Company lists
The Maharashtra edition · 2026

Healthcarecompanies in Maharashtra

Pharmaceuticals, hospitals, clinics, distributors, medical devices and more: the companies building healthcare in Maharashtra, with their founders, funding, team size and business models.

3,385 company profiles1,156 with reported revenue101 with recorded fundingSeptember 2026 edition
Maharashtra · Photo: Wikimedia Commons (Creative Commons Attribution-ShareAlike 4.0)

Recent healthcare business events in Maharashtra

Funding, M&A, contract wins and launches involving 4,008 healthcare companies in Maharashtra, last 24 months: 158 M&A deals · 33 Contracts · 20 funding rounds · 4 launches. 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 · Announced

Marksans pharma acquires Qliniq

On June 1, 2026, Marksans Pharma Ltd confirmed the plan for acquisition of 100% of the share capital of QliniQ B.V. for a total consideration of €7,500,000.

Pharmaceutical
M&AAcquisition · Announced

Anupam Rasayan India acquires Bliss gvs pharma

New Delhi, Specialty chemicals maker Anupam Rasayan India has signed an agreement to acquire up to 43.3 per cent stake in pharmaceutical formulations company Bliss GVS Pharma Ltd for an…

Pharmaceutical formulations
M&AAcquisition · Completed

Singularity Equity Fund 1 acquires Hemant Surgical Industries

Ace investor Madhusudan Kela has acquired a 5% stake in Hemant Surgical Industries, with the company allotting 6,49,600 equity shares to Singularity Equity Fund 1 — the fund through…

Medical consumables and surgical products
M&AAcquisition · Announced

Niraj Rajnikant Shah acquires Speciality Medicines

Niraj Rajnikant Shah has signaled strong investor confidence in Speciality Medicines Ltd by planning to acquire 5,47,000 shares, increasing his stake to 6.22% of the company's total…

Pharmaceutical
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&AAcquisition · Announced

Sun pharmaceutical industries acquires Organon

The pharmaceutical sector accounted for the vast majority of the financial commitment, with planned investments exceeding $19.1 billion, led by Sun Pharmaceutical Industries Ltd, which…

Pharmaceutical
Contract

Sun pharma · client: Organon

Sun Pharma To Acquire Organon in USD 11.75 Billion Deal, Marks Biggest Indian Pharma Acquisition Ever.

M&AAcquisition · Completed

Piramal Pharma acquires Kenalog

Piramal Pharma recently completed the Kenalog acquisition

Pharmaceutical
M&AAcquisition · Announced

Organon acquires Sun pharma

US pharmaceutical company Organon is going to buy 100 percent stake in India 's Sun Pharma.

M&AAcquisition · Announced

Rubicon research acquires Arinna lifesciences

Thane-based Rubicon Research Limited has acquired an 85 per cent equity stake in Ahmedabad-based Arinna Lifesciences Limited, marking its entry into India's domestic formulations market,…

Pharmaceutical
FundingSeed

Virchow

Virchow Medical, Inc., manufacturer of the Crow’s Nest® Biopsy Catchment System and operator of the Virchow VaultTM Liquid Specimen Biorepository, today announced it has completed a $4…

Investors Cerberus Ventures, Pathologists and interventional radiologists
Healthcare
M&AAcquisition · Rumored

Warburg pincus acquires Maneesh pharmaceuticals

Warburg Pincus is in advanced discussions to acquire the non-TB formulations business of Mumbai-headquartered Maneesh Pharmaceuticals in a deal valued at around ₹1,600-1,800 crore.

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 · Announced

Aralab & Memmert acquires Newtronic

in partnership with German Memmert, announces the acquisition of 51% of Newtronic, an Indian manufacturer of environmental testing equipment and laboratory solutions with more than 45…

Environmental testing equipment and laboratory solutions
M&AAcquisition · Completed

USV acquires Wellbeing nutrition

pharmaceutical major USV acquired a 79% stake in Wellbeing Nutrition

Nutrition
ContractSupply

Lupin · client: Zydus lifesciences

Shares of Lupin and Zydus Lifesciences rose up to 2% on Tuesday after the pharma firm inked a licensing and supply agreement with the lifesciences company, to expand access to innovative…

M&AAcquisition · Completed

Kedaara capital acquires Sanofi india

The company was formed after acquiring 16 nutraceutical brands from Sanofi India for ₹587 crore.

