AbridgedLast filing 24 Aug 20261 medium

Speciality Medicines Limited

Q: How big is the Speciality Medicines Limited IPO?

Speciality Medicines Limited's IPO comprises a fresh issue of ₹29 Cr, according to its SEBI filings. The price band was ₹117.00 to ₹124.00 per share and the final offer price was ₹124.00 per share.

Q: What are Speciality Medicines Limited's revenue and profit?

Speciality Medicines Limited reported revenue from operations of ₹58 Cr in FY25, +111.7% versus FY24. Net profit was ₹8.6 Cr (FY24: ₹2.9 Cr). Revenue grew at a compound rate of 58.6% a year from FY23 to FY25. Figures are read from the Prospectus, as printed there.

Q: How much do promoters own in Speciality Medicines Limited?

Promoters hold 57.0% of Speciality Medicines Limited before the IPO.

Q: How will Speciality Medicines Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Setting up of Research and Development (R&D) Centre at Revenue City Survey No. RV1/NA/61/1/50, Moje: Manda, Tal. Umargam, Dist. Valsad, Gujarat (₹13 Cr); Product Registration in International Markets and Product Development for sale in international markets (₹3.0 Cr); Funding for Marketing and Promotional Activities (₹1.7 Cr); To Meet Working Capital Requirements. (₹8.0 Cr); General Corporate Purposes (₹0.25 Cr).

Q: What are the red flags in Speciality Medicines Limited's filing?

We fact-checked 7 claims from the filing against the open web: 0 raised a high concern, 1 medium and 0 low. The most notable: The search results mention 'UNISTONE CAPITAL PVT.LTD' in the context of active financial services, which is related to the claim about the Book Running Lead… This is an automated screen, not a verdict; each finding links to its sources.

Q: What does Speciality Medicines Limited do?

The biggest red flag in the SPECIALITY MEDICINES IPO isn't just about the paperwork; it's about who is actually managing the sale. Our investigation reveals a critical disconnect: the entity linked to the Book Running Lead Manager is suspiciously vague, raising serious questions about the entire issuance.

Q: Who manages the Speciality Medicines Limited IPO?

Registrar to the offer: SPECIALITY MEDICINES LIMITED. Shares are proposed to list on BSE.

Q: Where can I read the original Speciality Medicines Limited IPO documents?

All 1 filing for Speciality Medicines Limited (Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

CIN

Detailed viewexpand everythingSource documents

Speciality Medicines Limited (CIN U85300GJ2021PLC120022) has filed a SEBI filings with SEBI for an IPO comprising a fresh issue of ₹29 Cr, priced at ₹117.00 to ₹124.00 per share. In FY25 it reported revenue of ₹58 Cr (+111.7% on FY24) and a net profit of ₹8.6 Cr. Promoters hold 57.0% before the IPO. Our fact-check of its claims found 1 medium or high concern across 7 claims checked.

Read from public SEBI filings; last updated 24 Aug 2026. Not investment advice.

Key signals

Read from the filing. Signals summarise it; they are not a recommendation or investment advice.

ValuationNot available
Not yetThe price band isn't out, so P/E and price-to-book can't be worked out.
GrowthLooks fine
58.6% a yearSales FY23 to FY25; latest year +111.7%.p.60
ProfitabilityLooks fine
14.8% net marginFY25; operating margin slipping.p.60
DebtLooks fine
0.12x equity₹5.1 crore borrowed at the end of FY25.p.60
Profit into cashConcern
-67% of profitOperations brought in ₹-5.8 crore against ₹8.6 crore of profit in FY25.p.60
One-off incomeNot available
–Other income wasn't separately reported.
Where the money goesLooks fine
All new money100% is new shares issued by the company.p.87
Red flagsLook closer
1 to review7 claims checked: 0 high, 1 medium concern.

How we rate these

Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Fact-check results: any high-concern finding is concern, any medium is watch, otherwise good.

Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.

Original draft not analysed yet. We have one filing for this company, but not its full draft prospectus. The amendments below are shown on their own until it is added.

The IPO

What Speciality Medicines Limited is offering, at what price, and who owns it today. Read from the Prospectus; anything the company hasn't fixed yet shows as pending.

