MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-GJ-24-0002122
Apicore Pharmaceuticals Private Limited - pharma in Padra, Gujarat, India. FY 2026 financials & compliance.
Revenue · FY 2024
₹194.79 Cr
▲ 54% YoY
Net profit · FY 2024
₹6.98 Cr
Net margin 3.6%
EBITDA · FY 2024
₹26.75 Cr
EBITDA margin 13.7%
Authorised capital
₹51 Cr
Registered with MCA
Paid-up capital
₹50.12 Cr
Issued & subscribed
Open charges
₹467.59 Cr
Satisfied ₹31.58 Cr
Company age
20 yrs
Est. 2006
Employees · EPFO
406
Provident fund records
About Apicore Pharmaceuticals Private Limited
Data last updated:
Apicore Pharmaceuticals Private Limited is a foreign private limited company based in Padra, Gujarat, India, a subsidiary of Apicore Llc. It operates in the API manufacturers segment of the pharmaceuticals sector. It was incorporated on 27 July 2006 and has been in existence for over 20 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U24119GJ2006FTC048777. Its GSTIN is 24AAFCA8410N1ZM (Gujarat). The company holds 2 GST registrations, all of them active.
The company has an authorised share capital of ₹51 Cr and a paid-up capital of ₹50.12 Cr. It is led by directors including Murali Krishna Madala (Managing Director) and Jayaraman Kannappan (Whole-Time Director).
Its last annual general meeting (AGM) was held on 24 October 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at Block No. 252 – 253 Village – Dhobikuva, Padra, Gujarat, India – 391440.
As per the financials filed for FY 2024, the company reported a revenue of ₹194.79 Cr, a growth of 54% compared to the previous year. For the same year it recorded a net profit of ₹6.98 Cr (net margin 3.6%) and EBITDA of ₹26.75 Cr (EBITDA margin 13.7%). Revenue has grown at a compounded annual rate (CAGR) of 44% over three years and 18% over five years.
The company has about 406 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Apicore. As per MCA filings, the company has open charges of ₹467.59 Cr and satisfied charges of ₹31.58 Cr on record. Court records list 3 cases involving the company, including 3 filed by the company; 1 case is pending. The company has 3 deals on record (3 funding rounds), with disclosed funding of ₹19.46 Cr; the latest was in January 2015. Its 8 peer companies in the Pharma industry (API Manufacturers, Pharmaceuticals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 4 larger and 4 smaller; the largest is Shree Jee Laboratory Private Limited with revenue of ₹198.78 Cr. The company has 142 MSME Form 1 returns on record between 2017 and 2024, listing 25,941 overdue payments to 892 micro and small suppliers.
Apicore Pharmaceuticals Private Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-24-0002122). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website apicore.com.
Company details
CIN U24119GJ2006FTC048777
Registration Number 048777
Incorporation Date 27 July 2006
ROC Ahmedabad
Listing Status Unlisted
Company Status Active
Parent Company Apicore Llc
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-GJ-24-0002122
Key People
Murali Krishna Madala Managing Director Jayaraman Kannappan Whole-Time Director Ravishanker Kovi Director Recognitions & Rankings of Apicore Pharmaceuticals
Contact details
Apicore Pharmaceuticals Private Limited's registered office is in Padra, Gujarat. Its website is apicore.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressBlock No. 252 – 253 Village – Dhobikuva, Padra, Gujarat, India – 391440
- IndustryPharma, API Manufacturers
To see the full contact details of Apicore Pharmaceuticals Private Limited, buy the company report.
Comprehensive company report
Apicore Pharmaceuticals Private Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Brands
Apicore Pharmaceuticals operates one associated brand: Apicore. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| APIs are manufactured and custom synthesis services are provided. | apicore.com |
Business activity
The main business activity of Apicore Pharmaceuticals is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products |
To see the full business activity and turnover split of Apicore Pharmaceuticals Private Limited, buy the company report.
Financials of Apicore Pharmaceuticals Private Limited
FY 2024 filings availableApicore Pharmaceuticals Private Limited reported revenue of ₹194.79 Cr (up 54% YoY) for FY 2024.
