Company lists
The Maharashtra edition · 2026

Biopharma outsourcingcompanies in Maharashtra

CDMO, API makers, CRO, formulations, consulting & services and more: the companies building biopharma outsourcing in Maharashtra, with their founders, funding, team size and business models.

510 company profiles276 with reported revenue20 with recorded fundingSeptember 2026 edition
Maharashtra · Photo: Wikimedia Commons (Creative Commons Attribution-ShareAlike 4.0)

Recent biopharma outsourcing business events in Maharashtra

Funding, M&A, contract wins and launches involving 597 biopharma outsourcing companies in Maharashtra, last 24 months: 37 M&A deals · 6 Contracts · 5 funding rounds · 1 Launch. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: Jun 2026.

M&AAcquisition · Announced

True north acquires Embio

According to reports, True North invested about INR 478 crores to acquire a 25 percent stake in Embio.

Pharmaceuticals
M&AAcquisition · Completed

Sunways acquires Indoco remedies

Indoco Remedies has successfully completed the transfer of its ophthalmic business division to Sunways (India) Private Limited. This strategic move, finalised on May 18, 2026, involves…

Pharmaceuticals
M&AMerger · Announced

EPL acquires Indovida India Private Limited

EPL Limited and Indovida India Private Limited have today signed definitive agreements for a merger. The combined platform will have a valuation of ~$2 billion.

Rigid PET packaging
M&AAcquisition · Rumored

Consortium led by Warburg Pincus and Mubadala acquires Encube ethicals

Separately, a consortium led by Warburg Pincus and Abu Dhabi-based sovereign investor Mubadala is in advanced talks to buy a majority stake in contract manufacturer Encube Ethicals, ET…

Manufacturing
M&AAcquisition · Rumored

Warburg Pincus and Mubadala acquires Encube ethicals

Separately, a consortium led by Warburg Pincus and Abu Dhabi-based sovereign investor Mubadala is in advanced talks to buy a majority stake in contract manufacturer Encube Ethicals

Contract Manufacturing
M&AAcquisition · Announced

Aurobindo pharma acquires Khandelwal laboratories

Aurobindo Pharma, a wholly owned subsidiary of Aurobindo Pharma, at its meeting held on Monday, i.e., January 1, 2026, has approved the acquisition of the non-oncology prescription…

Pharmaceuticals
M&AAcquisition · Completed

Cactus acquires Baker Hughes Company’s Surface Pressure Control business

Cactus, Inc. today announced the completion of the acquisition of a majority interest in Baker Hughes Company’s Surface Pressure Control business.

Oil & Gas Services
M&AAcquisition · Announced

Piramal Pharma acquires Hemmo pharmaceuticals

Piramal Pharma Limited (PPL) has entered into an agreement to acquire a 100% stake in Hemmo Pharmaceuticals Pvt. Ltd., an Indian manufacturer of synthetic peptide APIs (active…

M&AAcquisition · Completed

Auro pharma acquires Khandelwal laboratories

Aurobindo Pharma Ltd said its wholly owned arm, Auro Pharma Ltd, has acquired the branded non-oncology prescription formulations business of Khandelwal Laboratories Private Ltd on a…

Pharmaceuticals
M&AAcquisition · Announced

Nowonomics acquires Centaur

On Wednesday, Dec. 10, it was announced that Swedish fund management company Centaur is selling its Sweden Quality fund to Nowonomics.

Fund management
M&AAcquisition · Completed

Quadria capital acquires Encube ethicals

Quadria Capital bought around 15% in Encube for $100-120 million in June 2021, valuing it close to $1 billion.

Contract drug maker
M&AAcquisition · Rumored

Na acquires Encube ethicals

Global private equity firms Advent International and Warburg Pincus have joined the race for a stake purchase in contract drug maker Encube Ethicals Pvt. Ltd.

Contract drug maker / CDMO
M&AAcquisition · Announced

Intocell acquires Piramal pharma solutions

Piramal Pharma Solutions signed a memorandum of understanding with IntoCell to develop ADCs.

M&AAcquisition · Announced

Piramal pharma solutions acquires Intocell

Piramal Pharma Solutions signed a memorandum of understanding with IntoCell to develop ADCs.

