MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-GJ-14-0003912
Maan Pharmaceuticals Ltd - pharma in Ahmedabad, Gujarat, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹101.88 Cr
▼ 4% YoY
Net profit · FY 2025
₹14.06 Cr
Net margin 13.8%
EBITDA · FY 2025
₹21.8 Cr
EBITDA margin 21.4%
Authorised capital
₹7.5 Cr
Registered with MCA
Paid-up capital
₹7.14 Cr
Issued & subscribed
Open charges
₹49.88 Cr
Satisfied ₹83.61 Cr
Company age
38 yrs
Est. 1988
Employees · EPFO
27
Provident fund records
About Maan Pharmaceuticals Ltd
Data last updated:
Maan Pharmaceuticals Ltd is a public limited company based in Ahmedabad, Gujarat, India. It operates in the drug formulation and development segment of the pharmaceuticals sector. It was incorporated on 13 May 1988 and has been in existence for over 38 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U24231GJ1988PLC010699. Its GSTIN is 24AAACM9899E1Z3 (Gujarat). The company holds 11 GST registrations, of which 5 are active.
The company has an authorised share capital of ₹7.5 Cr and a paid-up capital of ₹7.14 Cr. It was formerly known as Maan Pharmaceuticals P Ltd. It is led by directors including Lalbhai Maljibhai Desai and Hemendra Atmaram Patel.
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 Ahmedabad, Gujarat.
As per the financials filed for FY 2025, the company reported a revenue of ₹101.88 Cr, a decline of 4% compared to the previous year. For the same year it recorded a net profit of ₹14.06 Cr (net margin 13.8%) and EBITDA of ₹21.8 Cr (EBITDA margin 21.4%). Revenue has grown at a compounded annual rate (CAGR) of 7% over five years.
The company has about 27 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Maan Pharmaceuticals. As per MCA filings, the company has open charges of ₹49.88 Cr and satisfied charges of ₹83.61 Cr on record. Court records list 87 cases involving the company, including 49 filed by the company and 34 filed against it; 16 cases are pending. The company has 4 deals on record (3 secondary share transfers, 1 funding round), with disclosed funding of ₹20.07 Cr; the latest was in March 2020. Its 10 peer companies in the Pharma industry (Formulations, Pharmaceuticals) are compared by revenue, 5 larger and 5 smaller; the largest is Aura Lifecare Private Limited with revenue of ₹102.72 Cr. The company has 1 MSME Form 1 return on record for the period ending Mar 2019, listing 61 overdue payments to 37 micro and small suppliers.
Maan Pharmaceuticals Ltd is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-14-0003912). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website maanpharma.com.
Company Details of Maan Pharmaceuticals Ltd
CIN U24231GJ1988PLC010699
Registration Number 010699
Incorporation Date 13 May 1988
ROC Ahmedabad
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-GJ-14-0003912
Key People
Lalbhai Maljibhai Desai Director Hemendra Atmaram Patel Director Nilesh Narendrakumar Ranka Director Recognitions & Rankings of Maan Pharmaceuticals
Contact Details
- EmailLocked
- TelephoneLocked
- Website
- Social MediaLocked
- Registered Address506 Samedh Near Associated Petrol Pump C.G.Road Ell, Isbridge, Ahmedabad, Gujarat, India – 380006
- IndustryPharma, Drug Formulation & Development
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Associated Brands with Maan Pharmaceuticals Ltd
Maan Pharmaceuticals operates one associated brand: Maan Pharmaceuticals. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Pharmaceutical company specializing in de-addiction treatments and global operations. | maanpharma.com |
Business Activity of Maan Pharmaceuticals Ltd
The main business activity of Maan Pharmaceuticals is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products | Locked |
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Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
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Financials of Maan Pharmaceuticals Ltd FY 2025 filings available
Maan Pharmaceuticals Ltd reported revenue of ₹101.88 Cr (down 4% YoY) for FY 2025.
