Orchid Pharma

Chennai, India Founded: 1992 • Age: 34 yrs Listed Acquired By Dhanuka Laboratories
Bulk actives, formulations, and nutraceuticals are developed and manufactured.

About Orchid Pharma

Orchid Pharma is a publicly listed company based in Chennai (India) founded in 1992 by Kailasam Raghavendra Rao, and was acquired by Dhanuka Laboratories in July 2019. Bulk actives, formulations, and nutraceuticals are developed and manufactured. The company has 1,125 employees. Its Indian entity Orchid Pharma Limited reported revenue of ₹1,269 Cr. Orchid Pharma offers products and services including Pharmaceutical Drugs and Research Services. Its focus areas include Traditional Pharmaceuticals and Diversified.

Company details

Orchid Pharma was established in 1992 in Chennai, India, within the pharmaceutical sector. APIs, finished dosage forms, nutraceuticals, and related products are developed and manufactured. Operations encompass NCE discovery, novel drug delivery systems, and CRAMS services. USFDA- and UK MHRA-approved facilities are maintained in Chennai and Aurangabad for production activities.

  • Headquarters Chennai, India
  • Employees 1,125
  • Founders Kailasam Raghavendra Rao
  • Stage Public
  • Sectors
    Healthcare
  • Website category Health · Biotechnology and Pharmaceuticals
  • Email
    ••••••••
  • Website orchidpharma.com
  • Social LinkedIn
  • Acquired by Dhanuka Laboratories (Jul 2019)
  • Legal Name Orchid Pharma Limited
Key Metrics
  • Market Cap
    ₹5,294 Cr

    ORCHPHARMA · NSE

  • Share Price
    ₹866.70

    -1.96% today

  • Revenue
    ₹1,233 Cr

    FY 2025-26 · +33.7% YoY

  • EBITDA
    ₹26.24 Cr

    Margin 2.1%

  • Net Profit
    ₹17.29 Cr

    FY 2025-26 · -82.7% YoY

  • P/E (TTM)
    293.1x

    P/B 3.4x

  • Latest Funding Round
    $48.78M (USD), Post-IPO

    Jun 2023

  • Investors
  • Employee Count
    1,125
  • Acquired by

Products & Services of Orchid Pharma

Orchid Pharma offers a comprehensive portfolio of products and services, including Pharmaceutical Drugs and Research Services.

Pharmaceutical Drugs
Healthcare Products

Research, manufacturing, and marketing of drugs for various therapeutic uses are conducted by the company.

Research Services
R&D Services

Development of new pharmaceutical avenues is undertaken across multi-therapeutic domains.

Funding Insights of Orchid Pharma

  • Total Rounds 1
  • Last Round Post-IPO — $48.78M
  • First Round $48.78M

    (Jun 2023)

  • Investors Count 5

All 1 funding rounds of Orchid Pharma with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.

DateAmountTransaction NameValuationLead InvestorsInvestors
Jun 2023$48.78MPost-IPO––
Valuation history

6 investors in total: 6 institutional.

Investors in Orchid Pharma

Orchid Pharma has secured backing from 6 investors, including institutional and venture fund investors. Prominent investors backing the company include Société Générale, MIT and Dhanuka Laboratories.

All
Venture Fund
Institutional
InvestorDescriptionFounded YearDomainLocation
Multiple sectors are invested in by 238 Plan Associates.
Boston, United States
MIT is recognized as a leading institution for education and research.
1861mit.eduUnited States
Full-service corporate advisory is provided to global clients.
1864societegenerale.comParis, France
Mutual fund services are provided to investors by Quant.
quantmutual.comMumbai, India
Investment management is conducted by Carnelian in capital markets.
carneliancapital.co.inMumbai, India
Oral cephalosporin products are manufactured and exported.
1998dhanukalab.comGurugram, India
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Investor details for Orchid Pharma

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  • Round participation
  • Investor portfolios
  • Co-investor network

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Board of directors of Orchid Pharma Limited (Orchid Pharma)

Orchid Pharma Limited is the primary company behind Orchid Pharma. The board of Orchid Pharma Limited currently have 8 directors; the longest-serving is Ram Gopal Agarwal, appointed in 2020. 32 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Ram Gopal Agarwal
DIN 00627386
Director31 Mar 20206 yrs 7 moOrchid Pharma Limited
Mridul Dhanuka
DIN 00199441
Whole-time director31 Mar 20206 yrs 7 moOrchid Pharma Limited
Manish Dhanuka
DIN 00238798
Managing Director31 Mar 20206 yrs 7 moOrchid Pharma Limited
Dharam Vir
DIN 08771224
Director29 Jun 20206 yrs 4 moOrchid Pharma Limited
Tanu Singla
DIN 08774132
Director29 Jun 20206 yrs 4 moOrchid Pharma Limited
Manoj Kumar Goyal
DIN 06361663
Director29 Jun 20206 yrs 4 moOrchid Pharma Limited
Arjun Dhanuka
DIN 00454689
Director20 Oct 20233 yrsOrchid Pharma Limited
Shubha Singh
DIN 06926872
Director23 May 20242 yrs 5 moOrchid Pharma Limited

