Company lists
The Maharashtra edition · 2026

Traditional pharmaceuticalscompanies in Maharashtra

Generic drugs, API & contract manufacturing, injectables & oncology, nutraceuticals & supplements, distributors & exporters and more: the companies building traditional pharmaceuticals in Maharashtra, with their founders, funding, team size and business models.

366 company profiles223 with reported revenue13 with recorded fundingSeptember 2026 edition
Maharashtra · Photo: Wikimedia Commons (Creative Commons Attribution-ShareAlike 4.0)

Recent traditional pharmaceuticals business events in Maharashtra

Funding, M&A, contract wins and launches involving 444 traditional pharmaceuticals companies in Maharashtra, last 24 months: 75 M&A deals · 9 Contracts · 6 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

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 · 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 · 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
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&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

Ems group acquires Medley

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

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

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 and Two Infinity Partners acquires Novartis india

The consortium, composed of WaveRise Investments, ChrysCapital and Two Infinity Partners, also made an offer to buy an additional 26% stake from Novartis India’s public shareholders for…

Pharmaceutical
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 · Pending

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

The companies have also made an offer to purchase an additional 26% stake from Novartis India's public shareholders, under takeover regulations that mandate such an exercise on the…

Pharmaceutical
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
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

USV acquires Nutritionalab

USV will acquire a majority stake in Nutritionalab, the parent company of Wellbeing Nutrition, for nearly Rs 1600 crore, expanding its footprint in the domestic high-growth D2C (direct…

Nutraceutical
M&AAcquisition · Announced

Alkem laboratories acquires Occlutech Holding

Alkem Laboratories' medical devices unit will buy up to a 55% stake in Switzerland's Occlutech Holding for 99.4 million euros ($118 million), the Indian pharma company said on Friday,…

Medical Devices
M&AAcquisition · Announced

União Química acquires Medley

União Química also participated in the first phase of the sale process for Medley, Sanofi's generics unit, which is up for sale. The group submitted a bid of $450 million (around R$2.3…

Pharmaceutical
Funding

Ajanta pharma

Mumbai: Ajanta Pharma's promoters are exploring financing options of up to ₹2,000 crore to fund the acquisition of a controlling stake in Restaurant Brands Asia, the India and Indonesia…

Quick Service Restaurant
M&AAcquisition · Rumored

Lupin acquires Vitabiotics

This follows earlier reports that Indian generics major Lupin had entered into early-stage discussions to acquire Vitabiotics.

Vitamins and nutraceuticals
M&AAcquisition · Announced

Piramal critical care acquires Kenalog and its associated brands

Piramal Pharma's step-down wholly owned subsidiary -- Piramal Critical Care B.V. has entered into definitive agreements for acquisition of 'Kenalog' and its associated brands from…

Pharmaceutical
M&AAcquisition · Pending

Ajanta pharma acquires Restaurant brands

Reuters report highlighted as a part of the transaction, Restaurant Brands Asia is set to bring in a new strategic investor, the family office of Ajanta Pharma Ltd, which runs restaurant…

M&AAcquisition · Completed

Bain Capital through BC Investments IV acquires Emcure pharmaceuticals

In a separate bulk deal on the BSE, Bain Capital through its arm BC Investments IV sold a total of 46 lakh shares or 2.43 per cent in Emcure Pharmaceuticals for Rs 610 crore through open…

Pharmaceuticals

Traditional pharmaceuticals companies in Maharashtra, by revenue

Browse traditional pharmaceuticals 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 223 traditional pharmaceuticals 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

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

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

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

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

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 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

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

Manufacturer of Oral Rehydration Salts (ORS) and ophthalmic products

Traditional pharmaceuticals
₹2,044.58 crFY 2023-24
Not reported
4,828+4% 12 mo to May 2024LinkedIn · Jul 2026
90 yr1936
0none in 3 months

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

Traditional pharmaceuticals
₹1,818.89 crFY 2021-22
Not reported
—Not available
2 yr2024
0none in 3 months

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

Manufacturer of branded formulations, APIs, and biosimilars

Traditional pharmaceuticals
₹1,736.49 crFY 2023-24
Not reported
4,320+2% 12 mo to Sep 2024LinkedIn · Jul 2026
82 yr1944
0none in 3 months

Manufacturer and exporter of active pharmaceutical ingredients

Traditional pharmaceuticals
₹1,376.43 crFY 2024-25
+27%2024–2025
1,943+10% 12 mo to Aug 2024recorded Aug 2024
43 yr1983
1postings · last posted Aug 2026

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

Manufacturer of active pharmaceutical ingredients, pharmaceutical formulations, and specialty chemicals

