MSME (Udyam registered) Ministry of MSME
- Category
- Small (2024-25)
- Udyam number
- UDYAM-GJ-24-0003802
Ethicare Pharmaceuticals Private Limited - pharma in Vadodara, Gujarat, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹21.2 Cr
▲ 94% YoY
Net profit · FY 2025
₹1.62 Cr
Net margin 7.7%
EBITDA · FY 2025
₹2.7 Cr
EBITDA margin 12.7%
Authorised capital
₹25 Lakh
Registered with MCA
Paid-up capital
₹18.86 Lakh
Issued & subscribed
Satisfied charges
₹61.43 Cr
No open charges
Company age
33 yrs
Est. 1993
Directors on board
3
As per MCA filings
About Ethicare Pharmaceuticals Private Limited
Data last updated:
Ethicare Pharmaceuticals Private Limited is a private limited company based in Vadodara, Gujarat, India, a subsidiary of Staunch Pharmaceutical Limited. It operates in the drug formulation and development segment of the pharmaceuticals sector. It was incorporated on 03 May 1993 and has been in existence for over 33 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U24231GJ1993PTC019386. Its GSTIN is 24AAACE4273G1ZX (Gujarat).
The company has an authorised share capital of ₹25 Lakh and a paid-up capital of ₹18.86 Lakh. It is led by directors including Shivam Patel and Ashish Bhimrao Bane.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 307 GIDC Vil – Por Ramangamdi, Vadodara, Gujarat, India – 391243.
As per the financials filed for FY 2025, the company reported a revenue of ₹21.2 Cr, a growth of 94% compared to the previous year. For the same year it recorded a net profit of ₹1.62 Cr (net margin 7.7%) and EBITDA of ₹2.7 Cr (EBITDA margin 12.7%). Revenue has grown at a compounded annual rate (CAGR) of 38% over three years and 23% over five years.
The company is associated with 1 brand: Ethicare Pharmaceuticals. As per MCA filings, the company has satisfied charges of ₹61.43 Cr on record. Court records list 8 cases involving the company, including 1 filed by the company and 7 filed against it; 1 case is pending.
Ethicare Pharmaceuticals Private Limited is registered as a small enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-24-0003802). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website ethicarepharma.in.
Company details
CIN U24231GJ1993PTC019386
Registration Number 019386
Incorporation Date 03 May 1993
ROC Ahmedabad
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
Parent Company Staunch Pharmaceutical Limited
Compliance Status Active Compliant
MSME Classification Small
Udyam Registration UDYAM-GJ-24-0003802
Key People
Shivam Patel Director Ashish Bhimrao Bane Director Alkeshbhai Maheshbhai Mandaliya Director Recognitions & Rankings of Ethicare Pharmaceuticals
Contact details
Ethicare Pharmaceuticals Private Limited's registered office is in Vadodara, Gujarat. Its website is ethicarepharma.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address307 GIDC Vil – Por Ramangamdi, Vadodara, Gujarat, India – 391243
- IndustryPharma, Drug Formulation & Development
To see the full contact details of Ethicare Pharmaceuticals Private Limited, buy the company report.
Comprehensive company report
Ethicare 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
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Ethicare Pharmaceuticals operates one associated brand: Ethicare Pharmaceuticals. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Ethicare Pharmaceuticals specializes in dermatology and cosmetology, offering dermatologist-recommended skincare products and solutions. | ethicarepharma.in |
Business activity
The main business activity of Ethicare 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 Ethicare Pharmaceuticals Private Limited, buy the company report.
Financials of Ethicare Pharmaceuticals Private Limited
FY 2025 filings availableEthicare Pharmaceuticals Private Limited reported revenue of ₹21.2 Cr (up 94% YoY) for FY 2025.
Revenue · FY 2025
₹21.2 Cr ▲ 94%
Net profit · FY 2025
₹1.62 Cr margin 7.7%
EBITDA · FY 2025
₹2.7 Cr margin 12.7%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 94%
3 years · compounded
▲ 38%
5 years · compounded
▲ 23%
EBITDA CAGR growth
1 year
▲ 161%
3 years · compounded
▲ 31%
5 years · compounded
▲ 16%
Revenue has grown at a compounded annual rate (CAGR) of 23% over five years, including 94% growth in the latest year. EBITDA rose 161% 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 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| 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 | ₹2.7 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹1.62 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 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 12.7% | ||||
| Net Profit Margin | 7.7% | ||||
| 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 Ethicare Pharmaceuticals Private Limited, buy the company report.