People of Orchid Pharma

8 people are tracked at Orchid Pharma (3 in leadership, 3 in board & advisors, 2 in team); the tracked headcount is 1,125.

NameRoleGroup
Founder & Managing DirectorLeadership
V Vijayendran
Chief Executive, Domestic FormulationsLeadership
Deepak Nayyar
Vice President- Domestic FormulationsLeadership
Arun Kumar Dhanuka
Independent DirectorBoard & advisors
Shri Rg Agarwal
ChairmanBoard & advisors
Independent DirectorBoard & advisors
Mahesh Srinivasan
Marketing ManagerTeam
Rajesh Babu
Junior ExecutiveTeam
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Complete people profiles for Orchid Pharma

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  • Full employee list
  • Team structure
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  • Professional contacts

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IPO & Listings of Orchid Pharma

Orchid Pharma is a publicly listed company on the NSE with ticker symbol ORCHPHARMA in India, operating in the Health technology sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date02 Nov 2020
  • Listed onLSE: OCP · NSE: ORCHPHARMA
  • Listed entityOrchid Pharma Limited
  • Exchange sectorHealth technology
  • ISININE191A01027
  • Share price₹955.10 (-0.51% on the day) · 2026-10-14
  • Market capitalisation₹5,748 Cr
  • Price to earnings558.4
  • EPS (diluted, trailing year)₹1.71
  • Volume (last session)22,167

Financials of Orchid Pharma

Exchange-reported figures of Orchid Pharma Limited, the listed company behind Orchid Pharma (NSE: ORCHPHARMA).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹1,233 Cr
+33.7% YoY
EBITDA
₹26.24 Cr
-77.7% YoY
Profit After Tax
₹17.29 Cr
-82.7% YoY
Net Worth
₹1,564 Cr
+0.7% YoY
Total Assets
₹1,884 Cr
+10.0% YoY
Total Debt
₹307 Cr
+99.4% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue1,233922819666560450484
Revenue growth+33.7%+12.5%+23.1%+19.0%+24.3%-7.0%-
EBITDA26.2411811177.5254.5829.37(31.18)
EBITDA margin+2.1%+12.8%+13.6%+11.6%+9.8%+6.5%-6.4%
Profit before tax10.4395.5791.9548.471.57(117)(131)
Net profit17.2999.9892.366.32(2.46)(118)(131)
Net profit margin+1.4%+10.8%+11.3%+1.0%-0.4%-26.3%-27.1%
EPS (₹)1.6619.6518.1711.35(0.48)(28.55)(32.11)
Balance sheet
Total assets1,8841,7121,3081,0339261,1171,344
Net worth1,5641,5541,169689647653766
Total debt307154135331268453566
Cash & bank83.5220126730.638.0619.91174
Net working capital555733545312217418457
Cash flow
Cash from operations12651.3712618.3492.4723.5980.80
Cash from investing(277)(36.48)(312)(31.21)11367.21167
Cash from financing1372.4616731.17(217)(165)(250)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue304368207194263237217223
Revenue growth (YoY)+15.6%+55.1%-4.6%-13.1%+7.7%---
Other income1.837.775.6110.7711.573.908.497.52
EBITDA14.0029.94(5.55)(1.48)(5.64)27.9826.3630.34
EBITDA margin+4.6%+8.1%-2.7%-0.8%-2.1%+11.8%+12.1%+13.6%
Depreciation10.9510.909.038.9010.538.878.618.63
Interest2.231.963.183.732.283.923.803.33
Profit before tax2.6524.85(12.15)(3.34)(6.88)19.0922.4425.90
Tax0.070.000.000.000.00(0.04)0.000.00
Net profit2.5824.85(12.15)(3.34)(6.88)19.1322.4425.90
EPS (₹)0.544.31(2.49)(1.13)(0.95)4.404.105.37
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue1,233922819666557451481
Revenue growth+33.7%+12.5%+23.1%+19.6%+23.6%-6.3%-
EBITDA30.4512411183.2458.7037.50(49.98)
EBITDA margin+2.5%+13.4%+13.6%+12.5%+10.5%+8.3%-10.4%
Profit before tax34.6210691.5354.19(4.81)(117)(150)
Net profit41.9510794.9514.19(5.32)(118)(150)
Net profit margin+3.4%+11.6%+11.6%+2.1%-1.0%-26.2%-31.2%
EPS (₹)5.7820.9918.6813.28(1.18)(28.70)(36.71)
Balance sheet
Total assets1,7911,7691,3571,0769571,1461,376
Net worth1,6471,6111,218732678681798
Total debt129154135331268453566
Cash & bank66.5118525722.344.2118.97172
Net working capital575760587350249452494
Cash flow
Cash from operations14263.5413113.3989.5724.3680.42
Cash from investing(116)(50.80)(316)(26.70)11367.21167
Cash from financing(40.74)2.6816731.17(217)(165)(250)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue304368207194263237217223
Revenue growth (YoY)+15.6%+55.1%-4.6%-13.1%+7.7%---
Other income10.0513.7310.5915.4316.056.269.947.96
Total expenses289336212194269203191193
EBITDA15.0032.07(4.27)(0.67)(5.63)34.3326.3629.59
EBITDA margin+4.9%+8.7%-2.1%-0.3%-2.1%+14.5%+12.1%+13.3%
Depreciation10.9011.188.978.7910.538.768.618.63
Interest2.211.953.173.732.283.983.793.30
Profit before tax11.9432.67(5.82)2.24(2.39)27.8523.9025.62
Tax0.000.000.000.000.000.000.000.00

