About Indi Pharma Private Limited
Data last updated:
Indi Pharma Private Limited is a private limited company based in Goa, India. It operates in the drug formulation and development segment of the pharmaceuticals sector. It was incorporated on 09 January 1984 and has been in existence for over 42 years.
The company is registered with the Registrar of Companies (ROC), Goa, under CIN U24232GA1984PTC000556. Its GSTIN is 30AAACI4287N1ZF (Goa). The company holds 20 GST registrations, of which 3 are active.
The company has an authorised share capital of ₹5 Cr and a paid-up capital of ₹19.7 Lakh. It was formerly known as Mejoral Private Limited. It is led by directors including Ramakrishna Vasudev Bhat (Managing Director) and Maria Emilia Dias Menezes (Managing Director).
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 Dtc Buildingpatto Plaza Edc Complex Panaji, Goa, India – 403001.
As per the financials filed for FY 2024, the company reported a revenue of ₹26.28 Cr, a decline of 6% compared to the previous year. For the same year it recorded a net profit of ₹42.52 Lakh (net margin 1.6%) and EBITDA of ₹1.06 Cr (EBITDA margin 4%). Revenue has declined at a compounded annual rate (CAGR) of 11% over three years and 3% over five years.
The company has about 249 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Indipharma. As per MCA filings, the company has open charges of ₹3.6 Cr and satisfied charges of ₹8.5 Cr on record. Court records list 17 cases involving the company, including 8 filed by the company and 9 filed against it; 3 cases are pending.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website indipharma.com.
Company details
Contact details
Indi Pharma Private Limited's registered office is in Goa. Its website is indipharma.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressDtc Buildingpatto Plaza Edc Complex Panaji, Goa, India – 403001
- IndustryPharma, Drug Formulation & Development
To see the full contact details of Indi Pharma Private Limited, buy the company report.
- 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
Brands
Indi Pharma operates one associated brand: Indipharma. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufacturer of pharmaceutical formulations and topical applications | indipharma.com |
Business activity
The main business activity of Indi Pharma 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 Indi Pharma Private Limited, buy the company report.
Financials of Indi Pharma Private Limited
FY 2025 filings availableIndi Pharma Private Limited reported revenue of ₹26.28 Cr (down 6% YoY) for FY 2024.
Compounded Annual Growth Rate (CAGR)
Revenue has declined at a compounded annual rate (CAGR) of 3% over five years, including a 6% fall in the latest year. EBITDA fell 58% 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 | ₹1.06 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹42.52 Lakh | ||||
| 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 | 4% | ||||
| Net Profit Margin | 1.6% | ||||
| 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 Indi Pharma Private Limited, buy the company report.
Board of directors of Indi Pharma Private Limited
Indi Pharma has 4 current directors and 5 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Ramakrishna Vasudev Bhat Also directs: Namra Plasters Private Limited | Managing Director | 30 Sep 2021 | 5 Years 1 Months | Current |
| Maria Emilia Dias Menezes | Managing Director | 15 Jun 2005 | 21 Years 4 Months | Current |
| Antonio Xavier Paulo Fernandes | Director | 30 Sep 2000 | 26 Years 1 Months | Current |
| Cesar Mauricio Jose De Menezes | Director | 15 Mar 2006 | 20 Years 7 Months | Current |
Peer comparison
Indi Pharma Private Limited is compared with the 5 companies closest to it by revenue in the Pharma industry (Formulations), 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 |
|---|---|---|---|---|---|---|
| Symbiotic Therapeutics Private Limited | ₹26.4 Cr (FY 2025) | 2.0% | New Delhi, Delhi, India | |||
| Soft Medicaps Limited | ₹26.38 Cr (FY 2025) | 87.0% | Indore, Madhya Pradesh, India | |||
| Finebiotics Pharma Limited | ₹26.36 Cr (FY 2025) | -21.0% | Ahmedabad, Gujarat, India | |||
| Zenzi Pharmaceutical Industries Private Limited | ₹26.29 Cr (FY 2025) | -34.0% | Murbad, Maharashtra, India | |||
| Indi Pharma Private Limitedthis company | ₹26.28 Cr (FY 2024) | ₹42.52 Lakh | 1.6% | -6.0% | 249 | Goa, India |
| RRB Chemicals Private Limited. | ₹26.18 Cr (FY 2025) | 25.0% | New Delhi, Delhi, India |
To see the full peer comparison of Indi Pharma Private Limited, buy the company report.