Board of directors of Ethicare Pharmaceuticals Private Limited
Ethicare Pharmaceuticals has 3 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 |
|---|---|---|---|---|
| Shivam Patel | Director | 04 Feb 2023 | 3 Years 9 Months | Current |
| Ashish Bhimrao Bane | Director | 12 Dec 2024 | 1 Years 10 Months | Current |
| Alkeshbhai Maheshbhai Mandaliya | Director | 12 Dec 2024 | 1 Years 10 Months | Current |
Peer comparison
Ethicare Pharmaceuticals Private Limited is compared with the 9 companies closest to it by revenue in the Pharma industry (Formulations, 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 |
|---|---|---|---|---|---|---|
| Dios Lifesciences Private Limited | ₹21.24 Cr (FY 2024) | 44.0% | New Delhi, Delhi, India | |||
| Elfin Drugs Private Limited | ₹21.23 Cr (FY 2024) | 15.0% | Mohali, Punjab, India | |||
| Marxx Pharma Private Limited | ₹21.23 Cr (FY 2024) | 682.0% | Hisar, Haryana, India | |||
| Ravi Pharmaceuticals Pvt Ltd | ₹21.23 Cr (FY 2024) | 15.0% | Khambhat, Gujarat, India | |||
| Glowsun India Labs Private Limited | ₹21.2 Cr (FY 2024) | 11.0% | Dehradun, Uttarakhand, India | |||
| Ethicare Pharmaceuticals Private Limitedthis company | ₹21.2 Cr (FY 2025) | ₹1.62 Cr | 7.7% | 94.0% | Vadodara, Gujarat, India | |
| Tetradrip Pharma Private Limited | ₹21.18 Cr (FY 2024) | 91.0% | Burdwan, West Bengal, India | |||
| Aurum Lifesciences Private Limited | ₹21.14 Cr (FY 2025) | 23.0% | Vadodara, Gujarat, India | |||
| Zenasia Life Sciences Private Limited | ₹21.14 Cr (FY 2025) | 105.0% | Sangareddy, Telangana, India | |||
| Avance Healthcare Private Limited | ₹21.12 Cr (FY 2025) | 19.0% | Rajkot, Gujarat, India |
To see the full peer comparison of Ethicare Pharmaceuticals Private Limited, buy the company report.
Auditor
Ethicare Pharmaceuticals Private Limited is audited by Shah & Shah Associates for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Shah & Shah Associates | FY 2024 | 109458W |
Shareholding
The shareholding of Ethicare Pharmaceuticals Private Limited is on record for 5 financial years, the latest being FY 2024, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Ethicare Pharmaceuticals Private Limited, buy the company report.
Charges & borrowings
Open charges
None
Satisfied charges
₹61.43 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 08 Feb 2019 | 100247764 | The South Indian Bank Limited | ₹5.98 Cr | Satisfied | |
| 14 Dec 2018 | 100241324 | The South Indian Bank Limited | ₹6.3 Cr | Satisfied | |
| 31 Jul 2017 | 100123339 | Others | ₹1.25 Cr | Satisfied | |
| 17 Oct 2016 | 100074533 | Others | ₹4.5 Cr | Satisfied | |
| 09 Aug 1997 | 90098642 | Bank of Baroda | ₹10 Lakh | Satisfied |
To see the full charge records of Ethicare Pharmaceuticals Private Limited, buy the company report.
Total charge records: 6 View all charges
Legal cases
Ethicare Pharmaceuticals Private Limited has 8 court cases on record: 1 filed by Ethicare Pharmaceuticals, 7 filed against it. 1 case is pending and 7 are disposed.
Total cases
8
Filed by the company
1
Filed against the company
7
Pending
1
Disposed
7
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 8 | 7 | 1 |
Cases on record (5 of 8)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Kheda at Nadiad, Gujarat | Criminal complaint | Filed against the company by Envee Drugs Pvt.Ltd. - Baldev Maheriya | Disposed |
| District court, Kheda at Nadiad, Gujarat | Criminal miscellaneous application | Filed against the company by Envee Drugs Pvt.Ltd. - Baldev Maheriya | Disposed |
| District court, Mumbai CMM Courts, Maharashtra | Court case (SS) | Filed against the company by an individual | Pending |
| District court, SAS Nagar, Punjab | Criminal miscellaneous application | Filed against the company by State Through Drug Inspector | Disposed |
| District court, Vadodara, Gujarat | Commercial matter | Filed by the company against Mahadev Pharma, Mr. Bheekha Ramaji | Disposed |
To see the full case history of Ethicare 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
Ethicare Pharmaceuticals Private Limited has 3 MSME Form 1 returns on record between 2019 and 2022, listing 12 overdue payments to 5 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 5)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| Shah Print Pack | |||
| Parth Packaging | |||
| an individual supplier |
To see the full MSME payment records of Ethicare Pharmaceuticals Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
GST
Ethicare Pharmaceuticals has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAACE4273G1ZX | Gujarat | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Ethicare Pharmaceuticals Private Limited, buy the company report.
