India's Most Valuable Companies 2025 edition · Source: Hurun India
- Valuation
- ₹62,880 Cr
- 1-year change
- +21%
2024 #125 2023 #114 2022 #95
Macleods Pharmaceuticals Ltd - pharma in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹9,308.11 Cr
▲ 5% YoY
Net profit · FY 2025
₹2,262.63 Cr
Net margin 24.3%
EBITDA · FY 2025
₹2,232.72 Cr
EBITDA margin 24%
Authorised capital
₹65 Cr
Registered with MCA
Paid-up capital
₹64.87 Cr
Issued & subscribed
Open charges
₹481.13 Cr
Satisfied ₹131.64 Cr
Company age
37 yrs
Est. 1989
Employees · EPFO
22,214
Provident fund records
About Macleods Pharmaceuticals Ltd
Data last updated:
Macleods Pharmaceuticals Ltd is a public limited company based in Mumbai, Maharashtra, India. It operates in the drug formulation and development segment of the pharmaceuticals sector. It was incorporated on 05 June 1989 and has been in existence for over 37 years.
Its director Girdharilal Bawri and family are #207 among India's richest people (2026). Its director Banwarilal Bawri and family are #215 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U24239MH1989PLC052049. Its GSTIN is 27AAACM4100C1Z9 (Maharashtra). The company holds 37 GST registrations, of which 29 are active.
The company has an authorised share capital of ₹65 Cr and a paid-up capital of ₹64.87 Cr. It was formerly known as Macleods Pharmaceuticals Pvt Ltd. It is led by directors including Banwarilal Murlidhar Bawri (Managing Director) and Ruchi Rajendra Agarwal (Whole-Time 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 304 Atlanta Arcade Marol Church Road Andheri (East), Mumbai, Maharashtra, India – 400059.
As per the financials filed for FY 2025, the company reported a revenue of ₹9,308.11 Cr, a growth of 5% compared to the previous year. For the same year it recorded a net profit of ₹2,262.63 Cr (net margin 24.3%) and EBITDA of ₹2,232.72 Cr (EBITDA margin 24%). Revenue has grown at a compounded annual rate (CAGR) of 5% over three years and 5% over five years.
The company has about 22,214 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 1 brand: Macleods. As per MCA filings, the company has open charges of ₹481.13 Cr and satisfied charges of ₹131.64 Cr on record. Court records list 1,255 cases involving the company, including 1,135 filed by the company and 120 filed against it; 818 cases are pending. The company has 5 deals on record (5 secondary share transfers); the latest was in September 2023. Its 9 peer companies in the Pharma industry (API Manufacturers, Formulations, Pharmaceuticals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 4 larger and 5 smaller; the largest is Torrent Pharmaceuticals Ltd with revenue of ₹11,539 Cr. The company has 16 MSME Form 1 returns on record between 2011 and 2024, listing 5,792 overdue payments to 575 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website macleodspharma.com.
Company details
CIN U24239MH1989PLC052049
Registration Number 052049
Incorporation Date 05 June 1989
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
CIN history
Macleods Pharmaceuticals has one previous CIN (Corporate Identification Number): U24239MH2003PLC052049. The current CIN is U24239MH1989PLC052049, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U24239MH1989PLC052049 | Current |
| U24239MH2003PLC052049 | Previous |
Key People
Banwarilal Murlidhar Bawri Managing Director Ruchi Rajendra Agarwal Whole-Time Director Mihir Bipin Shah Director Recognitions & Rankings of Macleods Pharmaceuticals
India's Richest People 2026 edition · 2 directors · Source: Hurun India
- #207 Girdharilal Bawri & family ₹17,800 Cr
- #215 Banwarilal Bawri & family ₹17,300 Cr
Contact details
Macleods Pharmaceuticals Ltd's registered office is in Mumbai, Maharashtra. Its website is macleodspharma.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered Address304 Atlanta Arcade Marol Church Road Andheri (East), Mumbai, Maharashtra, India – 400059
- IndustryPharma, Drug Formulation & Development, API Manufacturers
To see the full contact details of Macleods Pharmaceuticals Ltd, buy the company report.