Biotechnology / ADC development
M&AMerger · Completed

Piramal enterprises acquires Piramal finance

The NCLT has approved the merger of Piramal Enterprises Limited (PEL) with its wholly-owned subsidiary, Piramal Finance Limited (PFL) on September 10, 2025, said Piramal Finance in a…

Financial Services
M&AMerger · Completed

Piramal finance acquires Piramal enterprises

The National Company Law Tribunal had approved the merger of Piramal Enterprises with its wholly-owned subsidiary on 10 September 2025.

Non-Banking Finance Company
M&AAcquisition · Announced

Novo holdings acquires Schott poonawalla

Novo Holdings has been ramping up its India focus with a recent co-investment it made with TPG Capital wherein they both acquired a 35% stake in pharmaceutical packaging company Schott…

Pharmaceutical packaging
M&AMerger · Announced

Catx acquires Cactus

CatX, the digital catastrophe and parametric risk exchange company, has merged with fellow Bermuda-based risk software company Cactus and launched the Cactus Risk Studio to enable…

Insurance technology
M&AAcquisition · Announced

TPG Growth Fund VI acquires Schott poonawalla

The fund has so far made only one investment-a 35% stake in specialised vaccine packaging maker Schott Poonawalla.

Vaccine packaging
FundingConvertible Debenture

Piramal enterprises

Piramal Enterprises on Thursday said it has completed a fundraising of Rs 1,750 crore through preferential allotment of compulsory convertible debentures (CCDs) to Canadian institutional…

Investors Caisse de dépôt et placement du Québec (CDPQ)
M&AAcquisition · Completed

Carlyle acquires Piramal Pharma

Piramal Enterprises-arm Piramal Pharma has completed sale of 20 per cent stake in the company for Rs 3,523.40 crore to US-based global investment firm Carlyle Group Inc.

Pharmaceutical
Contract

Na · client: Blue jet healthcare

BLUE JET HEALTHCARE: Acquires 102.48 acres in AP for ₹1,000 Cr greenfield facility; Phase 1 to be commissioned by FY28–29.

FundingRights Issue

Astec lifesciences

The board of Astec LifeSciences Ltd has approved a rights issue of equity shares aggregating up to ₹249.35 crore, at an offer price of ₹890 per share.

Investors Na
Life Sciences
M&AAcquisition · Announced

Group Pharmaceuticals acquires bonyf NV

Group Pharmaceuticals has acquired a total of 13.5% of bonyf’s shares, marking a strong commitment to a long‑term strategic partnership.

Oral Health
ContractSupply

Navin fluorine international · client: The chemours company

Navin Fluorine International said that it has entered into a strategic agreement with The Chemours Company to manufacture and establish initial capacity of Opteon two-phase immersion…

M&AAcquisition · Announced

Tpg growth acquires Schott poonawalla

Private equity firm TPG has entered into a binding agreement to acquire 35 per cent stake in Schott Poonawalla from Serum Institute of India (SII), said Schott Pharma, a pharma delivery…

Pharma Delivery Solutions
M&AAcquisition · Announced

Tpg acquires Schott poonawalla

TPG, a leading global alternative asset management firm will acquire 35% stake in SCHOTT Poonawalla from Serum Institute of India (SII) SII will retain a minority stake in the company,…

Pharmaceutical
M&AAcquisition · Announced

Bajaj healthcare acquires Genrx pharmaceuticals private limited

Mumbai: Bajaj Healthcare Limited has announced the successful acquisition of Genrx Pharmaceuticals Private Limited (in Liquidation) as a going concern, as per the Sale Certificate dated…

Pharmaceuticals
M&AMerger · Announced

Kopran acquires Kopran

The Board of Kopran Limited, based on the recommendation of the Audit Committee and the Committee of Independent Directors in their meetings held on March 20, 2025, has approved the…

Biopharma outsourcing companies in Maharashtra, by revenue

Browse biopharma outsourcing companies in Maharashtra by reported revenue, one-year revenue growth, revenue model, age and stage. The 50 companies below are the largest by their most recent reported revenue among 276 biopharma outsourcing companies in Maharashtra that have filed a figure in the last four years. Every figure keeps its own reporting period, so compare periods before comparing amounts.