Pharmaceuticals
M&AAcquisition · Announced

Sanofi acquires Medley

The share of the EMS pharmaceutical market can rise to 31% with the purchase of Medley, Sanofi, said Marcus Sanchez, vice president of the group, on Friday (6).

M&AAcquisition · Announced

Ems group acquires Medley

The purchase of Medley by the EMS Group should keep the pharmaceutical company operating independently within the group structure.

Pharmaceuticals
ContractService

Inox air products · client: TACC Limited

INOXAP entered into a long‑term partnership with TACC Limited (The Advanced Carbons Company) (TACC) to supply Nitrogen through a dedicated onsite Nitrogen plant.

Industrial
ContractSupply

Inox air products · client: Tacc

India-based INOX Air Products (INOXAP) has signed a long-term agreement with energy storage specialist TACC to supply nitrogen to a new lithium-ion battery materials facility in India.

Industrial Gases
M&AAcquisition · Announced

WaveRise Investments, ChrysCapital, and Two Infinity Partners acquires Novartis india

Novartis has agreed to sell its entire 70.68% stake in Novartis India to a private equity consortium for about $159 million, marking its exit from the Indian listed entity as part of a…

Pharmaceuticals
M&AAcquisition · Announced

Consortium of WaveRise Investments, ChrysCapital, Two Infinity Partners acquires Novartis india

The company sold its share of 70.68 percent for about 159 million dollars to a consortium of financial investors, Novartis announced on Friday.

M&AAcquisition · Announced

WaveRise Investments, ChrysCapital Fund X, Two Infinity Partners, ChrysCapital X, LLC, OceanEdge Investments Limited acquires Novartis india

Under the open offer, acquirers have announced acquisition of up to 64,19,608 fully paid-up equity shares of face value of Rs 5 each from public shareholders of Novartis India Limited,…

M&AAcquisition · Announced

WaveRise Investments, ChrysCapital, Two Infinity Partners acquires Novartis india

Novartis announced on Friday that the share would be sold to a consortium of financial investors for about $159 million.

Pharmaceuticals
M&AAcquisition · Announced

consortium of WaveRise Investments, ChrysCapital and Two Infinity Partners acquires Novartis india

Novartis announced on Friday that the share would be sold to a consortium of financial investors for about $159 million.

Pharmaceutical
M&AAcquisition · Announced

Consortium of financial investors acquires Novartis india

The company sold its share of 70.68 percent for about 159 million dollars to a consortium of financial investors, Novartis announced on Friday.

Pharmaceutical
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

Healthcare companies in Maharashtra, by revenue

Browse healthcare 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 1,156 healthcare 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

Developer of scientifically formulated pain relief products

Pharmaceutical product websites
₹54,543.48 crFY 2024-25
+9%2024–2025
—Not available
32 yr1994
0none in 3 months

Specialty generic pharmaceutical company manufactures and sells pharmaceutical formulations and APIs

Traditional pharmaceuticals
₹49,851.04 crFY 2023-24
Not reported
20,810+1% 12 mo to Jul 2024recorded Jul 2024
43 yr1983
61postings · last posted Sep 2026

Company focusing on consumer healthcare products

Traditional nutraceuticals
₹28,409.49 crFY 2024-25
+7%2024–2025
2,258+20% vs previous recordLinkedIn · Jul 2026
11 yr2015
0none in 3 months

Manufacturer of APIs, generic drugs, and formulation development services

Traditional pharmaceuticals
₹26,520.66 crFY 2023-24
Not reported
702-1% 12 mo to Dec 2022recorded Dec 2022
91 yr1935
19postings · last posted Sep 2026

Manufacturer of complex generics, biosimilars, specialty, OTC, and API drugs

Traditional pharmaceuticals
₹16,547.17 crFY 2021-22
Not reported
22,210+2399% vs previous recordLinkedIn · Jul 2026
58 yr1968
45postings · last posted Sep 2026