Comprehensive company report
Macleods Pharmaceuticals Ltd - 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
Macleods Pharmaceuticals operates one associated brand: Macleods. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Pharmaceutical manufacturing, R&D, and global supply of medicines. | macleodspharma.com |
Business activity
The main business activity of Macleods 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 Macleods Pharmaceuticals Ltd, buy the company report.
Financials of Macleods Pharmaceuticals Ltd
FY 2025 filings availableMacleods Pharmaceuticals Ltd reported revenue of ₹9,308.11 Cr (up 5% YoY) for FY 2025.
Revenue · FY 2025
₹9,308.11 Cr ▲ 5%
Net profit · FY 2025
₹2,262.63 Cr margin 24.3%
EBITDA · FY 2025
₹2,232.72 Cr margin 24%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 5%
3 years · compounded
▲ 5%
5 years · compounded
▲ 5%
EBITDA CAGR growth
1 year
▲ 7%
3 years · compounded
▲ 7%
5 years · compounded
▲ 1%
Revenue has grown at a compounded annual rate (CAGR) of 5% over five years, including 5% growth in the latest year. EBITDA rose 7% 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 | ₹9,308.11 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹2,232.72 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹2,262.63 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 | 24% | ||||
| Net Profit Margin | 24.3% | ||||
| 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 Macleods Pharmaceuticals Ltd, buy the company report.
Board of directors of Macleods Pharmaceuticals Ltd
Macleods Pharmaceuticals has 6 current directors and 22 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Mihir Bipin Shah | Director | 01 Jul 2016 | 10 Years 3 Months | Current |
| Arvind Sadashiv Mokashi | Director | 09 Feb 2022 | 4 Years 8 Months | Current |
| Banwarilal Murlidhar Bawri | Managing Director | 05 Jun 1989 | 37 Years 4 Months | Current |
| Girdharilal Murlidhar Bawri | Director | 22 May 1990 | 36 Years 5 Months | Current |
| Vinita Mayur Danait | Director | 09 Feb 2022 | 4 Years 8 Months | Current |
| Ruchi Rajendra Agarwal | Whole-Time Director | 01 Oct 2025 | 1 Years 0 Months | Current |
Peer comparison
Macleods Pharmaceuticals Ltd is compared with the 9 companies closest to it by revenue in the Pharma industry (API Manufacturers, 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 |
|---|---|---|---|---|---|---|
| Torrent Pharmaceuticals Ltd | ₹11,539 Cr (FY 2025) | 7.0% | Ahmedabad, Gujarat, India | |||
| Serum Institute of India Private Limited | ₹10,854 Cr (FY 2025) | -2.0% | Pune, Maharashtra, India | |||
| Biocon Biologics Limited | ₹10,144 Cr (FY 2025) | 13.0% | Bengaluru, Karnataka, India | |||
| Divi's Laboratories Limited | ₹9,712 Cr (FY 2025) | 19.0% | Hyderabad, Telangana, India | |||
| Macleods Pharmaceuticals Ltdthis company | ₹9,308.11 Cr (FY 2025) | ₹2,262.63 Cr | 24.3% | 5.0% | 22,214 | Mumbai, Maharashtra, India |
| Ipca Laboratories Limited | ₹9,032.39 Cr (FY 2025) | 15.0% | Mumbai, Maharashtra, India | |||
| Abbott Healthcare Private Limited | ₹8,811.32 Cr (FY 2025) | 3.0% | Mumbai, Maharashtra, India | |||
| Deccan Fine Chemicals (India) Private Limited | ₹8,738.51 Cr (FY 2024) | -1.0% | Hyderabad, Telangana, India | |||
| Emcure Pharmaceuticals Limited | ₹7,963.26 Cr (FY 2025) | 19.0% | Pune, Maharashtra, India | |||
| Mylan Laboratories Limited | ₹7,503.56 Cr (FY 2025) | -23.0% | Hyderabad, Telangana, India |
To see the full peer comparison of Macleods Pharmaceuticals Ltd, buy the company report.
Auditor
Macleods Pharmaceuticals Ltd is audited by B A K D & CO for the financial year 2025.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| B A K D & CO | FY 2025 | 138880W |
Shareholding
The shareholding of Macleods Pharmaceuticals Ltd 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 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Macleods Pharmaceuticals Ltd, buy the company report.
