Key Metrics of Maxcure Nutravedics Limited
About Maxcure Nutravedics Limited
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 10 Apr 2026 | ICRA | Reaffirmed | AA | A1+ | Stable | ₹174 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Leading contract manufacturer in generic pharmaceutical industry
ADPL is the largest contract manufacturer catering to the domestic branded generic formulations industry.
+ Diversified customer profile, including reputed pharma companies
The Group enjoys good relationships with its customers, including several leading domestic and multinational pharmaceutical and wellness companies.
+ Healthy financial profile
ADPL has a healthy financial profile aided by healthy earnings and a strong liquidity position with minimal dependence on external debt.
Credit challenges
− Profitability vulnerable to competitive pressure and raw material price volatility
ADPL’s profitability continues to be vulnerable to pricing pressure as it operates in a very competitive industry.
− Low geographical diversity with exports generating limited share of revenues
The Group primarily caters to the domestic market, which has historically generated more than 90-95% of its revenues.
− Significant investments in various marketing subsidiaries/inorganic acquisitions, returns from which will take time to improve
The Group’s flagship company, ADPL, has made significant investments in its marketing subsidiaries and acquisitions (including the API business) over the past few years to diversify its profile and add more growth levers.
Could lead to an upgrade
An increase in the scale of the company along with strengthening of its business risk profile, aided by material diversification in the form of gain in business from exports or a healthy scale -up in revenue and profits from the API and marketing businesses, while maintaining strong credit metrics and healthy
Could lead to a downgrade
The ratings could be downgraded in case of a significant decline in revenues and accrual generation or a deterioration in the credit profile and
Agency-reported financials (ICRA, 10 Apr 2026)
| Metric | FY2024 | FY2025 | 9M FY2026 |
|---|---|---|---|
| Operating income | ₹4,181 Cr | ₹4,121 Cr | ₹3,201 Cr |
| PAT | ₹0.80 Cr | ₹344 Cr | ₹175 Cr |
| OPBDIT/OI | 11.6% | 11.3% | 11.6% |
| PAT/OI | 0.0% | 8.3% | 5.5% |
| Total outside liabilities/Tangible net worth (times) | 3.70× | 0.30× | — |
| Total debt/OPBDIT (times) | 1.20× | 0.20× | — |
| Interest coverage (times) | 9.60× | 13.40× | 5.30× |
| Revenue growth (YoY) | — | −1.4% | — |
| EBITDA (margin × income) | ₹485 Cr | ₹466 Cr | ₹371 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹582 Cr | ₹93.13 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹50.52 Cr | ₹34.75 Cr | ₹70.06 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term /Short Term – Fund Based /Non-Fund Based working | Non-fund based limits | ₹174 Cr | ₹174 Cr | 0.0% | AA / A1+ (Stable) | Other | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 71% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 72% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 5.3×
Rated limits by facility
Timeline
From the report
As on September 30, 2026, it had a total debt (including lease liabilities) of Rs. 90.3 crore against cash and cash equivalents of Rs. 1,654.4 crore.
From the report
In FY2020, the company raised Rs. 500 crore from Quadria Capital in exchange for a 15.09% stake, of which Rs. 320.0 crore was infused into the company and the balance was paid to the promoters against sale of shares.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.