Unlisted Share Research Report | FY2025
Sector: Pharmaceuticals / Women’s Healthcare
Company: Gynofem Healthcare and Pharmaceuticals Limited
CIN: U24290MP2022PLC063077
ISIN: INE0NLL01017
Registered Office: Indore, Madhya Pradesh
Status: Unlisted Public Limited Company
Incorporated: October 2022
Authorised Capital: ₹10 Cr
Paid-up Capital: ~₹9.92 Cr
1. Company Overview
Gynofem Healthcare and Pharmaceuticals Limited is an Indian pharmaceutical company focused primarily on women’s healthcare, particularly products related to gynaecology, obstetrics, fertility, pregnancy support and women’s wellness.
The company is headquartered in Indore, Madhya Pradesh and is registered with the Registrar of Companies, Gwalior. Public corporate records identify Nishi Kant Joshi, Anurag Mendhe and Kartikay Joshi as directors.
The company’s own LinkedIn profile describes its positioning as “HARMONY IN WOMEN CARE” and says it has a strong presence across Madhya Pradesh, Uttar Pradesh, Rajasthan and Maharashtra, with an objective of expanding toward a pan-India footprint.
2. Business Model
Gynofem operates primarily as a pharmaceutical formulation and marketing business.
Its focus is relatively specialised compared with a diversified pharma company.
Key areas
- Gynaecology
- Obstetrics
- Fertility & infertility
- Pregnancy support
- Hormonal therapies
- Women’s nutritional supplements
- Menstrual-health products
- General healthcare products
The company’s product portfolio is available through online pharmacy channels, with Apollo Pharmacy and Tata 1mg listings showing multiple Gynofem-branded products.
3. Product Portfolio
The company has developed a portfolio across women’s healthcare and associated therapeutic areas.
Examples include:
| Product / Brand | Broad Category |
|---|---|
| Macova | Fertility / hormonal therapy |
| Gestofem | Progesterone / pregnancy support |
| Ovafix | Fertility / nutritional support |
| 4Fol-Q | Pregnancy / nutritional supplement |
| Fine-O-Vita | Vitamins & nutrition |
| Carnifem | Women’s nutrition |
| Vagiheal | Gynaecological care |
| PMS-Total | Women’s wellness |
| Caleplex-XT | Calcium / nutritional support |
| Rabifem | Gastrointestinal support |
| Etoder | Pain / anti-inflammatory |
| Corcef | Anti-infective |
Online pharmacy listings show approximately 30–40 products associated with the Gynofem Healthcare brand/company.
The product mix indicates that Gynofem is not purely an infertility company; it has a wider women’s-health portfolio alongside general pharmaceutical products.
4. Fertility & Women’s Healthcare Opportunity
One of Gynofem’s key positioning areas is the women’s-healthcare market.
The company focuses on the journey from:
Pre-conception → Fertility → Pregnancy → Maternal nutrition → Postpartum / women’s wellness
This provides opportunities to build a portfolio where physicians and patients can potentially use multiple products from the same pharmaceutical company.
Third-party company information describes Gynofem’s focus on gynaecology, obstetrics and infertility.
5. Manufacturing & Quality
Third-party market research describes Gynofem as operating a GMP-certified manufacturing facility in Baddi, Himachal Pradesh, with quality systems including GMP/GLP and ISO 9001:2015. These claims should be independently verified against the latest company/regulatory documentation before being treated as current certifications.
The company appears to use a combination of pharmaceutical formulation, manufacturing and distribution/marketing capabilities.
6. Geographic Presence
The company’s stated current focus includes:
Madhya Pradesh
Uttar Pradesh
Rajasthan
Maharashtra
The company has indicated an ambition to expand its distribution network toward a pan-India presence.
This is potentially important because pharmaceutical businesses can generate significant operating leverage when an existing product portfolio is taken into new geographic markets.