Revenue · FY 2025
₹101.88 Cr ▼ 4%
Net profit · FY 2025
₹14.06 Cr margin 13.8%
EBITDA · FY 2025
₹21.8 Cr margin 21.4%
Compounded Annual Growth Rate (CAGR) of Maan Pharmaceuticals Ltd
Revenue CAGR growth
1 year
▼ 4%
5 years · compounded
▲ 7%
EBITDA CAGR growth
1 year
▼ 5%
5 years · compounded
▲ 26%
Revenue fell 4% in the latest year, but over five years it has grown at a compounded annual rate (CAGR) of 7%. EBITDA fell 5% 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 of Maan Pharmaceuticals Ltd
| 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 | ₹101.88 Cr | •••• | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• | •••• | •••• |
| EBITDA | ₹21.8 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹14.06 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 of Maan Pharmaceuticals Ltd
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 21.4% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 13.8% | •••• | •••• | •••• | •••• |
| 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 | •••• | •••• | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Maan Pharmaceuticals are in the company report.
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Financial statements from 2015
Earlier years and trend charts are in the company report.
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Board of Directors of Maan Pharmaceuticals Ltd
Maan Pharmaceuticals has 5 current directors and 10 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Lalbhai Maljibhai Desai | Director | 01 May 2013 | 13 Years 5 Months | Current |
| Hemendra Atmaram Patel | Director | 01 Apr 2011 | 15 Years 6 Months | Current |
| Nilesh Narendrakumar Ranka Also directs: Nivo Lifesciences Private Limited, Veritas Bioventions Private Limited, Medicef Pharma Limited and 1 more | Director | 10 Jul 2013 | 13 Years 3 Months | Current |
| Anil Hari Bhambhani Also directs: Gandhinagar Hospitalities Private Limited | Director | 30 Sep 2024 | 2 Years 0 Months | Current |
| Vishnu Motibhai Desai | Director | 30 Oct 2024 | 1 Years 11 Months | Current |
Peer Comparison of Maan Pharmaceuticals Ltd
Maan Pharmaceuticals Ltd is compared with the companies closest to it by revenue in the Pharma industry (Formulations, Pharmaceuticals). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Aura Lifecare Private Limited | ₹102.72 Cr (FY 2025) | •••• | •••• | 15.0% | •••• | Savli, Gujarat, India |
| Baroque Pharmaceuticals Pvt Ltd | ₹102.39 Cr (FY 2025) | •••• | •••• | 7.0% | •••• | Ahmedabad, Gujarat, India |
| Steadfast Limited | ₹102.31 Cr (FY 2025) | •••• | •••• | 11.0% | •••• | New Delhi, Delhi, India |
| Vaishali Pharma Limited Listed | ₹102.23 Cr (FY 2025) | •••• | •••• | 16.0% | •••• | Mumbai, Maharashtra, India |
| Makson Industries Private Limited | ₹101.93 Cr (FY 2018) | •••• | •••• | 4.0% | •••• | Mandideep, Madhya Pradesh, India |
| Maan Pharmaceuticals Ltd this company | ₹101.88 Cr (FY 2025) | •••• | •••• | -4.0% | •••• | Ahmedabad, Gujarat, India |
| Bueno Salud Care (India) Private Limited | ₹101.84 Cr (FY 2025) | •••• | •••• | 30.0% | •••• | Ahmedabad, Gujarat, India |
| Sachin Parenteral Private Limited | ₹101.7 Cr (FY 2025) | •••• | •••• | 82.0% | •••• | Aligarh, Uttar Pradesh, India |
| Pharma Impex Laboratories Pvt Ltd | ₹101.54 Cr (FY 2024) | •••• | •••• | 12.0% | •••• | Kolkata, West Bengal, India |
| Samrudh Pharmaceuticals Private Limited | ₹101.47 Cr (FY 2025) | •••• | •••• | 16.0% | •••• | Mumbai, Maharashtra, India |
| Natural Herbs and Formulation Private Limited | ₹101.16 Cr (FY 2025) | •••• | •••• | 62.0% | •••• | Roorkee, Uttarakhand, India |
Peers are the five companies nearest above and the five nearest below Maan Pharmaceuticals by revenue in the Pharma industry (Formulations, Pharmaceuticals), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of Maan Pharmaceuticals Ltd
Maan Pharmaceuticals Ltd is audited by ASHISH B. SHAH & ASSOCIATES for the financial year 2024.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| ASHISH B. SHAH & ASSOCIATES | Locked | Locked | Locked |
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Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
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Ownership and Shareholding of Maan Pharmaceuticals Ltd
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Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
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Charges & Borrowings of Maan Pharmaceuticals Ltd
Open charges
₹49.88 Cr
Satisfied charges
₹83.61 Cr
Breakdown by lending institutions
Latest charge details
| Date | Lender | Amount | Status |
|---|---|---|---|
| 05 Jul 2025 | Yes Bank Limited | ₹49.88 Cr | Open |
| 07 Aug 2020 | Others | ₹2.4 Cr | Satisfied |
| 16 Oct 2017 | Others | ₹17 Cr | Satisfied |
| 10 Mar 2016 | Others | ₹3 Cr | Satisfied |
| 26 Mar 2013 | The Mehsana Urban Co-Operative Bank Limited | ₹4 Cr | Satisfied |
Total charge records: 15 View all charges
Deals & Funding of Maan Pharmaceuticals Ltd
Maan Pharmaceuticals Ltd has 4 deals on record (3 secondary share transfers, 1 funding round), with disclosed funding of ₹20.07 Cr; the latest was in March 2020.