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 11 Nov 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue304368207194263237217223
Revenue growth (YoY)+15.6%+55.1%-4.6%-13.1%+7.7%---
Other income1.837.775.6110.7711.573.908.497.52
EBITDA14.0029.94(5.55)(1.48)(5.64)27.9826.3630.34
EBITDA margin+4.6%+8.1%-2.7%-0.8%-2.1%+11.8%+12.1%+13.6%
Depreciation10.9510.909.038.9010.538.878.618.63
Interest2.231.963.183.732.283.923.803.33
Profit before tax2.6524.85(12.15)(3.34)(6.88)19.0922.4425.90
Tax0.070.000.000.000.00(0.04)0.000.00
Net profit2.5824.85(12.15)(3.34)(6.88)19.1322.4425.90
EPS (₹)0.544.31(2.49)(1.13)(0.95)4.404.105.37
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue1,233922819666560450484
Revenue growth+33.7%+12.5%+23.1%+19.0%+24.3%-7.0%-
Other income36.4227.4730.8658.6467.4715.2124.28
Total expenses1,207804708588505421515
Employee cost0.0086.3669.6465.3563.2867.1174.86
EBITDA26.2411811177.5254.5829.37(31.18)
EBITDA margin+2.1%+12.8%+13.6%+11.6%+9.8%+6.5%-6.4%
Depreciation43.2534.5533.2454.7987.02109118
Interest8.9814.9316.7432.9033.4652.216.23
Profit before tax10.4395.5791.9548.471.57(117)(131)
Tax(0.19)(0.19)(3.12)0.000.000.000.00
Net profit17.2999.9892.366.32(2.46)(118)(131)
Net profit margin+1.4%+10.8%+11.3%+1.0%-0.4%-26.3%-27.1%
EPS (₹)1.6619.6518.1711.35(0.48)(28.55)(32.11)
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital59.8959.8950.7240.8240.8240.8240.82
Reserves & surplus1,5041,4941,050579538544725
Shareholders' funds (net worth)1,5641,5541,169689647653766
Minority interest0.000.000.000.000.000.000.00
Secured loans28070.5114.27223208389492
Unsecured loans26.5883.2012110960.3863.5074.47
Total debt307154135331268453566
Total liabilities1,8841,7121,3081,0339261,1171,344
Assets
Gross block1,5171,4991,3011,2211,1761,1761,247
Net block692708620573584670858
Capital work in progress41480.7130.6746.469.787.4325.61
Investments66.9759.9045.8244.4445.4915.430.34
Inventories372457264229173153142
Sundry debtors38135319621517113667.97
Cash & bank balances83.5220126730.638.0619.91174
Loans & advances92.0886.4864.4226.4546.37226186
Total current assets9291,098791501398535569
Total current liabilities374365246189181117113
Net working capital555733545312217418457
Total assets1,8841,7121,3081,0339261,1171,344
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash21.183.8322.604.3115.6989.8992.31
Net cash from operating activities12651.3712618.3492.4723.5980.80
Net cash from investing activities(277)(36.48)(312)(31.21)11367.21167
Net cash from financing activities1372.4616731.17(217)(165)(250)
Net change in cash(14.10)17.34(19.00)18.29(11.39)(74.20)(2.42)
Closing cash83.5220126730.638.0619.91174
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+33.7%+12.5%+23.1%+19.0%+24.3%-7.0%-
EBITDA growth-77.7%+5.9%+43.3%+42.0%+85.8%+194.2%-
PBT growth-89.1%+3.9%+89.7%+2987.3%+9998.0%+11.1%-
Net income growth-82.7%+8.3%+1361.4%+356.9%+97.9%+9.7%-
Revenue CAGR (3Y)+22.8%+18.1%+22.1%+11.2%-2.3%-13.0%-15.3%
EBITDA CAGR (3Y)-30.3%+29.2%+55.8%--+6.5%-27.9%
Profitability & leverage
Net income margin+0.9%+10.4%+11.6%+7.3%+0.3%-25.9%-27.1%
Return on capital employed-+3.2%+3.2%+1.5%-1.1%0.0%0.0%
Return on net worth-+2.9%+3.0%+0.3%+0.1%0.0%0.0%
Debt / equity-0.130.250.450.550.7261.28
Long-term debt / equity-0.100.170.300.490.6631.13
Interest cover-52.7917.9821.51144.74-103.14-65.63-4.18
Efficiency & per share
Fixed asset turnover-0.700.650.560.480.370.35
Inventory turnover-3.123.323.323.443.063.11
Debtors turnover-4.223.993.453.654.425.15
EPS (₹)1.6619.6518.1711.35(0.48)(28.55)(32.11)