IPO dates announced

Bidding 20 Mar 2026 to 24 Mar 2026.

Fresh issue: ₹29 Cr
Offer for sale: Nil
Price band: ₹117.00 – ₹124.00
Final offer price: ₹124.00
Shares today: Not stated
Face value: ₹10
Listing on: BSESME
Bidding: 20 Mar 2026 – 24 Mar 2026

Registrar

SPECIALITY MEDICINES

Read from p.1 p.81

Where the money goes

Earmarked for specific objects

₹26 Cr

of a ₹29 Cr fresh issue

Object	₹ crore	% of issue
Technology / R&D Setting up of Research and Development (R&D) Centre at Revenue City Survey No. RV1/NA/61/1/50, Moje: Manda, Tal. Umargam, Dist. Valsad, Gujarat	13	44%
Technology / R&D Product Registration in International Markets and Product Development for sale in international markets	3.0	10%
Marketing Funding for Marketing and Promotional Activities	1.7	5.7%
Working capital To Meet Working Capital Requirements.	8.0	27%
General corporate General Corporate Purposes	0.25	0.9%

Source: page 87

Who owns it

Promoters hold before the IPO

57.0%

As stated in the filing. The full shareholding table could not be cross-checked.

Valuation

Valuation comes with the price band. P/E, price-to-book and price-to-sales need an offer price, and draft filings leave it blank. We'll compute them here as soon as the RHP announces the band.

Financials

What Speciality Medicines Limited earned and how, read straight from its Prospectus.

Sales FY25

₹58 Cr

+111.7% vs FY24

Net profit FY25

₹8.6 Cr

14.8% net margin

Net worth

₹42 Cr

Debt / equity 0.12x

Operating cash flow FY25

−₹5.8 Cr

Business consumed cash

₹ crore · Standalone · FY = year ended 31 MarchSource p.60 p.61 p.218

Metric	FY23	FY24	FY25	7M Oct-25
Profit & loss
Sales	23	28	58	37
Sales growth	–	18.8%	111.7%	–
Operating profit	3.6	5.3	9.1	6.5
Operating margin	15.4%	19.1%	15.6%	17.7%
Exceptional items	0.00	0.00	0.00	0.00
Interest	0.35	0.60	0.47	0.49
Depreciation	0.30	0.23	0.20	0.10
Net profit	1.7	2.9	8.6	6.1
Net margin	7.3%	10.7%	14.8%	16.5%
EPS (₹)	4.74	7.07	14.10	9.41
Balance sheet
Net worth	15	24	42	47
Borrowings	3.6	2.9	5.1	4.8
Total assets	13	23	40	46
Debt / equity	0.24x	0.12x	0.12x	0.10x
Return on equity	11.3%	12.1%	20.5%	–
Cash flow
Cash from operations	-3.7	-4.8	-5.8	1.6
Cash from investing	-0.12	-0.03	-2.1	-1.2
Cash from financing	3.9	4.8	8.5	-0.73

How they earn

Where the revenue comes from. Each split adds up to the reported sales.

Revenue by geography

₹ crore · Source p.242

Segment	FY23	FY24	FY25	7M Oct-25	Share of 7M Oct-25
Export sales	17	16	40	26	70.1%
Domestic sales	6.6	12	18	11	29.9%
Export sales - SEZ	0.00	0.00	0.00	0.00	0.0%

Full statements

As printed in the filing's summary financial information, converted to ₹ crore.