Revenue · FY 2024
₹194.79 Cr ▲ 54%
Net profit · FY 2024
₹6.98 Cr margin 3.6%
EBITDA · FY 2024
₹26.75 Cr margin 13.7%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 54%
3 years · compounded
▲ 44%
5 years · compounded
▲ 18%
EBITDA CAGR growth
1 year
▲ 278%
3 years · compounded
▲ 37%
5 years · compounded
▲ 25%
Revenue has grown at a compounded annual rate (CAGR) of 18% over five years, including 54% growth in the latest year. EBITDA rose 278% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | |||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹26.75 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹6.98 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
| Short-term Borrowings | |||||
| Trade Payables | |||||
| Total Liabilities | |||||
| Fixed Assets | |||||
| Investments | |||||
| Inventories | |||||
| Trade Receivables | |||||
| Cash and Bank Balance | |||||
| Total Assets | |||||
Financial Ratios
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 13.7% | ||||
| Net Profit Margin | 3.6% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
| Quick Ratio | |||||
| Debt-to-Equity Ratio | |||||
| Interest Coverage Ratio | |||||
| Efficiency and Growth | |||||
| Asset Turnover | |||||
| Receivable Days | |||||
| Payable Days | |||||
| Inventory Days | |||||
| Revenue Growth | |||||
| Net Profit Growth | |||||
To see the full financial statements and ratios of Apicore Pharmaceuticals Private Limited, buy the company report.
Board of directors of Apicore Pharmaceuticals Private Limited
Apicore Pharmaceuticals has 5 current directors and 9 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Ravishanker Kovi Also directs: Trominosoft LLP | Director | 27 Jul 2006 | 20 Years 3 Months | Current |
| Parthiv Patel | Director | 21 May 2018 | 8 Years 5 Months | Current |
| Jayaraman Kannappan | Whole-Time Director | 19 Nov 2014 | 11 Years 11 Months | Current |
| Murali Krishna Madala | Managing Director | 21 May 2018 | 8 Years 5 Months | Current |
| Mahesh Suresh Javale | Nominee Director | 12 Nov 2023 | 3 Years 0 Months | Current |
Peer comparison
Apicore Pharmaceuticals Private Limited is compared with the 8 companies closest to it by revenue in the Pharma industry (API Manufacturers, Pharmaceuticals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Shree Jee Laboratory Private Limited | ₹198.78 Cr (FY 2024) | -2.0% | New Delhi, Delhi, India | |||
| M B Sugars and Pharmaceuticals Private Limited | ₹197.48 Cr (FY 2025) | 24.0% | Nashik, Maharashtra, India | |||
| Daffodil Pharmachem Private Limited | ₹196.29 Cr (FY 2025) | -27.0% | Ahmedabad, Gujarat, India | |||
| Prochem Pharmaceuticals Private Limited | ₹194.88 Cr (FY 2025) | -7.0% | Roorkee, Uttarakhand, India | |||
| Apicore Pharmaceuticals Private Limitedthis company | ₹194.79 Cr (FY 2024) | ₹6.98 Cr | 3.6% | 54.0% | 406 | Padra, Gujarat, India |
| Vindhya Organics Private Limited | ₹193.92 Cr (FY 2025) | 4.0% | Bollaram, Telangana, India | |||
| RV Lifesciences Limited | ₹192.9 Cr (FY 2025) | 249.0% | Aurangabad, Maharashtra, India | |||
| Malwa Oxygen & Industrial Gases Private Limited | ₹192.64 Cr (FY 2025) | 9.0% | Ratlam, Madhya Pradesh, India | |||
| Shree Jaya Laboratories Private Limited | ₹186.81 Cr (FY 2025) | -9.0% | Telangana, India |
To see the full peer comparison of Apicore Pharmaceuticals Private Limited, buy the company report.
Auditor
Apicore Pharmaceuticals Private Limited is audited by Price Waterhouse Chartered Accountants LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Price Waterhouse Chartered Accountants LLP | FY 2023 | 012754N/N500016 |
Shareholding
The shareholding of Apicore Pharmaceuticals Private Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Apicore Pharmaceuticals Private Limited, buy the company report.