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)0.00236.35217.06151.92141.81143.16187.67
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue304368207194263237217223
Revenue growth (YoY)+15.6%+55.1%-4.6%-13.1%+7.7%---
Other income10.0513.7310.5915.4316.056.269.947.96
Total expenses289336212194269203191193
EBITDA15.0032.07(4.27)(0.67)(5.63)34.3326.3629.59
EBITDA margin+4.9%+8.7%-2.1%-0.3%-2.1%+14.5%+12.1%+13.3%
Depreciation10.9011.188.978.7910.538.768.618.63
Interest2.211.953.173.732.283.983.793.30
Profit before tax11.9432.67(5.82)2.24(2.39)27.8523.9025.62
Tax0.000.000.000.000.000.000.000.00
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue1,233922819666557451481
Revenue growth+33.7%+12.5%+23.1%+19.6%+23.6%-6.3%-
Other income56.4931.9330.3958.6456.976.4624.28
Total expenses1,202798708583498413531
Employee cost0.0086.3669.6465.3560.2164.4071.60
EBITDA30.4512411183.2458.7037.50(49.98)
EBITDA margin+2.5%+13.4%+13.6%+12.5%+10.5%+8.3%-10.4%
Depreciation43.3634.4433.2254.7987.02109118
Interest8.9614.9316.7132.9033.4652.216.22
Profit before tax34.6210691.5354.19(4.81)(117)(150)
Tax0.000.00(3.23)0.000.000.000.00
Net profit41.9510794.9514.19(5.32)(118)(150)
Net profit margin+3.4%+11.6%+11.6%+2.1%-1.0%-26.2%-31.2%
EPS (₹)5.7820.9918.6813.28(1.18)(28.70)(36.71)
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital59.8959.8950.7240.8240.8240.8240.82
Reserves & surplus1,5871,5511,099623569572688
Shareholders' funds (net worth)1,6471,6111,218732678681798
Secured loans10270.5114.05223171367492
Unsecured loans26.5883.1612110997.3285.9074.47
Total debt129154135331268453566
Total liabilities1,7911,7691,3571,0769571,1461,376
Assets
Gross block1,4951,4791,2971,2201,1761,1761,247
Net block671688616573584670858
Capital work in progress16843.9224.4646.099.787.4325.61
Investments87.5979.5869.4050.1249.0115.430.34
Inventories372457264229173151141
Sundry debtors38135318921216013266.38
Cash & bank balances66.5118525722.344.2118.97172
Loans & advances61.2680.8471.4730.8145.99226185
Total current assets8811,077782494383527565
Total current liabilities30731719514413475.6270.76
Net working capital575760587350249452494
Total assets1,7911,7691,3571,0769571,1461,376
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash15.940.5318.310.4514.7588.1790.97
Net cash from operating activities14263.5413113.3989.5724.3680.42
Net cash from investing activities(116)(50.80)(316)(26.70)11367.21167
Net cash from financing activities(40.74)2.6816731.17(217)(165)(250)
Net change in cash(14.64)15.41(18.01)17.86(14.30)(73.42)(2.79)
Closing cash66.5118525722.344.2118.97172
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+33.7%+12.5%+23.1%+19.6%+23.6%-6.3%-
EBITDA growth-75.4%+11.6%+33.4%+41.8%+56.5%+175.0%-
PBT growth-67.5%+16.3%+68.9%+9998.0%+95.9%+21.8%-48.3%
Net income growth-60.7%+12.5%+569.1%+366.7%+95.5%+21.2%-
Revenue CAGR (3Y)+22.8%+18.3%+22.1%+11.4%-1.6%-11.2%-14.0%
EBITDA CAGR (3Y)-28.5%+28.3%+43.6%--+19.1%-11.0%
Profitability & leverage
Net income margin+2.8%+11.6%+11.6%+8.1%-0.9%-26.0%-31.1%
Return on capital employed-+3.6%+3.3%+2.3%0.0%0.0%0.0%
Return on net worth-+3.3%+3.2%+0.8%0.0%0.0%0.0%
Debt / equity-0.120.240.430.530.6988.62
Long-term debt / equity-0.100.140.250.470.6345.02
Interest cover-69.4016.6821.46115.64-118.15-73.12-3.70
Efficiency & per share
Fixed asset turnover-0.700.650.560.470.370.36
Inventory turnover-3.123.323.323.453.093.13
Debtors turnover-4.284.083.583.814.544.65
EPS (₹)5.7820.9918.6813.28(1.18)(28.70)(36.71)
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)0.00247.54226.69162.53149.30150.13178.67

