Bafna

Pharmaceutical Contract Manufacturingbafnapharma.com

Bafna Pharmaceuticals Limited is a Chennai-based, publicly listed (NSE: BAFNAPH) CRAMS and generic formulations manufacturer operating two EOU facilities, exporting to regulated (UK, Europe, Australia) and emerging markets (Sri Lanka, Africa, CIS) under EU-GMP, UK-MHRA, and TGA accreditations.

Company typePublic
Founded1981
HeadquartersChennai, India
Headcount501–1,000
GTM typeB2B
OfferingHardware or Manufacturing

What Bafna does

Bafna Pharmaceuticals Limited is a Chennai-based public pharmaceutical manufacturer (NSE: BAFNAPH, BSE: 532989) founded in 1981 by Bafna Mahaveer Chand. The company operates as a 100% Export Oriented Unit (EOU) running Contract Research and Manufacturing Services (CRAMS) through two Chennai facilities: the Grantlyon plant (EU-GMP, UK-MHRA, TGA Australia accredited, focused on Non-Betalactam solid oral dosage forms for regulated markets) and the Madhavaram plant (ISO 9001:2008 certified, manufacturing Betalactam, Non-Betalactam, and Cephalosporin solid and liquid orals for emerging markets, currently classified as held for sale following a 2024 divestiture decision). A DSIR-approved R&D centre, inaugurated in April 2010, supports formulation development, analytical development, and EU-DMF/US-DMF filings.

The company manufactures over 336 licensed pharmaceutical formulations with 78 globally registered products, exporting to regulated markets (UK, Europe, Australia) and emerging markets (Sri Lanka, Africa, CIS countries, Philippines, MENA). Revenue from operations for FY 2024-25 was INR 14,585.7 lakhs with a net profit of INR 415.25 lakhs, implying thin ~2.85% net margins characteristic of contract generics manufacturing. Branded generics form a secondary revenue stream anchored by the Raricap brand acquired from Johnson & Johnson in 2011, with stated global expansion plans targeting approximately 100 countries.

Ownership is concentrated under promoter SRJR Lifesciences LLP (~89.57%), which acquired control following the 2020 Corporate Insolvency Resolution Process (CIRP) under IBC 2016. The company achieved Minimum Public Shareholding compliance in April 2025 through an Offer for Sale. Customers are unnamed international pharmaceutical buyers engaged via direct B2B relationships, with no disclosed retail or distribution channels and no publicly disclosed pricing tiers.

Bafna firmographics

Firmographics

Name: Bafna
Legal name: Bafna Pharmaceuticals Limited
Website: https://bafnapharma.com
Company type: Public
Founded year: 1981
Operating status: Operating
Headcount range: 501–1,000 employees
Short description: Bafna Pharmaceuticals Limited is a Chennai-based, publicly listed (NSE: BAFNAPH) CRAMS and generic formulations manufacturer operating two EOU facilities, exporting to regulated (UK, Europe, Australia) and emerging markets (Sri Lanka, Africa, CIS) under EU-GMP, UK-MHRA, and TGA accreditations.
Ownership category
akta.pro rank

Bafna industry classification

Industry

Product category: Pharmaceutical Contract Manufacturing
NAICS: Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254)
SIC: Pharmaceutical Preparations (2834)
akta.pro primary industry: Generic Finished Dosage Form (FDF) Manufacturing (HLAIABAH)
akta.pro secondary industries: CMC & Pharmaceutical Development (Formulation/Process/Analytical Development) (HLAIALAD), Small-Molecule CMC Documentation & Regulatory Support (DMF/CMC) (HLAGAHAM)

Keywords

Contract pharmaceutical manufacturing
Generic drug formulations
CRAMS services
Pharmaceutical exports
Branded generics

Where Bafna is headquartered

Location

Headquarters

HQ city: Chennai
HQ country: India
HQ region: Asia

Offices4 records

Markets served

Bafna business model

Business model

GTM type: B2B
Offering type: Hardware or Manufacturing
Cost components: Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

Contract Manufacturing Services: Provides contract research and manufacturing services (CRAMS) to pharmaceutical companies, manufacturing generic pharmaceutical formulations for regulated and emerging markets. Operates as a 100% Export Oriented Unit (EOU).
Generic Pharmaceutical Formulations: Manufactures and supplies over 336 licensed pharmaceutical formulations with 78 globally registered products to regulated markets (UK, Europe, Australia) and emerging markets (Sri Lanka, Africa, CIS countries).
Branded Generics: Markets branded generic products including Raricap (acquired from Johnson & Johnson in 2011), with global expansion plans to approximately 100 countries.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Bafna product offering

Product offering

Core offering

Bafna Pharmaceuticals Limited manufactures generic and branded generic pharmaceutical formulations including solid oral and liquid oral dosage forms (Betalactam, Non-Betalactam, and Cephalosporin). The company operates as a Contract Research and Manufacturing Services (CRAMS) provider with EU-GMP, UK-MHRA, and TGA Australia accredited facilities, exporting to regulated markets (UK, Europe, Australia) and emerging markets (Sri Lanka, Africa, CIS countries).

