September 10, 2025
admin
Galaxy Medicare IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 10 Sept. 2025 |
| IPO Closes on | 12 Sept. 2025 |
| Allotment on | 15 Sept, 2025 |
| Credit of shares on | 16 Sept. 2025 |
| Tentative Listing on | 17 Sept. 2025 |
Galaxy Medicare IPO Condenses Verdict
-
Business: 32-year manufacturer–exporter of surgical dressings, POP bandages, tapes & compression wraps; ISO 9001 & 13485; 27 trademarks; tender + OEM + export model.
-
Balance sheet: De-leveraging continues (Debt/Equity ~0.25x in FY25; was 0.52x in FY24). Asset turnover improved to ~1.28x.
-
Raw-material efficiency: Cost of materials/revenue improved from 68% (FY23) to 64% (pre-IPO year), aiding profits; sustainability uncertain.
-
Chanakya take: Sound franchise in medical consumables with improving balance sheet; watch margin stability and tender pricing. Suitable for investors comfortable with SME risk; final stance hinges on sustained gross-margin gains.
Final Subscription Tally
| Size Rs. Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| Subscription Review: |
||||
About Galaxy Medicare
Incorporated in July 1992, Galaxy Medicare Limited is engaged in manufacturing and exporting a wide range of medical devices, surgical dressings, and POP bandages. The company has built strong credibility by using premium-grade raw materials from trusted vendors and by offering diverse products like surgical dressings, plaster of Paris bandages, adhesive tapes, compression bandages, orthopedic supports, and wound care solutions.
Its business model is multi-pronged – manufacturing and branding under its flagship trademarks such as POP BAND, POP CAST, G CAST, GYPSOSOFT, GYPSOPLAST, CARETAPE, CARECREPE, CAREPORE, GYPSONET, GYPSOCHLOR, FIXCAN etc.; OEM manufacturing on a Principal-to-Principal basis; institutional sales through government tenders on the GEM portal; and exports to international markets.
Galaxy Medicare has 27 registered trademarks and supplies its products pan-India to government health departments, corporate hospitals, and private healthcare players. The company also enjoys global acceptance for its products. With ISO 9001:2015 and ISO 13485:2016 certifications, it maintains high-quality standards demanded by the medical fraternity.
As of March 2025, the company has a workforce of 190 employees across production, R&D, quality control, and marketing functions, supporting both domestic and international operations.
Galaxy Medicare IPO Details
|
Sector: Retail sector |
|
| IPO opens on | 10 September 2025 |
| IPO closes on | 12 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 41,32,000 Shares / Rs 22.31 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 208,000 Shares |
| Net offer to Public | 39,24,000 Shares Rs. 21.19 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 51-54 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 2000 Shares |
| Listing will at | NSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 2,08,000 (5.03%) |
| QIB Shares Offered | 80,000 (1.94%) |
| NII (HNI) Shares Offered | 15,36,000 (37.17%) |
| Retail Shares Offered | 23,08,000 (55.86%) |
| Total Shares Offered | 41,32,000 (100.00%) |
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 2 | 4,000 | 2,16,000 |
| Retail (Min) | 2 | 4,000 | 2,16,000 |
| S-HNI (Min) | 3 | 6,000 | 3,24,000 |
| S-HNI (Max) | 9 | 18,000 | 9,72,000 |
| B-HNI (Min) | 10 | 20,000 | 10,80,000 |
Who are the Promoters of Galaxy Medicare IPO?
The promoters hold 89.49% of the pre-IPO capital
What are the Objects of Galaxy Medicare IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+ Funding Capital Expenditure requirement towards purchase of machinery for the existing manufacturing facility at Bhubaneshwar, Odisha Rs. 4.89 Crore
+Funding the working capital requirements Rs. 8.94 Crore
+General Corporate purposes
| Registered Office of the company |
| Galaxy Medicare Ltd. Plot No-2, Zone D, Phase A, Mancheswar Industrial Estate Khurda Bhubaneshwar, Odisha, 751010 Email: CS@galaxymed.co.in |
| Galaxy Medicare IPO Lead Managers |
| Affinity Global Capital Markets Pvt ltd |
| Who is the Registrar to the IPO?
