Sudarshan Pharma Industries Ltd.: A Multibagger in Making

Sudarshan Pharma Industries Ltd. operates across various sectors in both the pharmaceutical and chemical industries, with a focus on specialty chemicals and intermediates, which find applications in pharmaceuticals, paints, food products, and adhesives. The Company specializes in host of products from rock chemicals intermediates and API to finish formulations and fully integrated pharmaceutical and chemicals.

The company has launched some of the best performing unique products such as Jivan Kit, Setdown, Pulmo relief, Fix Pollen, Flupimac and many more. In domestic pharmaceuticals markets, currently, the company has its presence in 5 States and further offering customised solutions to its customers for their requirement of Drug Intermediates and Specialty Chemicals. To boost export business, already it is in the process of applying for some formulation registrations in some African as well Asian countries. With its long-standing operations and quality products, the company has built a strong relationship with customers for Specialty Chemicals, APIs and FDFs.

Sudarshan Pharma Industries Ltd. (SPIL) is promoted and managed by technocrats having rich experience in the Chemicals & Pharmaceuticals Industry (Sourcing, Indenting, Product development & Supply of Specialty Chemicals, Bulk API & Intermediates). In fact, Hemal V Mehta started this chemical & API business in 1997. In the year 2008 it became Sudarshan Speciality Chemsolve Private Ltd and later in the year 2017 it was converted as a Public Limited Company by the name of Sudarshan Pharma Industries Limited.

The company has developed the skill and expertise in specialty chemical, bulk drugs, API and pharmaceutical formulation and it is also at the forefront of Prime Minister’s vision to make India self-sufficient and adhere to government’s initiatives like Make in India.

In recognition of its achievements, Sudarshan Pharma has been honored with the “Amity Shield” and “Airavata” mementos from Amity University.

Whether we analyse on its past achievements, future plans, its aggressive promoter’s zeal to succeed or its financial performance, we are sure that a star is born and will shine for years enriching anyone who believes in the dreams of its promoters.

In Conversation: Mr. Hemal V. Mehta, Chairman and Managing Director – Sudarshan Pharma Industries Ltd.

“We are working with a Vision 2035. I’m sure within next 5 years we will be ranking among the Fortune 500 companies.”

Sudarshan Pharma Industries Ltd., led by its promoters, Mr. Hemal V. Mehta, a chemical engineer, and Mr. Sachin V. Mehta, has established a strong foundation in specialty chemicals and bulk drugs. Their relentless enthusiasm is visible when they speak. Indian Economy & Market reached out, to piece together the company’s achievements and new initiatives in detail.

Under PLI Scheme company was awarded two important licenses – B1 & B 6. What is the current status?

We were rewarded the project of Aatmanirbhar Bharat Rojgar Yojana Under PLI Scheme and we have successfully achieved our first milestone of developing the sample for the molecule VITAMIN B1 (Thiamine Hydrochloride). It was developed from Base Root till Finish Product and we have successfully manufactured all the Intermediated Products which is required to manufacture the finish API – VITAMIN B1.

We are proud to say that we happened to be the only company that got two API, in one basket under PLI scheme. We developed the products in our R&D and it would be our monopoly products and we have started the process to file for Patent for the manufacturing process and the intermediates. For Vitamin B1 and B6 and other API/ intermediates the production facility is under process and in March 2026 we will finalise the full facility of Mahad plant which is not only for PLI scheme rather it is a multipurpose plant. If we include the recovery of solvent plant, it houses total five plants under one roof. Our projection is to achieve sales of Rs 150 crore in the first year and profit to be above 30% which will reflect in FY26-27.

Ratna Life Sciences presented a significant growth opportunity for the company. What is the future expansion plan that could drive revenue potential?

We acquired 100 per cent stake in Ratna Lifesciences and now it is a wholly owned subsidiary of Sudarshan Pharma. Ratna Lifesciences specialises in oncology products with an existing capacity of two metric tons, expandable to 15 metric tons. The acquisition helped our immediate foray into Oncology products with a manufacturing unit which is already setup, with option to expand further. We believe oncology business to become a major share of revenues over the next 3-5 years.

Oncology is very critical and a lot of precaution has to be taken at the plant. Again, several regulations have to be maintained. In India only 11 players are there and we are one of them. We manufacture several derivatives and also intermediates of oncology. In the oncology division we have to have a dedicated plant. You can’t manufacture any other products over there. Plant requires constant upgradation so it has to be shut down for two months. We hope this year our efforts will bear fruits and this quarter it will be reflected.