Chain of pathology laboratory centers

Clinical laboratory chains
₹16,715.02 crFY 2022-23
Not reported
395+53% vs previous recordrecorded
5 yr2021
3postings · last posted Sep 2026

Manufacturer of inhalation anesthesia products

Traditional pharmaceuticals
₹14,713.41 crFY 2021-22
Not reported
341+15% vs previous recordLinkedIn · Jul 2026
32 yr1994
1postings · last posted Aug 2026

Manufacturer and development of pharmaceutical generics, formulations, and nutraceuticals

Traditional pharmaceuticals
₹12,978.42 crFY 2023-24
Not reported
16,426-16% vs previous recordLinkedIn · Jul 2026
53 yr1973
7postings · last posted Sep 2026

R&D company focused on manufacturing generic drugs for multiple therapeutic areas

Diversified pharmaceuticals
₹12,653.09 crFY 2023-24
Not reported
15,526+9% 12 mo to Mar 2024LinkedIn · Jul 2026
49 yr1977
25postings · last posted Sep 2026

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

Developer and manufacturer of pharmaceutical products

Traditional pharmaceuticals
₹8,256.23 crFY 2021-22
Not reported
19,464+8% 12 mo to Feb 2024recorded Feb 2024
40 yr1986
0none in 3 months

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

Manufacturer of APIs and other drug formulations various therapeutic segments

Traditional pharmaceuticals
₹7,829.81 crFY 2023-24
Not reported
14,343-100% 12 mo to Jun 2024LinkedIn · Jul 2026
77 yr1949
2postings · last posted Sep 2026

Developer, manufacturer, and markets a broad range of pharmaceutical products

Traditional pharmaceuticals
₹7,963.26 crFY 2024-25
+19%2024–2025
9,088+6% 12 mo to Jul 2024LinkedIn · Jul 2026
43 yr1983
4postings · last posted Sep 2026

Operator of an integrated healthcare products distribution platform

Pharmaceutical distributors
₹5,135.28 crFY 2024-25
+30%2024–2025
511+10% 12 mo to Sep 2024LinkedIn · Jul 2026
8 yr2018
0none in 3 months · last posted May 2026

Developer of generic drugs

Traditional pharmaceuticals
₹4,545.02 crFY 2022-23
Not reported
9,806+9% 12 mo to Jul 2024recorded Jul 2024
55 yr1971
3postings · last posted Sep 2026

Manufacturer of generic pharmaceuticals, active pharmaceutical Ingredients (APIs) and bio-similars.

Traditional pharmaceuticals
₹4,026.08 crFY 2021-22
Not reported
6,905+16% 12 mo to Jul 2024recorded Jul 2024
65 yr1961
—No postings tracked

Manufacturer of generic pharmaceutical products

Traditional pharmaceuticals
₹4,293.31 crFY 2023-24
Not reported
9,301+1% 12 mo to Mar 2024LinkedIn · Jul 2026
53 yr1973
19postings · last posted Sep 2026

Manufacturer & supplier of solid dosage products and services

Medical products manufacturing machinery
₹3,093.32 crFY 2022-23
Not reported
3,580-58% 12 mo to Sep 2024LinkedIn · Jul 2026
65 yr1961
0none in 3 months · last posted Jul 2025

Manufacturer of drugs for multiple therapeutic areas

Traditional pharmaceuticals
₹2,916.40 crFY 2022-23
Not reported
201-1% 12 mo to Aug 2024recorded Aug 2024
70 yr1956
49postings · last posted Aug 2026

Manufacturer of generics and biosimilars

Traditional pharmaceuticals
₹2,881.00 crFY 2023-24
Not reported
7,469-9% 12 mo to Mar 2024LinkedIn · Jul 2026
59 yr1967
0none in 3 months

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

Provider of pharmaceutical drug formulation manufacturing services

Traditional pharmaceuticals
₹2,227.83 crFY 2023-24
+17%2023–2024
1,254-6% 12 mo to Aug 2024LinkedIn · Jul 2026
25 yr2001
1postings · last posted Sep 2026

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
50 of 3,385 companies shown here · the full list is on Radar
Fliar Radar

Explore all 3,385 healthcare companies in Maharashtra on Radar

This page shows the top 50. Radar has the complete, filterable list with contacts and live company signals.

