Corporate Report     

Published: January 31, 2026
Updated: January 31, 2026

Pharmax India

Gearing to expand its pharma exports: Targets Rs 400-cr revenue by FY2030

Certified as compliant with the World Health Organisation’s GMP (good manufacturing practices), Pharmax India Pvt Ltd, a Mumbai-based pharmaceutical company engaged in the manufacture of parenteral formulations and ophthalmic solutions, is poised for a big leap.

The company, founded by technocrat and firstgeneration entrepreneur Sarvesh Bansal, started with local operations, has grown to the regional and national level, and has now spread to overseas markets. In fact, it now earns 100% of its revenue from exports. Recalling the early days, Mr Bansal, a pharma industry veteran, says, “Initially, we had planned exports just to supplement our domestic sales. However, gradually, we started getting good response from abroad and export 90% of what we manufacture, which we had never dreamt of. We export directly to the tune of 20% while the balance 80% is through merchant exporters. Nigeria, Congo and Ghana contribute nearly 65-70% to our revenue.”

The company has a balanced product portfolio wherein anti-malaria, vitamins and ophthalmic formulations contribute 60%, 20% and 20% respectively to its kitty.

‘NO SHORTCUTS’

Mr Bansal has over 45 years’ experience in the industry, and was a stellar student with B.E., D.BM, O&M (UK) and CBIS from I.I.M., Ahmedabad. As he puts it, Success has no short cuts and can never be purchased. One must prove his mite. I would attribute our success to our superior and consistent quality. We have constantly strived for improving quality and many a time have delivered better than what was committed to. That is the reason we keep getting repeat orders from customers who have been with us for the last few decades. Investment in technology and innovation has contributed significantly to our success in exports. This in particular gives me pride and an immense sense of accomplishment.”

To continue evolving and adapt to an ever-changing landscape in order to make customers’ experience a superior one has become the DNA of Pharmax. Says Suyash Bansal, Executive Director, who is a qualified engineer and heads the marketing division, “We remain steadfast in our commitment to innovation driven by intensive R&D. Going ahead, our focus on advanced biotechnology and pharmaceuticals, healthcare technologies, environmental and social governance (ESG), and smart manufacturing will drive our next phase of growth.”

Exports have been and will continue to remain at the forefront of Pharmax’s incremental growth. The company is all set to increase exports more aggressively from hereon. Explaining their strategy, Mr Bansal says, “Our global presence is poised for expansion, driven by registration in different territories and strategic initiatives across key areas. We are keen to explore and penetrate new geographies. In this regard, we are forming partnerships with individuals and local government bodies, tailoring solutions, and investing in setting up infrastructure and logistics, etc., to scale up our operational capacities. We have a ‘win-win’ approach and enjoy the best relationship with our channel partners. Hence, we are quite confident and very positive about our accelerated growth.”

EXPORT J.V.

To facilitate smooth exports, the company has formed a joint venture company called Pharmax Global Pvt Ltd. This will act as the marketing arm of Pharmax India, which holds a 51% equity stake in the JV.

Pharmax’s existing manufacturing facility, spread over 2,350 square meters, is located in Mumbai. However, to cater to the upcoming enhanced demand, the company has purchased a two-acre plot at Pithampur, Madhya Pradesh, to set up a WHO GMP & EU Regulatory Standard formulation unit with a total investment of around Rs 80 crore. Work on the unit is in progress and the facility is expected to be operational by February 2027.

Elaborating on the outlook for the Indian pharmaceutical industry, Mr Bansal notes, “The industry has become highly matured. Even though we are not investing heavily

in R&D compared to advanced western countries, Indian pharma has grown manifold and remains largely self-reliant in catering to a huge population of 140 crore. Within India itself, growth opportunities are enormous for the industry as the government’s budgetary allocations for the healthcare sector are going up every year. Moreover, the increase in people’s income and greater health consciousness will keep the industry growing. This in itself is a big achievement.”

CALL FOR R&D

He continues, “Not only this, even in exports, through a strong presence in regulated and non-regulated markets, our companies have fared exceedingly well. They will continue doing well by consolidating in existing territories and entering new geographies. However, I accept that our focus on research at the grassroots level needs to be expedited because it has its own multiple advantages.”

Financially, the company is on a strong wicket. It crossed Rs 100 crore in revenue in FY25 and is expected to reach around Rs 135 crore in the current FY26. If things go as planned, Pharmax has an ambitious goal of reaching the Rs 400-crore revenue mark by FY 2030. The company is debt free and cash-surplus. Its working capital cycle is highly favourable. Moreover, due to superior quality and adhering to a strict delivery schedule, its EBITDA margin is also quite attractive.

Concluding, Mr Bansal says, “India has changed a lot and is changing further, and the present government’s proactive policies like ‘Atmanirbhar Bharat’ and ‘Make in India’, supported by various incentives, motivate entrepreneurs. I personally feel we have tremendous growth opportunities at our doorstep, and we should strive to capitalise on these in proportion to our risk appetite.”