HDB Financial Services Ltd. IPO

In continuation to its letter dated March 26, 2026, HDB Financial Services has informed that pursuant to Regulation 30 and 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audio recording of the Earnings Call with analysts and investors held on April 15, 2026, in relation to the Audited Standalone Financial Results of the Company for the quarter and year ended March 31, 2026, has been made available on the website of the Company at the link: https://www.hdbfs.com/investors.

The above information is a part of company’s filings submitted to BSE.  

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, HDB Financial Services has informed that it enclosed the schedule for the Analyst / Institutional Investor Meetings.

The above information is a part of company’s filings submitted to BSE.

Bio Medica Laboratories

• Bio Medica Laboratories is coming out with an initial public offering (IPO) of 37,72,000 shares in a price band of Rs 132-139 per equity share.
• The issue will open on May 21, 2026 and will close on May 25, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 13.20 times of its face value on the lower side and 13.90 times on the higher side.
• Book running lead manager to the issue is Narnolia Financial Services.
• Compliance officer for the issue is Pratiksha Bhandari.

Profile of the company

Bio Medica Laboratories is engaged in the manufacturing of Pharmaceutical Parenteral Formulations. It manufactures generic drugs in the form of injectables namely Liquid Injections and Dry Powder Injections. These injectables are available in both single dose and multi dose forms, catering both human and veterinary needs. Its products address a wide range of medical needs and preferences. 

The company operates on a B2B business model through contract manufacturing and does not deal directly with the end users. The company manufacture formulations for various companies according to their specific requirements and specifications for the type of formulation needed. Additionally, it enters into agreements with them, allowing their name and address to be displayed on the packaging as ‘Technical Collaborator’ or ‘marketed by’ alongside the company’s name as the manufacturer.

The company holds Good Manufacturing Practices (GMP) certificate issued by Food & Drugs Administration, Madhya Pradesh, for complying with established GMP standards and guidelines. The company maintain stringent quality control standards throughout the entire manufacturing process. This ensures that its products consistently meet relevant quality standards before they reach the market. It also possesses a Good Laboratory Practices (GLP) certificate issued by the Food & Drugs Administration, Madhya Pradesh, demonstrating its commitment in maintaining standards of quality and compliance in laboratory operations. Its in-house laboratory is equipped with various instruments, such as HPLC (HighPerformance Liquid Chromatography), GC (Gas Chromatography), UV-Vis (Ultraviolet-Visible Spectrophotometer), polarimeter, and other advanced equipments and instruments. This comprehensive array of tools enables to conduct a wide range of tests and analyses efficiently and accurately.

Proceed is being used for:

• Meeting out the repayment of loan
• Enhancement of its existing production capabilities by setting up of new manufacturing facility at the existing premises
• Meeting out the General Corporate Purposes 

Industry overview

India’s pharmaceutical industry is one of the most significant contributors to the national economy and a key player in the global healthcare landscape. The country ranks third globally in pharmaceutical production by volume and 14th by value and is widely recognized as the ‘Pharmacy of the World’ owing to its large-scale production and export of affordable, high- quality generic medicines and vaccines. India is the largest provider of generic drugs globally, accounting for around 20% of the global supply by volume and contributes over 60% of the global vaccine demand. As of 2024, India is home to over 3,000 pharmaceutical companies and more than 10,000 manufacturing facilities, including the highest number of USFDA-compliant plants outside the United States.

The Indian pharmaceutical industry was valued at $49.10 Billion in FY 2024. Looking ahead, the industry is projected to grow at a Compounded Annual Growth Rate (CAGR) of 9.53%, reaching a market size of $84.77 billion by 2030. The sector has demonstrated consistent growth, driven by increasing healthcare expenditure, expansion of insurance coverage, a rising burden of chronic and lifestyle diseases, and the growing penetration of specialty and high-value therapies. This growth trajectory reflects strong domestic demand, increasing exports, government policy support under initiatives like the Production Linked Incentive (PLI) scheme, and deeper integration of technology and digital healthcare models across the pharmaceutical value chain.

The pharmaceutical sector operates within a dynamic environment shaped by evolving healthcare needs, increasing access to medical services, supportive policy initiatives and ongoing advancements in technology and research. Structural improvements in healthcare infrastructure and greater integration across the value chain continue to strengthen the industry’s operating landscape. These conditions collectively enable sustained expansion and create a favourable outlook for the sector.

Pros and strengths

Quality assurance: The company holds Good Laboratory Practice (GLP) and Good Manufacturing Practices (GMP) Certificate from the Food & Drug Administration in Indore, Madhya Pradesh. With its own in-house Quality Control team, the company ensures testing of both raw materials and finished goods. Its laboratory is equipped with adequate technology and staffed by qualified personnel who can handle timely quality checks. This comprehensive testing process assures that all the products manufactured by the company meets relevant quality standards and adhere to regulatory requirements. This approach ensures that every aspect of the manufacturing and quality control processes is assessed and optimized to deliver consistent and reliable results. The company’s commitment to quality is further reinforced by its additional certification.