Auditor
Indi Pharma Private Limited is audited by Y.N.UPADHYAYA & CO. for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Y.N.UPADHYAYA & CO. | FY 2023 | 111173W |
Shareholding
The shareholding of Indi Pharma 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 Indi Pharma Private Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 24 Feb 2000 | 90076299 | The Sarswat Co-Operative Bank Ltd. | ₹2.1 Cr | Open | |
| 24 Mar 1999 | 90077321 | The Sarswat Co-Operative Bank Ltd. | ₹1.5 Cr | Open | |
| 20 Feb 2012 | 10341701 | Yes Bank Limited | ₹5 Cr | Satisfied | |
| 25 Mar 2003 | 80006070 | Bank of India | ₹3.5 Cr | Satisfied |
To see the full charge records of Indi Pharma Private Limited, buy the company report.
Total charge records: 4 View all charges
Legal cases
Indi Pharma Private Limited has 17 court cases on record: 8 filed by Indi Pharma, 9 filed against it. 3 cases are pending and 14 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 12 | 5 | 2 |
| District courts | 4 | 3 | 1 |
| Supreme Court | 1 | 1 | 0 |
Cases on record (5 of 17)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, North Goa, Goa | Original application | Filed by the company against Bell Pharmaceuticals and Cosmetics Pvt Ltd | Pending |
| Bombay High Court | Writ petition | Filed against the company by Wallace Pharmaceuticals Pvt.Ltd., and 2 Ors., | Disposed |
| Bombay High Court | Court case (MCA) | Filed against the company by Wallace Pharmaceuticals Pvt.Ltd.,And 2 Ors., | Disposed |
| High Court, GOA | Writ petition | Filed against the company by an individual | Pending |
| High Court, GOA | Writ petition | Filed by the company against Union of India, THR. the Secretary, Ministry of Chemical and Fertilizers and 3 Ors and 3 others | Pending |
To see the full case history of Indi Pharma 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
No delayed payments to MSME suppliers are on our record for Indi Pharma Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Indi Pharma Private Limited has a workforce of 249 employees on its EPFO records as of Mar 23, 2024, across 1 active EPFO establishment.
GST
Indi Pharma has 20 GST registrations: 3 active and 17 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 30AAACI4287N1ZF | Goa | Active | 01 Jul 2017 |
| 02AAACI4287N1ZE | Himachal Pradesh | Active | 01 Jul 2017 |
| 29AAACI4287N1ZY | Karnataka | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Indi Pharma Private Limited, buy the company report.
Recent activity
Indi Pharma Private Limited has 9 board changes on record since 2000: 4 appointments and 5 cessations. The latest: Ramakrishna Vasudev Bhat was appointed as Managing Director on 30 Sep 2021.
8 earlier events are in the company report.
Frequently asked questions
Indi Pharma is an active private limited company based in Goa, India. The company works in drug formulation and development, within the pharma industry. It was incorporated on 09 January 1984 (42+ years old) and is registered under CIN U24232GA1984PTC000556.
Indi Pharma has 4 current directors:
- Ramakrishna Vasudev Bhat - Managing Director
- Maria Emilia Dias Menezes - Managing Director
- Antonio Xavier Paulo Fernandes - Director
- Cesar Mauricio Jose De Menezes - Director
The latest financial statements of Indi Pharma 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 Indi Pharma is 30AAACI4287N1ZF, registered in Goa. The company has 20 GST registrations in all, of which 3 are active and 17 are cancelled or inactive. Other active GSTINs include 02AAACI4287N1ZE (Himachal Pradesh), 29AAACI4287N1ZY (Karnataka).
The CIN (Corporate Identification Number) of Indi Pharma is U24232GA1984PTC000556. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Indi Pharma has 17 court cases on record: 8 filed by the company and 9 filed against it. 3 are pending. Most are in the high courts.
Indi Pharma was incorporated on 09 January 1984, making it 42+ years old. It is registered with the Registrar of Companies, Goa.
The peers of Indi Pharma by revenue are Symbiotic Therapeutics Private Limited, Soft Medicaps Limited, Finebiotics Pharma Limited, Zenzi Pharmaceutical Industries Private Limited, RRB Chemicals Private Limited, all in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Ramakrishna Vasudev Bhat was appointed as Managing Director on 30 Sep 2021. Ajit Vishnu Shinkre ceased to be Additional Director on 29 Sep 2021. Ramakrishna Vasudev Bhat ceased to be Additional Director on 09 Aug 2021. Indi Pharma has 9 board changes on record in total.
Indi Pharma can be reached through the website indipharma.com. Its registered office is in Goa, India.
The registered office of Indi Pharma is at Dtc Buildingpatto Plaza Edc Complex Panaji, Goa, India – 403001.
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.