Charges & borrowings
Open charges
₹481.13 Cr
Satisfied charges
₹131.64 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 31 Jul 2021 | 100471280 | Standard Chartered Bank | ₹71.5 Cr | Open | |
| 21 Jun 2021 | 100458787 | Hdfc Bank Limited | ₹59.93 Cr | Open | |
| 26 Apr 2021 | 100445510 | Axis Bank Limited | ₹50 Cr | Open | |
| 07 Sep 2020 | 100439481 | State Bank of India | ₹299.7 Cr | Open | |
| 26 Apr 2021 | 100445167 | Others | ₹61.92 Cr | Satisfied |
To see the full charge records of Macleods Pharmaceuticals Ltd, buy the company report.
Total charge records: 12 View all charges
Deals & funding
Macleods Pharmaceuticals Ltd has 5 deals on record (5 secondary share transfers); the latest was in September 2023.
Total deals
5
Secondary share transfers
5
Deals on record (5 of 5)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Sep 2023 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: an individual |
| Jul 2022 | Secondary share transfer | Undisclosed | Buyer: 3 individuals Seller: 3 individuals |
| Mar 2020 | Secondary share transfer | Undisclosed | Buyer: an individual Seller: Rajendra Agarwal (HUF), 3 individuals |
| Feb 2018 | Secondary share transfer | Undisclosed | Buyer: 2 individuals Seller: Rajendra Agarwal (HUF), 2 individuals |
| Mar 2013 | Secondary share transfer | Undisclosed | Buyer: 3 individuals Seller: 2 individuals |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Macleods Pharmaceuticals Ltd has 1,255 court cases on record: 1,135 filed by Macleods Pharmaceuticals, 120 filed against it. 818 cases are pending and 437 are disposed.
Total cases
1,255
Filed by the company
1,135
Filed against the company
120
Pending
818
Disposed
437
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 1,051 | 41 | 777 |
| High courts | 184 | 69 | 38 |
| Supreme Court | 14 | 6 | 1 |
| NCLAT | 4 | 3 | 2 |
| NCLT | 2 | 1 | 0 |
Cases on record (5 of 1,255)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (1601-Direct Taxation : Income Tax Act, 1961, Wealth Tax Act, 1957, Gift Tax Act, 1958, Excess Profits Tax Act, 1940, Business Profit Tax Act, 1947 [other than matters covered by categories 1602-1605]) | Filed against the company by Assistant Commissioner of Income Tax Central Circle and 2 others | Disposed |
| District court, Mumbai City Civil Court, Maharashtra | Court case (Sum.Civ.Suit) | Filed by the company against Medprecinct Solutions Pvt. Ltd. | Pending |
| High Court of Delhi | Commercial suit | Filed against the company by Sun Pharmaceutical Industries Limited | Disposed |
| High Court of Delhi | Court case (FAO(OS) (COMM)) | Filed against the company by Ridley Life Science Pvt. Ltd | Disposed |
| Supreme Court | Court case (Special Leave Petition (Civil)) | Filed against the company by Ridley Life Science Pvt. Ltd. | Disposed |
To see the full case history of Macleods Pharmaceuticals Ltd, 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
Macleods Pharmaceuticals Ltd has 16 MSME Form 1 returns on record between 2011 and 2024, listing 5,792 overdue payments to 575 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 575)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Earth Infraprojects | |||
| Riddhi Associates | |||
| S2 Engineering Industry Private Limited | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of Macleods Pharmaceuticals Ltd, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Macleods Pharmaceuticals has 1 subsidiary company and 1 associated company. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
1
Subsidiary companies
1
Associated companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Kalyankrit Industries Private Limited | U46497MH2023PTC414046 |
To see the full group structure of Macleods Pharmaceuticals Ltd, buy the company report.
Employees & EPFO
Macleods Pharmaceuticals Ltd has a workforce of 22,214 employees on its EPFO records as of Jan 21, 2026, across 1 active EPFO establishment.