Recent activity
Ethicare Pharmaceuticals Private Limited has 12 board changes on record since 2012: 3 appointments and 9 cessations. The latest: Alkeshbhai Maheshbhai Mandaliya was appointed as Director on 12 Dec 2024.
AGM
Ethicare Pharmaceuticals Private Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Filing
Ethicare Pharmaceuticals Private Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Ahmedabad.
Appointed
Alkeshbhai Maheshbhai Mandaliya was appointed as Director.
Appointed
Ashish Bhimrao Bane was appointed as Director.
Charges
A charge registered on 08 Feb 2019 via Charge ID 100247764 with The South Indian Bank Limited was fully satisfied on 10 May 2024.
Charges
A charge registered on 14 Dec 2018 via Charge ID 100241324 with The South Indian Bank Limited was fully satisfied on 10 May 2024.
Appointed
Shivam Patel was appointed as Director.
Charges
A charge registered on 31 Jul 2017 via Charge ID 100123339 with Others was fully satisfied on 03 Dec 2022.
Charges
A charge with The South Indian Bank Limited of Rs. 629.61 Lakh registered on 14 Dec 2018 with Charge ID 100241324 was modified on 11 Jun 2020.
Charges
A charge registered on 17 Oct 2016 via Charge ID 100074533 with Others was fully satisfied on 08 Jan 2020.
Charges
A charge with The South Indian Bank Limited amounted to Rs. 598.15 Lakh with Charge ID 100247764 was registered on 08 Feb 2019.
Charges
A charge with The South Indian Bank Limited amounted to Rs. 629.61 Lakh with Charge ID 100241324 was registered on 14 Dec 2018.
17 earlier events are in the company report.
Frequently asked questions
Ethicare Pharmaceuticals is an active private limited company based in Vadodara, Gujarat, India. The company works in drug formulation and development, within the pharma industry. It was incorporated on 03 May 1993 (33+ years old) and is registered under CIN U24231GJ1993PTC019386.
Ethicare Pharmaceuticals has 3 current directors:
- Shivam Patel - Director
- Ashish Bhimrao Bane - Director
- Alkeshbhai Maheshbhai Mandaliya - Director
The latest financial statements of Ethicare Pharmaceuticals on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Ethicare Pharmaceuticals is 24AAACE4273G1ZX, registered in Gujarat.
The CIN (Corporate Identification Number) of Ethicare Pharmaceuticals is U24231GJ1993PTC019386. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Ethicare Pharmaceuticals has 8 court cases on record: 1 filed by the company and 7 filed against it. 1 is pending.
Ethicare Pharmaceuticals was incorporated on 03 May 1993, making it 33+ years old. It is registered with the Registrar of Companies, Ahmedabad.
The peers of Ethicare Pharmaceuticals by revenue are Dios Lifesciences Private Limited, Elfin Drugs Private Limited, Marxx Pharma Private Limited, Ravi Pharmaceuticals Pvt Ltd, Glowsun India Labs Private Limited and 4 more, all in the Pharma industry (Formulations, Pharmaceuticals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Alkeshbhai Maheshbhai Mandaliya was appointed as Director on 12 Dec 2024. Ashish Bhimrao Bane was appointed as Director on 12 Dec 2024. Shivam Patel was appointed as Director on 04 Feb 2023. Ethicare Pharmaceuticals has 12 board changes on record in total.
Yes, Ethicare Pharmaceuticals is registered as a small enterprise under Udyam registration (number: UDYAM-GJ-24-0003802).
Ethicare Pharmaceuticals has 3 MSME Form 1 returns on record between 2019 and 2022, listing 12 overdue payments to 5 micro and small suppliers. The latest return was filed on 20 May 2022.
Ethicare Pharmaceuticals can be reached through the website ethicarepharma.in. Its registered office is in Vadodara, Gujarat, India.
Sample company reports
The same report you get when you buy one: financials, directors, ownership, deals, charges, legal cases, brands and filings, with the Excel workbook alongside.
Swiggy Limited Listed company · 92 pages
BharatPe (Resilient Innovations Pvt Ltd) Unlisted company · 78 pages