7. FY2025 Financial Performance
The FY25 financial statements available for the public/unlisted entity show a challenging financial year.
| ₹ Crore | FY24 | FY25 |
|---|---|---|
| Revenue from Operations | 43.72 | 49.44 |
| Other Income | 0.0006 | 0.0003 |
| Total Income | 43.73 | 49.44 |
| PBT | -0.48 | -1.79 |
| PAT | -0.92 | -2.09 |
| EPS | -₹0.09 | -₹0.21 |
The figures are converted from the financial statement’s ₹’000 presentation.
Key observation
Revenue increased approximately:
13% YoY
from ₹43.72 Cr to ₹49.44 Cr.
However, the company remained loss-making, with the FY25 net loss widening to approximately:
₹2.09 Cr
from ₹0.92 Cr in FY24.
This means revenue growth has not yet translated into sustainable profitability.
8. Expense Structure
FY25 expenses were approximately:
| Expense | FY25 |
|---|---|
| Purchase of Stock-in-Trade | ₹14.90 Cr |
| Employee Benefits | ₹26.38 Cr |
| Finance Costs | ₹1.49 Cr |
| Depreciation & Amortisation | ₹5.22 Cr |
| Other Expenses | ₹16.76 Cr |
| Total Expenses | ₹67.33 Cr |
The biggest cost components are employee expenses and other operating expenses.
This is important because the company needs to achieve greater scale in revenue without expenses growing at the same pace.
9. EBITDA / Operating Profitability
The FY25 numbers indicate that Gynofem is currently operating at a negative operating-profit level.
The company reported:
Revenue: ₹49.44 Cr
PBT: -₹1.79 Cr
PAT: -₹2.09 Cr
The challenge therefore isn’t primarily revenue generation; it is converting revenue into positive operating margins.
For an investor, FY26/FY27 margin recovery will be much more important than simply looking at sales growth.
10. Cash Flow
FY25 operating cash flow was:
-₹0.78 Cr
compared with:
-₹0.94 Cr in FY24
So operating cash flow improved slightly but remained negative.
The company generated approximately ₹0.94 Cr of net financing inflow during FY25, primarily through borrowing, while investing cash flow was approximately -₹0.18 Cr.
This means the company was not yet fully self-funded through operations.
That is an important risk to monitor.
11. Balance Sheet
FY25 balance-sheet figures include:
| Particular | FY25 |
|---|---|
| Equity Share Capital | ₹99.21 Cr |
| Reserves & Surplus | -₹35.34 Cr |
| Long-term Borrowings | ₹17.03 Cr |
| Short-term Borrowings | ₹6.43 Cr |
| Total Assets | ₹108.46 Cr |
| Intangible Assets | ₹87.78 Cr |
| Inventory | ₹4.73 Cr |
| Trade Receivables | ₹9.81 Cr |
| Cash | ₹0.41 Cr |
Important balance-sheet observation
The company has approximately ₹87.8 Cr of intangible assets, which represents a very large proportion of total assets.
At the same time, reserves and surplus are negative at approximately ₹35.3 Cr.
This makes book-value-based valuation particularly important to examine carefully.
12. Leverage
FY25 debt consisted of approximately:
Long-term borrowings: ₹17.03 Cr
Short-term borrowings: ₹6.43 Cr
Total borrowings:
~₹23.46 Cr
Compared with FY24, long-term borrowings increased materially from approximately ₹6.89 Cr to ₹17.03 Cr.
The increase in leverage is something investors should monitor, particularly because operating cash flow remained negative.
13. Financial Ratios
Based on the FY25 financial statements:
| Ratio | FY24 | FY25 |
|---|---|---|
| Current Ratio | 1.48x | 1.08x |
| Debt/Equity | 0.17x | 0.37x |
| ROE | -10.54% | -28.15% |
| Inventory Turnover | 7.84x | 8.20x |
| Receivables Turnover | 7.05x | 6.84x |
| Net Profit Margin | -21%* | -42%* |
| ROCE | -4.67% | -18.06% |
*Ratio presentation from the financial-data source.