Employee count
22,214
Active EPFO establishments
1
Employee growth
3.86%
GST
Macleods Pharmaceuticals has 37 GST registrations: 29 active and 8 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
37
Active
29
Cancelled / inactive
8
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACM4100C1Z9 | Maharashtra | Active | 01 Jul 2017 |
| 27AAACM4100C2Z8 | Maharashtra | Active | 15 Nov 2017 |
| 02AAACM4100C1ZL | Himachal Pradesh | Active | 01 Jul 2017 |
| 03AAACM4100C1ZJ | Punjab | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Macleods Pharmaceuticals Ltd, buy the company report.
Recent activity
Macleods Pharmaceuticals Ltd has 23 board changes on record since 1989: 9 appointments and 14 cessations. The latest: Ruchi Rajendra Agarwal was appointed as Whole-Time Director on 01 Oct 2025.
Appointed
Ruchi Rajendra Agarwal was appointed as Whole-Time Director.
AGM
Macleods Pharmaceuticals Ltd last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Filing
Macleods Pharmaceuticals Ltd has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Mumbai.
Appointed
Rajesh Kumar Mittal was appointed as Irp/Rp/Liquidator.
Charges
A charge registered on 26 Apr 2021 via Charge ID 100445167 with Others was fully satisfied on 04 Mar 2023.
Ceased
Girdharilal Murlidhar Bawri ceased to be Director.
Appointed
Arvind Sadashiv Mokashi was appointed as Director.
Ceased
Pradeep Vishwanath Gadge ceased to be Director.
Ceased
Ruchi Rajendra Agarwal ceased to be Director.
Appointed
Vijay Girdharilal Agarwal was appointed as CEO.
Appointed
Vinita Mayur Danait was appointed as Director.
Ceased
Mihir Bipin Shah ceased to be Director.
37 earlier events are in the company report.
News
Frequently asked questions
Macleods Pharmaceuticals is an active public limited company based in Mumbai, Maharashtra, India. The company works in drug formulation and development, within the pharma industry. It was incorporated on 05 June 1989 (37+ years old) and is registered under CIN U24239MH1989PLC052049.
Macleods Pharmaceuticals has 6 current directors:
- Banwarilal Murlidhar Bawri - Managing Director
- Ruchi Rajendra Agarwal - Whole-Time Director
- Mihir Bipin Shah - Director
- Arvind Sadashiv Mokashi - Director
- Girdharilal Murlidhar Bawri - Director
- Vinita Mayur Danait - Director
The latest financial statements of Macleods 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 Macleods Pharmaceuticals is 27AAACM4100C1Z9, registered in Maharashtra. The company has 37 GST registrations in all, of which 29 are active and 8 are cancelled or inactive. Other active GSTINs include 27AAACM4100C2Z8 (Maharashtra), 02AAACM4100C1ZL (Himachal Pradesh), 03AAACM4100C1ZJ (Punjab).
The CIN (Corporate Identification Number) of Macleods Pharmaceuticals is U24239MH1989PLC052049. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Macleods Pharmaceuticals has 1,255 court cases on record: 1,135 filed by the company and 120 filed against it. 818 are pending. Most are in the district courts.
Macleods Pharmaceuticals was incorporated on 05 June 1989, making it 37+ years old. It is registered with the Registrar of Companies, Mumbai.
Macleods Pharmaceuticals has 5 deals on record (5 secondary share transfers); the latest was in September 2023.
The peers of Macleods Pharmaceuticals by revenue are Torrent Pharmaceuticals Ltd, Serum Institute of India Private Limited, Biocon Biologics Limited, Divi's Laboratories Limited, Ipca Laboratories Limited and 4 more, all in the Pharma industry (API Manufacturers, Formulations, Pharmaceuticals), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Ruchi Rajendra Agarwal was appointed as Whole-Time Director on 01 Oct 2025. Rajesh Kumar Mittal was appointed as Irp/Rp/Liquidator on 15 Mar 2023. Girdharilal Murlidhar Bawri ceased to be Director on 13 Jun 2022. Macleods Pharmaceuticals has 23 board changes on record in total.
Macleods Pharmaceuticals has 16 MSME Form 1 returns on record between 2011 and 2024, listing 5,792 overdue payments to 575 micro and small suppliers. The latest return was filed on 30 Apr 2024.
Macleods Pharmaceuticals can be reached through the website macleodspharma.com. Its registered office is in Mumbai, Maharashtra, India.