Charges & borrowings
Open charges
₹467.59 Cr
Satisfied charges
₹31.58 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 03 Oct 2024 | 100982598 | Hdfc Bank Limited | ₹29.75 Lakh | Open | |
| 28 Feb 2024 | 100887752 | Citi Bank N.A. | ₹40 Cr | Open | |
| 28 Feb 2024 | 100896876 | Citi Bank N.A. | ₹17 Cr | Open | |
| 28 Feb 2023 | 100695751 | Others | ₹88.66 Lakh | Open | |
| 12 Jul 2022 | 100593589 | Others | ₹1 Cr | Open |
To see the full charge records of Apicore Pharmaceuticals Private Limited, buy the company report.
Total charge records: 21 View all charges
Deals & funding
Apicore Pharmaceuticals Private Limited has 3 deals on record (3 funding rounds), with disclosed funding of ₹19.46 Cr; the latest was in January 2015.
Total deals
3
Funding rounds
3
Disclosed funding
₹19.46 Cr
Deals on record (3 of 3)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jan 2015 | Funding round | ₹8.72 Cr | Investors: Apicore LLC |
| Sep 2012 | Funding round | ₹8 Cr | Investors: Apicore LLC |
| Aug 2006 | Funding round | ₹2.74 Cr | Investors: Apicore LLC |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Apicore Pharmaceuticals Private Limited has 3 court cases on record: 3 filed by Apicore Pharmaceuticals. 1 case is pending and 2 are disposed.
Total cases
3
Filed by the company
3
Pending
1
Disposed
2
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 2 | 0 | 1 |
| NCLT | 1 | 0 | 0 |
Cases on record (3 of 3)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court for State of Telangana | Writ petition | Filed by the company against Deputy Commissioner of the Income Tax Circle1(1) | Pending |
| NCLT, Ahmedabad | Court case (C.P.(CAA)) | Filed by the company | Disposed |
| High Court, GUJARAT | Special civil application | Filed by the company against Union of India and 2 others | Disposed |
To see the full case history of Apicore Pharmaceuticals Private Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
Apicore Pharmaceuticals Private Limited has 142 MSME Form 1 returns on record between 2017 and 2024, listing 25,941 overdue payments to 892 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 892)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Agilent Technologies India Pvt Ltd | |||
| Absolute Heat Transfer Solution | |||
| an individual supplier | |||
| Vimta Labs Limited | |||
| an individual supplier |
To see the full MSME payment records of Apicore Pharmaceuticals Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Apicore Pharmaceuticals Private Limited has a workforce of 406 employees on its EPFO records as of May 2026, across 2 active EPFO establishments.
Employee count
406
Active EPFO establishments
2
Employee growth
-58.4%
Headcount by financial year
| Financial year | Employees (EPFO) |
|---|---|
| FY 2026-27 | 406 |
| FY 2025-26 | |
| FY 2024-25 | |
| FY 2023-24 | |
| FY 2022-23 | |
| FY 2021-22 | |
| FY 2020-21 | |
| FY 2019-20 | |
| FY 2018-19 | |
| FY 2017-18 | |
| FY 2016-17 |
To see the full employee and EPFO history of Apicore Pharmaceuticals Private Limited, buy the company report.
GST
Apicore Pharmaceuticals has 2 GST registrations: 2 active.
Total GSTINs
2
Active
2
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAFCA8410N1ZM | Gujarat | Active | 01 Jul 2017 |
| 29AAFCA8410N1ZC | Karnataka | Active | 04 Apr 2018 |
To see the full GST registrations and return filing status of Apicore Pharmaceuticals Private Limited, buy the company report.
Recent activity
Apicore Pharmaceuticals Private Limited has 23 board changes on record since 2006: 14 appointments and 9 cessations. The latest: Mahesh Suresh Javale was appointed as Nominee Director on 12 Nov 2023.
Charges
A charge with Hdfc Bank Limited of Rs. 104.24 Cr registered on 26 Oct 2021 with Charge ID 100511376 was modified on 28 Oct 2025.