Open healthcare in Maharashtra on Radar
  • Every company, not just 50All 3,385 healthcare companies in Maharashtra, filterable by stage, funding, team size, revenue model and age.
  • Founders and decision-makersLeadership teams with roles and verified LinkedIn profiles, ready for outreach.
  • Live signalsFunding rounds, hiring, launches and M&A as they happen, with alerts on the companies you follow.
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Explore healthcare companies in Maharashtra by what you are looking for

Browse the top healthcare companies in Maharashtra, from pharmaceutical makers and hospitals to clinics, diagnostics and medical device firms. Find healthcare startups in Maharashtra, listed healthcare companies and firms that are hiring.

9 ways to explore healthcare in Maharashtra

Pharmaceutical manufacturers & CDMOsHospitals & hospital chainsClinics & clinic chainsPharmaceutical & medical device distributorsMedical device & equipment manufacturersDiagnostic labs & pathology chains

Pharmaceutical manufacturers & CDMOs

Generic drug makers, API producers and contract pharmaceutical manufacturers.

  1. Sun Pharma

    Specialty generic pharmaceutical company manufactures and sells pharmaceutical formulations and APIs

    Traditional pharmaceuticals
    See in list
  2. Cipla

    Manufacturer of APIs, generic drugs, and formulation development services

    Traditional pharmaceuticals
    See in list
  3. Lupin

    Manufacturer of complex generics, biosimilars, specialty, OTC, and API drugs

    Traditional pharmaceuticals
    See in list
  4. Piramal Critical Care

    Manufacturer of inhalation anesthesia products

    Traditional pharmaceuticals
    See in list
  5. Alkem Laboratories

    Manufacturer and development of pharmaceutical generics, formulations, and nutraceuticals

    Traditional pharmaceuticals
    See in list

Hospitals & hospital chains

Multispecialty and single specialty hospitals and hospital groups.

  1. Jupiter Hospital

    Chain of multispecialty hospitals

    Hospital chains
    See in list
  2. Wockhardt Hospitals

    Chain of multispeciality hospitals

    Hospital chains
    Website
  3. KEM Hospital

    Standalone multi-specialty hospital

    Hospitals
    Website
  4. Noble Hospital

    Provider of multispecialty healthcare services

    Hospitals
    Website
  5. Aditya Birla Memorial Hospital

    Provider of multispecialty healthcare services

    Hospitals
    Website

Clinics & clinic chains

Specialty clinics for dental, eye, skin and general care, including clinic chains.

  1. MOC

    Clinic chains providing oncology and hematology healthcare services

    Clinic chains
    Website
  2. CSC Healthcare

    Provider of healthcare services, diagnostic services, medicines, health packages, and screening

    Clinic chains
    Website
  3. Kaya

    Chain of skin clinics

    Clinic chains
    Website
  4. Apex Kidney Care

    Chain of dialysis clinics

    Clinic chains
    Website
  5. Healthspring

    Chain of general clinics

    Clinic chains
    Website

Pharmaceutical & medical device distributors

Distributors of medicines, medical equipment and healthcare supplies.

  1. Entero Healthcare

    Operator of an integrated healthcare products distribution platform

    Pharmaceutical distributors
    See in list
  2. Skites Pharma

    Pharmaceutical distribution company with a focus on healthcare distribution

    Pharmaceutical distributors
    Website
  3. Toshvin Analytical

    Distributor of laboratory equipment and supplies

    Medical device distributors
    Website
  4. APPL

    Pharmaceutical distributor company

    Pharmaceutical distributors
    Website
  5. Kundan Distributors

    Leading pharmaceutical and consumer distributor

    Pharmaceutical distributors
    Website

Medical device & equipment manufacturers

Makers of surgical instruments, diagnostic devices and hospital equipment.

  1. Transasia Bio-medicals

    India's Leading In-vitro Diagnostic Company

    Diversified medical devices
    See in list
  2. My HealthSkape

    Provider of medical devices

    Traditional medical devices
    Website
  3. Phoenix Healthcare Solutions

    Manufacturer of wet wipes and medical devices

    Diversified medical devices
    Website
  4. Raman & Weil

    Provider of infection control & prevention, hand instrument hygiene, and skin protection

    Traditional medical devices
    Website
  5. Helmier

    Provider of medical devices and equipment for anesthesia, critical care, rehab

    Traditional medical devices
    Website

Diagnostic labs & pathology chains

Clinical laboratories, pathology labs and diagnostic chains.