Traditional pharmaceuticals
₹1,226.14 crFY 2024-25
-7%2024–2025
47+0% 12 mo to Mar 2024LinkedIn · Jul 2026
41 yr1985
0none in 3 months

Manufacturer of parenteral and oral pharmaceutical formulations

Traditional pharmaceuticals
₹1,222.81 crFY 2024-25
+4%2024–2025
2,186-3% 12 mo to Sep 2024recorded Sep 2024
44 yr1982
0none in 3 months

Developer and manufacturer of APIs as well as finished products

Traditional pharmaceuticals
₹1,137.31 crFY 2024-25
+2%2024–2025
976+11% 12 mo to Nov 2023LinkedIn · Jul 2026
23 yr2003
0none in 3 months
50 of 366 companies shown here · the full list is on Radar
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Explore traditional pharmaceuticals companies in Maharashtra by what you are looking for

Find traditional pharmaceuticals companies in Maharashtra, including generic drug makers, API manufacturers and contract manufacturers. Browse top pharmaceutical companies in Maharashtra and pharma startups in Maharashtra.

8 ways to explore traditional pharmaceuticals in Maharashtra

Generic drug & formulation manufacturersAPI manufacturers & contract development (CDMO)Injectables, oncology & specialty drug makersNutraceutical & dietary supplement companiesPharmaceutical distributors & exportersListed pharmaceuticals companies in Maharashtra

Generic drug & formulation manufacturers

Makers of generic medicines and finished dosage formulations.

  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. Piramal Critical Care

    Manufacturer of inhalation anesthesia products

    Traditional pharmaceuticals
    See in list
  4. Aristo Pharmaceuticals

    Developer of generic drugs

    Traditional pharmaceuticals
    See in list
  5. USV India

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

    Traditional pharmaceuticals
    See in list

API manufacturers & contract development (CDMO)

Active pharmaceutical ingredient producers and contract development and manufacturing companies.

  1. Reliance Life Sciences

    Provider of clinical research, regenerative medicine, and specialty pharmaceuticals

    Traditional pharmaceuticals
    See in list
  2. Aarti Pharmalabs

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

    Traditional pharmaceuticals
    See in list
  3. Encube Ethicals

    Company offering contract development and manufacturing services for topical semisolid formulations

    Biopharma outsourcing
    See in list
  4. BDR Pharmaceuticals

    Developer and manufacturer of APIs as well as finished products

    Traditional pharmaceuticals
    See in list
  5. Supriya Lifescience

    Manufacturer of active pharmaceutical ingredients and finished dosage formulations for healthcare

    Traditional pharmaceuticals
    See in list

Injectables, oncology & specialty drug makers

Manufacturers of injectable, oncology and other specialty medicines.

  1. Sanofi India

    Manufacturer of drugs for multiple therapeutic areas

    Traditional pharmaceuticals
    See in list
  2. Neongroup

    Manufacturer of parenteral and oral pharmaceutical formulations

    Traditional pharmaceuticals
    See in list
  3. Gufic Group

    Manufacturer of lyophilized injections

    Traditional pharmaceuticals
    See in list
  4. HEGDE & HEGDE PHARMACEUTICA

    Manufacturer of dermatology formulations

    Traditional pharmaceuticals
    Website
  5. Entod International

    Developer of product for ophthalmic, ENT and pediatric indications

    Traditional pharmaceuticals
    Website

Nutraceutical & dietary supplement companies

Makers of nutritional and dietary supplements and alternative medicines.

  1. Sanofi India

    Manufacturer of drugs for multiple therapeutic areas

    Traditional pharmaceuticals
    See in list
  2. Chaitanya Group

    Manufacturer of bio-organic agricultural products and animal feed supplements

    Traditional pharmaceuticals
    Website
  3. Karnani Pharmaceuticals

    It manufactures and sells allopathic, ayurvedic medicines, personal care, and cosmetic products

    Traditional pharmaceuticals
    Website
  4. Microencapsulation

    Manufacturer of microencapsulated materials for various applications. It specializes in polymer and bio-polymer encapsulation technologies, creating slow-release and controlled-release products. These materials are used in home care, personal care, textiles, paints and coatings, and other specialty applications. The company's expertise lies in precise, controlled release and application performance, utilizing shell & core encapsulation techniques. Production capabilities include both polymer and bio-polymer encapsulates and formulations.

    Traditional nutraceuticals
    Website
  5. Cipla Health

    Company focusing on consumer healthcare products

    Traditional nutraceuticals
    See in list

Pharmaceutical distributors & exporters

Companies that distribute, supply and export pharmaceutical products.

