1. Company Overview
USV Private Limited is a Mumbai-based pharmaceutical company with a history dating back to 1961. The company focuses on pharmaceuticals, active pharmaceutical ingredients (APIs), generics, biosimilars and selected consumer-healthcare businesses.
USV is a private, unlisted company incorporated on 25 August 1961 under CIN U24239MH1961PTC012098. Its registered office is at Arvind Vithal Gandhi Chowk, Govandi, Mumbai.
| Particular | Details |
|---|---|
| Company | USV Private Limited |
| Established | 1961 |
| CIN | U24239MH1961PTC012098 |
| Headquarters | Mumbai, Maharashtra |
| Registered Office | Govandi, Mumbai |
| Authorised Capital | ₹125 Cr |
| Paid-up Capital | ₹91.59 Cr |
| Status | Private & Unlisted |
| Sector | Pharmaceuticals |
| Core Areas | Generics, APIs, Biosimilars, Specialty Pharma |
| FY25 Revenue | ~₹5,200 Cr |
| FY25 PAT | ~₹1,457 Cr |
USV’s official website identifies its businesses across India, international markets and consumer healthcare, with capabilities in generics, biosimilars, R&D, manufacturing and regulatory operations.
2. Business Model
USV operates across several segments of the pharmaceutical value chain.
Core businesses
1. Branded & Generic Formulations
USV develops and markets prescription medicines across chronic and acute therapeutic areas.
2. Active Pharmaceutical Ingredients
The company manufactures APIs and intermediates, supporting both its own formulations and international customers.
3. Biosimilars
USV has expanded into biologic/biosimilar products, including insulin-related therapies.
4. International Business
The company supplies pharmaceutical products and APIs across multiple international markets.
5. Consumer Healthcare
USV has increasingly expanded into wellness, nutrition and consumer-health products.
The company’s official capabilities include generics, biosimilars, R&D, manufacturing and supply, and regulatory & compliance.
3. Therapeutic Focus
Historically, USV has had a strong presence in:
- Diabetes
- Cardiology
- Women’s health
- Gastroenterology
- Neurology/CNS
- Respiratory
- Dermatology
- Nutrition
- Other chronic-care therapies
A tax tribunal record describing USV’s business also identifies its focus across diabetes, cardiovascular, nutritional, respiratory, dermatology, gynecology, pediatrics and CNS segments, along with branded generics, APIs and biosimilars.
Diabetes – a key strength
Diabetes has been one of USV’s historically important therapeutic areas.
The company’s move into insulin and biosimilars has expanded its capabilities beyond conventional oral anti-diabetic medicines.
USV states that in 2023 it entered the insulin market and became the first company to launch insulin-aspart biosimilars in India.
4. Manufacturing & R&D
USV has developed an integrated manufacturing footprint covering formulations, APIs and newer biological products.
Recent manufacturing expansion includes:
- Vadodara – high-volume manufacturing facility
- Ambernath – API/intermediate capacity
- Baddi, Himachal Pradesh – new manufacturing unit
- Other established manufacturing facilities across India
USV states that it expanded its manufacturing footprint with a new Baddi unit in 2024, launched high-volume manufacturing at Vadodara in 2021 and acquired an API plant at Ambernath in 2020.
This integrated manufacturing network can provide greater control over supply, quality and cost.
5. International Business
USV has built a sizeable international pharmaceutical business.
Its international portfolio includes:
- Oral solid dosages
- Sterile products
- Peptides
- Biologics
- Oncology products
- APIs
- Finished pharmaceutical products
USV’s official international-business page says its products are supplied to global innovators, generic companies and regional pharmaceutical companies.
Its current international footprint includes markets such as:
USA, Mexico, Brazil, Chile, Germany, Turkey, Uganda, South Africa, Russia, China, Nepal, Myanmar, Sri Lanka, Vietnam, Philippines, South Korea, Japan and Australia.
The US business has regulatory exposure through ANDA approvals for oral-solid and sterile products, while Germany has an integrated subsidiary, Juta Pharma.
6. API Business
API manufacturing is an important component of USV’s integrated value chain.
The company’s international-business materials specifically highlight Metformin API and backward integration as part of its global strategy.
This can provide strategic advantages through:
API manufacturing → formulation development → finished products → domestic & international distribution
Such vertical integration can potentially reduce dependence on external API suppliers for selected products.
7. FY25 Financial Performance
FY25 vs FY24
₹ Crore
| Particular | FY24 | FY25 | Growth |
|---|---|---|---|
| Sales / Revenue from Operations | ₹4,475.6 Cr | ₹4,750.4 Cr | +6.1% |
| Operating Profit | ₹1,706.2 Cr | ₹1,804.5 Cr | +5.8% |
| Other Income | ₹273.6 Cr | ₹384.9 Cr | +40.0% |
| PBT | ₹1,730.5 Cr | ₹1,942.7 Cr | +12.3% |
| PAT | ₹1,325.4 Cr | ₹1,457.2 Cr | +9.9% |
| Operating Margin | 38.1% | 38.0% | Stable |
| Net Margin | 27.9% | 28.4% | Improved |
The detailed FY25 financial data compiled by Tofler shows ₹4,750.4 Cr sales, ₹1,804.5 Cr operating profit and ₹1,457.2 Cr net profit.