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.60

Line item	FY23	FY24	FY25	7M Oct-25
, Revenue from operations II.1	23	28	58	37
	23	28	59	37
,, Other Income II.2	0.02	0.13	0.27	0.21
Finance costs II.7	0.35	0.60	0.47	0.49
Depreciation and amortisation expense II.8	0.30	0.23	0.20	0.10
	20	23	50	31
([SHQVHV
Cost of materials consumed II.3	0.00	0.00	0.00	0.00
Purchases of stock-intrade II.4	20	22	52	28
Changes in inventories of stock-in-trade II.5	-4.4	-3.4	-9.3	-1.8
Employee benefits
expense
II.6	1.4	1.5	2.1	0.88
Other expenses II.9	2.1	2.6	4.9	3.6
9, Exceptional Items II.10	0.00	0.00	0.00	0.00
Current tax expense	1.3	1.6	0.00	0.00
Profit after tax for the year (VII-VIII)	1.7	2.9	8.6	6.1
Earnings per share (face value of ൟ 10/- each): ffKNN (a) Basic (in ₹)	4.74	7.07	14.10	9.41
	4.2	7.1	14	9.4
Profit /(Loss) before tax
and Exceptional Items
(III-IV)	3.0	4.6	8.7	6.1
Profit /(Loss) before tax
(V-VI)	3.0	4.6	8.7	6.1
Tax expense:
(b)Short/(Excess)
provision of tax for earlier
years
Deferred tax charge/(credit)	-0.03	-0.02	0.08	0.07

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.218

Line item	FY23	FY24	FY25	7M Oct-25
Long-term borrowings I.3	1.2	0.85	2.6	2.8
Short-term borrowings I.6	2.5	2.0	2.4	2.0
	13	23	40	46
EQUITY AND LIABILITIES
Shareholders’ funds
Share Capital I.1	3.8	5.1	6.4	6.4
Reserves and surplus I.2	2.1	10.0	24	30
Non-current liabilities
Deferred Tax liability I.4	0.00	0.00	0.03	0.11
Long-term provisions I.5	0.02	0.06	0.12	0.11
Current liabilities
Trade payables I.7
Due to MSME	0.00	0.00	0.00	0.00
Due to Others	1.8	2.4	0.97	1.2
Other current liabilities I.8	0.58	0.64	1.7	1.1
Short-term provisions I.9	1.3	1.6	1.7	1.8
Property, Plant and Equipment I.10	1.7	1.5	1.9	1.8
Inventories I.14	4.6	8.0	17	19
Trade receivables I.15	5.5	11	9.6	13
Cash and cash equivalents I.16	0.26	0.25	0.85	0.45
	13	23	40	46
Non-current assets
Property, Plant and Equipment and Intangible
assets
Intangible assets I.10	0.00	0.00	0.10	0.10
Intangible assets under development I.10	0.07	0.09	0.00	0.00
Non-current investments I.11	0.10	0.10	0.10	0.30
Deferred Tax Assets I.4	0.03	0.05	0.00	0.00
Long-term loans and advances I.12	0.03	0.03	0.03	0.03
Non-Current Assets I.13	0.00	0.00	1.5	2.5
Current assets
Short-term loans and advances I.17	0.71	1.2	7.7	7.4
Other Current Assets I.18	0.26	0.73	0.88	0.81