  1. Avalon Pharma

    Exporter and supplier of generic and branded pharmaceuticals

    Traditional pharmaceuticals
    Website
  2. Ayutis

    Provider of digital marketing and public relations strategies for businesses

    Traditional pharmaceuticals
    Website
  3. SK Group

    Manufacturer and supplier of diversified drugs

    Warehousing
    Website
  4. Genericplus Pharmacy

    Provider of generic medicine manufacturing and distribution services

    Pharmaceutical distributors
    Website
  5. Flagship Biotech

    Manufacturer of injectable, oral, and topical pharmaceutical formulations

    Pharmaceutical distributors
    Website

Listed pharmaceuticals companies in Maharashtra

Publicly listed pharmaceutical companies headquartered in Maharashtra.

  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. Ipca Laboratories

    Manufacturer of APIs and other drug formulations various therapeutic segments

    Traditional pharmaceuticals
    See in list
30 companies in Maharashtra

Traditional pharmaceuticals startups in Maharashtra

Recently founded pharmaceutical companies in Maharashtra.

  1. Humbing Ethicals

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

    Traditional pharmaceuticals
    See in list
  2. Gangwal Healthcare

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

    Biopharma outsourcing
    Website
  3. Evervital Lifesciences

    Provider of pharmaceutical products

    Traditional pharmaceuticals
    Website
  4. Tossvet Pharmaceuticals India

    Pharmaceutical company

    Traditional pharmaceuticals
    Website
  5. Salunkhe and Sons Pharmaceuticals

    Company that manufactures, exports, and distributes super specialty medicines across various critical health sectors

    Traditional pharmaceuticals
    Website
19 companies in Maharashtra

Traditional pharmaceuticals companies hiring in Maharashtra

Pharmaceutical companies in Maharashtra with open roles 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
24 companies in Maharashtra
Mobile reach

Top 10 traditional pharmaceuticals apps from Maharashtra

The most-installed Android apps published by traditional pharmaceuticals companies headquartered in Maharashtra — 255K installs between them. 11 companies on this page publish at least one app; each company (legal entity) appears once, with its most-installed app.

1 of 10
1

SunPharma Star Award

by Sun Pharma

Installs52K
Rating—
Last updatedSep 2025
View on Google Play ↗
SunPharma Star Award screenshot 1SunPharma Star Award screenshot 2SunPharma Star Award screenshot 3SunPharma Star Award screenshot 4SunPharma Star Award screenshot 5SunPharma Star Award screenshot 6
2

LegalRx: Medico-Legal Informat

by Lupin

Installs51K
Rating—
Last updatedJan 2023
View on Google Play ↗
LegalRx: Medico-Legal Informat screenshot 1LegalRx: Medico-Legal Informat screenshot 2LegalRx: Medico-Legal Informat screenshot 3LegalRx: Medico-Legal Informat screenshot 4LegalRx: Medico-Legal Informat screenshot 5LegalRx: Medico-Legal Informat screenshot 6
3

IAP Growth Chart Application

by Zuventus

Installs45K
Rating—
Last updatedJan 2024
View on Google Play ↗
IAP Growth Chart Application screenshot 1IAP Growth Chart Application screenshot 2IAP Growth Chart Application screenshot 3IAP Growth Chart Application screenshot 4IAP Growth Chart Application screenshot 5IAP Growth Chart Application screenshot 6
The business behind the activity

Traditional pharmaceuticals financials in Maharashtra

Revenue, profit and growth from the filed annual accounts of 197 traditional pharmaceuticals companies in Maharashtra for FY24-25 — 237 of the 366 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 51% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹121,080.15 cr

197 companies filing accounts

combined net profit₹20,137.32 cr

16.6% aggregate margin

are profitable85%

168 of 197 companies

median revenue~₹62.6 cr

the typical company

median revenue growth+9%

into FY24-25

earned by the top five51%

revenue concentration

Six-year view

Combined revenue of filing companies

₹72,923.62 crFY19-20203 filers
₹79,898.61 crFY20-21205 filers
₹99,260.92 crFY21-22211 filers
₹104,688.96 crFY22-23216 filers
₹117,226.31 crFY23-24215 filers
₹121,080.15 crFY24-25197 filers

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

Like-for-like

The same 189 companies over three years

+21%
FY22-23₹99,593.05 cr₹12,061.84 cr net
FY23-24₹112,624.50 cr₹16,034.70 cr net
FY24-25₹120,865.30 cr₹20,152.29 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 cr1443% profitable
₹1–10 cr2654% profitable
₹10–100 cr7492% profitable
₹100–1,000 cr6395% profitable
Over ₹1,000 cr20100% profitable

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

Momentum

How fast revenue moved into FY24-25

Shrinking60
0–20%74
20–50%45
50–100%11
Doubled+5

195 companies with accounts for both years; median growth +9%.

