Anondita Medicare Makes Spectacular Debut with 90% Premium, Exceeding All Market Expectations

Anondita Medicare Limited, the condom manufacturer, made a spectacular debut on NSE SME on September 1, 2025. After closing its IPO bidding between August 22-26, 2025, the company commenced trading with an exceptional 90% premium at ₹275.50, far exceeding all market expectations and reflecting extraordinary investor confidence in the healthcare products sector.

Anondita Medicare Listing Details

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Anondita Medicare Limited IPO launched at ₹145 per share with a minimum investment of 2,000 shares costing ₹2,90,000. The IPO received an overwhelming response with a subscription of 300.89 times - NII leading at 531.82 times, individual investors at 286.20 times, and QIB at 153.03 times, indicating exceptional investor interest across all categories in the healthcare manufacturing business.

First-Day Trading Performance Outlook

• Listing Price: The Anondita Medicare share price opened at ₹275.50 on NSE SME, representing a remarkable premium of 90% from the issue price of ₹145, delivering substantial gains for investors and exceeding all market expectations.

Growth Drivers and Challenges

Growth Drivers:

• Explosive Financial Growth: Revenue surged by 66% to ₹77.13 crore in FY25 with PAT skyrocketing by 327% to ₹16.42 crore, reflecting exceptional demand for healthcare products and operational scalability.
• Outstanding Profitability Metrics: Exceptional PAT margin of 21.32%, robust EBITDA margin of 33.32%, strong ROE of 41.71%, and impressive ROCE of 37.42% indicating superior operational efficiency and market positioning.
• Global Market Presence: Exports products to Southeast Asia, Africa, and the Middle East with collaborations with global health organisations, NGOs, and governments, providing international revenue diversification.
• High Production Capacity: Manufacturing facility producing 562 million condoms annually under the flagship "COBRA" brand with a strong distribution network and government health program partnerships.

Challenges:

• Valuation Sustainability Concerns: Exceptionally high Price to Book Value of 15.07 and post-IPO P/E ratio of 15.98, indicating aggressive pricing requiring sustained exceptional performance.
• Profit Authenticity Questions: Dramatic profit surge from FY24 onwards raises concerns about sustainability and potential financial engineering for favourable IPO pricing.
• Recent Incorporation: The Company was founded in March 2024, indicating a limited operational track record and business maturity for such exceptional valuation metrics.
• High Debt Burden: Debt-to-equity ratio of 0.70 with total borrowings of ₹27.39 crore, creating financial leverage concerns affecting cash flow sustainability.

Utilisation of IPO Proceeds

• Working Capital Requirements: ₹35 crore for funding working capital needs, supporting increased production and business operations in the healthcare manufacturing sector.
• Equipment Purchase: ₹6 crore for capital expenditure toward the purchase of equipment and machinery, enhancing production capabilities and operational efficiency.
• Strategic Initiatives: ₹20.16 crore for unidentified acquisitions and general corporate purposes supporting business expansion and strategic opportunities.

 Financial Performance of Anondita Medicare

• Revenue: ₹77.13 crore for FY25, showing exceptional growth of 66% from ₹46.56 crore in FY24, reflecting explosive demand for healthcare products and successful market penetration.
• Net Profit: ₹16.42 crore in FY25, representing a remarkable growth of 327% from ₹3.84 crore in FY24, indicating extraordinary operational improvements and margin expansion.
• Financial Metrics: Strong ROE of 41.71%, impressive ROCE of 37.42%, debt-to-equity ratio of 0.70, solid RoNW of 41.71%, outstanding PAT margin of 21.32%, robust EBITDA margin of 33.32%, very high Price to Book Value of 15.07, and market capitalisation of ₹262.26 crore.