  1. Lupin Diagnostics

    Chain of pathology laboratory centers

    Clinical laboratory chains
    See in list
  2. Transasia Bio-medicals

    India's Leading In-vitro Diagnostic Company

    Diversified medical devices
    See in list
  3. Metropolis India

    Chain of diagnostic centers

    Clinical laboratory chains
    See in list
  4. Vinod Medical Systems

    Manufacturer of diagnostic equipment and devices

    Diversified diagnostics
    Website
  5. NM Medical

    Provider of end-to-end pathology, imaging, and non-invasive cardiology services

    Clinical laboratory chains
    Website

Healthcare startups in Maharashtra

Newer healthcare companies founded in recent years.

  1. Humbing Ethicals

    Pharmaceutical company specializes in the manufacture and supply of a variety of medicinal products

    Traditional pharmaceuticals
    See in list
  2. CSC Healthcare

    Provider of healthcare services, diagnostic services, medicines, health packages, and screening

    Clinic chains
    Website
  3. Helmier

    Provider of medical devices and equipment for anesthesia, critical care, rehab

    Traditional medical devices
    Website
  4. Gangwal Healthcare

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

    Biopharma outsourcing
    Website
  5. Speciality Medicines

    Distributor & manufacturer of pharmaceutical medicines

    Pharmaceutical distributors
    Website
372 companies in Maharashtra

Listed healthcare companies in Maharashtra

Publicly listed healthcare companies and stocks.

  1. Sun Pharma

    Specialty generic pharmaceutical company manufactures and sells pharmaceutical formulations and APIs

    Traditional pharmaceuticals
    See in list
  2. Cipla

    Manufacturer of APIs, generic drugs, and formulation development services

    Traditional pharmaceuticals
    See in list
  3. Lupin

    Manufacturer of complex generics, biosimilars, specialty, OTC, and API drugs

    Traditional pharmaceuticals
    See in list
  4. Alkem Laboratories

    Manufacturer and development of pharmaceutical generics, formulations, and nutraceuticals

    Traditional pharmaceuticals
    See in list
  5. Glenmark Pharmaceuticals

    R&D company focused on manufacturing generic drugs for multiple therapeutic areas

    Diversified pharmaceuticals
    See in list
86 companies in Maharashtra

Healthcare companies hiring in Maharashtra

Healthcare employers with open jobs right now.

  1. Sun Pharma

    Specialty generic pharmaceutical company manufactures and sells pharmaceutical formulations and APIs

    Traditional pharmaceuticals
    See in list
  2. Cipla

    Manufacturer of APIs, generic drugs, and formulation development services

    Traditional pharmaceuticals
    See in list
  3. Lupin

    Manufacturer of complex generics, biosimilars, specialty, OTC, and API drugs

    Traditional pharmaceuticals
    See in list
  4. Piramal Critical Care

    Manufacturer of inhalation anesthesia products

    Traditional pharmaceuticals
    See in list
  5. Alkem Laboratories

    Manufacturer and development of pharmaceutical generics, formulations, and nutraceuticals

    Traditional pharmaceuticals
    See in list
37 companies in Maharashtra
Mobile reach

Top 10 healthcare apps from Maharashtra

The most-installed Android apps published by healthcare companies headquartered in Maharashtra — 14.2M installs between them. 97 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
2

Wellness Forever

by Wellness Forever

Installs3.0M
Rating3.417K ratings
Last updatedApr 2026
View on Google Play ↗
Wellness Forever screenshot 1Wellness Forever screenshot 2Wellness Forever screenshot 3Wellness Forever screenshot 4Wellness Forever screenshot 5Wellness Forever screenshot 6
3

GNC India

by GNC

Installs2.0M
Rating3.06K ratings
Installs, year on year+79%
Last updatedJun 2026
View on Google Play ↗
GNC India screenshot 1GNC India screenshot 2GNC India screenshot 3GNC India screenshot 4GNC India screenshot 5GNC India screenshot 6
4