Multi-product capability and diversified product portfolio: The company offers a comprehensive range of products, including generic drugs, branded pharmaceuticals, over the counter (OTC) products, and other medications. The company manufacture 71 types of formulations/ products based on the orders received from customers. Further, it produces multiple products using a combination of processes in its manufacturing facility. The flexible manufacturing infrastructure and diverse product portfolio allows the company to cater to various market segments and respond effectively to changing market demands.

Established client relationship: The company has established client relationships from whom it receives orders on a regular basis. Its existing relationships with its clients represent a competitive advantage in gaining new clients and growing its business. it is able to foster long-term relationships with its clients by understanding their needs and preferences. As it continues to strengthen these relationships, it is focused on improving its products and finding new ways to grow in both existing and emerging markets.

Risks and concerns

Revenue concentration from top customers: The company derives a significant portion of its revenues from a limited number of clients. Significant revenue from a limited number of clients increases the potential volatility of its results and exposure to individual contract risks. The company’s top 10 customers contributed 76.45%, 75.11%, 53.95% and 50.86% of revenue from operations in the financial year ended November 30, 2025, FY25, FY24 and FY23, respectively. It is dependent on a limited number of clients for a significant portion of its revenues, and the loss of any key client could adversely affect its business, financial condition and results of operations.

Dependent on third-party transportation: The company success depends on the supply and transport of the various raw materials required for its manufacturing facility and of its finished products from its manufacturing facility which are subject to various uncertainties and risks. The company do not completely depend on its own transportation facility and are majorly dependent on third-party transportation providers for the delivery of its products. While transportation restrictions, if any, could have an adverse effect on supplies and deliveries to and from its customers and suppliers. In addition, raw materials and finished products may be lost or damaged in transit for various reasons including occurrence of accidents or natural disasters. There may also be a delay in delivery of raw materials and products which may also affect its business and results of operations negatively.

Failure to maintain product quality standards: As a pharmaceutical manufacturer, it is subject to strict regulatory oversight and must comply with Good Manufacturing Practices prescribed by WHO, DCGI, and other authorities. It is accountable for product quality throughout its shelf life. Any post-market issues-such as contamination, regulatory re-review, side effects, or product recalls-can reduce demand and damage its reputation. If its products fail to meet required standards, it may incur costs for replacement and testing. Manufacturing or quality issues can lead to negative publicity, legal claims, and loss of customer trust, impacting its business and financial health. further, it does not carry product liability insurance. Any manufacturing or quality control problems may damage its reputation for high quality products and expose to litigation or other liabilities, which could adversely affect its financial results.

Outlook

Bio Medica Laboratories is engaged in the of manufacturing of Pharmaceutical Parenteral Formulations. It manufactures generic drugs in the form of injectables namely Liquid Injections and Dry Powder Injections. These injectables are available in both single dose and multi dose forms, catering both human and veterinary needs. Its products address a wide range of medical needs and preferences. On the concern side, its existing manufacturing facilities are concentrated in a single region i.e., Industrial Area, Indore, Madhya Pradesh and the inability to operate and grow its business in this particular region may have an adverse effect on its business, financial condition, results of operations, cash flows and future business prospects. Further, its inability to adopt new technologies could adversely affect its business, results of operations, cash flows and financial condition.

The company is coming out with a maiden IPO of 37,72,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 132-139 per equity share. The aggregate size of the offer is around Rs 49.79 crore to Rs 52.43 crore based on lower and upper price band respectively. On performance front, the total Income for FY25 stood at Rs 3,832.50 lakh whereas in FY24 it was Rs 1,534.42 lakh representing an increase of 149.77%. The profit after tax for the period ended March 31, 2025 stood at Rs 979.49 lakh whereas in the financial year 2024 it was at Rs 249.87 lakh representing an increase of 292.00%.

Meanwhile, the company is committed to expanding and upgrading its manufacturing facilities to support both existing and new formulations and the meet the demand in the pharmaceutical sector. its strategy involves enhancing its current manufacturing infrastructure by installing advanced plants, machinery, and ensuring all required infrastructure aligns with the World Health Organization (WHO) standards. The primary objective of this expansion is to increase its production capacity and improve its current capacity utilization. By investing in state-of-the-art equipment and expanding its manufacturing capabilities, it will be better positioned to meet the rising demand, particularly in the pharmaceutical injectable sector. This upgrade will also enhance its overall operational efficiency, enabling it to cater to a broader range of market needs and ensure the highest quality standards for its products.