Medico Remedies is a family-run Indian pharmaceutical factory that turns active ingredients into finished pills, capsules, creams and syrups - the medicines that governments, hospitals and distributors actually put on shelves. Founded in 1994 by pharmacy graduate Haresh Mehta and still run by the Mehta family from Mumbai, the company has spent three decades building a single, focused capability: manufacturing a wide range of generic formulations across multiple therapeutic areas under one roof, with the quality certifications that let it sell those products both at home and abroad. The recurring approach is simple - own the factory, hold the international quality stamps, stay in Maharashtra where raw materials and skilled labour are cheap and close, and sell in bulk to institutional buyers rather than building a consumer brand. # Business segments A single engine - pharmaceutical contract and institutional manufacturing - that serves domestic and export customers from three plants in Maharashtra, all making the same thing: finished-dose medicines sold business-to-business. ## 1. Pharmaceutical manufacturing: the factory behind the label **The company makes finished medicines - tablets, capsules, creams and syrups - and sells them to governments, distributors and other pharmaceutical companies, not to patients.** - **Three plants, one industrial cluster** - all manufacturing units sit in Palghar, Maharashtra, where domestically sourced raw materials are easily available from nearby manufacturers, procurement is cheaper and faster, and skilled workers are abundant because of the concentration of industries in the area. - **Two product families under one roof** - the company makes oral solid dosage forms (tablets, capsules, dry syrups) covering everything from antibiotics and antimalarials to diabetes and blood-pressure drugs, plus external preparations (creams and ointments) for anti-infectives, antifungals and steroids, with a dedicated separate facility for beta-lactam antibiotics like amoxicillin and ampicillin to prevent cross-contamination. - **A recent bet on ointments** - in 2023 the company added a 15,000 sq. ft. ointment plant next to its existing Palghar site, capable of producing up to 3 million tubes a month, and secured WHO GMP certification for it by August 2024, giving it a new product category to offer its existing government and export buyers. - **Building the next capacity now** - a new factory for beta-lactam tablets, capsules, dry syrups and injectables (including amoxicillin-clavulanic acid combinations) is under construction on adjoining plots, designed to PIC/S guidelines, with planned capacity of 25 million tablets, 45 million capsules, 10 million dry syrups and 10 million injectables, funded by internal accruals and debt and expected within two years. - **B2B, not B2C** - revenue comes from selling to government procurement agencies (like Uttar Pradesh Medical Supplies Corporation in India, PROMESE/CAL in the Dominican Republic, and Turkmenistan's Ministry of Health) and to other pharmaceutical companies, with export benefits accrued under India's RODTEP scheme; the company does not market its own consumer brands. # Group structure and partners **The company is a standalone, promoter-controlled manufacturer with no subsidiaries, joint ventures or collaborations - a single legal entity run by the founding family.** - **No corporate web** - as of March 2025, Medico Remedies has no subsidiary, joint venture or associate companies, and has never reported any collaborations, making it a pure single-entity operation. - **Founder-led, family-held** - the Mehta family holds the controlling promoter stake (73.34% as of early 2021) and occupies the key roles: founder Haresh Mehta is Chairman & Whole-Time Director, his son Harshit Mehta is Managing Director, and another son Rishit Mehta serves as Whole Time Director, with related-party transactions such as rent payments to directors conducted on an arm's-length basis. - **Mainboard migration broadened access** - originally listed on the BSE SME Platform, the company migrated to the BSE Mainboard and simultaneously listed on the NSE in May 2022 following a 3:1 bonus issue, a move that widened its investor base and capital-market visibility.