# Virupaksha Organics
Virupaksha Organics Limited is a Hyderabad-based pharmaceutical company that manufactures active pharmaceutical ingredients (APIs) and intermediates and runs a contract development and manufacturing (CDMO) business for third-party manufacturers. Legally incorporated in 1997 as DRK Chemicals Private Limited and renamed Virupaksha Organics in 2004, the company filed in September 2025 for an all-fresh-issue initial public offering of ₹7.4 billion (₹740 crore) and received SEBI approval for the offering; as of its last recorded event it was active and pre-listing.
| Fact | Detail |
| --- | --- |
| Legal name and origin | Virupaksha Organics Limited (CIN U24110TG1997PLC028281), incorporated as DRK Chemicals Private Limited at Hyderabad on November 3, 1997[1](https://www.axiscapital.co.in/public/contents/Virupaksha%20Organics%20Limited-DRHP-1759218698.pdf) |
| Business | APIs and intermediates across anti-histamines, analgesics, anti-fungals, anti-diabetics, anti-depressants, and anti-ulceratives, plus a CDMO business[2](https://www.thehindubusinessline.com/markets/virupaksha-organics-gets-sebi-nod-for-740-crore-ipo/article70629069.ece) |
| Portfolio | 54 products as of March 31, 2025: 23 APIs and 31 intermediates[3](https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms) |
| FY25 financials | Revenue from operations of ₹8.11 billion (₹811 crore) and profit after tax of ₹780 million (₹78 crore)[3](https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms) |
| Manufacturing | Six units: four in Hyderabad and two in Humnabad, Karnataka[3](https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms) |
| IPO | ₹7.4 billion (₹740 crore) fresh issue filed with SEBI in September 2025; SEBI approval received[3](https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms) • [2](https://www.thehindubusinessline.com/markets/virupaksha-organics-gets-sebi-nod-for-740-crore-ipo/article70629069.ece) |
| Promoters | Nine individuals led by Chandra Mouliswar Reddy Gangavaram and Balasubba Reddy Mamilla[1](https://www.axiscapital.co.in/public/contents/Virupaksha%20Organics%20Limited-DRHP-1759218698.pdf) |
| Status | Active, pre-listing as of the last recorded event (SEBI approval, 2025) |
## History, founders and promoters
The company's corporate history begins on November 3, 1997, when it was incorporated as DRK Chemicals Private Limited at [Hyderabad](https://www.edgepedia.org/hyderabad), Telangana under the Companies Act, 1956. It was renamed Virupaksha Organics Private Limited on June 22, 2004, and converted to a public limited company, Virupaksha Organics Limited, with a fresh certificate of incorporation dated January 30, 2012.[1](https://www.axiscapital.co.in/public/contents/Virupaksha%20Organics%20Limited-DRHP-1759218698.pdf)
The DRHP names nine promoters: Chandra Mouliswar Reddy Gangavaram, Balasubba Reddy Mamilla, Chandrasekhar Reddy Gangavaram, Vedavathi Gangavaram, Kondapalli Sandeep Reddy, Kotla Suraj Reddy, Mamilla Nagarjun Reddy, Gangavaram Sri Lakshmi, and G Sri Vidya.[1](https://www.axiscapital.co.in/public/contents/Virupaksha%20Organics%20Limited-DRHP-1759218698.pdf) A separate company credit-rating rationale describes the business as "formed in 2003", a date that conflicts with the 1997 incorporation recorded in the prospectus; the DRHP filing is the authoritative corporate record.[4](https://virupaksha.com/wp-content/uploads/2025/09/1.Credit-Ratings-Copy.pdf)
## Products, manufacturing and approvals
Virupaksha makes APIs and intermediates across therapeutic areas including anti-histamines, analgesics, anti-fungals, anti-diabetics, anti-depressants, and anti-ulceratives, and it operates a CDMO business for third-party manufacturers.[2](https://www.thehindubusinessline.com/markets/virupaksha-organics-gets-sebi-nod-for-740-crore-ipo/article70629069.ece) As of March 31, 2025 the portfolio comprised 54 products, 23 APIs, and 31 intermediates.[3](https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms) Key molecules named in the rating rationale include fluconazole (an anti-fungal), fexofenadine (an anti-histamine), and the analgesics tramadol and tapentadol.[4](https://virupaksha.com/wp-content/uploads/2025/09/1.Credit-Ratings-Copy.pdf)
