# 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 earlier look-up of its claims found no medium or high concerns across 16 claims looked up.

- Page: https://ipo.innerkore.com/in/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
- **Earlier look-up flags:** 0 high, 0 medium, 4 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** (looks fine): None serious. 16 claims looked up earlier: 0 high, 0 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

## Claims looked up earlier

- **LOW** (SubsidiaryPerformance): The company was originally incorporated as Speciality Medicines Private Limited on February 05, 2021.. The search results corroborate the claim by confirming that Speciality Medicines Limited was originally incorporated as Speciality Medicines Private Limited on February 05, 2021, and subsequently converted to a Public Limited Company.
- **LOW** (SubsidiaryPerformance): The company was converted from a private limited company to a public limited company on April 04, 2024.. The search results indicate that Speciality Medicines Limited was converted from a private limited company to a public limited company, but the specific date of this conversion is not mentioned in the provided search snippets. While some sources mention the conversion occurred 'Later on,' none confirm the exact date of April 04, 2024, nor do they explicitly state the company name was changed to 'Speciality Medicines Limited' at that specific time, though one source notes the name change occurred after the conversion.
- **LOW** (LitigationStatus): M/s. Speciality Medicines Limited owns the trademark 'Clobesped' under Class 5.. The search results do not contain any information regarding the trademark 'Clobesped' owned by Speciality Medicines Limited. While one result mentions a trademark dispute involving 'M/s. Speciality Meditech Pvt. Ltd.' in a pharmaceutical context, it does not confirm the specific claim about 'Clobesped' or its Class 5 registration. The other results are unrelated to the company's intellectual property status.
- **LOW** (LitigationStatus): The High Court of Gujarat stayed the proceedings in the Company's case as an ad-interim relief on December 10, 2022.. The search results contain no information regarding a High Court stay of proceedings for Speciality Medicines Limited. While one result mentions a Modi-Mundipharma case, it does not pertain to Speciality Medicines. Another result is unrelated to the company's legal status. Consequently, the claim that a stay was granted on December 10, 2022, is not supported by the provided search data.
- **NONE** (LitigationStatus): The total amount of outstanding dues owed to creditors as of March 31, 2025, is 49.97 Lakhs.. The search results contain no information regarding the financial status or outstanding dues of Speciality Medicines Limited as of March 31, 2025. While one result mentions a legal case involving 'Speciality Meditech Pvt. Ltd' in July 2025, it does not pertain to Speciality Medicines Limited's creditor dues. The other results provide general company status or unrelated news, confirming that the specific claim about outstanding dues is not supported by the available data.
- **NONE** (LitigationStatus): The company has a Registration under The Maharashtra Shops and Establishment Act, 2017 with registration number 820408193/KE Ward/COMMERCIAL II issued by the Labour Department, Maharashtra.. The search results do not contain any information regarding Speciality Medicines Limited's registration under the Maharashtra Shops and Establishment Act, 2017. While one document mentions a 'Modi-Mundipharma' case, it appears to be a legal dispute unrelated to the company's administrative registration status. No other results address the specific registration details or the Labour Department issuance mentioned in the claim.
- **NONE** (LitigationStatus): The company has a Registration under The Maharashtra Shops and Establishment Act, 2017 with registration number 820286047/KE Ward/COMMERCIAL II issued by the Labour Department, Maharashtra.. The search results do not contain any information regarding Speciality Medicines Limited's registration under the Maharashtra Shops and Establishment Act, 2017. While one document mentions a similar name (Modi-Mundipharma) in a legal context, it does not confirm the specific registration details or the company in question. Consequently, the claim cannot be verified based on the provided search results.
- **NONE** (LitigationStatus): The High Court of Gujarat stayed the proceedings in the Company's case as an ad-interim relief on June 10, 2022.. The search results do not contain any information regarding a High Court stay of proceedings for Speciality Medicines Limited on June 10, 2022. While one result mentions a Modi-Mundipharma case, it is dated July 2025 and discusses trademark issues, not a stay of proceedings by the High Court of Gujarat. No other results address this specific legal matter or the date mentioned in the claim.
- **NONE** (SubsidiaryPerformance): The company increased its authorized share capital from ₹600.00 Lakhs to ₹1,100.00 Lakhs on June 29, 2024.. The provided search results do not contain any information regarding the company's authorized share capital, its history of capital increases, or any specific dates related to such changes. The available data only confirms the company's current share price, recent name change to 'Speciality Medicines Limited', and approval of the 2025-26 financial year report.
- **NONE** (SubsidiaryPerformance): The company increased its authorized share capital from ₹500.00 Lakhs to ₹600.00 Lakhs on February 17, 2024.. The search results do not contain any information regarding the company's authorized share capital or any changes to it. While the documents mention the company's name change and conversion to Public Limited status, none of the provided search results address the specific capital increase claim.
- **NONE** (SubsidiaryPerformance): The company increased its authorized share capital from ₹25.00 Lakhs to ₹500.00 Lakhs on June 15, 2022.. The search results do not contain any information regarding the company's authorized share capital or any capital increase. While the documents mention the company's name change and conversion to Public Limited status, they do not address the specific capital increase claim.
- **NONE** (SubsidiaryPerformance): The company increased its authorized share capital from ₹1.00 Lakhs to ₹25.00 Lakhs on October 01, 2021.. The provided search results do not contain any information regarding the company's authorized share capital history or specific capital increase events. While the documents mention the company's conversion to Public Limited status and name changes, none of the search results address the specific capital increase claim from ₹1.00 Lakhs to ₹25.00 Lakhs on October 01, 2021.

## 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?

Earlier, we looked up 16 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 0 medium and 4 low. 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)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.