Encube Ethicals Ltd IPO
IPO Timeline
Category-wise Subscription
| Category | Sub (x) | Offered | Bid For | Amt (Cr)* |
|---|---|---|---|---|
| QIB | — | Not more than 50% of the Offer | — | — |
| NII (HNI) | — | Not less than 15% of the Offer | — | — |
| Retail | — | Not less than 35% of the Offer | — | — |
Only available investor categories are shown. Amount is auto-calculated when shares offered and issue price are available.
Issue Details
Minimum Investment (Lot-wise)
Lot size or price band not yet announced.
Financial Statements Amount in ₹ Crore
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue | 1,912 | 1,369 | 1,098 |
| EBITDA | 663 | 452 | 298 |
| Profit After Tax | 437 | 250 | 156 |
| Net Worth | 1,954 | 1,513 | 1,258 |
| Total Assets | 2,792 | 2,300 | 1,872 |
| Reserves & Surplus | 1,915 | 1,495 | 1,243 |
| Total Borrowing | 222 | 231 | 228 |
Valuation & Key Ratios
Grey Market Premium (GMP)
GMP is an unofficial grey market indicator and does not guarantee actual listing price. Invest at your own risk.
Objects of the Issue
- –
Company Overview
Incorporated in September 1995, Encube Ethicals Limited is a global pharmaceutical formulations company specializing in topical and transdermal dosage forms, serving 50 countries, including regulated markets such as the United States, the UK, Europe, and India. The company operates through three integrated business verticals: Global Generics, Global CDMO (Contract Development and Manufacturing Organization), and India Branded Formulations, providing end-to-end capabilities across research & development, formulation development, manufacturing, regulatory compliance, and commercialization. It is one of the fastest-growing players in the US topical generics market and has a strong presence in regulated international markets.
Encube operates large-scale regulatory-approved manufacturing facilities supported by advanced R&D infrastructure, a robust innovation pipeline, and long-standing relationships with leading global pharmaceutical companies. The company also markets branded topical products in India through an established distribution network.
Encube focuses on innovation, quality, regulatory compliance, and customer-centric product development.
As of March 31, 2026, the company had 1,695 permanent employees and 982 factory workers across production, R&D, quality, supply chain, finance, IT, and commercial functions.
Strengths
- Large-scale regulatory-approved manufacturing with a strong compliance record.
- Strong R&D capabilities driving innovation and product pipeline.
- Integrated business model across Global Generics, CDMO, and India Branded Formulations.
- Fast-growing presence in the US topical generics market and strong global customer relationships.
- Experienced leadership team with a proven track record of business growth and transformation.