Which company's IPO is this?
This IPO is of Goldline Pharmaceutical Ltd. The issue is scheduled to open on Tuesday, 12 May 2026 and closes on Thursday, 14 May 2026.
After the IPO process is completed, the shares are proposed to be listed on BSE.
IPO Details
SMEListed
Open:Tue, 12 May 2026
Close:Thu, 14 May 2026
Lot Size:3000 Shares
Price Band:₹ 41 - ₹ 43
Listing:BSE
Fresh Issue:11.61 Cr
OFS:-
Total IPO Size:11.61 Cr
QIB : 49.65%
Retail : 35.13%
Total HNI : 15.22%
IPO Timeline
| Event | Date |
|---|---|
| Open Date | 12-05-2026 , Tuesday |
| Close Date | 14-05-2026 , Thursday |
| Tentative Allotment | 15-05-2026 , Friday |
| Tentative Listing Date | 19-05-2026 , Tuesday |
| Retail Appl. Cut Off Time | 14-05-2026 , Thursday 05:00 PM |
| Non Retail Appl. Cut Off Time | 14-05-2026 , Thursday 04:00 PM |
| Anchor Allotment | 11-05-2026 , Monday |
| Initiation Of Refund | 18-05-2026 , Monday |
| Credit Of Share To Demat | 18-05-2026 , Monday |
Company Business Overview
Company Overview of Goldline Pharmaceutical Limited
Goldline Pharmaceutical Limited is engaged in the business of marketing pharmaceutical products under the “Goldline” brand. The company follows an asset-light model where products are manufactured by third-party manufacturers, while Goldline focuses on market research, product selection, branding, packaging, sales, distribution and compliance monitoring.
What Does Goldline Pharmaceutical Limited Do?
Goldline Pharmaceutical Limited markets pharmaceutical products under its own “Goldline” brand. The company does not manufacture these products directly. Instead, it enters into contractual arrangements with third-party manufacturers who manufacture the products based on Goldline’s demand analysis, market research, specifications and quality requirements.
The company primarily sells products through distributors, who further supply to wholesalers and retailers. It also provides material supply and procurement support to hospitals and healthcare partners.
In simple words, Goldline is a pharma marketing and distribution company. It does not own manufacturing facilities, but it builds
pharma brands, gets products manufactured from third parties and sells mainly through distributors and wholesalers.
Business Model
Goldline follows an asset-light pharmaceutical marketing model. The company identifies high-demand pharmaceutical products, coordinates with contract manufacturers, manages branding and packaging, and sells products through its distribution network.
🔄 Key Business Process
- Market research and product selection
- Contract manufacturing management
- Branding and packaging
- Logistics and supply chain management
- Distributor and customer relationship management
- Sales and marketing
- Compliance and regulatory affairs
- Performance monitoring and business growth
📌 IPORupee View
This is not a capital-heavy pharma manufacturing business. The company’s strength depends on product selection, distributor relationships, brand recall, supply chain efficiency and quality control through third-party manufacturers.
Asset-light pharma models can scale faster because they do not require heavy investment in manufacturing plants.
However, quality control, regulatory compliance and manufacturer dependency become very important.
Revenue Segments
Goldline earns revenue mainly from marketing pharmaceutical products and material supply & procurement support.
| Particulars | Dec 31, 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue from Marketing Pharmaceutical Products | ₹1,893.47 lakh | ₹2,502.94 lakh | ₹2,207.20 lakh | ₹1,984.84 lakh |
| Revenue from Material Supply & Procurement Support | ₹247.16 lakh | ₹302.63 lakh | ₹149.41 lakh | - |
| Total Revenue from Operations | ₹2,140.63 lakh | ₹2,805.57 lakh | ₹2,356.60 lakh | ₹1,984.84 lakh |
IPORupee View: Marketing pharmaceutical products remain the core business. Material supply and procurement support has become
an additional revenue stream from FY2024 onward, but the company is still mainly dependent on pharma product marketing.
Product Portfolio
Goldline’s product portfolio is organized into five distinct divisions: Goldline Pharma, Goldline Cardinal, Goldline Aayushman, Goldline InLife and Goldline Wellness.