We are coming up with the formulation of oncology and this is under loan and licence. We associated with Brooks Ltd., a Silvasa based company having the best unit of oncology. A medicated formulation facility is required for that. We manufactured finished formulation under Sudarshan Pharma brand. That is a big achievement. So, we are into intermediate, API and formulation and that is why we are affordable and competitive. Producing good quality product is our motto. I firmly believe that only then we can compete and truly become Atmanirbhar.

What all are the future plans for Specialty Chemicals, Intermediate to API and formulation? Can you tell us in brief about that?

I’m a chemical Engineer and my forte is that. We started business with speciality chemical and gradually turned ourselves into intermediate, then API, and further forward. Still our focus is into manufacturing speciality chemical, intermediate & API only. We are not focused right now on formulation. However, soon we will be collaborating with an Ankleshwar and a Bharuch based company. Dahej is an upcoming industrial belt and as we are doing three to four manufacturing jobs already so we have decided to take over one or two plants in Gujarat Region There 100 per cent focus will be on the intermediate part of specialty chemical.

Already you are a supplier to many companies so when you start supplying APIs what are your plans to capitalise the strong customer base?

You see, when we add a new product, in fact, we capitalise our strong client base because all MNC pharma and chemical companies as well as many big companies of India are in our basket. Last 26 years we are their vendor right from input sourcing to manufacturing. All our activities are based on B2B & B2C business. We regularly supply speciality chemicals, Intermediates & API to Biocon, Cipla, Divis Lab, Zydus, Sun Pharma, Sandoz, Lupin, Cadila, RIL, Jubilant Lifesciences, Meghmani, Alkem, Mankind, besides Mylan, Songwon, a Korean company, Coromandal and Pl, the big giants in agrochemical sector, and another big Italian company Olon, Giants Israel – Teva. So, in the segment of API & Intermediates we already have bunch of customers in our basket and gradually the numbers are increasing.

Our single line mission is to develop good products which satisfies the needs of our customers. I must not forget to mention here the kind of back support that we provide. So, we are not doing only sales we are also providing an impressive after sales service. We ensure that our customers by using our products, get good results.

We are also exporting our products to many Asian countries including Bangladesh, Nepal, Sri Lanka, and Ghana, Kuwait, Taiwan, Saudi Arabia, Middle East nations like Lebanon, Oman, Qatar, UAE, US and Jordan. Then we have number of clients in African countries. It has been an achievement in itself to get so many clients globally. Presently we are in the advanced stage of developing two of our products to export to China.

Export needs a lot of paper work and takes almost two years to complete the process before you send the first consignment. We are continuously trying to increase our export basket with more & more products. So far, we’ve introduced 28 products in global market and gradually adding new products in our export segment.

In your view what could be the Growth Engine for the company?

The growth engine for the company right now is API and intermediates. We have already decided that manufacturing has to be the growth engine of the company. To achieve this, we have fastened our belt to increase efficiency and that is the reason we are establishing R&D facilities to create own innovative products.

We are working with a Vision 2035. I’m sure that our company has very good potential and within next five years we will be able to be a part of Fortune 500 list. We want to manufacture medicines that helps human body with minimal side effects as well as should have effectiveness. Taking this pledge seriously we gradually wish to enter into biotechnology field. Stem cell is a good opportunity. We are not committed right now but that is the future and we are gradually upgrading ourself for future market. To achieve this, we are employing well trained people, highly educated and focussed individuals in the company.

Please throw some light on the financial performance?

Looking at the financial front all I can say is that we have registered more than 50 per cent growth in profitability every succeeding year. Rather than the sales part we are more focused on the profitability part. To accelerate this, we are trying to have more monopoly products and advanced intermediates where margin is high.

Being a company which is into sourcing and developing we are gradually reducing dependency on trading and increasing manufacturing activities. As such you may see sales numbers not moving up with speed but profitability part is doubling every year. As we are importer and sourcing agent to several Pharma and chemical companies.

You have done two major acquisitions. Tell us about them. Any more in pipeline?

You heard it right. Recently, we have incorporated a new subsidiary Sudarshan Maven Pharma Private Limited. The main object of the subsidiary is to manufacture, formulate, process, develop, refine, import, export all kinds of pharmaceuticals, healthcare, ayurvedic and dietary supplement products, amongst other varied products.

We have also acquired 2,09,100 equity-shares of Ishwari Healthcare Private Limited equivalent to 51% of the paid-up equity share capital of the Company. Now after completion of the acquisition, Ishwari Healthcare has become our subsidiary which is a very innovative company and provides superior services, user-friendly and state-of-the-art healthcare disposables & devices conforming to international standards at competitive prices.

The company is regularly participating in trade fair and exhibitions. Can you quantify its outcome?