Zeno Health

by Zeno Health

Installs1.9M
Rating5.08K ratings
Installs, year on year+34%
Last updatedApr 2026
View on Google Play ↗
Zeno Health screenshot 1Zeno Health screenshot 2Zeno Health screenshot 3
6

toothsi | skinnsi is now MakeO

by Toothsi

Installs1.0M
Rating4.1511K ratings
Installs, year on year+39%
Last updatedMay 2026
View on Google Play ↗
toothsi | skinnsi is now MakeO screenshot 1toothsi | skinnsi is now MakeO screenshot 2toothsi | skinnsi is now MakeO screenshot 3toothsi | skinnsi is now MakeO screenshot 4toothsi | skinnsi is now MakeO screenshot 5
8

Aayu® Health

by Aayu

Installs445K
Rating—
Last updatedApr 2025
View on Google Play ↗
Aayu® Health screenshot 1Aayu® Health screenshot 2Aayu® Health screenshot 3Aayu® Health screenshot 4Aayu® Health screenshot 5Aayu® Health screenshot 6
9

Metropolis Healthcare

by Metropolis India

Installs293K
Rating—
Installs, year on year+48%
Last updatedMay 2026
View on Google Play ↗
Metropolis Healthcare screenshot 1Metropolis Healthcare screenshot 2Metropolis Healthcare screenshot 3Metropolis Healthcare screenshot 4Metropolis Healthcare screenshot 5
The business behind the activity

Healthcare financials in Maharashtra

Revenue, profit and growth from the filed annual accounts of 1061 healthcare companies in Maharashtra for FY24-25 — 1,282 of the 3,385 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₹223,933.68 cr

1061 companies filing accounts

combined net profit₹30,930.52 cr

13.8% aggregate margin

are profitable77%

818 of 1061 companies

median revenue~₹19.8 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

₹135,324.69 crFY19-20987 filers
₹148,635.89 crFY20-211038 filers
₹184,009.11 crFY21-221075 filers
₹196,397.93 crFY22-231095 filers
₹214,067.42 crFY23-241121 filers
₹223,933.68 crFY24-251061 filers

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

Like-for-like

The same 972 companies over three years

+18%
FY22-23₹185,690.27 cr₹18,209.29 cr net
FY23-24₹202,690.21 cr₹24,921.68 cr net
FY24-25₹219,779.66 cr₹30,386.22 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 cr15743% profitable
₹1–10 cr24870% profitable
₹10–100 cr43887% profitable
₹100–1,000 cr18189% profitable
Over ₹1,000 cr3797% profitable

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

Momentum

How fast revenue moved into FY24-25

Shrinking305
0–20%360
20–50%214
50–100%86
Doubled+66

1031 companies with accounts for both years; median growth +10%.

Profitability

Profit is concentrated at the top

818profitable
241loss-making
13.8%aggregate margin
3.2%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
Wadia HospitalsNational Peroxide Limited₹20.14 cr
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
ICTC Indian Cancer Treatment CentreSKY ONCOLOGY LLP+284%₹18.06 cr
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
AquacentricAQUA CENTRIC PRIVATE LIMITED64.4%₹30.93 cr
Wadia HospitalsNational Peroxide Limited₹20.14 cr
Pranada BiopharmaPRANADA BIOPHARMA PRIVATE LIMITED52.2%₹57.69 cr
Serdia PharmaceuticalsSERVIER INDIA PRIVATE LIMITED45.1%₹685.38 cr
SGPharmaSGPHARMA PRIVATE LIMITED₹22.01 cr
Shantani Proteome AnalyticsSHANTANI PROTEOME ANALYTICS PRIVATE LIMITED₹11.19 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Traditional pharmaceuticals175₹90,473.75 cr~₹56.6 cr85%13.9%
Biopharma outsourcing236₹29,111.44 cr~₹28.2 cr83%6.9%
Traditional nutraceuticals37₹24,933.14 cr~₹13.5 cr68%23.3%
Diversified pharmaceuticals40₹24,125.60 cr~₹47.6 cr80%15.4%
Pharmaceutical distributors71₹4,706.82 cr~₹27.2 cr87%2.5%
Medical products manufacturing machinery7₹2,720.81 cr~₹39.5 cr86%16.9%
Hospitals51₹2,382.83 cr~₹20.2 cr84%6.2%
Clinical laboratory chains15₹2,316.94 cr~₹17.7 cr80%4.9%
Leaders