💊 Goldline Pharma
Includes 42 products catering to Physicians, Orthopedics, ENT, Chest Physicians, General and Specialty Surgery, Gastroenterology, Neurology and Urology.
❤️ Goldline Cardinal
Includes 54 products focused on Physicians, Diabetologists, Endocrinologists, Cardiologists and General Physicians. This division caters to cardio-diabetic therapies.
👶 Goldline Aayushman
Includes 18 products catering to Pediatricians, Child Specialists, Neonatologists and General Practitioners. This division focuses on gynaecology and paediatric products.
🏥 Goldline InLife
Includes 22 products serving Intensivists, Critical Care Consultants, Super Specialty Surgeons and Physicians. This division includes injectable and critical care products used in hospital and ICU settings.
🎗️ Goldline Wellness
Includes 10 products focused on supportive and adjunct therapies, including oncology supportive care products aimed at improving treatment tolerance and quality of life.
📌 Investor Meaning
The company has exposure to multiple therapeutic areas such as routine outpatient prescriptions, chronic care, paediatrics, critical care and oncology supportive care.
Third-Party Manufacturing Model
Goldline’s pharmaceutical products are manufactured by third-party manufacturers. The company currently maintains contractual arrangements with 15 manufacturers and 8 distributors.
✅ Advantages
- Lower manufacturing capex
- Flexible product portfolio
- Ability to launch products based on demand
- Focus on marketing and distribution
- Scalable operating model
⚠️ Risks
- Dependence on third-party manufacturers
- Quality control risk
- Regulatory compliance dependency
- Supply disruption risk
- Possible margin pressure from manufacturers
Investor Check: Pharma is a highly regulated sector. Even if manufacturing is outsourced, product quality, compliance,
recall risk and regulatory issues can affect the company’s brand and business performance.
State-wise Sales Analysis
Goldline has meaningful concentration in a few states, especially Maharashtra and Madhya Pradesh.
| State | Amount as on Dec 31, 2025 | % of Total Revenue |
|---|---|---|
| Maharashtra | ₹949.60 lakh | 44.36% |
| Madhya Pradesh | ₹567.56 lakh | 26.51% |
| Odisha | ₹259.53 lakh | 12.12% |
| Jharkhand | ₹168.18 lakh | 7.86% |
| Tamil Nadu | ₹46.23 lakh | 2.16% |
| Rajasthan | ₹34.43 lakh | 1.61% |
| Bihar | ₹29.66 lakh | 1.39% |
| Chhattisgarh | ₹84.69 lakh | 3.96% |
| Uttar Pradesh | ₹0.74 lakh | 0.03% |
| Goa | Nil | Nil |
| Total | ₹2,140.63 lakh | 100.00% |
IPORupee View: Maharashtra and Madhya Pradesh together contributed 70.87% of total revenue as on December 31, 2025.
This shows strong regional concentration and also indicates potential room for expansion in other states.
Wholesaler and Retailer Revenue Mix
| Particulars | Dec 31, 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Wholesaler Revenue Share | 99.80% | 99.99% | 99.56% | 99.52% |
| Retailer Revenue Share | 0.20% | 0.01% | 0.44% | 0.48% |
The company’s revenue is almost entirely wholesaler-led. This can help scale distribution, but also increases dependence on wholesale channel relationships.
Customer Concentration
| Customer Group | Dec 31, 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Top 1 Customer Revenue Contribution | 35.29% | 38.75% | 40.28% | 38.01% |
| Top 3 Customers Revenue Contribution | 64.32% | 60.47% | 66.31% | 61.39% |
| Top 5 Customers Revenue Contribution | 77.26% | 78.36% | 78.94% | 78.53% |
| Top 10 Customers Revenue Contribution | 89.39% | 91.19% | 88.44% | 88.82% |
Investor Check: Customer concentration is high. As on December 31, 2025, the top 10 customers contributed 89.39% of revenue,
and the top 1 customer contributed 35.29%. Any loss or reduction from major customers may affect revenue.
