Accretion Nutraveda IPO

Accretion Nutraveda manufactures ayurvedic and nutraceutical formulations on contract for other brand owners, operating as a contract development and manufacturing organisation rather than selling under its own label. From a leased facility of about 10,763 square feet at Vasna-Chacharwadi, Sanand, near Ahmedabad, it makes tablets in film-coated and chewable forms, hard gelatin and HPMC capsules, syrups, suspensions and tonics, traditional churan powders, medicated ayurvedic oils, and external preparations such as balms, ointments, creams and gels. End uses include liver care, gynaecological care, bone and joint health, respiratory support and cognitive health. Buyers are Indian brand owners and merchant exporters, plus direct export customers in Sri Lanka, Singapore and the United States. The plant holds Gujarat FDCA GMP, WHO-GMP, FSSC 22000, ISO 9001:2015 and Halal certifications and an FSSAI licence. It had 18 employees on payroll at the prospectus date.

Revenue is manufacturing fees, not brand sales. Two streams: domestic and merchant-export sales on a loan-licence basis, which contributed 96.62% of revenue in FY25 and 99.21% in the six months to 30 September 2025, and direct exports, the remaining 3.38% and 0.79%. The client owns the brand and the licence; Accretion supplies capacity and process. Growth has come from filling idle lines rather than adding them: installed tablet capacity stayed at 36.5 million units from FY23 through H1FY26 while utilisation rose from 3.92% to 51.42%, and capsule utilisation from 7.30% to 84.09%. Capsules near 84% leave limited headroom, so further volume requires fresh capacity. Revenue is concentrated in Gujarat.