Fredun Pharmaceuticals Allots 44,000 Equity Shares Following Warrant Conversion

Key numbers

Market Cap	₹1,957 CrSmall Cap
P/E Ratio	44.66xSector: 44.8x
1-Year Return	147.47%Price Performance
Promoter Holding	43.62%Latest Quarter

Key highlights

• Allotment of 44,000 equity shares of face value Rs 10 each on October 23, 2026
• Conversion of 14,667 warrants originally issued on December 29, 2025
• Adjustment to three equity shares for every one warrant due to a bonus issue
• Three non-promoter allottees exercised conversion: Divya Aggarwal, Indu Ramanlal Golecha, and Sahil Dhir
• Original warrant issue price of Rs 1,250 with 25 percent paid upfront

Conversion Dynamics and Bonus Adjustments

The Board of Directors of Fredun Pharmaceuticals finalized the allotment of 44,000 equity shares during its meeting on October 23, 2026. This issuance stems from the conversion of 14,667 convertible warrants that were initially allotted on December 29, 2025. While the original issue price was set at Rs 1,250 per warrant with an upfront payment of Rs 312.50, the conversion terms were modified following a bonus issue.

Consequently, the entitlement was adjusted to provide three equity shares for every one warrant held, effectively neutralizing the dilutive impact of the bonus shares on warrant holders' interests.

Allotment Details for Non-Promoter Investors

• Divya Aggarwal received 8,000 equity shares following the conversion of 2,667 warrants
• Indu Ramanlal Golecha was allotted 24,000 equity shares upon converting 8,000 warrants
• Sahil Dhir received 12,000 equity shares through the conversion of 4,000 warrants
• All 44,000 newly issued shares will rank pari passu with existing equity shares
• Zero warrants remain outstanding for conversion for these specific allottees

Strategic Expansion and Financial Momentum

The conversion comes as Fredun Pharmaceuticals aggressively pursues a transition toward a brand-led healthcare platform, targeting a 100 percent branded portfolio by 2029. The company has recently expanded its pet healthcare footprint, acquiring the Furlicks brand in September 2026 and a 26 percent stake in Goodman Vetcare at an enterprise valuation of Rs 300 crore. Financially, the firm reported robust performance for the June 2026 quarter, with operating revenue growing 90.75 percent year-on-year to Rs 227.76 crore and net profit surging 94.1 percent to Rs 13.13 crore.

These developments follow the company's listing on the National Stock Exchange in August 2026.

Operational Milestones and Growth Guidance

To support its growth trajectory, Fredun is nearing the operational commissioning of a 40,000 square foot utility block expansion at its Palghar facility, scheduled for October 2026. Management has maintained a firm order book of Rs 320 crore to Rs 330 crore as of mid-2026 and has guided for a capital expenditure of Rs 30 crore to Rs 40 crore for the 2027 fiscal year. The company aims for forward revenue exceeding Rs 800 crore within the next three to four years, supported by its recent listing and ongoing capacity enhancements.

What to watch next

• Commissioning of the 40,000 sq. ft. utility block expansion at Palghar facility in October 2026
• Review of Q2 FY27 financial results scheduled for release in November 2026
• Execution of the strategic roadmap targeting a 100 percent branded portfolio by 2029

Fredun Pharmaceuticals · financial snapshot

Share price	₹1370
Market capitalisation	₹1,957.04 Cr
Revenue (annual)	₹635.47 Cr
Net profit (annual)	₹32.62 Cr
Revenue (latest quarter)	₹227.76 Cr+6.90% vs previous quarter
Net profit (latest quarter)	₹13.13 Cr+21.82% vs previous quarter
P/E (TTM)	44.66×Sector 44.8×
Promoter holding	43.62%-0.95% QoQ
FII holding	0.69%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.