Anlon Healthcare IPO Review

📊 Chanakya’s Detailed Verdict

Business Strengths
- Engaged in Pharma Intermediates & APIs with a 65-product commercial portfolio.
- Strong regulatory approvals (ANVISA, NMPA, PMDA) and 21 DMFs filed, boosting global credibility.
- Expansion into custom manufacturing of complex, high-purity chemicals, which provides scalability and client stickiness.
Financial Performance
- Total Income dipped in FY24 (Rs. 66.69 cr) due to volatility but rebounded sharply in FY25 (Rs. 77.37 cr in 10 months).
- PAT grew consistently from a loss in FY22 to Rs. 11.96 cr in Jan-25, showing strong turnaround.
- Net Worth expanded from just Rs. 1.55 cr in FY22 to Rs. 71.86 cr in Jan-25, indicating robust equity strengthening.
- Borrowings reduced from Rs. 74.56 cr in FY24 to Rs. 62.39 cr in Jan-25, reflecting improving balance sheet health.
Concerns
- Debt levels still sizeable at Rs. 62.39 cr.
- Margins may face pressure due to raw material volatility and competition in the API space.
- FY24 witnessed revenue fluctuation, which raises sustainability questions.
Overall
- The company has delivered clear growth in profits, reserves, and net worth in the past 3 years.
- Regulatory approvals, diversified product basket, and improving financial strength make the IPO favourable for medium-to-long-term investors.
- Listing gains are possible, though not guaranteed, as it depends on subscription demand.

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