing performance metrics for different financial years. It includes comparisons of key ratios such as Current Ratio, Debt-equity ratio, Debt service coverage ratio, and various profitability and efficiency ratios. Furthermore, the text details the history of share issuances, including primary and secondary transactions, and provides information on the Weighted Average Cost of Acquisition (WACA) for specified securities.

This section confirms that the enclosed Statement, prepared by the Company and initialled by the auditors, provides information regarding possible special tax benefits available to the Company and its shareholders under various Indian tax laws. It clarifies that the availability of these benefits depends on the Company and shareholders fulfilling prescribed conditions. The statement is intended for general information to investors and is not a substitute for professional tax advice. Furthermore, it outlines limitations regarding the scope of benefits discussed and the reliance on information obtained from the Company.

This section, titled 'Statement of Tax Benefits,' clarifies the availability of special tax benefits to the company and its shareholders under Indian tax laws. It explicitly states that there are no special direct tax benefits available to the company under the Income-tax Act, 1961, or any other applicable law. Furthermore, there are no special indirect tax benefits available under applicable indirect tax laws, including the Goods and Services Tax laws. The statement also advises shareholders to consult their own tax advisors regarding the tax consequences of acquiring, holding, and disposing of equity shares, and it clarifies that the statement is for general information only.

This section details the reliance on audited financial statements and the consolidation process for the financial information of Iberia Skin Brands Ltd., a subsidiary. The financial statements were compiled from audited statements for the years ended March 31, 2026, 2025, and 2024, and the report confirms that adjustments were made retrospectively to reflect changes in accounting policies. Specific financial figures for the subsidiary as of March 31, 2026, were provided.

This section details the restated consolidated statement of cash flows for the years ended March 31, 2026, 2025, and 2024, covering operating, investing, and financing activities. The cash flow from operating activities showed a significant decrease across the three years, with net cash generated from operating activities declining from ₹159.97 Crore in FY26 to ₹74.84 Crore in FY24. Investing activities resulted in cash usage, primarily from the purchase of property, plant, and equipment. Financing activities showed substantial cash inflows from long-term borrowings and proceeds from the issue of equity share capital.

This section details various accounting treatments and recognition policies related to employee benefits, revenue recognition, discontinued operations, provisions, and contingent liabilities. It outlines specific standards used for revenue recognition based on the Ind AS 115 five-step model, defining when revenue is recognized for both goods and services. Furthermore, it describes the accounting for various financial items such as interest income, the treatment of discontinued operations, and the recognition criteria for provisions and contingent liabilities.

This section details the reconciliation of carrying amounts for various assets and liabilities over several fiscal years, including Capital Work in Progress, Other Intangible Assets, Right-of-Use Assets, and various financial provisions. The data shows fluctuations in these balances from 2024 to 2026, with specific figures provided for additions, depreciation, and net blocks. Furthermore, it presents detailed breakdowns of Deferred Tax Assets and Liabilities, including components like Property, Plant and Equipment, Intangible Assets, and Lease Liabilities.

This section provides historical data for various balance sheet items, including Property, Plant and Equipment, Intangible Assets, Lease Liabilities, and various borrowings, across fiscal years ending March 31st for 2024, 2025, and 2026. The data shows fluctuations in these assets and liabilities over the period. Furthermore, the section details the structure and movement of share capital, including the issuance of bonus and right shares, and the details of different types of borrowings, such as secured and unsecured loans.

This section details various financial and liability items for Iberia Pharmaceuticals India Limited across three fiscal years, including provisions, borrowings, trade payables, other financial liabilities, revenue, income, cost of goods sold, employee benefit expenses, finance costs, depreciation, and other expenses. The data is presented in lakhs of Rupees, with figures for 2026, 2025, and 2024, and also for the first quarter of 2022 for certain liabilities. The data covers items such as employee benefits, short-term and secured borrowings, trade payables aging, various current and other liabilities, revenue from operations, other income, cost of goods sold, and various operating and non-operating expenses.

