Curis Lifesciences Limited is a pharmaceutical manufacturer engaged in producing a wide range of tablets, capsules, oral liquids, ointments, sterile ophthalmic ointments, and external preparations. The company operates under three verticals — Loan License Manufacturing, Contract Manufacturing, and Direct Exports, catering to both domestic and international markets across over 35 countries, including the UK, Kenya, Nigeria, and Vietnam.

Its key clients include domestic suppliers and merchant exporters who distribute the company’s products to global markets. The manufacturing facility is strategically located at Sanand GIDC-II Industrial Estate, Ahmedabad (Gujarat), accredited by WHO-GMP, and approved by regulatory authorities such as NAFDAC (Nigeria), MOH-PPB (Kenya), and FDA (Philippines). The unit has a robust installed capacity of 138 crore tablets, 15.75 crore capsules, 10.8 lakh litres of syrups, and 270 tonnes of external preparations annually.

The company has a diversified product portfolio of 943 approved products (745 under Form G25/2225 and 198 under Form G28/1632). These products support clients’ entire product life cycles through development, formulation, and production, enabling faster market launches. Its order book execution is driven by domestic and export demand from pharma marketing companies and merchant exporters across Asia, Africa, and Europe.

Curis Lifesciences is expanding through capacity enhancement and product registration in new international markets. The company has secured multiple overseas regulatory approvals and aims to enhance exports by entering new therapeutic segments. Future CAPEX plans focus on modernising production lines, expanding sterile capabilities, and increasing automation to meet global demand efficiently.

As of FY25, the company employs over 250 people. Its exports cover Asia, Africa, and Europe, while the banker to the issue is ICICI Bank Limited.

Management and Vision

The management team of Curis Lifesciences, led by Mr. Dharmesh Patel (Managing Director) and Mr. Jaimik M. Patel (Whole Time Director), brings deep expertise in pharma manufacturing, quality control, and regulatory operations. Their vision focuses on enhancing global presence, improving product diversification, and achieving sustainable growth through new market registrations.

The near-term target includes expanding direct exports to additional regulated markets and achieving double-digit revenue growth by FY27. Long-term objectives involve strengthening R&D, obtaining approvals from global health authorities, and becoming a recognised global supplier of affordable formulations.

Funds for expansion and working capital will be raised through the IPO proceeds, internal accruals, and debt instruments. The management’s strategic allocation ensures optimum utilisation of capital for scaling operations and meeting export demand efficiently.

Industry Overview

India’s pharmaceutical industry ranks 3rd globally in volume and 14th in value, contributing 20% of global generic drug exports. As per IBEF and McKinsey reports, the Indian pharma market size stood at US$ 50 billion in 2023 and is expected to reach US$ 130 billion by 2030, growing at a CAGR of 11–12%.

Globally, the pharma industry is valued at US$ 1.5 trillion (2024) and projected to reach US$ 2.1 trillion by 2030, with strong demand for generics, biologics, and nutraceuticals. India’s cost-efficient manufacturing ecosystem and favourable policies like PLI and bulk drug parks drive competitiveness.

The domestic market’s growth is fuelled by rising healthcare expenditure, expansion of Jan Aushadhi Kendras, and increasing disease prevalence. With over 10,600 Janaushadhi stores and plans to expand to 25,000 outlets, generic demand continues to grow. Curis Lifesciences operates in this expanding generics and formulation manufacturing segment, well-positioned for both domestic and export-driven growth.

Major Risk Factors

1. Regulatory Compliance Risk: Non-compliance with stringent domestic or international drug regulations (like WHO-GMP or NAFDAC) may lead to product bans or suspension of manufacturing licences.
2. Customer Concentration Risk: A significant portion of revenue depends on a few large marketing clients and merchant exporters, exposing the company to order volatility.
3. Foreign Exchange and Export Risk: With products sold in over 35 countries, exchange rate fluctuations and geopolitical instability could impact export margins.
4. Working Capital Dependency: The business is working-capital intensive; any delay in receivables or credit tightening could impact liquidity and operations.
5. Competition and Pricing Pressure: Intense competition in the generic formulation market may limit pricing power and affect profitability margins.
6. Litigation and Quality Risk: Legal proceedings related to product quality, such as ongoing cases under the Drugs and Cosmetics Act, may affect reputation and operational stability.
7. Dependence on Third-Party Marketing: Since sales rely on third-party marketing companies, any inefficiency in their distribution can reduce product reach.

Key Strengths, Moat and Opportunities

1. Strong Product Portfolio: With 943 registered formulations, Curis offers diverse dosage forms catering to multiple therapeutic areas, reducing dependency on any single product.
2. Accredited Manufacturing Facility: WHO-GMP certification and multiple international approvals enhance the company’s credibility and export potential.
3. Wide Global Reach: The company’s products are exported (directly and through merchant exporters) to 35+ countries, ensuring strong global exposure.
4. Scalable and Flexible Operations: The facility’s installed capacity allows production scaling with rising demand, supporting quick order execution.
5. Experienced Management and Strategic Vision: A leadership team with deep industry experience drives continuous improvement and market expansion.
6. Future Growth Potential: Increasing global demand for affordable generics, expanding healthcare infrastructure, and government incentives offer strong growth opportunities for Curis Lifesciences.