Total deals
4
Secondary share transfers
3
Funding round
1
Disclosed funding
₹20.07 Cr
Deals on record (4 of 4)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2020 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Sep 2019 | Funding round | ₹20.07 Cr | Investors: Megabyte Merchants Private Limited , Dadashree Remedies LLP , Glamour Heathcare LLP |
| Aug 2018 | Secondary share transfer | Undisclosed | Buyer: Nareshkumar Otarmalji Huf, 3 individuals Seller: Narendrakumar Otarmalji Huf, 3 individuals |
| Dec 2010 | Secondary share transfer | Undisclosed | Buyer: 4 individuals Seller: an individual |
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Full deal history
All 4 deals with amounts, valuations, instruments and every party are in the company report.
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Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases of Maan Pharmaceuticals Ltd
Maan Pharmaceuticals Ltd has 87 court cases on record: 49 filed by Maan Pharmaceuticals, 34 filed against it, 4 where it is another party. 16 cases are pending and 71 are disposed. Status as checked between 21 Sep 2026 and 04 Oct 2026.
Total cases
87
Filed by the company
49
Filed against the company
34
Pending
16
Disposed
71
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 45 | 29 | 7 |
| High courts | 42 | 5 | 9 |
Cases on record (5 of 87)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Gujarat | Special civil application | Filed by the company against Gujarat Medical Services Corporation Limited | Disposed |
| High Court of Delhi | Court case (FAO (COMM)) | Filed by the company against Mindwave Healthcare Private Limited | Disposed |
| District court, South, Delhi | Commercial suit | Filed against the company by Mindwave Healthcare Private Limited | Disposed |
| High Court of Delhi | Court case (O.M.P.(I)) | Filed by the company against Rites Limited | Disposed |
| District court, Mumbai CMM Courts, Maharashtra | Court case (Summons Cases SS) | Filed against the company by Sbi Factors Limited | Disposed |
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Full case history
All 87 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
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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 by Maan Pharmaceuticals Ltd
Maan Pharmaceuticals Ltd has 1 MSME Form 1 return on record for the period ending Mar 2019, listing 61 overdue payments to 37 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 37)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Rank Organics Chemical Private Limited | •••• | •••• | •••• |
| Micro Orgo Chem | •••• | •••• | •••• |
| Shreeram Industries | •••• | •••• | •••• |
| Oasis Test House | •••• | •••• | •••• |
| Shreedhar Ampoules and Vials Pvt Ltd | •••• | •••• | •••• |
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Full MSME payment history
Every supplier, amount and due date from all 1 MSME Form 1 returns is in the company report.
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Individuals and sole proprietors among the suppliers are not named. Amounts, due dates and filing dates are in the company report.
Employees and EPFO Compliance at Maan Pharmaceuticals Ltd
Maan Pharmaceuticals Ltd has a workforce of 27 employees as of Feb 26, 2025.
Employee count
27
Active EPFO establishments
1
Employee growth
-6.9%
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Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
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Recent Activity on Maan Pharmaceuticals Ltd
Maan Pharmaceuticals Ltd has 14 board changes on record since 2010: 5 appointments and 9 cessations. The latest: Vishnu Motibhai Desai was appointed as Director on 30 Oct 2024.
Charges
A charge with Yes Bank Limited of Rs. 49.88 Cr registered on 05 Jul 2025 with Charge ID 101126629 was modified on 06 Dec 2025.
Charges
A charge registered on 07 Aug 2020 via Charge ID 100359880 with Others was fully satisfied on 03 Oct 2025.
Charges
A charge registered on 10 Mar 2016 via Charge ID 100020832 with Others was fully satisfied on 03 Oct 2025.
