# Speciality Medicines Limited: IPO analysis > 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. - Page: https://ipo.innerkore.com/company/U85300GJ2021PLC120022/speciality-medicines-limited/ - CIN: U85300GJ2021PLC120022 - Last updated: 24 Aug 2026 ## Key facts - **Company:** Speciality Medicines Limited - **CIN:** U85300GJ2021PLC120022 - **Filing stage:** Amendments only - **Latest SEBI filing:** 24 Aug 2026 - **Fresh issue:** ₹29 Cr - **Price band:** ₹117.00 to ₹124.00 per share - **Final offer price:** ₹124.00 per share - **Lot size:** 2000 shares - **Bidding opens:** 20 Mar 2026 - **Bidding closes:** 24 Mar 2026 - **Listing on:** BSE - **Revenue FY25:** ₹58 Cr - **Revenue growth:** +111.7% - **Net profit FY25:** ₹8.6 Cr - **Revenue CAGR FY23 to FY25:** 58.6% - **Promoter holding (pre-IPO):** 57.0% - **Registrar:** SPECIALITY MEDICINES LIMITED - **Fact-check flags:** 0 high, 1 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 58.6% a year. Sales FY23 to FY25; latest year +111.7%. - **Profitability** (looks fine): 14.8% net margin. FY25; operating margin slipping. - **Debt** (looks fine): 0.12x equity. ₹5.1 crore borrowed at the end of FY25. - **Profit into cash** (concern): -67% of profit. Operations brought in ₹-5.8 crore against ₹8.6 crore of profit in FY25. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. - **Red flags** (look closer): 1 to review. 7 claims checked: 0 high, 1 medium concern. ## Financial snapshot (₹ crore unless stated; standalone) | | FY23 | FY24 | FY25 | 7M Oct-25 | |---|---:|---:|---:|---:| | 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% | | Net profit | 1.7 | 2.9 | 8.6 | 6.1 | | Net margin | 7.3% | 10.7% | 14.8% | 16.5% | | Net worth | 15 | 24 | 42 | 47 | | Borrowings | 3.6 | 2.9 | 5.1 | 4.8 | | Return on equity | 11.3% | 12.1% | 20.5% | – | ## Use of proceeds (fresh issue) - 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 crore - Product Registration in International Markets and Product Development for sale in international markets: ₹3.0 crore - Funding for Marketing and Promotional Activities: ₹1.7 crore - To Meet Working Capital Requirements.: ₹8.0 crore - General Corporate Purposes(1): ₹0.25 crore ## Fact-checked claims - **MEDIUM** (PromoterBackground): The Book Running Lead Manager (BRLM) for the issue is Unistone Capital Private Limited (“8QLVWRQH”).. 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. - **NONE** (PromoterBackground): The Auditors are M/s. A K Ostwal & Co., Chartered Accountant.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that the auditors of Speciality Medicines Limited are M/s. A K Ostwal & Co., Chartered Accountant. - **NONE** (PromoterBackground): The Whole-Time Director of the company is Sumit Goyani.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that the Whole-Time Director of Speciality Medicines Limited is Sumit Goyani. - **NONE** (PromoterBackground): The Managing Director of the company is Parth Goyani.. No current web search results were found to corroborate or contradict the claim that the Managing Director of Speciality Medicines Limited is Parth Goyani. - **NONE** (PromoterBackground): The Initial Subscribers to the Memorandum and Articles of Association (MOA/AOA) are Parth Goyani and Sumit Goyani.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that the initial subscribers to the MOA/AOA of Speciality Medicines Limited were Parth Goyani and Sumit Goyani. - **NONE** (PromoterBackground): Promoters of the company are Parth Goyani and Sumit Goyani.. The provided search results do not contain information that directly corroborates or contradicts the claim that the promoters of Speciality Medicines Limited are Parth Goyani and Sumit Goyani. The search results point to various regulatory and insider trading news from different companies and filings, none of which mention these specific individuals in relation to the company. - **NONE** (PromoterBackground): The issue process involves a Book building process as provided in Part A of Schedule XIII of the SEBI ICDR Regulations.. The provided search results do not contain information that directly corroborates or contradicts the specific claim about the issue process involving a Book building process as provided in Part A of Schedule XIII of the SEBI ICDR Regulations for Speciality Medicines Limited. The results mention various SEBI-related issues, insider trading regulations, and penalty cases, but none specifically detail the book-building process mentioned in the claim. ## Common questions ### 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. ### 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. ### How much do promoters own in Speciality Medicines Limited? Promoters hold 57.0% of Speciality Medicines Limited before the IPO. ### 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). ### 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. ### 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. ### Who manages the Speciality Medicines Limited IPO? Registrar to the offer: SPECIALITY MEDICINES LIMITED. Shares are proposed to list on BSE. ### 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. ## Source documents - [SPECIALITY MEDICINES LIMITED - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787551084131.pdf) (Prospectus, filed 24 Aug 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.