Key Metrics of Orchid Pharma Limited
About Orchid Pharma Limited
Sectors
Company details
- Website
- orchidpharma.com
- Registered office
- Plot Nos 121 128 128a 133 138 151 159 164, Sidco Industrial Estate, Alathur, Chengalpattu, Kanchipuram, In-tn, 603110
- Listed
- NSE: ORCHPHARMA · ₹836.45
Operational Areas of Orchid Pharma Limited
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.
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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
WatchDowngraded by CARE on 08 Apr 2026 (from A-)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Apr 2026 | CARE | Downgraded (from A-) | BBB+ | — | Developing | ₹367 Cr | View |
| 07 Aug 2025 | CARE | Watch | A- | A2 | Developing | ₹367 Cr | View |
| 10 Mar 2025 | CARE | Watch | A- | A2 | Developing | ₹367 Cr | View |
| 15 Dec 2023 | CARE | Watch | A- | A2 | Developing | ₹294 Cr | View |
| 30 Nov 2023 | CARE | Assigned (from BBB) | A- | A2 | Stable | ₹294 Cr | View |
| 10 Feb 2023 | CARE | Other | — | — | — | — | View |
| 27 Dec 2022 | CARE | Other | — | — | — | — | View |
| 27 Dec 2021 | CARE | Watch | BBB- | A3 | Developing | ₹622 Cr | View |
| 29 Sep 2021 | CARE | Assigned (from BB+) | BBB- | A3 | Stable | ₹622 Cr | View |
| 05 Oct 2020 | CARE | Other | — | — | — | — | View |
| 02 Sep 2020 | CARE | Withdrawn | — | — | — | ₹0 | View |
| 03 Sep 2019 | CARE | Non-cooperating | D | — | — | ₹3,186 Cr | View |
Credit strengths (CARE, Apr 2026)
+ State-of-the-art manufacturing facility with approvals from regulated markets
OPL operates a state-of-the-art API manufacturing facility in Alathur, Chennai, dedicated to production of cephalosporin-based active pharmaceutical ingredients (APIs). The facility is approved and certified by leading global regulatory authorities, including the United States Food and Drug Administration (USFDA), the Medicines and Healthcare products Regulatory Agency, United Kingdom (MHRA), the European Directorate for the Quality of Medicines and HealthCare (EDQM), European Union Good
+ Comfortable capital structure; albeit expected deterioration
The company’s capital structure remains comfortable with an overall gearing of 0.20x as of March 2025 (PY: 0.19x). Of the total debt of ₹243 crore as of March 2025, ₹200 crore represents optionally convertible debentures (OCDs) issued to the holding company DLL, while external debt remains relatively low at ₹42.6 crore, primarily comprising working capital borrowings. However, overall gearing is expected to increase in the coming years due to the ongoing debt funded capital expenditure projects,
+ Commercialisation of NCE; AMS division and new products in pipeline
The company inventedits own novel molecule, Enmetazobactam, becoming the first Indian-discovered antibiotic molecule to clear Phase 3 clinical trials. The molecule was outlicensed to Allecra Therapeutics in 2013 and was subsequently commercialised internationally in select countries in FY25 under the brand EXBLIFEP, with OPL earning royalty income from global markets, including the EU. It was also launched in India in September 2024 under the brand Orblicef. Following Allecra’s bankruptcy in
Credit challenges
− Material moderation in operational performance
The company’s operating performance deteriorated in the last few quarters, with pressure on volumes and realisations in the API segment, primarily due to sustained pricing pressure and slowdown in order inflows amid an oversupply situation in global markets. While total operating income (TOI) grew by ~12% year-on-year in FY25, operating profitability weakened, with PBILDT margins moderating to 13.39% from 14.28% in FY24, indicating onset of margin pressures. Pressure intensified from Q3 FY25
− Concentrated product portfolio
The major products of OPL and DLL remain cephalosporin -based APIs that are mainly used in anti -bacterial, antibiotic and anti- inflammatory formulations. While the company has a wide range of products within this portfolio, revenue remains concentrated in top two products, Cefixime and Cefuroxime Axetil, which account for ~67% of total consolidated revenue in FY25. These key products are among the essential bulk drugs listed by the Government of India to reduce dependence on Chinese imports. T
− Exposure to regulatory risk
The company majorly caters to unregulated or semi-regulated markets, with sales in regulated markets accounting for ~40% in FY24, declining to 36% in FY25 and 32% in H1 FY26. A significant portion of its revenue comes from exports, which contributed 86% of total sales in FY25, but this share decreased to 77% in H1 FY26. The pharmaceutical industry is highly regulated and requires approvals, licences, registrations and permissions for conductin g
− Debt-funded Capex projects with significant delay elevate execution risk
OPL has two major capital expenditure projects being undertaken presently, aimed at backward integration and diversification into other sterile injectable manufacturing. Through its subsidiary, Orchid Bio Pharma Limited (OBPL), OPL is setting up a 1,000 metric tonne per annum (MTPA) 7-ACA manufacturing unit in Jammu under the production linked incentive (PLI) scheme, at a total cost of ₹596 crore (debt: ₹447 crore; internal accruals/qualified institutional placements [QIP]: ₹149 crore). The proj
Could lead to an upgrade
• Timely completion of the capex at subsidiary and deriving benefits from the same as envisaged at a consolidated level. • Improvement in scale of operations above ₹1000 crore with margins above 15% deriving benefits from expansion in regulated markets, receipt of royalty payments from new chemical entity (NCE). • Improvement in leverage metrics, with total debt to PBILDT below 4.0x on a sustained basis.