This section details the actuarial assumptions and liability calculations for the company's defined benefit gratuity plan, including various components like present value of obligations, service costs, interest costs, and changes in benefit obligations over several years. It also covers the bifurcation of the present value of obligation into current and non-current liabilities, as well as sensitivity analyses regarding changes in discount rates and salary increases. Furthermore, the text includes information on Corporate Social Responsibility (CSR) spending requirements and movements in lease liabilities.

This section details various financial notes, including fair value information for financial instruments, segment reporting, related party transactions, and revenue from contracts with customers. It provides comparative data for trade receivables, cash balances, trade payables, and various financial liabilities across different reporting periods. Furthermore, it outlines the methodology used for valuing these instruments and discloses transactions with related parties, including salary advances, security deposits, and loan repayments.

This section details the transition from Indian GAAP to Ind AS, including the reconciliation of the Balance Sheet as of April 1st, 2023, and subsequent periods. It outlines various adjustments made during this transition, such as the recognition of lease liabilities and right-to-use assets. Furthermore, it describes the application of Ind AS 12 for deferred tax accounting, including the recognition of new temporary differences. The text also covers aspects of capital management, including gearing ratios, and the company's framework for managing various financial risks like market, credit, and currency risks.

This section details various financial and liquidity aspects of the company, including trade receivables aging, financing arrangements, and various financial liabilities. It provides comparative data for these items across different reporting periods, along with ratio calculations such as Current Ratio, Debt-Equity Ratio, Debt Service Coverage Ratio, Return on Equity Ratio, Inventory Turnover Ratio, Trade Receivable Turnover Ratio, Trade Payable Turnover Ratio, Net Capital Turnover Ratio, Net Profit Ratio, Return on Capital Employed, and various turnover ratios. The text also includes disclosures regarding liquidity risk management, the nature of financial liabilities, and compliance with certain regulatory and transaction restrictions.

This section presents key analytical ratios as per SEBI (ICDR) Regulations for Iberia Pharmaceuticals India Limited across three financial years. The data includes metrics such as Net Worth, EBITDA, profit after tax, earnings per share, and various return metrics. The document details the methodology used for calculating these ratios, including definitions for EBITDA, earnings per share, and net worth, and clarifies the basis of the financial statements.

Prospective investors should be aware of several material risks associated with the company's operations and business model. A significant portion of revenue is derived from a limited number of top brands, creating vulnerability to sales decreases. The company relies heavily on exclusive distribution agreements with brand owners and suppliers, meaning disruptions in these relationships could severely impact operations. Furthermore, the reliance on third-party manufacturers for product production introduces various risks related to supply continuity, quality control, and potential conflicts of interest. Risks also exist concerning the distribution of imported products, including potential liability under consumer protection laws and non-compliance with international standards. Finally, the entire business is susceptible to supply chain disruptions for raw materials and finished goods.

The company faces several risks related to supply chain disruptions, including shortages of raw materials or finished products, which could impact timely delivery and customer relationships. The proposed manufacturing facility is dependent on the uninterrupted supply of essential utilities like electricity, water, and fuel. Furthermore, the company is vulnerable to changes in consumer preferences and market trends, which could negatively affect demand. The company's brand reputation is at risk from negative publicity, potential issues with third-party manufacturers, or concerns regarding data breaches. Revenue concentration in specific segments and geographical markets exposes the company to various adverse developments. Finally, the limited shelf life of products poses inventory and financial risks, and there are potential conflicts of interest arising from related group companies.

The company faces several risks related to its promoter group, including potential conflicts of interest arising from non-compete agreements, and the assurance that such agreements will effectively prevent conflicts. There are significant risks associated with setting up new manufacturing facilities, as the company lacks prior manufacturing experience, which introduces challenges in sourcing, quality control, regulatory compliance, and potential delays or cost overruns. Geographical concentration risks are present due to the proposed facility's location, exposing the business to disruptions from natural calamities, infrastructure issues, or adverse government policies. Furthermore, there are concerns regarding past and potential future non-compliance with regulatory filings, which could lead to penalties. Risks also exist concerning the inadequate stamping of certain documents and agreements, which may impede the enforcement of contractual rights. Finally, there are concerns about the nature of related party transactions and the continued significant shareholding by the promoters, which could negatively impact the company's financial health and trading price.