Another corporate-data source reports FY25 revenue of ₹5,202.13 Cr, reflecting a different revenue/total-income presentation.
For consistency, the report uses the ₹4,750.4 Cr sales figure for operating-performance calculations.
8. Profitability
USV’s profitability is one of the most notable features of its financial profile.
FY25:
Operating Margin: ~38.0%
Net Profit Margin: ~28.4%
ROE: ~23.4%
ROCE: ~53.8%
These are strong profitability metrics for a large pharmaceutical business.
The company has also maintained operating margins around 38–40% over the last several years.
9. Five-Year Financial Trend
₹ Crore
| FY | Sales | Operating Profit | PAT |
|---|---|---|---|
| FY21 | 3,591.4 | 1,421.1 | 1,052.5 |
| FY22 | 3,831.1 | 1,459.0 | 1,081.9 |
| FY23 | 4,111.7 | 1,597.5 | 1,130.3 |
| FY24 | 4,475.6 | 1,706.2 | 1,325.4 |
| FY25 | 4,750.4 | 1,804.5 | 1,457.2 |
Between FY21 and FY25:
Sales: ₹3,591 Cr → ₹4,750 Cr
Operating Profit: ₹1,421 Cr → ₹1,805 Cr
PAT: ₹1,053 Cr → ₹1,457 Cr
This represents a consistent multi-year increase in both revenue and profitability.
10. Balance Sheet
FY25 balance-sheet highlights:
| Particular | FY25 |
|---|---|
| Net Worth | ₹6,230.5 Cr |
| Total Assets | ₹7,096.9 Cr |
| Borrowings | Nil |
| Debt/Equity | 0.0x |
| Cash/Financial Assets | Strong |
| Operating Margin | 38.0% |
| ROCE | 53.8% |
The absence of meaningful debt is particularly notable.
USV reported zero debt-to-equity in the FY25 data compiled by Tofler, while net worth increased approximately 21% year-on-year.
11. Cash-Flow & Capital Strength
Historical financial data indicates that USV generates substantial operating profits and has maintained a strong balance sheet.
FY24 operating cash flow was approximately ₹1,179 Cr, according to a detailed financial report, while the company had no long-term borrowings in the period reported.
The combination of:
High margins + strong PAT + low leverage
gives USV significant internal financial capacity for acquisitions, manufacturing expansion and R&D.
12. Recent Strategic Expansion
One of the most important recent developments is USV’s expansion into consumer health and nutraceuticals.
In 2026, USV agreed to acquire approximately 79% of Nutritionalab Private Limited, the company behind Wellbeing Nutrition, at a reported valuation of approximately ₹1,583 Cr.
Separately, AZB & Partners disclosed that it advised USV on the acquisition of Nutritionalab at a valuation of approximately ₹1,600 Cr.
This gives USV exposure to:
- Vitamins
- Minerals
- Protein
- Collagen
- Omega supplements
- Beauty & wellness
- Gut health
- Direct-to-consumer healthcare
The transaction represents a strategic expansion from traditional pharmaceuticals toward the broader health, wellness and nutrition market.
13. Management
Current corporate records identify senior leadership/directors including:
- Prashant Kumar Tewari – Managing Director
- Jayant Dwivedy – Whole-Time Director
- Aneesha Gandhi Tewari – Director
- Leena Gandhi Tewari – Director
- Vilas Gandhi Tewari – Director
- Debabrata Bhadury – Director
- Murugappan Muthiah Venkatachalam – Director
USV has a long-established management and promoter ecosystem associated with the Gandhi-Tewari family.
14. Share Capital
| Particular | Amount |
|---|---|
| Authorised Capital | ₹125 Cr |
| Paid-up Capital | ₹91.59 Cr |
| Status | Private company |
| Exchange Listing | Unlisted |
The paid-up capital was approximately ₹91.59 Cr as per the latest corporate records reviewed.
Because USV is a private company, its equity does not have an NSE/BSE quoted price.
15. Unlisted Share Price & Valuation
Important
USV Private Limited is not listed on NSE or BSE.
I did not find a sufficiently reliable current OTC transaction price for USV shares in the sources reviewed. Therefore, it would be inappropriate to present an unverified dealer quote as the company’s current market price.
This is particularly important because private-market prices can differ substantially depending on:
- Seller availability
- Buyer demand
- Lot size
- Transfer restrictions
- Share class
- Transaction date
- Company valuation at the time of the transaction
Unlisted-market platforms themselves caution that their prices are indicative and are not exchange prices.