Showing 25 of 50

Multinational conglomerate with diverse interests in Pharma, Financial Services and Real Estate

Biopharma outsourcing
₹9,086.74 crFY 2022-23
Not reported
100-54% vs previous recordrecorded
42 yr1984
—No postings tracked

Contract manufacturer of pharmaceutical products

Biopharma outsourcing
₹9,285.99 crFY 2024-25
+11%2024–2025
1,017+29% 12 mo to Sep 2024recorded Sep 2024
38 yr1988
0none in 3 months · last posted Apr 2026

Provider of clinical research, regenerative medicine, and specialty pharmaceuticals

Traditional pharmaceuticals
₹2,615.30 crFY 2024-25
+15%2024–2025
2,548+132% 12 mo to Mar 2024LinkedIn · Jul 2026
25 yr2001
1postings · last posted Aug 2026

APIs, intermediates and domestic formulations manufacturer

Biopharma outsourcing
₹2,403.39 crFY 2024-25
-5%2024–2025
29LinkedIn · Jul 2026
42 yr1984
0none in 3 months

CRAMS company specialising in the custom chemical synthesis and manufacturing of fluorinated compounds

Biopharma outsourcing
₹2,113.13 crFY 2022-23
Not reported
1,027-6% 12 mo to Jul 2024recorded Jul 2024
59 yr1967
—No postings tracked

Manufacturer of active pharmaceutical ingredients, intermediates, and new chemical entities

Traditional pharmaceuticals
₹1,857.50 crFY 2023-24
-5%2023–2024
1,024+6% 12 mo to Sep 2024LinkedIn · Jul 2026
7 yr2019
1postings · last posted Jul 2026

Provider of APIs manufacturing and formulation services

Biopharma outsourcing
₹1,827.14 crFY 2023-24
Not reported
5,228-12% 12 mo to Sep 2024LinkedIn · Jul 2026
79 yr1947
2postings · last posted Aug 2026

Traditional company offering contract research, custom synthesis & custom manufacturing of APIs and intermediates

Biopharma outsourcing
₹1,864.80 crFY 2024-25
+4%2024–2025
2,580-0% 12 mo to Sep 2024LinkedIn · Jul 2026
38 yr1988
0none in 3 months · last posted Jun 2026

Contract manufacturer of pharmaceutical intermediates and specialty chemicals

Biopharma outsourcing
₹1,499.49 crFY 2023-24
+75%2023–2024
8LinkedIn · Jul 2026
16 yr2010
0none in 3 months

Company offering contract development and manufacturing services for topical semisolid formulations

Biopharma outsourcing
₹1,369.00 crFY 2024-25
+25%2024–2025
1,100+14% 12 mo to Sep 2024LinkedIn · Jul 2026
28 yr1998
0none in 3 months · last posted May 2026

Provider of packaging products for the pharmaceutical and biotech industries

Biopharma outsourcing
₹1,056.41 crFY 2024-25
Not reported
559-6% 12 mo to Mar 2024LinkedIn · Jul 2026
36 yr1990
1postings · last posted Sep 2026

Provider of science communications and technology solutions

Tech for digital publishers
₹824.67 crFY 2024-25
+7%2024–2025
2,804-28% 12 mo to Jul 2024LinkedIn · Jul 2026
24 yr2002
0none in 3 months

CDMO focused on manufacturing, supplier, and development of intermediates & APIs

Biopharma outsourcing
₹744.94 crFY 2022-23
Not reported
476+14% 12 mo to Aug 2024recorded Aug 2024
57 yr1969
0none in 3 months · last posted Jun 2026

Manufacturer of finished dosage formulations, DC granules, and biosimilar products

Biopharma outsourcing
₹783.06 crFY 2024-25
+131%2024–2025
—Not available
31 yr1995
0none in 3 months

Conglomerate, operating across multiple industries

Biopharma outsourcing
₹672.53 crFY 2021-22
Not reported
856+2% 12 mo to Sep 2024recorded Sep 2024
94 yr1932
—No postings tracked

CDMO focused on manufacturing API for biopharma industry

Biopharma outsourcing
₹671.02 crFY 2021-22
+101%2021–2022
—Not available
19 yr2007
0none in 3 months

Manufacturer of active pharmaceutical ingredients and finished dosage formulations for healthcare

Traditional pharmaceuticals
₹706.30 crFY 2024-25
+22%2024–2025
429+11% 12 mo to Sep 2024recorded Sep 2024
18 yr2008
0none in 3 months

Manufactures APIs, bulk drugs and formulations

Biopharma outsourcing
₹659.10 crFY 2023-24
Not reported
163+1% 12 mo to Sep 2024LinkedIn · Jul 2026
66 yr1960
0none in 3 months