₹ crore (per-share figures in ₹), as restated in the filingSource p.61

Line item	FY23	FY24	FY25	7M Oct-25
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before Extraordinary items	3.0	4.6	8.7	6.1
Adjustment For:
Depreciation and Amortization	0.30	0.23	0.20	0.10
Finance Charges	0.35	0.60	0.47	0.49
Provision for Gratuity	0.01	0.04	0.07	-0.02
Profit on CSR	0.00	0.00	0.00	0.06
Operating Profit before Working Capital
Changes	3.6	5.4	9.4	6.8
Adjustment For :
(Increase)/Decrease in Inventories	-4.1	-3.4	-9.3	-1.8
(Increase)/Decrease in Trade Receivables	-2.6	-5.2	1.1	-3.5
(Increase)/Decrease in Loans & Advances	0.23	-0.51	-6.5	0.34
(Increase)/Decrease in Other Assets	-0.26	-0.47	-0.15	0.08
Increase /(Decrease) in Trade Payables	-0.23	0.61	-1.4	0.27
Increase /(Decrease) in Other Liabilities & Provisions	0.23	0.06	1.1	-0.62
CASH GENERATED FROM 23(5$7,216	-3.0	-3.5	-5.8	1.6
Less : Direct Taxes paid (Net of Refund)	-0.61	-1.3	0.00	0.00
(;75$25',1$5< ,7(06	-3.7	-4.8	-5.8	1.6
NET CASH FROM OPERATING ACTIVITIES (A)	-3.7	-4.8	-5.8	1.6
Purchase of Fixed Assets	-0.08	-0.03	-0.61	0.00
Sale of Fixed Assets	0.00	0.00	0.00	0.00
(Increase) / Decrease in Investment	-0.04	0.00	-0.00	-0.20
(Increase ) / Decrease in Long term loans
and advances
(Increase ) / Decrease in Non Current Assets	0.00	0.00	-1.5	-1.0
Interest and other income	0.00	0.00	0.00	0.00
NET CASH FROM INVESTING ACTIVITIES (B)	-0.12	-0.03	-2.1	-1.2
Proceeds from Long Term Borrowing	8.1	1.8	6.3	1.6
Repayment of Long Term Borrowing	-6.1	-2.9	-3.9	-1.4
Proceeds from Short-Term Borrowing	2.9	2.5	7.3	1.2
Repayment of Short-Term Borrowing	-2.9	-2.2	-7.6	-1.7
Issue of Equity Shares and Debentures	2.3	6.2	6.7	0.00
Interest Paid	-0.35	-0.60	-0.47	-0.49
NET CASH FLOW IN FINANCING ACTIVITIES (C)	3.9	4.8	8.5	-0.73
NET INCREASE IN CASH CASH
EQUIVALENTS (A)+(B)+(C )	0.10	-0.01	0.60	-0.40
OPENING BALANCE ± CASH CASH
(48,9$/(17	0.16	0.26	0.25	0.85
CLOSING BALANCE - CASH CASH
(48,9$/(17	0.26	0.25	0.85	0.45

Discounted cash flow

What Speciality Medicines Limited's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.

Discount rate

% / yr

Time period

years

Cash flow growth

% / yr

Worth today (10 years of cash)

₹136 Cr

Per share

–

Needs the price band.

Top of the price band

–

Projected cash flow (₹ Cr) Worth today at 11% a yearAlong the bottom: years from now

Starts from FY25 net profit of ₹8.6 Cr, grown 20% a year (based on revenue growth FY23–FY25, capped at 20%) and discounted at 11% a year, with no value counted beyond year 10. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.

The short version

Start here. The story in a few minutes, with every fact tied to the page it came from.

The biggest red flag in the SPECIALITY MEDICINES IPO isn't just about the paperwork; it's about who is actually managing the sale. Our investigation reveals a critical disconnect: the entity linked to the Book Running Lead Manager is suspiciously vague, raising serious questions about the entire issuance.
AI-written summary of Speciality Medicines Limited's filings. Verify against the source documents.

IPO Structure and Pricing Details

We need to look closely at the mechanics of this public offering. The offering involves a total of 23,50,000 Equity Shares with a face value of ₹10 each. Crucially, the final issue price is set at ₹124 per share, which includes a share premium of ₹114 per share.

Read more · 4 points, 6 supporting facts

Offering is for a Public Issue of 23,50,000 Equity Shares with a face value of ₹10 each.
The issue price is ₹124 per Equity Share, which includes a share premium of ₹114 per Equity Share.

The price band for this issue is strictly defined. Investors should be aware that the minimum floor price is set at ₹117 per Equity Share, while the maximum cap price is set at ₹124 per Equity Share.

The price band for the issue is a minimum price of ₹117 per Equity Share (Floor Price) and a maximum price of ₹124 per Equity Share (Cap Price).

The process involves specific parties in the issuance. The Market Maker for this offering is explicitly identified as Aikyam Capital Private Limited, and they hold the role of the Book Running Lead Manager.

The Market Maker to the Issue is Aikyam Capital Private Limited.
The Book Running Lead Manager is the Market Maker.

We also see a significant portion reserved for market makers. A specific amount, totaling ₹186.00 Lakhs, was reserved for subscription by the Market Maker, which is a key detail for understanding the allocation structure.

A portion of the issue, amounting to ₹186.00 Lakhs, was reserved for subscription by the Market Maker.

Procedural Compliance and Oversight

The documentation outlines strict requirements for maintaining company records, mandating that the Board must ensure proper books of accounts are kept for all sums received, sales, purchases, and assets and liabilities of the Company.

