Valiant Laboratories Limited

Valiant Laboratories Limited is an Indian manufacturer of Active Pharmaceutical Ingredients (APIs), concentrating on Paracetamol in several pharmaceutical grades. Its single manufacturing unit sits in the Tarapur Industrial Estate in Maharashtra, roughly 150 km from the Nhava Sheva port and about 110 km from Mumbai, and runs at an installed capacity of around 9,000 metric tonnes a year. The plant holds GMP and ISO 9001:2015 certifications, and the company keeps an in-house research and analytical team that works on identifying new molecules for future commercial production. A key raw material, Para Amino Phenol, is imported mainly from China and Cambodia to feed Paracetamol production. The business traces its roots to 1980, when it began as a partnership firm called Bharat Chemicals producing Para Nitro Phenol, before later moving into pharmaceutical ingredient manufacturing. It was converted into a public limited company in 2021. The group also operates a wholly owned subsidiary, Valiant Advanced Sciences Private Limited (VASPL), which is building a specialty chemicals manufacturing facility in the Saykha Industrial Area of Bharuch, Gujarat, funded in part from this issue. Revenue rose from about Rs 183.78 crore in FY21 to Rs 293.47 crore in FY22 and Rs 338.77 crore in FY23, while profit after tax moved from Rs 30.59 crore to Rs 27.50 crore and then Rs 29.00 crore over the same years, reflecting some margin compression even as the top line grew. The domestic Paracetamol API segment has been projected to grow at a mid-single-digit pace through the mid-2020s, with broader API exports expected to grow faster, driven by both domestic formulation demand and overseas markets. The company's shares were offered entirely as a fresh issue and debuted on the NSE and BSE on 6 October 2023 at a premium to the issue price.

The company raised about Rs 45.74 crore from anchor investors at the Rs 140 issue price, with participation from funds including Leading Light Fund VCC (The Triumph Fund), Saint Capital Fund, Astorne Capital VCC (Arven) and Negen Undiscovered Value Fund.