Product overview

Bafna Pharmaceuticals is a pharmaceutical manufacturing company offering a comprehensive portfolio of products and services. The company operates as a Contract Research and Manufacturing Services (CRAMS) provider with two manufacturing facilities - Grantlyon (EU-GMP, UK-MHRA, TGA Australia accredited) and Madhavaram (ISO 9001:2008 certified). The core offering includes manufacturing of over 336 licensed pharmaceutical formulations across solid oral and liquid oral dosage forms (Betalactam, Non-Betalactam, and Cephalosporin), with 78 globally registered products. The company exports to regulated markets (UK, Europe, Australia) and emerging markets (Sri Lanka, Africa, CIS). In 2011, Bafna acquired the Raricap brand from Johnson & Johnson, which has over 42 years of global market presence. The company also operates an in-house DSIR-approved R&D center for formulation development and contract research services.

Differentiator

Problem solved

Functional benefit

Products and services

Pharmaceutical Formulations Manufacturing

Quantifiable outcome

336 licensed pharmaceutical formulations manufactured
+3 more outcomes

Companies that use Bafna

Customer profile

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Bafna technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Feature5 records

Bafna partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

Johnson & Johnson Ltd.coreOthersIn 2011, Bafna Pharmaceuticals acquired the Raricap brand from Johnson & Johnson Ltd. This brand has a legacy of over 42 years and was marketed globally. Bafna has since launched Raricap and its extensions in Sri Lanka and Singapore, with plans to expand to approximately 100 countries including USA, UK, Philippines, Vietnam and CIS countries.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Bafna competitors and assessment

Company assessment

Broad incumbents

Cipla: Major Indian pharmaceutical company with global generic formulations exports including to UK, Europe, Australia, and Africa. Comparable in end markets but materially larger and broader in portfolio.
Divis Laboratories: Large Indian CRAMS/API manufacturer serving global pharma. Comparable as a contract manufacturing peer but operates at materially larger scale and is more API-focused than Bafna's FDF model.
Torrent Pharmaceuticals: Large Indian generic pharma with strong emerging-market presence in addition to regulated markets. Comparable in export-driven generic FDF business, though at a larger scale.

Emerging players

Hikal: Smaller Indian pharma CRAMS and API manufacturer. Comparable in CRAMS positioning and export orientation but is more API-focused versus Bafna's formulation-heavy mix.

Direct peers

Granules India: Indian API and generic FDF manufacturer with significant exports to regulated markets. Comparable in CRAMS-style business model and portfolio of generic solid oral dosage forms.
Ipca Laboratories: Indian generic formulation manufacturer with strong UK MHRA and EU GMP presence, exporting to regulated and emerging markets. Comparable business model, scale, and customer base to Bafna.
Aurobindo Pharma: Large Indian generic and CRAMS manufacturer with significant EU and UK regulated-market exposure. Directly comparable as a vertically integrated generic FDF producer exporting to the same geographies Bafna targets.
Strides Pharma Science: Indian generic pharma with strong regulated-market footprint and a Bafna board member previously worked here. Comparable as a CRAMS and generic formulations exporter to UK, Australia, and emerging markets.
Alembic Pharmaceuticals: Indian publicly listed generic pharma manufacturer with US FDA, UK MHRA, and EU GMP approved facilities. Highly comparable in product mix (oral solids), regulated-market focus, and export-oriented business model.
Unichem Laboratories: Indian generic pharmaceutical manufacturer with regulated-market focus and formulation manufacturing capabilities. Comparable in scale, geography, and product category.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Bafna compliance and trust

Trust signal

Compliance12 records

Bafna financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Bafna leadership team

Management profile

Number of profiles

Profiles10 records

Bafna funding detail

Funding detail

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Bafna M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bafna

What does Bafna do?

Is Bafna a public or private company?

Bafna is a public company. It is classified as public and is currently operating.

When was Bafna founded?

Bafna was founded in 1981. It employs 501 to 1,000 people.

Where is Bafna based?

Bafna is headquartered in Chennai, India, in the Asia region.

How does Bafna make money?

Three revenue lines are on record. Contract Manufacturing Services are the primary driver. The others are generic Pharmaceutical Formulations and branded Generics.

Who are Bafna's main competitors?

Broad incumbents on record are Cipla, Divis Laboratories and Torrent Pharmaceuticals. Hikal is listed as an emerging player. Direct peers are Granules India, Ipca Laboratories, Aurobindo Pharma, Strides Pharma Science, Alembic Pharmaceuticals and Unichem Laboratories.

Does Bafna have an API?

No public API is recorded for Bafna.

What industry is Bafna in?

Bafna's product category is Pharmaceutical Contract Manufacturing. Its primary akta.pro industry code is HLAIABAH, Generic Finished Dosage Form (FDF) Manufacturing, with a secondary code of HLAIALAD, CMC & Pharmaceutical Development (Formulation/Process/Analytical Development). Its NAICS code is 325412 and its SIC code is 2834.