The company faces risks related to intellectual property infringement, including counterfeit and lookalike products, unauthorized selling, and misappropriation of trademarks. There is also significant exposure to regulatory risks due to evolving laws, potential changes in regulations, and the possibility of non-compliance, which could lead to penalties or operational disruptions. Furthermore, the company is subject to counterparty credit risk concerning the timely collection of receivables, and there is a risk associated with the inability to secure adequate working capital for operations. Finally, the company's business is vulnerable to inaccurate consumer demand forecasting, which may result in either surplus or shortage of inventory.

The company requires various governmental, statutory, and regulatory approvals, licenses, registrations, and permits to conduct its business activities, with provisions for potential expiration or renewal. The document details numerous approvals, including tax identification numbers, labour registrations, importer-exporter codes, and various drug-related licenses. Furthermore, the company has filed several trademark applications, some of which have been refused, and there are pending trademark applications. The company has also identified a Group Company based on materiality criteria defined by SEBI ICDR Regulations.

The section details various regulatory approvals and confirmations related to the issuance of the Draft Red Herring Prospectus. The company has received in-principle listing approvals from BSE and NSE. Furthermore, it confirms that the company, its directors, and promoters are not prohibited from accessing the capital market by SEBI, nor have they been declared as Wilful Defaulters or Fraudulent Borrowers by a bank or financial institution. The section also outlines eligibility criteria for the issue, including requirements for net tangible assets, operating profit, and net worth over the preceding three financial years. Finally, it confirms that the equity shares are fully paid up and that certain legal requirements pertaining to the issue will be complied with.

This section details various restrictions concerning the distribution and sale of Equity Shares, primarily focusing on eligibility and transfer restrictions. It specifies that no person outside India is eligible to bid for Equity Shares unless they have received the preliminary offering memorandum detailing selling restrictions for international jurisdictions. Furthermore, it outlines limitations on issuing or selling shares within the United States, restricting such transactions to qualified institutional buyers or transactions exempt from U.S. securities registration requirements. The text also covers requirements for submitting the Draft Red Herring Prospectus to BSE and NSE, and the process for obtaining necessary consents from various parties, including directors, legal counsel, and auditors.

This section details the compensation mechanisms applicable for investor grievances related to bids made through the UPI Mechanism, outlining penalties for various scenarios such as delayed unblocking, blocking multiple amounts, and blocking more than the bid amount. It also specifies compensation for delayed unblocking for non-allotted applications and further penalties for delays in resolving grievances beyond the receipt of a complaint. The company clarifies that it and other parties accept no responsibility for errors or defaults under SEBI ICDR Regulations, and outlines procedures for addressing grievances and obtaining authentication on the SCORES platform.

This section details various timelines and procedures related to the commencement of trading and the handling of bids and applications for the issue. It outlines compensation mechanisms for delays in unblocking funds, the process for handling various types of electronic and physical applications, and the responsibilities of the Registrar and the Book Running Lead Manager. Furthermore, it specifies rules regarding the revision of the price band and the potential for extensions to the bid/issue period due to various factors, including force majeure events. It also discusses minimum subscription requirements and provisions related to the allotment of equity shares.

This section details various aspects of the issue procedure, including the allocation of securities to different investor categories such as QIBs, Non-Institutional Bidders, and various investor types. It outlines rules regarding bid amounts, allotment procedures, and the eligibility of different investors. Furthermore, the text discusses the evolution of payment mechanisms, specifically the transition from the UPI Mechanism to various phases and the subsequent implementation of the UPI Phase III for public issues.