Charges
A charge registered on 26 Mar 2013 via Charge ID 10589626 with The Mehsana Urban Co-Operative Bank Limited was fully satisfied on 03 Oct 2025.
Charges
A charge registered on 24 Aug 2011 via Charge ID 10598696 with Others was fully satisfied on 03 Oct 2025.
Charges
A charge registered on 23 Aug 2011 via Charge ID 10589627 with The Mehsana Urban Co-Operative Bank Limited was fully satisfied on 03 Oct 2025.
Charges
A charge registered on 05 May 2011 via Charge ID 10293583 with The Mehsana Urban Co-Op Bank Ltd was fully satisfied on 03 Oct 2025.
AGM
Maan Pharmaceuticals Ltd last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Charges
A charge with Yes Bank Limited amounted to Rs. 49.88 Cr with Charge ID 101126629 was registered on 05 Jul 2025.
Filing
Maan Pharmaceuticals Ltd has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Ahmedabad.
Appointed
Vishnu Motibhai Desai was appointed as Director.
Appointed
Anil Hari Bhambhani was appointed as Director.
39 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Maan Pharmaceuticals Ltd
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Credit ratings, litigation, and regulatory alerts
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Subsidiaries & Group Companies of Maan Pharmaceuticals Ltd
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Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
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GST Compliance of Maan Pharmaceuticals Ltd
Maan Pharmaceuticals has 11 GST registrations: 5 active and 6 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
11
Active
5
Cancelled / inactive
6
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAACM9899E1Z3 | Gujarat | Active | 01 Jul 2017 |
| 09AAACM9899E1ZV | Uttar Pradesh | Active | 01 Jul 2017 |
| 33AAACM9899E1Z4 | Tamil Nadu | Active | 21 Jun 2019 |
| 27AAACM9899E2ZW | Maharashtra | Active | 16 Sep 2019 |
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GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
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MCA Filings & Documents of Maan Pharmaceuticals Ltd
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MCA filings and documents
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Related news about Maan Pharmaceuticals Ltd
Frequently Asked Questions about Maan Pharmaceuticals Ltd
Maan Pharmaceuticals is an active public limited company based in Ahmedabad, Gujarat, India. The company works in drug formulation and development, within the pharma industry. It was incorporated on 13 May 1988 (38+ years old) and is registered under CIN U24231GJ1988PLC010699.
Maan Pharmaceuticals reported revenue of ₹101.88 Cr for FY 2025 (down 4% YoY).
Maan Pharmaceuticals has 5 current directors:
- Lalbhai Maljibhai Desai - Director
- Hemendra Atmaram Patel - Director
- Nilesh Narendrakumar Ranka - Director
- Anil Hari Bhambhani - Director
- Vishnu Motibhai Desai - Director
Maan Pharmaceuticals reported a net profit of ₹14.06 Cr (net margin 13.8%) and EBITDA of ₹21.8 Cr (EBITDA margin 21.4%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Maan Pharmaceuticals is 7% over five years. In the latest year (FY 2025) revenue fell 4%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Maan Pharmaceuticals is 24AAACM9899E1Z3, registered in Gujarat. The company has 11 GST registrations in all, of which 5 are active and 6 are cancelled or inactive. Other active GSTINs include 09AAACM9899E1ZV (Uttar Pradesh), 33AAACM9899E1Z4 (Tamil Nadu), 27AAACM9899E2ZW (Maharashtra).
The CIN (Corporate Identification Number) of Maan Pharmaceuticals is U24231GJ1988PLC010699. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Maan Pharmaceuticals has 87 court cases on record: 49 filed by the company and 34 filed against it. 16 are pending. Most are in the district courts.
Maan Pharmaceuticals was incorporated on 13 May 1988, making it 38+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Maan Pharmaceuticals has 4 deals on record (3 secondary share transfers, 1 funding round), with disclosed funding of ₹20.07 Cr; the latest was in March 2020.
The peers of Maan Pharmaceuticals by revenue are Aura Lifecare Private Limited, Baroque Pharmaceuticals Pvt Ltd, Steadfast Limited, Vaishali Pharma Limited, Makson Industries Private Limited and 5 more, all in the Pharma industry (Formulations, Pharmaceuticals).
Vishnu Motibhai Desai was appointed as Director on 30 Oct 2024. Anil Hari Bhambhani was appointed as Director on 30 Sep 2024. Janak Uttam Jain ceased to be Director on 10 Aug 2018. Maan Pharmaceuticals has 14 board changes on record in total.