Manufacturing footprint and approvals: the company runs six units, four in Hyderabad and two in Humnabad, Karnataka.[3](https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms) Its two units at Kazipalli and Pashamylaram in [Telangana](https://www.edgepedia.org/telangana) are approved by the US FDA, and Unit-1 also holds approvals from Japan's PMDA, China's SFDA, and Korea's FDA.[4](https://virupaksha.com/wp-content/uploads/2025/09/1.Credit-Ratings-Copy.pdf) In parallel, the [Andhra Pradesh](https://www.edgepedia.org/andhra-pradesh) government allotted the company 100 acres at the Orvakal Node (IP Guttapadu Cluster) in Kurnool district for a greenfield API and organic chemicals facility, a project the state put at ₹12.25 billion (₹1,225 crore) of investment with potential for around 1,500 direct jobs.[6](https://www.thehindubusinessline.com/news/ap-govt-allots-100-acres-of-land-to-virupaksha-organicsin-orvakal/article70398787.ece)
## Funding and the IPO, by the numbers
In September 2025 Virupaksha filed its draft red herring prospectus with SEBI for a ₹7.4 billion (₹740 crore) IPO that is entirely a fresh issue of equity shares of face value ₹10 each. The company may raise ₹1.48 billion (₹148 crore) in a pre-IPO placement beforehand; if it does, the issue size is reduced accordingly.[1](https://www.axiscapital.co.in/public/contents/Virupaksha%20Organics%20Limited-DRHP-1759218698.pdf) • [3](https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms) Proceeds are earmarked as ₹3.6 billion (₹360 crore) for capacity-expansion capital expenditure, ₹1.95 billion (₹195 crore) for payment of debt, and the balance for general corporate purposes.[3](https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms) Axis Capital and SBI Capital Markets are the book-running lead managers.[3](https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms) The company subsequently received SEBI's go-ahead for the offering.[2](https://www.thehindubusinessline.com/markets/virupaksha-organics-gets-sebi-nod-for-740-crore-ipo/article70629069.ece)
The financial record behind the filing: FY25 revenue from operations was ₹8.11 billion (₹811 crore) with profit after tax of ₹780 million (₹78 crore).[3](https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms) The annual report states FY25 total income of ₹8,164.80 million, up 5.59% from ₹7,732.28 million in FY24, with profit after tax of ₹791.34 million, a 0.73% decline from ₹797.12 million.[5](https://virupaksha.com/wp-content/uploads/2025/09/VOL-Annual-Report-FY-24-25.pdf) India Ratings' rationale gives standalone provisional FY25 revenue of ₹8,079.98 million with EBITDA of ₹1,346.74 million, a 16.67% margin, against FY24 revenue of ₹7,663.50 million and an EBITDA margin of 17.79%; the standalone figure differs slightly from the consolidated ₹8.11 billion (₹811 crore) reported in press coverage of the DRHP.[4](https://virupaksha.com/wp-content/uploads/2025/09/1.Credit-Ratings-Copy.pdf)
Shareholder authorization for the offering was put in place ahead of the filing: authorized share capital was raised from ₹381.5 million (₹38.15 crore) to ₹450 million (₹45 crore) in mid-2024, and by a shareholder resolution dated September 13, 2025 it was increased again to ₹850 million (₹85 crore), comprising 85 million (8.5 crore) equity shares of ₹10 each.[5](https://virupaksha.com/wp-content/uploads/2025/09/VOL-Annual-Report-FY-24-25.pdf)