Largest healthcare companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
VoliniSUN PHARMACEUTICAL INDUSTRIES LIMITED₹23,372.76 cr₹4,282.62 cr18.3%+13%
Cipla HealthCipla Limited₹20,029.57 cr₹5,157.65 cr25.8%+14%
Sun PharmaSUN PHARMA DISTRIBUTORS LIMITED₹16,887.34 cr₹317.19 cr1.9%+13%
Glenmark PharmaceuticalsGLENMARK PHARMACEUTICALS LIMITED₹9,582.77 cr₹1,610.35 cr16.8%+6%
Alkem LaboratoriesAlkem Laboratories Limited₹9,320.50 cr₹2,280.90 cr24.5%+13%
MacleodsMACLEODS PHARMACEUTICALS LTD₹9,308.11 cr₹2,276.37 cr24.5%+5%
Ipca LaboratoriesIPCA LABORATORIES LIMITED₹6,749.21 cr₹650.76 cr9.6%+8%
Piramal Pharma, Piramal Pharma SolutionsPIRAMAL PHARMA LIMITED₹5,493.06 cr₹691.40 cr12.6%+20%
Aristo PharmaceuticalsARISTO PHARMACEUTICALS PRIVATE LIMITED₹5,363.30 cr₹1,700.65 cr31.7%+5%
USV, USV IndiaUSV PRIVATE LIMITED₹5,135.30 cr₹1,457.17 cr28.4%+8%
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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

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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

Healthcare funding and M&A across India

1,369 recorded equity rounds have gone to 20,519 healthcare 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 months36

US$595.07m

equity rounds, last 24 months118

US$1.37bn

raised over five yearsUS$5.38bn

511 rounds in India

M&A deals, Maharashtra158

last 24 months

Capital by year

Equity funding into healthcare in India

amount rounds
$767m201874
$582m201987
$406m202099
$1.6bn2021108
$1.2bn2022122
$632m202398
$696m202491
$808m202570
$443m202622

Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2021, with US$1.58bn across 108 rounds.

The funding ladder · five years

Rounds and typical cheque by stage

AngelUS$168.40m100 rounds · median US$185k
SeedUS$201.43m194 rounds · median US$515k
Series AUS$735.07m89 rounds · median US$5.30m
Series BUS$656.01m58 rounds · median US$11.67m
Series CUS$944.91m22 rounds · median US$36.62m
Series D+US$1.52bn25 rounds · median US$34.18m
Private equityUS$1.16bn23 rounds · median US$25.00m
Where the money went · five years

Most-funded sub-sectors

Biopharma outsourcingUS$982.10m45 rounds · 35 companies
Hospital chainsUS$908.75m64 rounds · 31 companies
Clinic chainsUS$789.02m89 rounds · 47 companies
Traditional pharmaceuticalsUS$639.51m26 rounds · 20 companies
Clinical laboratory chainsUS$347.46m16 rounds · 8 companies
Fitness & wellness techUS$315.53m6 rounds · 1 companies
Medical device outsourcingUS$215.23m5 rounds · 5 companies
Corporate activity · last 24 months

M&A in Maharashtra

150Acquisition
8Merger

Most active acquirers

  1. Sun pharmaceutical industries10
  2. Metropolis healthcare10
  3. Lupin6
  4. Alkem laboratories5
  5. Warburg pincus4

Most acquired or merged

  1. Sahyadri hospitals10
  2. Novartis india7
  3. Schott poonawalla7
  4. Medley4
  5. Encube ethicals4

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

Healthcare funding in Maharashtra

101 healthcare companies in Maharashtra have recorded equity funding, US$1.58bn in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in Maharashtra

Meet the people behind healthcare companies in Maharashtra. 1,174 of 3,385 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore Maharashtra healthcare companies by sub-sector

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

Keep exploring healthcare in India and nearby markets.

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