Profitability

Profit is concentrated at the top

168profitable
29loss-making
16.6%aggregate margin
5.6%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
Evervital LifesciencesEVERVITAL LIFESCIENCES PRIVATE LIMITED
NovusNOVUS LIFE SCIENCES PRIVATE LIMITED+96%
AMN Life ScienceAMN LIFE SCIENCE PRIVATE LIMITED+85%
Taj PharmaceuticalsTAJ PHARMACEUTICALS LIMITED+83%₹11.53 cr
Farbe FirmaFARBE FIRMA PRIVATE LIMITED+81%₹48.04 cr
Syncom FormulationsSYNCOM FORMULATIONS (INDIA) LIMITED
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
Serdia PharmaceuticalsSERVIER INDIA PRIVATE LIMITED
SGPharmaSGPHARMA PRIVATE LIMITED₹22.01 cr
Raptakos BrettRAPTAKOS BRETT AND COMPANY LIMITED
Melody HealthcareMELODY HEALTHCARE PRIVATE LIMITED31.8%₹200.91 cr
Aristo PharmaceuticalsARISTO PHARMACEUTICALS PRIVATE LIMITED31.7%₹5,363.30 cr
USV IndiaUSV PRIVATE LIMITED28.4%₹5,135.30 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Traditional pharmaceuticals180₹95,783.26 cr~₹58.2 cr84%14.7%
Leaders

Largest traditional pharmaceuticals companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
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%
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%
Aristo PharmaceuticalsARISTO PHARMACEUTICALS PRIVATE LIMITED₹5,363.30 cr₹1,700.65 cr31.7%+5%
USV IndiaUSV PRIVATE LIMITED₹5,135.30 cr₹1,457.17 cr28.4%+8%
EmcureEMCURE PHARMACEUTICALS LIMITED₹4,500.73 cr₹317.13 cr7.0%+24%
Ajanta PharmaAJANTA PHARMA LIMITED₹4,441.91 cr₹916.89 cr20.6%+9%
Reliance Life SciencesRELIANCE LIFE SCIENCES PRIVATE LIMITED₹2,499.19 cr₹475.94 cr19.0%+10%
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

Traditional pharmaceuticals funding and M&A across India

129 recorded equity rounds have gone to 2,116 traditional pharmaceuticals 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 months1

US$270.00m

equity rounds, last 24 months5

US$276.73m

raised over five yearsUS$675.09m

30 rounds in India

M&A deals, Maharashtra75

last 24 months

Capital by year

Equity funding into traditional pharmaceuticals in India

amount rounds
$395m20188
$57m20196
$33m20206
$143m20217
$139m20228
$31m20235
$87m20247
$5.9m20252
$270m20261

Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2018, with US$395.04m across 8 rounds.

The funding ladder · five years

Rounds and typical cheque by stage

AngelUS$4.24m5 rounds · median US$289k
SeedUS$10.20m10 rounds · median US$606k
Series AUS$6.87m3 rounds · median US$3.43m
Series BUS$59.83m4 rounds · median US$13.72m
Series CUS$142.79m2 rounds · median US$71.40m
Series D+US$34.18m1 rounds · median US$34.18m
Private equityUS$416.97m5 rounds · median US$32.71m
Where the money went · five years

Most-funded sub-sectors

Traditional pharmaceuticalsUS$639.51m26 rounds · 20 companies
Biopharma outsourcingUS$34.18m1 rounds · 1 companies
Medical research labsUS$1.20m1 rounds · 1 companies
Food & beverage productsUS$200k1 rounds · 1 companies
Traditional nutraceuticalsUS$0k1 rounds · 1 companies
Corporate activity · last 24 months

M&A in Maharashtra

73Acquisition
2Merger

Most active acquirers

  1. Sun pharmaceutical industries10
  2. Lupin6
  3. Alkem laboratories5
  4. Warburg pincus4
  5. Consortium of WaveRise Investments, ChrysCapital, Two Infinity Partners4

Most acquired or merged

  1. Novartis india7
  2. Medley4
  3. Encube ethicals4
  4. Checkpoint therapeutics4
  5. Organon3

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

Traditional pharmaceuticals funding in Maharashtra

13 traditional pharmaceuticals companies in Maharashtra have recorded equity funding, US$522.00m in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in Maharashtra

Meet the people behind traditional pharmaceuticals companies in Maharashtra. 184 of 366 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore Maharashtra traditional pharmaceuticals companies by sub-sector

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

Keep exploring traditional pharmaceuticals in India and nearby markets.

Coming soon