Valuation reference
The FY25 financial profile provides a useful fundamental benchmark:
PAT: ~₹1,457 Cr
Net Worth: ~₹6,231 Cr
EBITDA/Operating Profit: ~₹1,805 Cr
Any secondary-share transaction should therefore be assessed against these fundamentals rather than simply comparing a per-share dealer quote.
16. IPO / Listing Status
USV is currently a private unlisted company.
There is no confirmed NSE/BSE IPO timetable identified in the sources reviewed.
Therefore:
NSE/BSE Listing: No
Current DRHP/IPO: No confirmed IPO identified
Private Company: Yes
An eventual IPO should not be assumed as part of the investment thesis unless the company formally files and announces such a transaction.
17. Growth Drivers
1. Chronic-care leadership
USV has long-standing exposure to diabetes and cardiology, two of India’s major chronic-care markets.
2. Biosimilars & insulin
The company’s expansion into insulin and biosimilars creates opportunities beyond conventional generic formulations. USV states that it launched insulin-aspart biosimilars in India in 2023.
3. International expansion
The company has built presence across North America, Europe, Asia, Africa and Latin America.
4. Integrated API-to-formulation capabilities
Backward integration into APIs and intermediates can provide supply-chain advantages.
5. Manufacturing expansion
The Baddi, Vadodara and Ambernath investments increase the company’s manufacturing and API capabilities.
6. Consumer-health expansion
The Wellbeing Nutrition acquisition gives USV a route into India’s rapidly expanding nutrition and wellness market.
7. Strong financial position
High profitability and negligible debt provide financial flexibility for future acquisitions, R&D and capacity expansion.
18. Key Risks
⚠️ Private-company liquidity
USV shares do not trade on NSE/BSE, so liquidity can be considerably lower than listed pharmaceutical companies.
⚠️ Valuation transparency
Without an active exchange market, determining a fair secondary-market price requires transaction-specific diligence.
⚠️ Pharmaceutical regulation
USV operates across highly regulated markets, exposing it to product approvals, manufacturing compliance, pricing regulation and quality requirements.
⚠️ International regulatory risk
The company’s international operations expose it to regulatory requirements across the US, Europe, Japan, Australia and other markets.
⚠️ Acquisition integration
The Wellbeing Nutrition acquisition adds an attractive consumer-health vertical but also introduces integration and execution requirements.
⚠️ Product competition
USV competes with major domestic and multinational pharmaceutical companies across generic, chronic-care, biosimilar and consumer-health categories.
19. Investment Snapshot
| Parameter | USV Private Limited |
|---|---|
| Sector | Pharmaceuticals |
| Established | 1961 |
| Headquarters | Mumbai |
| FY25 Sales | ₹4,750 Cr |
| FY25 Operating Profit | ₹1,804.5 Cr |
| FY25 PAT | ₹1,457.2 Cr |
| FY25 Net Worth | ₹6,230.5 Cr |
| Operating Margin | ~38.0% |
| Net Margin | ~28.4% |
| ROE | ~23.4% |
| ROCE | ~53.8% |
| Debt/Equity | 0x |
| Paid-up Capital | ₹91.59 Cr |
| International Markets | Multiple regions |
| Major Strengths | Diabetes, Cardiology, APIs, Generics, Biosimilars |
| Recent Expansion | Wellbeing Nutrition |
| NSE/BSE Listed | No |
| IPO | No confirmed IPO |
| Current OTC Price | No reliable public quote |
20. UnlistedCart Takeaway
USV is one of the larger privately held pharmaceutical businesses in India, with a combination of strong domestic brands, chronic-care exposure, API capabilities, biosimilars, international operations and a very strong balance sheet.
The FY25 numbers stand out:
₹4,750 Cr sales
₹1,805 Cr operating profit
₹1,457 Cr PAT
₹6,231 Cr net worth
Zero debt-to-equity
The company is also becoming more diversified. Its recent acquisition of Wellbeing Nutrition/Nutritionalab for a transaction valuation of approximately ₹1,583–1,600 Cr expands USV into consumer nutrition and wellness.
The key investment question for an unlisted investor, however, is price.
USV’s operating fundamentals can be studied with reasonable confidence, but without a transparent exchange price, the attractiveness of any secondary transaction depends on the actual negotiated valuation, share-transfer terms and liquidity.
Sources & Links
USV – Our Story & Manufacturing Expansion
Tofler – USV Private Limited Financials
The Company Check – USV Private Limited
AZB – USV Acquisition of Nutritionalab
Bar & Bench – Wellbeing Nutrition Transaction
Disclaimer: This report is for informational and research purposes only. USV Private Limited is a private, unlisted company and does not have a continuously traded exchange price. Financial databases may use different revenue classifications, so audited financial statements should be used for transaction-level diligence. Private-company shares may have transfer restrictions and limited liquidity. No future IPO or listing should be assumed. This is not investment advice.
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