This section details various procedural requirements and timelines related to the public issue process, including the use of the ASBA facility and the phased implementation of the UPI Mechanism. It outlines rules for investor compensation in case of delays, specifies allocation rules for different investor categories (QIBs, Mutual Funds, etc.), and mandates compliance with various regulatory filings and investor identification requirements. Furthermore, it discusses the phased introduction of the UPI mechanism and the requirements for investor documentation.

This section details various procedural requirements and restrictions concerning bids and participation in the issue, particularly concerning different types of bidders such as UPI bidders, Mutual Funds, Eligible NRIs, FPIs, and HUFs. It outlines cut-off times for accepting mandates, rules regarding bid modification, and compliance with various SEBI and FEMA regulations. Specific rules are established for handling bids from different investor categories, including restrictions on investment limits and the requirement for certain documentation when submitting bids.

This section details various requirements and restrictions concerning the participation of different investor categories in the issue, including those from various financial institutions and investors. It outlines specific documentation requirements for bids from entities such as Department of Posts, SEBI registered funds, Limited Liability Partnerships, Banking Companies, Insurance Companies, and Provident Funds/Pension Funds. Furthermore, it specifies investment limits and exposure norms for different investor types, such as VCFs, AIFs, and insurance companies, as prescribed by various regulations. The section also covers procedures for Anchor Investors and general instructions for bidders regarding bid revisions and compliance with various statutory requirements.

This section details numerous procedural requirements and restrictions for bidders, particularly concerning the use of bank accounts, signatures, and documentation when submitting bids in the Issue. It specifies rules regarding the use of personal accounts, the necessity of having sufficient funds, and various conditions related to PAN details, bid amounts, and the use of UPI mechanisms. Several points outline what constitutes a technical rejection for bids, including issues related to documentation, timing, and the use of unapproved bank accounts or UPI handles.

This section details various procedural aspects related to the issuance, including penalties for delays, rules for allotment, and restrictions on foreign ownership of Indian securities. It outlines procedures for handling bid amounts, the publication of advertisements, and requirements for filing documents. Furthermore, it discusses the regulatory framework governing foreign investment in Indian securities, referencing various policies and rules from different government bodies.

This section details various regulatory restrictions concerning the issuance and holding of equity shares, primarily referencing FEMA NDI Rules regarding foreign investment limits. It outlines conditions for investors residing outside India to make investments in India and specifies procedures for obtaining prior government approval for such investments. Furthermore, the text discusses restrictions on where equity shares can be registered or sold, including limitations related to U.S. securities laws and transactions outside the United States. The latter part of the section covers the Articles of Association, including provisions on the division of capital, the power of the Board to issue non-voting shares, and the terms for the redemption of preference shares.

This section details various powers granted to the Board and the General Meeting concerning the offer and allotment of shares, including provisions for offering shares to employees and trusts. It outlines rules for the issuance of shares at a discount, the handling of premium received on shares, and procedures for the payment of share amounts through installments. Furthermore, it discusses the process for dealing with securities held in a depository and the procedures for issuing, renewing, or replacing share certificates.

This section details various provisions related to shareholding, including rules on joint names, recognition of interests, and declarations required from shareholders regarding beneficial ownership. It outlines conditions under which company funds can be used for share purchases and the payment of commissions or brokerage related to share issues. Furthermore, the text covers rules concerning the issuance of debentures, the enforcement of charges, and the process for directors to make calls on shareholders for unpaid amounts. It also specifies procedures for the forfeiture of shares due to non-payment and the subsequent rights of the former member.

This section details various provisions related to the transfer and transmission of shares, including rules for forfeiture, the requirements for instruments of transfer, and procedures for dealing with transfers involving minors or persons of unsound mind. It outlines the Board's power to refuse to register certain transfers and the company's liability concerning such refusals. Furthermore, the text covers the process for closing the Register of Members, the requirements for convening Annual General Meetings, and the documentation that must be laid before these meetings.