Supplier Concentration
| Supplier Group | Dec 31, 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Top 1 Supplier Purchase Contribution | 52.40% | 37.25% | 16.18% | 17.98% |
| Top 3 Suppliers Purchase Contribution | 70.87% | 60.85% | 39.43% | 51.27% |
| Top 5 Suppliers Purchase Contribution | 78.62% | 76.18% | 57.96% | 72.14% |
| Top 10 Suppliers Purchase Contribution | 90.66% | 93.95% | 88.23% | 93.62% |
Investor Check: Supplier concentration is also high. As on December 31, 2025, the top 1 supplier accounted for 52.40% of purchases.
This creates dependency risk on key manufacturing and supply partners.
Key Financial Performance
| Particulars | Dec 31, 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue from Operations | ₹2,140.63 lakh | ₹2,805.57 lakh | ₹2,356.60 lakh | ₹1,984.84 lakh |
| EBITDA | ₹415.55 lakh | ₹583.01 lakh | ₹430.11 lakh | ₹219.45 lakh |
| EBITDA Margin | 19.41% | 20.78% | 18.25% | 11.06% |
| PAT | ₹222.31 lakh | ₹283.22 lakh | ₹180.40 lakh | ₹25.66 lakh |
| Net Profit Margin | 10.38% | 10.09% | 7.66% | 1.29% |
| ROE | 21.02% | 35.83% | 31.31% | 0.90% |
| Debt-to-Equity Ratio | 1.07x | 1.50x | 2.14x | 3.09x |
| Interest Coverage Ratio | 4.11x | 3.24x | 2.57x | 1.25x |
| ROCE | 24.22% | 38.45% | 32.40% | 19.43% |
| Net Capital Turnover Ratio | 1.57x | 2.42x | 2.53x | 2.54x |
IPORupee View: Profitability has improved sharply from FY2023 to FY2025. EBITDA margin improved from 11.06% in FY2023
to 20.78% in FY2025, while net profit margin improved from 1.29% to 10.09%.
Debt-to-equity ratio improved from 3.09x in FY2023 to 1.50x in FY2025 and further to 1.07x as on December 31, 2025.
Positive Triggers vs Risk Triggers
🟩 Positive Triggers
- Asset-light pharma marketing model
- Diversified product divisions
- Presence in chronic, critical care, paediatric and supportive care segments
- Improving profitability margins
- Improving debt-to-equity ratio
- Experienced promoters with pharma marketing and supply chain background
- Additional revenue stream from material supply and procurement support
🟥 Risk Triggers
- High customer concentration
- High supplier concentration
- Dependence on third-party manufacturers
- Regional revenue concentration in Maharashtra and Madhya Pradesh
- Regulatory and product quality risk
- Wholesaler-led distribution dependency
- Limited direct control over manufacturing
What Retail Investors Should Understand
Goldline Pharmaceutical Limited should be understood as a pharma marketing and distribution company, not a pharma manufacturing company. Its growth depends on product selection, third-party manufacturer relationships, distributor network, brand strength and regulatory compliance.
The company has shown improvement in revenue, margins, PAT, debt-to-equity ratio and interest coverage. However, investors should carefully evaluate customer concentration, supplier concentration and third-party manufacturing dependency before making any IPO decision.
In simple words: Goldline is an asset-light pharma marketing company with improving financial performance, but it has high customer and
supplier concentration risks. Retail investors should track whether the company can diversify customers, suppliers and geographies after listing.
⚠️ Detailed Disclaimer
This content is prepared only for educational and informational purposes for IPORupee users. It is intended to help retail investors understand the business overview of Goldline Pharmaceutical Limited in simple language. This should not be treated as investment advice, stock recommendation, IPO recommendation, research report, buy/sell/hold advice, or any form of financial advisory.
- The information is based on details provided in the company’s RHP/DRHP and related disclosures. Investors should verify all figures, dates, financials, state-wise revenue, customer concentration, supplier concentration, business model details and risk factors from the latest official company documents.
- IPO investing involves market risk, business risk, valuation risk, liquidity risk, regulatory risk and listing risk. Past revenue growth, margin improvement, ROE, ROCE, or improvement in leverage ratios does not guarantee future performance or listing gains.