Cameo Corporate Services Ltd |
Galaxy Medicare Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 31.49 | 32.53 | 32.31 |
| Total Income | 40.27 | 36.94 | 32.03 |
| Profit After Tax | 3.37 | 3.71 | 1.57 |
| EBITDA | 4.58 | 5.26 | 3.14 |
| NET Worth | 18.36 | 15.54 | 11.94 |
| Reserves and Surplus | 12.29 | 9.51 | 14.78 |
| Total Borrowing | 4.61 | 8.12 | 9.15 |
| Amount in Rs. Crore | |||
Performance Indicators
| KPI | Values |
| ROE | 19.88% |
| ROCE | 22.38% |
| Debt/Equity | 0.25 |
| RoNW | 18.35% |
| PAT Margin | 8.60% |
| EBITDA Margin | 11.69% |
| Price to Book Value | 3.49 |
| EPS | 2.84 |
| PER | 19.09 |
How Galaxy Medicare IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Galaxy Medicare | 10.25 | |
| Adeshwar Meditex | 12.59 | 5.17 |
| KMS Medisurgi | 95.11 | 5.44 |
Galaxy Medicare IPO Review
by Paresh Gordhandas, CA & Research Analyst
Business Snapshot
-
Manufacturer and exporter of surgical dressings, POP bandages, adhesive tapes, compression bandages, gauze & ortho care.
-
Multi-channel model: (1) own brands portfolio, (2) OEM on P-to-P basis, (3) institutional tenders (GeM), (4) exports.
-
Quality stack: ISO 9001:2015 & ISO 13485:2016; 27 trademarks; pan-India supply to govt/corporate hospitals.
Financial Highlights (FY23 → FY24 → FY25)
-
Total Income: 32.03 → 36.94 → 40.27 (FY25 YoY +9.0%; 2-yr CAGR ~12.1%).
-
EBITDA: 3.14 → 5.26 → 4.58 (YoY −12.9%); EBITDA margin: 9.8% → 14.2% → 11.4%.
-
PAT: 1.57 → 3.71 → 3.37 (YoY −9.2%); PAT margin: 4.9% → 10.0% → 8.4%.
-
Net Worth: 11.94 → 15.54 → 18.36.
-
Borrowings: 9.15 → 8.12 → 4.61; Debt/Equity ~0.25x in FY25.
-
ROE (approx.): ~27% (FY24) → ~20% (FY25) (on average equity).
-
Efficiency: Asset turnover improved ~0.99x → 1.14x → 1.29x.
Positives
-
Sticky demand in low-ticket medical consumables; diversified SKUs and trademarks.
-
Balance sheet strengthening via deleveraging; financial flexibility improving.
-
Improved gross efficiency: materials/revenue moved from ~68% to ~64% by pre-IPO year.
-
Institutional channel provides volume visibility; exports add mix diversity.
Key Risks / Monitorables
-
Margin moderation in FY25 despite revenue growth—other operating costs/overheads need tight control.
-
Raw-material advantage may not be structural; reversal would pressure EBITDA/PAT.
-
SME listing volatility; smaller base (Assets ~Rs. 31.49) magnifies shocks from tenders/pricing.
-
Tender & OEM dependence can compress pricing in competitive phases.
Chanakya Verdict (Fundamentals)
A disciplined consumables player with cleaner leverage and improving turnover. Keep a close watch on gross margins and tender wins in FY26. Selective participation suits investors comfortable with SME risk and 2–3 year horizon. (Valuation angle requires EPS/share-count details; not assessed here.)
It manufactures and exports surgical dressings, POP bandages, adhesive/crepe tapes and wound-care products under multiple trademarks, also doing OEM, tenders (GeM) and exports.
Revenue rose from ~Rs. 32.03 (FY23) to ~Rs. 40.27 (FY25) (~12% CAGR). PAT grew from ~Rs. 1.57 to ~Rs. 3.37 (~46% CAGR), though FY25 margins moderated vs FY24
Borrowings reduced to ~Rs. 4.61 in FY25; Debt/Equity ~0.25x, indicating deleveraging and healthier balance sheet.
Despite better raw-material efficiency (materials/revenue ~64% vs 68% earlier), other operating costs likely rose, pulling EBITDA/PAT margins down from FY24 peaks..
Issue size ~Rs. 22.31; Price band Rs. 51–54; NSE-SME; Lot size 2,000 shares. Retail minimum 2 lots (4,000 shares ≈ Rs. 2.16 lakh at upper band). HNI minimum 3 lots (6,000 shares ≈ Rs. 3.24 lakh). LM: Affinity Global; Registrar: Cameo; MM: Prabhat Financial.
Quicklinks
- Market Analysis by Nagaraj Shetti
- Stock Market today by Vaishali Parekh
- Analysis by Kotak Securities
- Market Analysis by HDFC Securities
- Technical Analysis by Kotak Securities
- Technical Analysis by Samco Securities
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