Pharmaceutical Company manufacturing a range of products

Biopharma outsourcing
₹633.59 crFY 2024-25
+1%2024–2025
350-16% 12 mo to Oct 2023recorded Oct 2023
29 yr1997
0none in 3 months

Manufacturer of anti-diabetic drugs

Biopharma outsourcing
₹603.01 crFY 2024-25
+4%2024–2025
1,171+4% 12 mo to Mar 2024recorded Mar 2024
36 yr1990
0none in 3 months

Manufacturer of API and generic drugs

Biopharma outsourcing
₹556.64 crFY 2024-25
+4%2024–2025
375recorded
45 yr1981
1postings · last posted Aug 2026

Manufacturer of affordable, high-quality pharmaceutical products

Biopharma outsourcing
₹508.50 crFY 2024-25
Not reported
654+26% 12 mo to Sep 2024recorded Sep 2024
41 yr1985
3postings · last posted Jul 2026

API's and Bulk Drugs manufacturer

Biopharma outsourcing
₹483.76 crFY 2024-25
+20%2024–2025
30+8% 12 mo to Sep 2024LinkedIn · Jul 2026
33 yr1993
0none in 3 months

Manufacturer of pharmaceutical formulations including tablets, capsules, ointments, creams, and gels

Traditional pharmaceuticals
₹448.72 crFY 2024-25
+19%2024–2025
1,274-11% 12 mo to Jul 2024recorded Jul 2024
46 yr1980
0none in 3 months

CDMO focused on manufacturing API and excipients

Biopharma outsourcing
₹419.19 crFY 2024-25
+8%2024–2025
91LinkedIn · Jul 2026
36 yr1990
0none in 3 months · last posted Mar 2026
50 of 510 companies shown here · the full list is on Radar
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Explore all 510 biopharma outsourcing companies in Maharashtra on Radar

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Explore biopharma outsourcing companies in Maharashtra by what you are looking for

Find pharma outsourcing companies in Maharashtra, from CDMOs and API makers to clinical research organisations. Browse biopharma companies near you, biopharma outsourcing startups and listed pharma names.

8 ways to explore biopharma outsourcing in Maharashtra

CDMO & contract manufacturing companiesAPI & pharmaceutical ingredient manufacturersClinical research (CRO) & drug development companiesPharmaceutical formulation & generics companiesPharma consulting & support servicesBiopharma outsourcing startups in Maharashtra

CDMO & contract manufacturing companies

Contract development and manufacturing partners for small molecules, peptides and formulations.

  1. Piramal Group

    Multinational conglomerate with diverse interests in Pharma, Financial Services and Real Estate

    Biopharma outsourcing
    See in list
  2. Aarti Drugs

    APIs, intermediates and domestic formulations manufacturer

    Biopharma outsourcing
    See in list
  3. Indoco Remedies

    Provider of APIs manufacturing and formulation services

    Biopharma outsourcing
    See in list
  4. Hikal

    Traditional company offering contract research, custom synthesis & custom manufacturing of APIs and intermediates

    Biopharma outsourcing
    See in list
  5. Medec Medicare

    Contract manufacturer of pharmaceutical intermediates and specialty chemicals

    Biopharma outsourcing
    See in list

API & pharmaceutical ingredient manufacturers

Manufacturers of active pharmaceutical ingredients, intermediates and excipients.

  1. Aarti Pharmalabs

    Manufacturer of active pharmaceutical ingredients, intermediates, and new chemical entities

    Traditional pharmaceuticals
    See in list
  2. Blue Jet Healthcare

    CDMO focused on manufacturing, supplier, and development of intermediates & APIs

    Biopharma outsourcing
    See in list
  3. Supriya Lifescience

    Manufacturer of active pharmaceutical ingredients and finished dosage formulations for healthcare

    Traditional pharmaceuticals
    See in list
  4. Flamingo Pharmaceuticals

    Manufacturer of affordable, high-quality pharmaceutical products

    Biopharma outsourcing
    See in list
  5. Valiant

    Manufacturer of active pharmaceutical ingredients used in various therapeutic applications

    Traditional pharmaceuticals
    See in list

Clinical research (CRO) & drug development companies

Contract research organisations for clinical development, drug discovery and preclinical studies.

