Key Metrics of Medreich Limited
About Medreich 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 actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 26 Jun 2026 | ICRA | Reaffirmed | — | A1+ | — | ₹401 Cr | View |
Credit strengths (ICRA, Jun 2026)
+ Strong parentage
Medreich is a wholly owned subsidiary of Meiji, a leading Japanese pharmaceutical company engaged in the manufacture of branded pharmaceuticals, veterinary drugs, and agricultural chemicals.
+ Healthy financial profile
The company’s OPM remained comfortable at 18.6% in FY2026 despite some moderation over the last two fiscals.
+ Long track record of catering to leading pharmaceutical players and strong manufacturing capabilities
Incorporated in 1976, Medreich has a long track record in the contract development and manufacturing space across the globe.
Credit challenges
− Intense competition from larger established players
The company faces stiff competition from larger established players in both domestic and export markets, restricting its pricing flexibility and bargaining power with customers to a certain extent.
− Exposed to regulatory risks and unfavourable forex movement due to significant exports
Like other industry players, Medreich’s operations remain exposed to regulatory risks arising from scrutiny by regulatory agencies.
− Revenue remains susceptible to demand -supply positions and supply-chain changes by customers
The company’s revenues remain exposed to inherent risks associated with contract manufacturing operations, with performance dependent on demand visibility and product acceptance by customers.
Could lead to a downgrade
Pressure on the rating could arise with the weakening of support and linkages with Meiji Holdings, impacting Medreich's credit profile, or from any deterioration in the credit profile of Meiji Holdings. Pressure on Medreich’s rating could also arise in the event of a sharp decline in its scale of operations and earnings due to sustained demand weakness, pricing pressure in its addressable geographies, heightened competition, and/or major client attrition. Any large debt-funded capex or substantial cash upstreaming to the parent group, resulting in a sustained weakening of
Agency-reported financials (ICRA, 26 Jun 2026)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Operating income | ₹1,721 Cr | ₹1,908 Cr | ₹1,847 Cr |
| PAT | ₹185 Cr | ₹233 Cr | ₹220 Cr |
| OPBDITA/OI | 20.2% | 19.5% | 18.6% |
| PAT/OI | 10.8% | 12.2% | 11.9% |
| Total outside liabilities/Tangible net worth (times) | 0.40× | 0.30× | 0.30× |
| Total debt/OPBDITA (times) | 0.30× | 0.20× | 0.10× |
| Interest coverage (times) | 112.60× | 136.70× | 133.20× |
| Revenue growth (YoY) | — | 10.9% | −3.2% |
| EBITDA (margin × income) | ₹348 Cr | ₹372 Cr | ₹344 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹104 Cr | ₹74.40 Cr | ₹34.35 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹3.09 Cr | ₹2.72 Cr | ₹2.58 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Short-term – Fund-based working capital | Working capital & bank lines | ₹401 Cr | ₹401 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
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) | 56% |
| Information on file | 67% · missing: 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: 56% chance the next rating action is stable or better
- Interest coverage 133.2×
Rated limits by facility
Timeline
From the report
Also, Medreich’s bank limits availed in India are backed by a corporate guarantee from its parent.
From the report
Nevertheless, the associated risks are partly mitigated by the company’s established operational track record and long-standing relationships with reputed global pharmaceutical companies. www.icra.in Sensitivity Label : Public Page |2 Liquidity position: Strong Medreich’s liquidity remains strong, with cash flow from operations of around Rs. 425 crore in FY2026 (provisional) and free cash and bank balances of more than Rs. 700 crore as on March 31, 2026 (including fixed deposits).
From the report
The company has repayment obligations of Rs. 12.9 crore in FY2027 and Rs. 11.2 crore each in FY2028 and FY2029 towards loans from related parties.
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.