Could lead to a downgrade
• Negative regulatory observations resulting in disruption of operations. • Large debt funded capital expenditure resulting in deterioration of overall gearing above 1x.
Agency-reported financials (CARE, 08 Apr 2026)
| Metric | March 31, 2024 | March 31, 2025 | 9MFY26 |
|---|---|---|---|
| Total operating income | ₹826 Cr | ₹928 Cr | ₹574 Cr |
| PBILDT* | ₹118 Cr | ₹124 Cr | ₹14.26 Cr |
| Profit after tax (PAT) | ₹92.17 Cr | ₹99.47 Cr | ₹-1.77 Cr |
| Overall gearing (x) | 0.19× | 0.20× | — |
| Interest coverage (x) | 7.05× | 8.32× | 1.40× |
| Revenue growth (YoY) | — | 12.4% | — |
| PAT margin | 11.2% | 10.7% | −0.3% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| crore) Long-term bank facilities | Working capital & bank lines | — | ₹208 Cr | — | — | Downgraded | CARE |
| LT Long-term Short-term bank CARE ST facilities A2 | Working capital & bank lines | — | ₹75.0 Cr | — | BBB+ | Downgraded | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹84.0 Cr | — | A2 | Other | CARE |
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹84.0 Cr | CARE A2 |
| Cash Credit | ₹65.0 Cr | CARE BBB+; Stable |
| CC/WCDL/OD/LC/BG | ₹75.0 Cr | CARE BBB+; Stable / CARE A2 |
| EPC/PSC | — | Withdrawn |
| Term Loan | — | Withdrawn |
| Term Loan | ₹143 Cr | CARE BBB+; Stable |
Lenders
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Term Loan | HDFC Bank Ltd. |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | Yes Bank Ltd. |
| Non-fund-based - ST | BG/LC | HDFC Bank Ltd. |
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 | Last default 03 Sep 2019, cured 29 Sep 2021 (1858 days; investment grade needs 365) |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 02 Sep 2020 · Withdrawn (reason not stated in report) |
| Next action stable or better (model) | 85% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 85% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 1.4×
- Working-capital limits 25% utilised on average
What happened, step by step
- Dec 2023 — ₹400 cr raised through equity
- Dec 2023 — Debt-free repayment of debt-free
“Successful completion of QIP issue and prepayment of debt Orchid has completed fresh issue of shares of ₹400 crore through QIP route in June 2023.”
Rated limits by facility
Timeline
From the report
Through its subsidiary, Orchid Bio Pharma Limited (OBPL), OPL is setting up a 1,000 metric tonne per annum (MTPA) 7-ACA manufacturing unit in Jammu under the production linked incentive (PLI) scheme, at a total cost of ₹596 crore (debt: ₹447 crore; internal accruals/qualified institutional placements [QIP]: ₹149 crore).
From the report
OPL is also setting up a vial lyophilization facility for manufacturing cefiderocol injection under a manufacturing sub-license agreement with GARDP, at a total cost of ₹190 crore, of which ₹142.5 crore is expected to be debt funded.
From the report
Average working capital utilisation for 12 months ended October 2025 stood low at 25% and working capital outstanding is almost nil as of February 2026, as the company repaid working capital borrowings using QIP funds in Q3FY26.
From the report
On a consolidated basis, OPL had a cash and bank balance of ~₹148.52 crore as of September 30, 2025, which includes unutilised earmarked QIP proceeds of ~₹116.44 crore, of which the company utilised ~₹54 crore in Q3FY26.