  1. Reliance Life Sciences

    Provider of clinical research, regenerative medicine, and specialty pharmaceuticals

    Traditional pharmaceuticals
    See in list
  2. NFIL

    CRAMS company specialising in the custom chemical synthesis and manufacturing of fluorinated compounds

    Biopharma outsourcing
    See in list
  3. Raptim Research

    Full-service CRO

    Biopharma outsourcing
    Website
  4. Sitec Labs

    CRO offering bioequivalence and bioanalytical services

    Biopharma outsourcing
    Website
  5. Indus Biotech

    Specialty company developing products for autoimmune, CNS, Infectious and lifestyle diseases

    Diversified pharmaceuticals
    Website

Pharmaceutical formulation & generics companies

Makers of finished dosage forms, generics, injectables and branded formulations.

  1. Encube Ethicals

    Company offering contract development and manufacturing services for topical semisolid formulations

    Biopharma outsourcing
    See in list
  2. Centaur

    Developer and manufacturer of branded formulations as well as APIs

    Biopharma outsourcing
    Website
  3. PRIME PHARMACEUTICALS

    Manufacturer of finished dosage formulations, DC granules, and biosimilar products

    Biopharma outsourcing
    See in list
  4. Zim Labs

    Development services provider for solid and semisolid dosage forms

    Biopharma outsourcing
    See in list
  5. Samrudh Pharma

    Contract manufacturing organization engaged in manufacturing injectables

    Biopharma outsourcing
    Website

Pharma consulting & support services

Consulting, logistics, marketing and market access services for pharma companies.

  1. Amtrax Labortaries

    Provider of marketing services for pharmaceutical sector

    Biopharma outsourcing
    Website
  2. Spectrum Pharmatech Consultants

    Provider of diversified consulting services for biopharma sector

    Biopharma outsourcing
    Website
  3. Synergen Bio

    Provider of consulting services to biopharma

    Biopharma outsourcing
    Website
  4. Ignexto Biotex

    Provider of home healthcare supplies, revenue growth, and compliance services

    Services for healthcare providers
    Website
  5. Techizer

    Provider of marketing software for pharmacies

    Biopharma outsourcing
    Website

Biopharma outsourcing startups in Maharashtra

Recently founded pharma outsourcing and biotech startups in Maharashtra.

  1. Gangwal Healthcare

    Manufacturer of pharmaceutical and nutraceutical products including active ingredients, pellets, and transdermal patches

    Biopharma outsourcing
    Website
  2. Audentes Labs

    Provider of comprehensive quality management and product testing solutions

    Biopharma outsourcing
    Website
  3. Innvocept Global Solutions

    Provider of pharmaceutical market research analytical services

    Biopharma outsourcing
    Website
  4. Inmarob India

    Manufacturer of APIs, finished formulations, and pharmaceutical machinery

    Biopharma outsourcing
    Website
  5. SCITESLA

    Provider of preclinical health and environmental safety evaluation services for industries

    Chemicals research and training services
    Website
42 companies in Maharashtra

Biopharma outsourcing companies hiring in Maharashtra

Pharma outsourcing companies in Maharashtra with open jobs right now.

  1. Piramal Pharma Solutions

    Contract manufacturer of pharmaceutical products

    Biopharma outsourcing
    See in list
  2. Reliance Life Sciences

    Provider of clinical research, regenerative medicine, and specialty pharmaceuticals

    Traditional pharmaceuticals
    See in list
  3. Aarti Pharmalabs

    Manufacturer of active pharmaceutical ingredients, intermediates, and new chemical entities

    Traditional pharmaceuticals
    See in list
  4. Indoco Remedies

    Provider of APIs manufacturing and formulation services

    Biopharma outsourcing
    See in list
  5. Hikal

    Traditional company offering contract research, custom synthesis & custom manufacturing of APIs and intermediates

    Biopharma outsourcing
    See in list
18 companies in Maharashtra

Listed biopharma outsourcing companies in Maharashtra

Publicly listed pharma and outsourcing companies based in Maharashtra.