We cannot quantify our participation in trade fairs and exhibitions. However, it presents very good opportunity to showcase our products and our company beside letting our probable clients meet and interact with the decision makers in the company. It is good for us also to meet MDs of hundreds of companies. Basically, it provides a chance to widen our network. So, taking it very seriously we participate in 10 to 12 exhibitions every year. All the important one like CPHI’S – CPHI PMEC MIDDLE EAST, CPHI MILAN ITALY, CPHI CHINA, APIC SOUTH KOREA, PHARMA EXPO MALAYSIA PHARMA LIVE EXPO, PAINTINDIA, CHEMTECH WORLD EXPO, CHEMEXPO INDIA, PHARMA LYTICA, CPHI & P-MEC INDIA, GLOBAL CHEMEXPO, PHARMA INDIA EXPO, IPHEX INDIA During IPEX we get an opportunity to make a foothold and serve African countries.

Company is involved in various activities like contract manufacturing, outsourcing & supply of generic pharma formulation and medicines to healthcare institution. What more are in the pipeline?

We are into the segment of upward integration of pharma industry. That means from speciality chemicals, intermediates, API to finished products. But right now, at least for two years our major focus is on API and intermediates. We have decided to gradually move to Formulation and Branding. That means after two years you can see us more into Branding and involved into more innovation activities with huge in-house R&D facilities. Then we envision to shift our focus towards providing our services to several pressing issues the mankind is troubled with like Heart Attack, Cancer, AIDS and other incurable diseases. In fact, right from day one our mission has been to make people healthy and do our best to cure incurable diseases.

You have introduced some unique and innovative products. Just brief about them and what has been the response in the market?

You really asked a good question because we also want to highlight two of our very own innovative products which can serve humanity in a big way. The first one is from cardiac segment named Heart Kit Loading Dose – a Kind of first aid for heart attack. It was our role model and mentor Padma Vibhushan Dr. Bhaktavatsalam, who has to his credit of performing 7700 heart operations almost free which could cost lakhs of rupees. He provided us the formula for Loading Dose. No where in the world any other company can claim to have such life-saving product. This is our unique formulation and we are in the process of taking its patent. The moment it comes, we will reintroduce this in the market on a grand scale.

Jivan Kit is another unique offering from our company. It is an Ayurvedic product, in fact, that contains Jivan Sudha, Jivan Sat and Jivan Prash. You probably know that our body is composed of Vaat, Pitt and Cough. If there is an imbalance in these three elements then all problems come in our body. This is a kind of immunity booster which regenerates cells in our body and also cleans it, to help us lead a more energetic life.

Apart from the above two, we have Set Down. You see Ayurved and Allopathy are two different thought process but we have combined the two and manufactured this product to cure constipation and other stomach related problems. We are getting very good response in the market for this product and more and more doctors are prescribing it to their patients.

At present what is the contribution from manufacturing in the total revenue?

To tell you the truth, from the day one I have been focusing on manufacturing only. Our board includes some of the best minds led by Dr. Vishwas Joshi. They continuously guide and advise us. We are keen on medicine but due to dependency on China for speciality chemical and intermediates we have to rely on import. Thus, we have to import from China, use that product in our manufacturing as well as supply to all the major chemical and pharma companies like Biocon, Cadila, Alembic and others.

Please let us know more about your R&D activities?

Our main focus is manufacturing API and intermediates and, in that segment, we want to do advance stage work like innovation and development of new products. So, we give tremendous importance to R&D and we are associated with some of the best minds like the company has partnered with Dr. William Selvamurthy at Amity University, who has set the benchmark for global education with a system that matches the best practices. We have the best entry over there. He gives us back up from the faculty. Many doctors and students are associated with us. At the University’s Noida campus under his guidance, we are partnering in Pharmaceutical/Healthcare R&D, collaborating in Nanotechnology, associating in Patent writing & submission processes, research in the field of commercialisation of Novel Technologies and R&D products.

We are in the process of having an ultra-modern R&D facility in Dehradun where already we have signed Acquisition Agreement for land and construction is in full swing. It will be fully functional in next four months. We have invested close to Rs 16 crore to acquire and install latest machinery. It will be BRSC and NABC approved Laboratory. With highly trained staff we hope to develop more patents over there.

How many products will you develop in API segment in next 3 years?

At present our target is around 42-45 products simply because for this we have R&D facilities. Hopefully within a year we will be able to achieve this target as out of these, five API products we’ve already launched in the market. Thus, 38 intermediates and 42 API are our present target. We have also started working on Flow Reactors which is a new technology. These reactors cost around Rs 10 crore against Rs 15 lakh for normal one. But we not only get quality products, its efficiency is also comparatively better. We are manufacturing Advanced Intermediates on that only to fulfil our commitment towards providing our customers best product with absolutely no impurity.