From the report
Parallelly, OPL is also envisaging a capex for processing 7ACA from the subsidiary at an estimated cost of ~₹100 crore, to be entirely funded from the QIP funds.
From the report
Average Working capital utilisation for 12 months ended September 2024 stands low at 14.71%.
From the report
As of March 31, 2025, OPL has cash and bank balance stood at ₹179.63 crore, which includes unutilised QIP proceeds of ₹145.30 crore parked in fixed deposits.
From the report
Parallelly, OPL is also envisaging a capex for the processing of the 7ACA from the subsidiary at an estimated cost of ~₹100 crore, to be entirely funded from the QIP funds.
From the report
The average working capital utilisation for the 12 months ended September 2024 stands low at 14.71%.
From the report
OPL has an unencumbered cash and bank balance of ₹30.22 crore as of September 30, 2024, and unutilised QIP proceeds of ₹204.30 crore is also parked in FD.
From the report
The rating assigned to the bank facilities of Orchid Pharma Limited (Orchid) takes into account the successful completion of the qualified institutional placement (QIP) issue resulting in substantial improvement in the financial risk profile, marked by pre- payment of debt and virtually external-debt-free status of the company.
From the report
Successful completion of QIP issue and prepayment of debt Orchid has completed fresh issue of shares of ₹400 crore through QIP route in June 2023.
From the report
Successful completion of QIP issue and prepayment of debt Orchid has completed fresh issue of shares of ₹400 crore through QIP route in June 2023.
From the report
The company has received net proceeds of ₹ 394 crore, of which ₹ 141 crore was used for prepayment of term loans related to acquisition and working capital lines.
From the report
Furthermore, the company had a term loan for expansion of sterile unit of ₹37 crore which was also repaid in October 2023, making the company virtually external debt-free.
From the report
Parallely, Orchid is also envisaging a capex for the processing of the 7ACA from the subsidiary at an estimated cost of about ₹100 crore.
From the report
After repaying term loans of ₹40 crore and reducing the working capital outstanding by ₹101 crore from the QIP proceeds, the company has parked about ₹253.53 crore in fixed deposits (FDs) as on September 30, 2023.
From the report
The company also had cash and bank balances of ₹50 crore as on September 30, 2023.
From the report
Rationale and key rating drivers The revision in the rating assigned to the bank facilities of Orchid Pharma Limited (Orchid) takes into account the successful completion of the qualified institutional payment ( QIP) issue resulting in substantial improvement in the financial risk profile marked by pre-payment of debt and virtually external -debt-free status of the company.
From the report
Successful completion of QIP issue and prepayment of debt Orchid has completed fresh issue of shares of ₹400 crore through QIP route in June 2023.
From the report
Successful completion of QIP issue and prepayment of debt Orchid has completed fresh issue of shares of ₹400 crore through QIP route in June 2023.
From the report
The company has received net proceeds of ₹ 394 crore, of which ₹ 141 crore was used for prepayment of term loans related to acquisition and working capital lines.
From the report
Parallely, Orchid is also envisaging a capex for the processing of the 7ACA from the subsidiary at an estimated cost of about ₹100 crore.
From the report
After repaying term loans of ₹40 crore and reducing the working capital outstanding by ₹101 crore from the QIP proceeds, the company has parked about ₹253.53 crore in fixed deposits (FDs) as on September 30, 2023.
From the report
The company also had cash and bank balances of ₹50 crore as on September 30, 2023.
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.
Competitors of Orchid Pharma Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Dr. Reddy's Laboratories |
Part of Dr. Reddy's Laboratories. | drreddys.com | 1984 | India |
 Aurobindo Pharma |
Part of Aurobindo Pharma. | aurobindo.com | 1986 | Hyderabad, India |
 Cipla |
Part of Cipla. | cipla.com | 1935 | Mumbai, India |
| Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | lupin.com | 1968 | India | |
 Glenmark Pharmaceuticals |
Part of Glenmark Pharmaceuticals. | glenmarkpharma.com | 1977 | Mumbai, India |
| Part of Biocon. | biocon.com | 1978 | Bangalore, India | |
 Alkem Laboratories Limited |
Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | alkemlabs.com | 1973 | Mumbai, Maharashtra, India |
 Torrent Pharmaceuticals |
Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | torrentpharma.com | 1959 | Ahmedabad, India |
| Aster DM Quality Care Limited | Discovered Companies · Other Industries | — | — | Hyderabad, Telangana, India |
 Thomas Cook India |
Part of Thomas Cook Group. | thomascook.in | 1978 | Mumbai, India |
Similar companies
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
Pharmaceuticals
Filings
No filings on record yet.