This section details various procedural rules concerning the convening, conduct, and resolution of General Meetings of the Company, including provisions related to notice, quorum requirements, and the handling of various business items. It outlines rules for serving resolutions, the power to call extraordinary general meetings, and the requirements for requisitioning meetings. Furthermore, it specifies rules for the declaration of voting results, the process for demanding a poll, and the appointment of scrutinizers to oversee the vote.

This section primarily outlines various procedural rules concerning member voting rights, representation of corporate bodies, and the appointment and powers of the Board of Directors. It details conditions related to the payment of share calls, the voting rights of members, and provisions for dealing with deceased or insolvent members. Furthermore, it covers the powers of certain corporations to appoint directors, the appointment of special directors for collaboration arrangements, and provisions for filling casual vacancies on the Board.

This section outlines various provisions related to director remuneration, travel expenses, contractual relationships, and director disqualifications under the Companies Act, 2013. It details conditions for paying directors for special work, allowing for travel expenses incurred on company business, and establishing restrictions on certain contracts between the company and directors or related entities. Furthermore, it specifies procedures for directors to disclose their interests in contracts and sets out criteria for the disqualification or vacation of a director's office.

This section details various procedural aspects related to the tenure and appointment of Directors, including provisions for directors retiring by rotation and the filling of vacancies. It outlines rules regarding the eligibility for re-election of retiring directors and the company's power to fill such vacancies. Furthermore, the text covers rules on voting for director appointments, notice requirements for candidatures, and disclosures by directors regarding their holdings. It also discusses the powers of the Board of Directors, including the delegation of powers to committees, and the requirements for quorum in Board and Committee meetings.

This section details the various powers vested in the Board of Directors concerning the company's operations and financial dealings. It outlines the Board's authority to exercise powers not explicitly restricted by the Companies Act or other legislation. The powers include the ability to make calls on shareholders, issue debentures, borrow money, and invest company funds under certain conditions. Furthermore, the Board has powers related to acquiring property, securing contracts through mortgages, and managing various aspects of the company's business and personnel.

This section outlines various aspects of the company's rights, management structure, record-keeping, and financial reporting requirements under relevant laws. It details the company's power to dispose of property, delegate powers, and comply with local laws. Furthermore, it specifies requirements for maintaining minutes of meetings, the custody of the company seal, and the procedures for declaring and paying dividends. The text also covers provisions related to the treatment of capital, the maintenance of accounts, and the appointment and auditing of statutory auditors.

This section primarily details the procedures related to the appointment and tenure of auditors, including rules regarding consecutive terms for individuals and firms. It outlines conditions under which a retiring auditor may be re-appointed and specifies how casual vacancies in the office of an auditor should be filled. Furthermore, the text covers provisions concerning the conclusive nature of audited accounts and the process for correcting errors discovered shortly after approval. The latter part of the section discusses various provisions related to documents, notices, registers, and various aspects of winding up the company, including the distribution of assets and the rights of shareholders in such proceedings.

This section details various material contracts and documents that have been entered into or are planned for entry into by the Company, which must be attached to the Draft Red Herring Prospectus for filing with the RoC. It lists numerous agreements with various parties such as the Book Running Lead Manager, Registrar to the Issue & Share Transfer Agent, and various syndicate members. Furthermore, it includes a list of material documents, including various certificates, resolutions, and reports from auditors and legal counsel. The section also contains declarations affirming compliance with relevant laws and the truthfulness of the disclosures made in the Draft Red Herring Prospectus.

This section primarily consists of multiple declarations from various directors and officers certifying compliance with relevant laws and regulations. The declarations affirm that all provisions of the Companies Act, 2013, and rules issued by the Government of India or the Securities and Exchange Board of India have been complied with. Furthermore, they certify that no statement, disclosure, or undertaking in the Draft Red Herring Prospectus is contrary to the provisions of the Companies Act, SCRA, SCRR, or the Securities and Exchange Board of India Act, as amended. The declarations are signed by the Whole Time Director, Independent Directors, and the Chief Financial Officer.