- Pharmaceutical businesses are exposed to regulatory risks, drug quality risks, product recall risks, pricing pressure, changes in medical regulations, supply chain disruptions, and compliance requirements under applicable drug and healthcare laws.
- Since the company follows a third-party manufacturing model, it depends on external manufacturers for product quality, production timelines, regulatory compliance, manufacturing approvals and supply continuity. Any issue at the manufacturer level may affect the company’s brand and operations.
- The company has high customer concentration and supplier concentration. Any loss of major customers, reduction in orders, delay in payments, disruption with key suppliers or change in commercial terms may materially impact revenue and profitability.
- State-wise revenue concentration should also be evaluated carefully. A large portion of revenue is generated from Maharashtra and Madhya Pradesh, and any adverse change in those markets may affect business performance.
- Wholesaler-led distribution helps scale sales, but also creates dependency on wholesale channel relationships, credit terms and distributor performance.
- Any mention of improving financial performance, margin expansion, reduction in debt-to-equity ratio or improvement in interest coverage should not be considered as a guarantee of future profitability or stock performance.
- Investors should independently analyse valuation, peer comparison, cash flows, working capital, receivables, customer concentration, supplier dependence, regulatory compliance, product portfolio strength and post-IPO execution before making any investment decision.
- GMP, subscription data, listing expectations or market sentiment, if discussed elsewhere, are unofficial or market-driven indicators and should not be the sole basis for applying in an IPO.
- IPORupee does not guarantee allotment, listing gains, returns, price movement, future performance or accuracy of third-party market data. Investors should consult a SEBI-registered investment advisor or qualified financial advisor before making any investment decision.
Subscription Data
IPO Structure
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 49.65 % | 12,72,000 | 5.47 Cr |
Retail | 35.13 % | 9,00,000 | 3.87 Cr |
Total HNI | 15.22 % | 3,90,000 | 1.68 Cr |
SHNI | 5.07 % | 1,32,000 | 0.57 Cr |
BHNI | 10.15 % | 2,58,000 | 1.11 Cr |
Anchor Investors
Goldline Pharmaceutical Ltd allotted 7,32,000 equity shares to anchor investors at ₹43 per share on 11 May 2026 before the IPO opening. The total anchor allocation stood at 3.15 Cr across 2 anchor investors.
The largest anchor investor received 50.00% of the anchor portion. The top five anchor investors together received 7,32,000 shares, representing about 100.00% of the total anchor allocation.
Top 2 Anchor Investors
| Rank | Anchor Investor Name | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|
| 1 | Upsurge Opportunities Fund 1 | 3,66,000 | 50.00 % | 1.57 Cr |
| 2 | Vikasa India EIF I Fund – Share Class P | 3,66,000 | 50.00 % | 1.57 Cr |
The figures are based on the company’s stock exchange anchor allotment intimation. Anchor allocation is only an informational disclosure and does not indicate future listing performance.
Lot Size Details
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 6000 (2) | ₹ 2,58,000 |
Retail MAX | - | 6000 (2) | ₹ 2,58,000 |
SHNI MIN | - | 9000 (3) | ₹ 3,87,000 |
SHNI MAX | - | 21000 (7) | ₹ 9,03,000 |
BHNI MIN | - | 24000 (8) | ₹ 10,32,000 |
Objectives
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | 27,00,000 | 11.61 Cr |
Contact Details
IPO Contact Details
Registered Office
103, F-1, Leela Apartment, Shilpa HSG Society,
Near Saptagiri Nagar, Shanidham, Narendra Nagar,
Nagpur – 440 015, Maharashtra, India.
Corporate Office
103, F-1, Leela Apartment, Shilpa HSG Society,
Near Saptagiri Nagar, Shanidham, Narendra Nagar,
Nagpur – 440 015, Maharashtra, India.
Contact Person
Ruchi Sanket Modi - Company Secretary and Compliance Officer
Telephone
Website
Registrar to Issue Details
Registrar Name
Bigshare Services Private Limited
Contact Person
Ganesh Shinde
Telephone
Website
Lead Managers
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
Cumulative Capital Private Limited | Jigar Bhanushali / Parin Dhanesha | +91 9819662664 / 7016251158 | contact@cumulativecapital.group | www.cumulativecapital.group |