Goldline Pharmaceutical SME IPO Review | APPLY or AVOID?
Goldline Pharmaceutical started in August 02, 2004. It operates in the Pharmaceuticals industry and provides marketing and distribution of generic drugs to its customers across multiple states in India. This business is based in Nagpur, Maharashtra. This IPO review covers the main facts of the offer. It helps you decide if the issue fits your portfolio.
Goldline Pharmaceutical shows rapid profit growth, but the heavy reliance on a few key geographic regions remains a key point to consider for investors. This company sells branded medicines through a network of distributors, but it does not make any products itself.
IPO Details | |
|---|---|
| Issue Type | Book Building |
| IPO Category | SME |
| Face Value | ₹10 Per Share |
| Fresh Issue | ₹12 Cr. |
| Offer for Sale | ₹- Cr. |
| Refunds Initiation | May 18, 2026 |
| Credit of Shares | May 18, 2026 |
| Listing At | BSE SME |
Reservation & Lot Size | |
|---|---|
| Retail (Min) | 2 Lot | 6,000 shares | ₹2,58,000 |
| Retail (Max) | 2 Lot | 6,000 shares | ₹2,58,000 |
| S-HNI (Min) | 3 Lot | 9,000 shares | ₹3,87,000 |
| S-HNI (Max)| 7 Lot | 21,000 shares | ₹9,03,000 |
| B-HNI (Min) | 8 Lot | 24,000 shares | ₹10,32,000 |
| Market Maker | 1,38,000 Shares |
✅ Strengths
⚠️ Challenges
Financial Update
The company released its restated financial statements for the year ending March 31, 2025. Total revenue was ₹28.06 crore, increased from ₹23.57 crore in the previous year. The net profit for the same period was ₹2.83 crore, an increase from ₹1.81 crore in the previous year. Assets increased by 14.61% compared to the previous year. The company has shown consistent growth in revenue and profit over the last three years. The Net Profit After Tax jumped from ₹0.26 crore in FY23 to ₹2.83 crore in FY25. This shows a big improvement in profitability. The rise in PAT Margin to over 10% in FY25 is a good sign. This trend should be carefully studied before any investment.
IPO Valuation
The upper price band is ₹43. This price leads to a Price-to-Earnings (P/E) ratio of 10.47 (Pre-IPO) and 14.56 (Post-IPO). The average P/E for the industry is 18. The IPO price is fair when compared to the Pre-IPO P/E of 10.47. Investors should consider the post-IPO P/E of 14.56 and the high Debt to Equity ratio of 1.07 (FY25). The comment on valuation will be available soon after all data is available.
IPO Objective
The company will use the offer proceeds to meet stated objectives:
- Prepayment or repayment of certain outstanding borrowings (₹8.90 Cr.) to reduce interest costs.
- General corporate purposes (–) for business development, marketing, and other operational needs.
Promoters & Lead Manager
- Amol Laxmikant Mujumdar and Swapan Premprakash Khandelwal are the company promoters. Their pre-issue shareholding is 79.70%.
- Cumulative Capital Pvt.Ltd is the Lead Manager for the issue. Investors should check their past performance in managing SME IPOs.
Peer Comparison
Below is the comparison of the company with its listed peers using data from March 31, 2025.
| Name of Company | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) |
|---|---|---|---|---|
| Goldline Pharmaceutical Ltd. | 4.11 | 4.11 | – | 10.47 |
| Mono Pharmacare Ltd. | 1.75 | 1.75 | 17.66 | 12.57 |
| Chandra Bhagat Pharma Ltd. | 1.14 | 1.14 | 39.72 | 37.73 |
Financial data sourced from annual reports and stock exchange data, using restated financial statements for 2024-25. NAV per share (closing net worth divided by weighted average number of paid-up equity shares) and RoNW (net profit after tax divided by closing net worth).
IPO Review & Analyst Rating
Updated Review will be available soon. Still, no major analyst rated this.
| Analyst Name | Recommendation |
|---|---|
| – | – |
| – | – |
| – | – |
Disclaimer: The information on the site is informational only. The contents of this blog are not financial advice. You should not invest in any stock market instrument without consulting your Financial advisor.
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