The declaration confirms that all relevant provisions of the Companies Act, 2013 and various rules, guidelines, or regulations issued by the Government of India or the Securities and Exchange Board of India have been complied with. Furthermore, the declaration asserts that no statement, disclosure, or undertaking made in the Draft Red Herring Prospectus contradicts the provisions of the Companies Act, 2013, the SCRA, the SCRR, the Securities and Exchange Board of India Act, 1992, or any rules and guidelines issued thereunder. The company also certifies that all statements, disclosures, and undertakings within the DRHP are true and correct.

The provided section of the DRHP indicates that there are no disclosed details regarding directors, key managerial personnel, or litigation against them. It also mentions a disclaimer regarding the ascertainment of amounts related to pending litigation, directing readers to a specific section for further details. Furthermore, it discloses a risk related to the company's marketing strategy, which involves relying on celebrities and social media influencers.

The section details various risks associated with the company's business operations, including reliance on celebrities and social media influencers, which poses risks related to reputation, contractual commitments, and potential negative publicity. It also highlights risks stemming from the rapid evolution of social media platforms and the potential for consumer boycotts or fraudulent activities. Furthermore, the text discusses the challenges of managing offline sales networks, including risks related to the attrition of distributors and stockists, and the reliance on third-party service providers for distribution and technology. The company also faces intense competition and potential difficulties in protecting its intellectual property rights, including pending trademark applications and issues with trademarks being registered in the name of the group company.

The provided text details several risks related to intellectual property protection, cybersecurity, and regulatory compliance. Risks include the difficulty in adequately protecting intellectual property, the vulnerability of technology infrastructure to cyberattacks, and the potential for data breaches due to the large volume of personal information handled. Furthermore, the company faces risks from third-party providers, potential non-compliance with privacy laws, and the possibility of negative consequences from such breaches. The text also highlights risks associated with financial covenants, the reliance on the management team, and challenges in recruiting and retaining skilled personnel.

This section discusses various risks related to regulatory compliance, supply chain issues, and operational stability. Risks include potential penalties from regulatory inspections, vulnerability of inventory to storage issues, and liabilities arising from environmental laws. Furthermore, the business faces risks from the dependency on the online commerce industry's growth, potential employee misconduct, and the uncertainty of forward-looking statements. The company also highlights risks associated with inadequate insurance coverage and the potential for financial distress due to contingent liabilities and the need for additional financing.

This section primarily discusses various regulatory, legal, and external risks that could adversely affect the company's business, financial condition, and operations. Risks include geopolitical tensions affecting crude oil supplies and foreign exchange rates, the impact of global financial turmoil on Indian markets, and the vulnerability of the business to macroeconomic and demographic factors within India. Furthermore, the text highlights risks associated with changing laws and regulations, including amendments to tax laws, concerns regarding the indirect tax regime (GST), and compliance requirements under the Digital Personal Data Protection Act. The section also mentions potential issues arising from changes in labour laws, the implementation of new codes, and the evolving interpretation of laws concerning dividends, capital gains, and market transactions.

This section primarily discusses various regulatory changes and risks affecting the company's operations and financial stability. It details requirements for share transfers under amendments to the Companies (Share Capital and Debentures) Rules, 2014, and subsequent amendments related to Foreign Exchange Management Rules concerning investments from countries sharing a land border with India. The text also highlights risks associated with adverse weather conditions, such as deficient monsoons, which could impact agricultural output and inflation. Furthermore, it addresses the potential impact of rising inflation on costs and profits, the effects of competition law provisions, and the differences between Indian Accounting Standards and international standards. Finally, it outlines various global economic risks, including financial instability, geopolitical conflicts, and market volatility, which could negatively affect the Indian economy and the company's business.