  1. Piramal Group

    Multinational conglomerate with diverse interests in Pharma, Financial Services and Real Estate

    Biopharma outsourcing
    See in list
  2. Aarti Drugs

    APIs, intermediates and domestic formulations manufacturer

    Biopharma outsourcing
    See in list
  3. NFIL

    CRAMS company specialising in the custom chemical synthesis and manufacturing of fluorinated compounds

    Biopharma outsourcing
    See in list
  4. Indoco Remedies

    Provider of APIs manufacturing and formulation services

    Biopharma outsourcing
    See in list
  5. Hikal

    Traditional company offering contract research, custom synthesis & custom manufacturing of APIs and intermediates

    Biopharma outsourcing
    See in list
20 companies in Maharashtra
Mobile reach

Top 10 biopharma outsourcing apps from Maharashtra

The most-installed Android apps published by biopharma outsourcing companies headquartered in Maharashtra — 86K installs between them. 13 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
2

Spedo Plus

by Techizer

Installs19K
Rating—
Last updatedSep 2024
View on Google Play ↗
Spedo Plus screenshot 1Spedo Plus screenshot 2Spedo Plus screenshot 3
3

CACTUS CRM

by CACTUS

Installs10K
Rating—
Last updatedMar 2026
View on Google Play ↗
CACTUS CRM screenshot 1CACTUS CRM screenshot 2
The business behind the activity

Biopharma outsourcing financials in Maharashtra

Revenue, profit and growth from the filed annual accounts of 264 biopharma outsourcing companies in Maharashtra for FY24-25 — 307 of the 510 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 35% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹39,498.84 cr

264 companies filing accounts

combined net profit₹3,469.14 cr

8.8% aggregate margin

are profitable83%

218 of 264 companies

median revenue~₹28.9 cr

the typical company

median revenue growth+10%

into FY24-25

earned by the top five35%

revenue concentration

Six-year view

Combined revenue of filing companies

₹21,425.18 crFY19-20261 filers
₹24,200.12 crFY20-21264 filers
₹34,097.60 crFY21-22266 filers
₹37,564.59 crFY22-23273 filers
₹39,656.83 crFY23-24273 filers
₹39,498.84 crFY24-25264 filers

The number of companies filing changes each year; the three-year cohort below compares like with like.

Like-for-like

The same 248 companies over three years

+15%
FY22-23₹34,097.43 cr₹2,826.51 cr net
FY23-24₹35,835.82 cr₹322.19 cr net
FY24-25₹39,095.47 cr₹3,473.47 cr net

Companies with accounts for all three years, so growth is not an artefact of who filed.

Scale and profit

Bigger companies are far more often profitable

Under ₹1 cr2665% profitable
₹1–10 cr5377% profitable
₹10–100 cr11687% profitable
₹100–1,000 cr5985% profitable
Over ₹1,000 cr1090% profitable

Companies by FY24-25 revenue. Bars show how many companies sit in each band.

Momentum

How fast revenue moved into FY24-25

Shrinking79
0–20%87
20–50%54
50–100%22
Doubled+14

256 companies with accounts for both years; median growth +10%.

Profitability

Profit is concentrated at the top

218profitable
46loss-making
8.8%aggregate margin
4.2%median margin

The aggregate margin is pulled up by a few large filers; the median shows the typical company.

Growth leaders · ₹10 cr+ revenue

Fastest growing, FY24-25

CompanyGrowthRevenue
Pranada BiopharmaPRANADA BIOPHARMA PRIVATE LIMITED+419%₹57.69 cr
DBDS RoboticsDBDS ROBOTICS PRIVATE LIMITED
exSell LaboratoriesEXSELL LABORATORIES PRIVATE LIMITED+328%
SKP IndiaSKP GLOBAL MEDICINES PRIVATE LIMITED₹44.07 cr
Epygen BiotechEPYGEN BIOTECH PRIVATE LIMITED+138%₹23.61 cr
Spectrum Clinical ResearchSPECTRUM CLINICAL RESEARCH PRIVATE LIMITED+134%₹17.57 cr
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
Pranada BiopharmaPRANADA BIOPHARMA PRIVATE LIMITED52.2%₹57.69 cr
Shantani Proteome AnalyticsSHANTANI PROTEOME ANALYTICS PRIVATE LIMITED₹11.19 cr
Epygen BiotechEPYGEN BIOTECH PRIVATE LIMITED₹23.61 cr
AgrosurgAGROSURG IRRADIATORS (INDIA)) PRIVATE LIMITED29.3%₹21.32 cr
TechinventionTECHINVENTION LIFECARE LIMITED29.3%
Blue Jet HealthcareBlue Jet Healthcare Limited28.4%₹1,076.24 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Biopharma outsourcing237₹34,604.50 cr~₹28.6 cr83%7.8%
Traditional pharmaceuticals12₹4,054.97 cr~₹40.0 cr100%18.1%
Leaders