Charges
A charge with Axis Bank Limited of Rs. 38.59 Cr registered on 31 Mar 2018 with Charge ID 100170349 was modified on 28 Oct 2025.
Charges
A charge with Citi Bank N.A. of Rs. 40.00 Cr registered on 28 Feb 2024 with Charge ID 100887752 was modified on 09 Oct 2025.
Charges
A charge registered on 21 Nov 2017 via Charge ID 100138414 with Axis Bank Limited was fully satisfied on 02 Nov 2024.
AGM
Apicore Pharmaceuticals Private Limited last Annual general meeting of members was held on 24 Oct 2024 as per latest MCA records.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 0.30 Cr with Charge ID 100982598 was registered on 03 Oct 2024.
Charges
A charge registered on 27 Aug 2020 via Charge ID 100366911 with Hdfc Bank Limited was fully satisfied on 02 Sep 2024.
Charges
A charge registered on 27 Aug 2020 via Charge ID 100367246 with Hdfc Bank Limited was fully satisfied on 02 Sep 2024.
Filing
Apicore Pharmaceuticals Private Limited has filed its annual Financial statements for the year ended 31 Mar 2024 with Roc Ahmedabad.
Charges
A charge with Citi Bank N.A. amounted to Rs. 17.00 Cr with Charge ID 100896876 was registered on 28 Feb 2024.
Charges
A charge with Citi Bank N.A. amounted to Rs. 40.00 Cr with Charge ID 100887752 was registered on 28 Feb 2024.
Charges
A charge with Hdfc Bank Limited of Rs. 51.00 Cr registered on 24 Nov 2021 with Charge ID 100506411 was modified on 15 Feb 2024.
51 earlier events are in the company report.
Frequently asked questions
Apicore Pharmaceuticals is an active foreign private limited company based in Padra, Gujarat, India. The company works in api manufacturers, within the pharma industry. It was incorporated on 27 July 2006 (20+ years old) and is registered under CIN U24119GJ2006FTC048777.
Apicore Pharmaceuticals has 5 current directors:
- Murali Krishna Madala - Managing Director
- Jayaraman Kannappan - Whole-Time Director
- Ravishanker Kovi - Director
- Parthiv Patel - Director
- Mahesh Suresh Javale - Nominee Director
The latest financial statements of Apicore Pharmaceuticals on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 24 October 2024. Year-wise statements from 2015 are in the company report.
The GSTIN of Apicore Pharmaceuticals is 24AAFCA8410N1ZM, registered in Gujarat. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 29AAFCA8410N1ZC (Karnataka).
The CIN (Corporate Identification Number) of Apicore Pharmaceuticals is U24119GJ2006FTC048777. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Apicore Pharmaceuticals has 3 court cases on record: 3 filed by the company. 1 is pending. Most are in the high courts.
Apicore Pharmaceuticals was incorporated on 27 July 2006, making it 20+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Apicore Pharmaceuticals has 3 deals on record (3 funding rounds), with disclosed funding of ₹19.46 Cr; the latest was in January 2015.
The peers of Apicore Pharmaceuticals by revenue are Shree Jee Laboratory Private Limited, M B Sugars and Pharmaceuticals Private Limited, Daffodil Pharmachem Private Limited, Prochem Pharmaceuticals Private Limited, Vindhya Organics Private Limited and 3 more, all in the Pharma industry (API Manufacturers, Pharmaceuticals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Mahesh Suresh Javale was appointed as Nominee Director on 12 Nov 2023. Murali Krishna Madala was appointed as Managing Director on 21 May 2018. Parthiv Patel was appointed as Director on 21 May 2018. Apicore Pharmaceuticals has 23 board changes on record in total.
Yes, Apicore Pharmaceuticals is registered as a medium enterprise under Udyam registration (number: UDYAM-GJ-24-0002122).
Apicore Pharmaceuticals has 142 MSME Form 1 returns on record between 2017 and 2024, listing 25,941 overdue payments to 892 micro and small suppliers. The latest return was filed on 27 Apr 2024.
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