The overall picture is mixed:
Inventory efficiency improved, but profitability, ROE and ROCE deteriorated.
14. Share Capital
The public company has approximately:
9.92 crore shares outstanding
with paid-up capital of approximately ₹9.92 Cr.
The private-market database identifies the ISIN as:
INE0NLL01017
and a typical transaction lot size of around 1,000 shares, although individual dealers may have different minimum transaction requirements.
15. Shareholding
Detailed current shareholding is not consistently displayed across public private-market databases.
BuyUnlistedShares reports an approximate structure of:
| Category | Holding |
|---|---|
| Promoters | 92.83% |
| Public | 4.10% |
| Others | 3.07% |
These figures should be independently verified against the latest company filing because private-market databases can lag official filings.
The high promoter ownership, if confirmed, implies a relatively concentrated shareholder structure and potentially limited free float.
16. Management
The current publicly identified directors are:
Nishi Kant Joshi
Director
Anurag Mendhe
Director
Kartikay Joshi
Director
Corporate records show all three associated with the public company from its incorporation in October 2022.
Nishi Kant Joshi and Anurag Mendhe are also associated with the older Gynofem Healthcare Private Limited, indicating continuity between the earlier private-company structure and the newer public-company entity.
17. Current Unlisted Share Price
Gynofem is not listed on NSE or BSE.
Current private-market references vary considerably:
| Source | Indicative Price |
|---|---|
| Moneycontrol | ₹52.49 |
| WWIPL | ₹48 |
| Planify – 15 Sep 2026 | ₹47.86 |
| UnlistedZone – 8 Sep 2026 | ₹64 |
| Altius Investec reference | ₹63 |
Indicative OTC Range
₹48–₹64 per share
The spread is unusually wide and demonstrates the limited price discovery of this security.
These are indicative private-market prices, not NSE/BSE traded prices.
18. Market Capitalisation
With approximately 9.92 crore shares:
At ₹48
Implied equity value ≈ ₹476 Cr
At ₹52.49
Implied equity value ≈ ₹521 Cr
At ₹64
Implied equity value ≈ ₹635 Cr
Moneycontrol currently displays approximately ₹476 Cr market capitalisation, although its displayed price/share-count fields are not fully internally consistent.
Therefore, for valuation purposes, it is safer to use a range rather than one precise market-cap figure.
19. Valuation
This is where investors need to be particularly careful.
The company reported a ₹2.09 Cr loss in FY25, so a conventional P/E valuation based on current earnings is not meaningful.
Moneycontrol currently displays a P/E of 46.46x and P/B of 75x, but also shows EPS as unavailable and book value of only ₹0.64. These fields appear to reflect a different/stale calculation basis and should not be relied upon as a standalone valuation metric.
Better valuation questions
Investors should instead examine:
Enterprise Value / Sales
Future EBITDA
Future PAT
Revenue growth
Cash-flow generation
Intangible-asset quality
Debt
Promoter holding
IPO/listing potential
At ₹48–₹64, the implied valuation is roughly ₹476–635 Cr, which is approximately 10–13x FY25 revenue.
That is a substantial valuation for a company that was still loss-making in FY25.
20. IPO / Listing Status
Gynofem is currently:
Unlisted: Yes
NSE/BSE listing: No
DRHP: No confirmed DRHP
IPO price band: Not announced
Listing date: Not announced
Moneycontrol currently specifically shows:
DRHP Status: No
Therefore, investors should not assume an imminent IPO.
The company may be described in private-market channels as a pre-IPO opportunity, but without a formal DRHP/RHP and regulatory process, an eventual listing remains uncertain.
21. Growth Drivers
1. Women’s Healthcare
Women’s healthcare is a specialised pharmaceutical opportunity, with demand across fertility, pregnancy, nutrition and gynaecology.
2. Fertility Market
Products such as Macova and Ovafix give the company exposure to fertility-related treatment and support.
