Medicap Healthcare IPO
Medicap Healthcare Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue only. SEBI issued its observations on 23 January 2026, so the company can open the IPO any time up to 23 January 2027. The draft proposes a fresh issue only of up to ₹240 crore, with no offer for sale. In FY25 the company made a profit of ₹26.62 crore on revenue of ₹108.30 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued23 Jan 2026
- SEBI received draft
- 23 Sep 2025
- Type of issue
- Fresh issue only
- Lead manager
- Aryamann Financial Services Ltd.
- Must open by
- 23 Jan 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Medicap Healthcare IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI23 Sep 2025
- SEBI reviewDone
- SEBI observations23 Jan 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Medicap Healthcare DRHP at a glance
Draft red herring prospectus, 22 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 183) and Risk Factors (p. 33 to 35)Medicap Healthcare makes packaging for medicines, mainly pharmaceutical closures such as Euro Head caps, which gave 85.84% of FY25 revenue, as well as bottle preforms. Through its subsidiary KASR Healthcare it is moving into infusion bags.
All its revenue comes from one plant at GIDC Manjusar, Vadodara, Gujarat; exports were ₹21.64 crore of FY25 revenue. The top 10 customers gave 77.12%. It was incorporated in 2017 and is based in Vadodara.
The offer
DRHP cover page and The Issue (p. 61)| Fresh issue | Up to ₹240 croreMoney goes to the company |
| Shares before the IPO | 2,45,00,000 |
| Pre-IPO placement | Up to ₹48 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Aryaman Financial Services Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Kamalkumar Aggarwal, Rajveer Kamal Aggarwal and Minal Aggarwal |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 89 to 90)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Plant and machinery for the existing plant | 74.37 | 31.0% |
| Repaying or prepaying certain borrowings | 32.90 | 13.7% |
| Investing in subsidiary KASR Healthcare to repay its borrowings | 52.80 | 22.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹240 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts.
Financials
DRHP, Summary of Financial Information (p. 64 to 67) and Basis for Issue Price, KPIs (p. 100 to 102), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 71.60 | 102.11 | 108.30 |
| EBITDA | 22.67 | 35.68 | 37.16 |
| EBITDA margin | 31.67% | 34.94% | 34.31% |
| Profit after tax | 14.79 | 23.90 | 26.62 |
| Diluted EPS (₹) | 6.04 | 9.75 | 10.87 |
| Net worth | 60.32 | 84.21 | 110.85 |
| Cash from operations | 9.93 | 25.21 | 23.86 |
| Return on equity | 27.94% | 33.07% | 27.30% |
| Net debt to equity | 0.32 | NA | 0.67 |
Restated consolidated figures. Net worth is total equity. Revenue grew about 23.0% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis for Issue Price (p. 101 to 102). Peer prices as of 19 Sep 2025 on NSE.The P/E for Medicap is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Medicap Healthcare (FY25) | 10.87 | Set with the price band | 24.02% |
| Huhtamaki India | 11.65 | 20.60x | 7.37% |
| EPL | 11.23 | 19.46x | 15.45% |
Risks the draft lists first
DRHP, Risk Factors (p. 33 to 35)- Euro Head capsEuro Head caps gave 85.84% of FY25 revenue. (Risk factor 1, p. 33)
- Key customersThe top 10 customers gave 77.12% of FY25 revenue. (Risk factor 2, p. 34)
- RegulationIts healthcare packaging is heavily regulated in India and abroad. (Risk factor 3, p. 34)
- One plantAll revenue comes from its one plant at Manjusar, Vadodara. (Risk factor 4, p. 35)
- Western IndiaIts revenue is concentrated in Gujarat and western India. (Risk factor 5, p. 35)
- Machinery ordersIt has not yet ordered most of the machinery the IPO money is meant to buy. (Risk factor 6, p. 35)
Documents
Medicap Healthcare DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Medicap Healthcare IPO FAQs
When will the Medicap Healthcare IPO open?
The date is not announced. SEBI issued observations on 23 January 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 23 January 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Medicap Healthcare IPO?
Yes. SEBI issued its final observations on 23 January 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Medicap Healthcare IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Medicap Healthcare IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Medicap Healthcare IPO?
Aryamann Financial Services Ltd. is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Medicap Healthcare do with the IPO money?
According to the DRHP, the fresh issue money goes to plant and machinery for the existing plant (₹74.37 crore), repaying or prepaying certain borrowings (₹32.90 crore), investing in subsidiary KASR Healthcare to repay its borrowings (₹52.80 crore), and the rest to general corporate purposes.
What does Medicap Healthcare do?
Medicap Healthcare makes packaging for medicines, mainly pharmaceutical closures such as Euro Head caps, which gave 85.84% of FY25 revenue, as well as bottle preforms. Through its subsidiary KASR Healthcare it is moving into infusion bags.
Where can I read the Medicap Healthcare DRHP?
On SEBI's website, where the draft red herring prospectus was published on 26 September 2025. The draft is dated 22 September 2025 and runs to 478 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 22 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.