Largest biopharma outsourcing companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
Piramal Pharma SolutionsPIRAMAL PHARMA LIMITED₹5,493.06 cr₹691.40 cr12.6%+20%
Reliance Life SciencesRELIANCE LIFE SCIENCES PRIVATE LIMITED₹2,499.19 cr₹475.94 cr19.0%+10%
Aarti DrugsAARTI DRUGS LIMITED₹2,187.23 cr₹157.31 cr7.2%-4%
HikalHIKAL LIMITED₹1,864.80 cr₹90.90 cr4.9%+4%
NFILNAVIN FLUORINE INTERNATIONAL LIMITED₹1,742.35 cr₹241.93 cr13.9%+17%
Indoco RemediesINDOCO REMEDIES LIMITED₹1,536.67 cr−₹8.73 cr-0.6%-15%
Encube EthicalsENCUBE ETHICALS PRIVATE LIMITED₹1,333.80 cr₹290.00 cr21.7%+27%
Blue Jet HealthcareBlue Jet Healthcare Limited₹1,076.24 cr₹305.20 cr28.4%+45%
CentaurCENTAUR PHARMACEUTICALS PRIVATE LIMITED₹1,060.17 cr₹189.99 cr+22%
SCHOTT PoonawallaSCHOTT POONAWALLA PRIVATE LIMITED₹1,056.41 cr₹221.80 cr21.0%+12%
Some figures are available to Radar members.Log in to Radar to see every figure

Standalone annual accounts filed with the Ministry of Corporate Affairs. Brands that share one legal entity are shown together and counted once.

For investors and data teams

Put this intelligence into your own tools

The figures on this page come from Fliar’s company, funding and MCA filings data. Use it through the Investor Intelligence API and MCA financials feeds, or explore every company, filing and investor in Radar.

Capital & corporate activity

Biopharma outsourcing funding and M&A across India

193 recorded equity rounds have gone to 2,490 biopharma outsourcing companies in India — how much, at which stage, into which sub-sectors, from whom, and how Maharashtra compares. Debt, IPO and grant rounds are excluded.

equity rounds, last 12 months2

US$270.00m

equity rounds, last 24 months8

US$425.09m

raised over five yearsUS$1.28bn

51 rounds in India

M&A deals, Maharashtra37

last 24 months

Capital by year

Equity funding into biopharma outsourcing in India

amount rounds
$84m201811
$134m20199
$62m202011
$435m202116
$315m202214
$90m20238
$19m20246
$155m20256
$270m20261

Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2021, with US$435.16m across 16 rounds.

The funding ladder · five years

Rounds and typical cheque by stage

AngelUS$119.62m12 rounds · median US$500k
SeedUS$14.38m11 rounds · median US$1.29m
Series AUS$80.53m9 rounds · median US$4.40m
Series BUS$106.78m7 rounds · median US$16.27m
Series CUS$255.00m3 rounds · median US$80.00m
Series D+US$284.18m2 rounds · median US$142.09m
Private equityUS$423.40m7 rounds · median US$68.00m
Where the money went · five years

Most-funded sub-sectors

Biopharma outsourcingUS$982.10m45 rounds · 35 companies
Traditional pharmaceuticalsUS$271.81m2 rounds · 2 companies
Contract manufacturersUS$29.48m2 rounds · 2 companies
Medical research labsUS$500k1 rounds · 1 companies
Food safety testingUS$0k1 rounds · 1 companies
Corporate activity · last 24 months

M&A in Maharashtra

32Acquisition
5Merger

Most active acquirers

  1. Cactus3
  2. Piramal Pharma3
  3. TPG Growth Fund VI2
  4. Tpg growth2
  5. Tpg2

Most acquired or merged

  1. Schott poonawalla7
  2. Encube ethicals4
  3. Khandelwal laboratories2
  4. Hemmo pharmaceuticals2
  5. Embio1

Each deal appears in the events strip at the top of the page.

Biopharma outsourcing funding in Maharashtra

20 biopharma outsourcing companies in Maharashtra have recorded equity funding, US$237.31m in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in Maharashtra

Meet the people behind biopharma outsourcing companies in Maharashtra. 191 of 510 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore Maharashtra biopharma outsourcing companies by sub-sector

The most common specialisations among biopharma outsourcing companies in Maharashtra. Open a company to see what it sells, who runs it and how far it has come.

Keep exploring biopharma outsourcing in India and nearby markets.

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