Encube Ethicals Limited

rhp filed

Source: SEBI

Issue price

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Issue size

₹3,000 Cr

Fresh issue

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Offer for sale

₹3,000 Cr

What the company does

Business model: Global pharmaceutical formulations platform specializing in complex topical and transdermal dosage forms.
Revenue drivers: Global Generics, Global CDMO, and India Branded Formulations.
products: Topical and transdermal dosage forms.
Customers & concentration: Top 10 customers contributed 59.74% of total revenue in Fiscal 2026.
geography: 50 countries including the US, UK, Europe, and India.
Industry structure: Pharmaceutical sector with a focus on topical drugs.
Competitive position: Third largest player in the US topical generics market with a market share of 12.18%.
Stated strengths: Strong compliance track record with zero OAI classifications and product recalls.
Stated strategy

KPI	Value	Period	Pages
Revenue from operations	18,487 million	Fiscal 2026	—
Revenue from Global Generics	8,617 million	Fiscal 2026	—
Revenue from Global CDMO	7,828 million	Fiscal 2026	—
Revenue from India Branded Formulations	1,658 million	Fiscal 2026	—
CAGR (Fiscals 2024 to 2026)	30.48%	Fiscal 2026	—
Clobetasol ointment 0.05% volume share	57.38%	Fiscal 2026	—