India Pharma Outlook Team | Saturday, 13 September 2025
Cotec Healthcare, one of the most successful contract development and manufacturing organizations (CDMO), in India has petitioned its Draft Red Herring Prospectus with an intention to raise up to 750 crores of funds by way of Fresh Issue plus an Offer of 60 lakh 500/- shares of equity.
The F&S report states that Cotec is the second-largest Indian CDMO in number of dosage forms with expertise in 24 types of formulations.
The company focuses on the formulation development, license of loans, as well as commercial manufacturing of off-patent products such as complex generics in higher delivery forms such as sustained release and modified release.
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Its wide range of divisions include injectables, tablets, capsules, ointments, eye drops, vials, ampoules, syrups and infusions. Cotec has become one of the most rapidly developing companies in the CDMO market, with a predicted revenue CAGR of 52.72% within FY23-25.
This move to focus on high-value customers and complex products increased profitability and EBITDA saw a CAGR of 81.79% and after-tax profit stands at 99.36. Cotec generated revenue of 192.2 crore and had the largest RoCE of 36.43 and ROE of 33.91 as compared to peers in FY25.
The firm already has a capacity plant in Roorkee, Uttarakhand of 4,051 million units capacity and is to have a massive expansion of a 12,007 million-unit capacity plant. This project consisting of oncology, penicillin and sterile production facilities will be financed through proceeds of the Fresh Issue. Pantomath capital advisors is the only BRLM and the shares will be listed on both NSE and BSE.