3. Pregnancy & Maternal Nutrition
Products such as Gestofem, 4Fol-Q, Fine-O-Vita and related formulations provide exposure across pregnancy and maternal health.
4. Geographic Expansion
The company’s stated objective of expanding from its existing regional markets toward a pan-India footprint could materially increase the addressable market.
5. Digital Distribution
Presence across online pharmacy platforms can improve product discovery and potentially complement traditional doctor/chemist distribution. Apollo Pharmacy and Tata 1mg list several Gynofem products.
6. Product Expansion
A larger women’s-health portfolio can potentially increase cross-selling opportunities among gynaecologists, fertility specialists and obstetricians.
22. Key Risks
1. Current Losses
FY25 PAT was approximately -₹2.09 Cr.
2. Negative Operating Cash Flow
Operating cash flow remained negative at approximately ₹7.84 Cr.
3. Rising Borrowings
Long-term borrowing increased from approximately ₹6.9 Cr to ₹17.0 Cr in FY25.
4. High Intangible Assets
Intangible assets of approximately ₹87.8 Cr are substantial relative to the company’s overall asset base.
5. Valuation
At roughly ₹48–₹64, implied valuation is approximately ₹476–635 Cr despite the company being loss-making in FY25.
6. Competition
The company competes with established pharmaceutical companies with significantly larger distribution networks, R&D budgets and brands.
7. Regulatory Risk
Pharmaceutical products require compliance with manufacturing, quality, clinical and drug-regulatory requirements.
8. Doctor/Channel Dependence
Prescription-oriented pharmaceutical products can depend heavily on physician adoption, distributors and chemist networks.
9. Unlisted Liquidity
There is no continuous exchange market, and private-market prices can vary materially between dealers.
23. What Investors Should Track
For Gynofem, the next stage of the story should be measured through:
- Revenue growth
- EBITDA margin
- PAT turnaround
- Operating cash flow
- Debt reduction
- Pan-India distribution
- New product launches
- Women’s-health product sales
- Doctor/chemist coverage
- Manufacturing capacity
- Intangible-asset movement
- Any formal DRHP/IPO development
24. UnlistedCart Takeaway
Gynofem Healthcare is a specialised women’s-health pharmaceutical platform with a growing product portfolio across fertility, pregnancy, gynaecology and women’s wellness.
The attractive part of the story is the specialised therapeutic focus and the potential to expand from a regional presence toward a broader Indian pharmaceutical franchise.
The financial picture, however, is still at an early stage:
FY25 Revenue: ₹49.44 Cr
Revenue growth: ~13%
FY25 PAT: -₹2.09 Cr
Operating cash flow: -₹7.84 Cr
Borrowings: ~₹23.46 Cr
Intangibles: ~₹87.8 Cr.
The key question is therefore:
Can Gynofem convert its growing women’s-health product portfolio into sustainable profits and positive cash flow?
At an indicative unlisted price of approximately ₹48–₹64, the implied valuation is roughly ₹476–635 Cr based on the current ~9.92 crore share count.
That valuation leaves considerable expectations around future growth, particularly because FY25 earnings were negative.
For investors, the FY26 audited results, margin trajectory, cash-flow turnaround and evidence of successful pan-India expansion are more important than simply betting on a possible future IPO.
Important Sources
Gynofem Healthcare and Pharmaceuticals – Company Information
Gynofem Healthcare – Financials & Annual Reports
Gynofem Healthcare – Indicative Unlisted Share Price
Gynofem Healthcare – Moneycontrol Unlisted Share Page
Gynofem Healthcare – Planify Research
Gynofem Healthcare Products – Tata 1mg
Disclaimer: This report is for educational and informational purposes only and should not be considered investment advice, a recommendation, or an offer to buy or sell securities. Unlisted-share prices are indicative OTC references and can vary significantly based on liquidity, lot size, seller availability and transaction terms. Financial-data providers may report different periods or calculation methodologies; investors should verify the latest audited FY2025–26 filings, capital structure, shareholding and regulatory records before making any investment decision.
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