## Business, customers and traction
The DRHP claims more than 550 customers in over 100 countries as of March 31, 2025.[3](https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms) The company's own FY25 annual report gives a smaller figure, 300+ customers across 100+ countries during the year; the two company-linked documents do not reconcile, and the DRHP figure is the one cited to investors.[5](https://virupaksha.com/wp-content/uploads/2025/09/VOL-Annual-Report-FY-24-25.pdf)
Two corporate events shaped the pre-IPO year. The acquisition of OPL was completed in June 2025, and the rating rationale notes that Virupaksha Organics accounts for over 99% of the consolidated revenue of VOL and PGPPL.[4](https://virupaksha.com/wp-content/uploads/2025/09/1.Credit-Ratings-Copy.pdf) India Ratings upgraded the company, citing sustained revenue growth, healthy EBITDA margins, and net leverage below 2.0x, while expecting net leverage to exceed 2.5x in FY26 because of debt-funded capex and debt at the acquired entity; management indicated planned capex of around INR4,500 million starting FY27 over three years.[4](https://virupaksha.com/wp-content/uploads/2025/09/1.Credit-Ratings-Copy.pdf)
The DRHP names Virupaksha's listed peers as Supriya Lifescience, Alivus Life Sciences, Divi's Laboratories, Laurus Labs, Aarti Drugs, and Neuland Labs, a set of Indian API-focused manufacturers against which investors were expected to benchmark the offering.[3](https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms)
## Recent developments and current status
The 2024–2026 record shows steady growth and preparation for listing. FY25 total income grew 5.59% over FY24 while profit after tax was essentially flat.[5](https://virupaksha.com/wp-content/uploads/2025/09/VOL-Annual-Report-FY-24-25.pdf) In June 2025 the company completed the OPL acquisition.[4](https://virupaksha.com/wp-content/uploads/2025/09/1.Credit-Ratings-Copy.pdf) In September 2025 it raised its authorized capital to ₹850 million (₹85 crore),[5](https://virupaksha.com/wp-content/uploads/2025/09/VOL-Annual-Report-FY-24-25.pdf) filed the ₹7.4 billion (₹740 crore) DRHP with SEBI,[3](https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms) and later received SEBI approval for the IPO.[2](https://www.thehindubusinessline.com/markets/virupaksha-organics-gets-sebi-nod-for-740-crore-ipo/article70629069.ece) Andhra Pradesh's allotment of 100 acres at Orvakal set out a ₹12.25 billion (₹1,225 crore) greenfield expansion.[6](https://www.thehindubusinessline.com/news/ap-govt-allots-100-acres-of-land-to-virupaksha-organicsin-orvakal/article70398787.ece) As of the last recorded event, the company is operating and pre-listing.
## References
1. Virupaksha Organics Limited — Draft Red Herring Prospectus (Axis Capital): https://www.axiscapital.co.in/public/contents/Virupaksha%20Organics%20Limited-DRHP-1759218698.pdf
2. Virupaksha Organics gets SEBI nod for ₹740 crore IPO — The Hindu BusinessLine: https://www.thehindubusinessline.com/markets/virupaksha-organics-gets-sebi-nod-for-740-crore-ipo/article70629069.ece
3. Virupaksha Organics files draft papers with Sebi for Rs 740 crore IPO — The Economic Times: https://economictimes.indiatimes.com/markets/ipos/fpos/virupaksha-organics-files-draft-papers-with-sebi-for-rs-740-crore-ipo/articleshow/124233940.cms
4. India Ratings rating rationale for Virupaksha Organics Limited: https://virupaksha.com/wp-content/uploads/2025/09/1.Credit-Ratings-Copy.pdf
5. Virupaksha Organics Limited Annual Report FY 2024-25: https://virupaksha.com/wp-content/uploads/2025/09/VOL-Annual-Report-FY-24-25.pdf
6. AP govt allots 100 acres of land to Virupaksha Organics in Orvakal — The Hindu BusinessLine: https://www.thehindubusinessline.com/news/ap-govt-allots-100-acres-of-land-to-virupaksha-organicsin-orvakal/article70398787.ece
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*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
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