This section discusses various aspects related to the issuance of equity shares, including conditions affecting bidders' decisions and the issue price. It outlines that events such as adverse changes in monetary policy, financial, political, or economic conditions may affect bidders' ability to invest, and these events might limit the ability to sell allotted shares. Furthermore, it details that the issue price is not guaranteed to reflect the market price after the issue, and broad market fluctuations could cause the market price to decline below the issue price. The text also covers issues related to the enforceability of foreign judgments against the company and the implications of pre-emptive rights under Indian law for equity holders.

This section provides summaries of the company's financial information, including the balance sheet, profit and loss, and cash flows for the years ended March 31, 2026, 2025, and 2024. The data covers various aspects such as assets, liabilities, income, expenses, profit, and cash movements. The summary details the movement in financial figures across these three fiscal years.

This section summarizes related party transactions for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, as per requirements under Ind AS 24 and SEBI ICDR Regulations. It details various transactions involving key management personnel, such as loans, salary advances, expenses, and sales/marketing activities, with related parties. The transactions were categorized based on the nature of the transaction and the enterprises involved, including subsidiaries and partnership firms. The document also notes the balance outstanding at the end of the year for various receivables and payables.

This section outlines various disclosures related to financial measures, management's discussion and analysis, and the accounting policies for revenue and expenditure. It clarifies that Non-GAAP financial measures are not standardized and should not be compared directly with others. The text details the components of revenue, such as revenue from operations, and the nature of expenditures, including cost of goods sold, employee benefits, finance costs, and depreciation. Furthermore, it provides a comparison of financial performance between the fiscal years ended March 31, 2026, 2025, and 2024, highlighting growth in total income and revenue from operations.

This section details various financial performance metrics, including changes in expenses, revenue, and profit over fiscal years. Total expenses increased by 22.89% from FY 2024-25 to FY 2025-26, primarily due to higher costs associated with increased business operations. Cost of Goods Sold (COGS) also showed an increase, rising from 40.33% to 43.56% of revenue, which was linked to higher sales volumes and increased purchase rates for key products. Employee benefit expenses grew by 34.86% due to increased employee strength and remuneration. Furthermore, finance costs and depreciation/amortization expenses also increased, along with other operating expenses, reflecting the expansion of business activities.

The section details various financial movements and operational changes across different fiscal years. Procurement costs for Sesderma and Mediderma products decreased in FY 2024-25 due to improved terms and market conditions, which positively impacted the Cost of Goods Sold. Employee benefit expenses saw a significant increase, largely due to expansion in the employee base and the insourcing of sales and marketing functions. Finance costs increased substantially, driven by higher borrowings and interest on lease liabilities. Depreciation and amortization expenses also rose sharply, linked to additions to fixed assets and Right-of-Use assets. Furthermore, other expenses increased due to higher manpower charges and operational activities. Profit After Tax (PAT) showed substantial growth, primarily driven by revenue increase and improved operating leverage, alongside increased other income. Cash flow statements provide details on operating, investing, and financing activities across the fiscal years.

The company details its credit facilities, which include various borrowings from different banks and entities. As of June 30, 2026, the outstanding borrowings were aggregated to ₹1,848.13 lakhs, while the Subsidiary had no borrowings. The details of the borrowings are categorized into secured and unsecured funds-based and short-term borrowings. Several fund-based term loan facilities are under the personal guarantee of the Promoters and Directors. The company outlines various terms regarding interest rates, repayment periods, security, and prepayment provisions for these loans.

This section primarily details the status of various litigations involving the company, its group entities, promoters, directors, and Key Managerial Personnel (KMPs), as well as tax claims. Several specific legal proceedings were disclosed, including cheque dishonour cases initiated by the company against individuals and group entities for alleged fraud or failure to perform duties related to intellectual property registration. The section also summarizes tax claims, noting a total direct tax amount involving the company is 5.25 lakhs.

The provided text details outstanding dues owed by the Company as of March 31, 2026, categorized into different types of creditors. The total outstanding dues amount is Rs. 1,277.10 lakhs, which includes amounts owed to Micro, small and medium enterprises, Material Creditors, and Other Creditors. This data has been certified by the statutory auditor, KRA & Co., Chartered Accountants.