Timeline of Orchid Pharma

4 dated milestones of Orchid Pharma across 31 years, from founding to its latest funding, stage changes and deals.

  1. Founded Orchid Pharma is founded.
  2. Exit Acquired by Dhanuka Laboratories.
  3. IPO Lists on the stock exchange (IPO).
  4. Funding First funding round of $48.8M.

Web traffic of Orchid Pharma

The website of Orchid Pharma (orchidpharma.com) receives about 2.8K visits a month and ranks #4,402,094 among all websites worldwide, #5,354 in Biotechnology and Pharmaceuticals.

  • Monthly visits
    2.8K

    ▼ 25.7% vs previous month

  • Unique visitors
    1.7K

    per month

  • Global rank
    #4,402,094

    among all websites

  • Category rank
    #5,354

    Health · Biotechnology and Pharmaceuticals

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Top companies in Traditional Health & Nutrition

3 companies that operate in the same segment as Orchid Pharma (Traditional Health & Nutrition) in India, ranked by their profile score on The Company Check.

CompanyDescriptionFoundedLocationTotal fundingRevenueEmployees
Oral solid drug delivery systems are manufactured and developed.
1985Mumbai, Maharashtra, IndiaUSD 42.49 MUSD 89.42 M962
Generic, semi-solid, and liquid dosage forms are manufactured.
1990Bengaluru, Karnataka, IndiaUSD 508.93 M4,050
Specialty generic pharmaceuticals and APIs are manufactured and marketed.
1983Mumbai, Maharashtra, IndiaUSD 6.44 B19,801
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Frequently Asked Questions about Orchid Pharma

Orchid Pharma was founded in 1992 and raised its 1st funding round 31 years after it was founded.

Orchid Pharma is headquartered in Chennai, India. It is registered at Chennai, Tamil Nadu, India.

Orchid Pharma has 1,125 employees.

The primary company behind Orchid Pharma, Orchid Pharma Limited, reported revenue of ₹1,269 Cr for FY 2026, up 34% year on year.

Orchid Pharma was established in 1992 in Chennai, India, within the pharmaceutical sector. APIs, finished dosage forms, nutraceuticals, and related products are developed and manufactured. Operations encompass NCE discovery, novel drug delivery systems, and CRAMS services. USFDA- and UK MHRA-approved facilities are maintained in Chennai and Aurangabad for production activities.

Orchid Pharma offers Pharmaceutical Drugs and Research Services.

Yes, Orchid Pharma is publicly traded on NSE under the ticker symbol ORCHPHARMA.

Orchid Pharma has 6 investors. Key investors include Société Générale, MIT, Dhanuka Laboratories, quant Mutual, and Carnelian.

Orchid Pharma operates through Orchid Pharma Limited.

Yes. Orchid Pharma was acquired by Dhanuka Laboratories in July 2019.

The legal entities of Orchid Pharma currently have 10 directors, including Ram Gopal Agarwal, Mridul Dhanuka, Dharam Vir and others.

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