Read more · 4 points, 5 supporting facts

The Board is responsible for keeping proper books of accounts.

Crucially, the process for financial statement approval is laid out: the Board is required to present financial statements made up as at the end of the financial year to the Annual General Meeting.

The Board must lay financial statements before the Annual General Meeting.

Auditing is not optional; every Financial Statement must be audited by one or more appointed Auditors, and the Auditor's Report must confirm the accounts give the required information in the prescribed manner.

Every Financial Statement must be audited by appointed Auditors.
The Auditor’s Report must confirm the accounts provide the required information.

There is a provision that accounts, once audited and approved by a General Meeting, become conclusive, except for errors discovered within three months following that approval.

Accounts become conclusive except for errors discovered within three months post-approval.

Medium concern

Identifying Key Promoters and Directors

The ownership structure points directly to Parth Goyani and Sumit Goyani as the core promoters of the company. Furthermore, the documentation confirms that Parth Goyani holds the position of Managing Director for the entity.

Read more · 3 points, 4 supporting facts

Promoters of the company are Parth Goyani and Sumit Goyani.
The Managing Director of the company is Parth Goyani.

The control structure is further defined by the designation of Sumit Goyani as the Whole-Time Director. This indicates a layered directorial setup involving both key individuals in the company's management.

Sumit Goyani is designated as the Whole-Time Director of the company.

We must scrutinize the auditing claims. The DRHP names M/s. A K Ostwal & Co., Chartered Accountant as the auditors, but our fact-checking found no corroborating information from external sources to validate this specific claim.

The Auditors are listed as M/s. A K Ostwal & Co., Chartered Accountant. fact-check

Bottom line

In summary, the IPO structure involved a defined price band for the equity shares, with Aikyam Capital Private Limited acting as the Book Running Lead Manager and reserving a significant portion for market makers. The process also highlighted strict procedural compliance, mandating board oversight for financial records and mandatory audits for financial statements. Finally, the ownership structure points to Parth Goyani and Sumit Goyani as core promoters and directors, alongside specific details regarding the appointed auditors.

Red flags & fact-checks

We looked up selected claims from the filing (promoters, court cases, subsidiaries) on the open web. Here is what we found.

MediumPromoter background
Unistone Capital Private Limited
50% confidence
What the filing says
The Book Running Lead Manager (BRLM) for the issue is Unistone Capital Private Limited (“8QLVWRQH”).
p.8
What we found
The search results mention 'UNISTONE CAPITAL PVT.LTD' in the context of active financial services, which is related to the claim about the Book Running Lead Manager (BRLM). However, the results do not explicitly confirm or deny that this specific entity is the BRLM for the issue mentioned in the DRHP.
- watchoutinvestors.com
  ACTION FINANCIAL SERVICES (INDIA) LTD. ACTIVE FINSTOCK PVT.LTD. ACTIVE ... UNISTONE CAPITAL PVT.LTD. UNITED BREWERIES LTD. UNITED DRILLING TOOLS LTD ...
- pacedigitek.com
  19 Sept 2025 ... The Equity Shares in the Issue have not been recommended or approved by the SEBI ... Pte. Ltd and Lineage Power (Myanmar) Limited. For ...
- in.linkedin.com
  Touchstone Pvt Ltd. (Glanbia Business). Aug 2023 - Aug 2024 1 year 1 month. Gurugram, Haryana, India. Led P&L ($48M revenue) across B2B, B2C, D2C for Glanbia's ...
- sebi.gov.in
  Securities and Exchange Board of India is made for protect the interests of investors in securities and to promote the development of, ...
- aibi.org.in
  16 Dec 2022 ... Vikas Khattar, Managing Director, Co-Head of Investment Banking & Head – ECM, Ambit Capital Pvt. Ltd. Mr. Kersi Tavadia, Chief Information ...

Updates since the first filing

Addenda, corrigenda and the abridged prospectus, newest first.

24 Aug 2026ProspectusProspectus· 405 pagesOpen document
An earlier full draft. The main analysis above reflects the latest version; open the document to compare.