From nasal delivery to sterile injectables: Biodeal Pharmaceuticals’ expansion plans

The company, recognised as the Fastest Growing Pharmaceutical Company at the ET Business Excellence & Leadership Awards 2026, is expanding beyond its core nasal drug delivery business with a new sterile injectables facility.

The pharmaceutical industry is seeing continued demand for specialised drug delivery systems and expanded manufacturing capabilities. For companies looking to grow in this environment, the challenge lies in building on established expertise while developing capabilities in new product segments.

Biodeal Pharmaceuticals has built its business over more than two decades around a specialised area of drug delivery: nasal sprays. The company now finds itself at an important point in that journey. After recording revenue growth of 41% in FY24, 45% in FY25 and nearly 50% in FY26¹, it is using that momentum to broaden its manufacturing capabilities and move into sterile injectables.


The company was recently recognised as the Fastest Growing Pharmaceutical Company at the ET Business Excellence & Leadership Awards 2026. For Biodeal, the recognition comes as it begins a new phase of expansion, with the focus shifting from strengthening its position in nasal delivery to building a wider contract development and manufacturing organisation (CDMO) business.

Biodeal says its growth has been built on manufacturing and regulatory capabilities developed over time. It serves more than 600 pharmaceutical clients across 75+ countries and has certifications spanning WHO-GMP, PIC/S and Health Canada^*. Independent market research cited by the company puts its share of the nasal spray delivery market at 29–30%, with an ambition to take that share towards 50% over the next 18 months*.

The company also holds more than 50% domestic market share in both the Calcitonin and Fluticasone Furoate groups and holds DCGI approval for its Midazolam nasal spray*. A recent PIC/S sign-off covers 136 products, adding to the regulatory base on which the company is looking to build its next stage of growth*.

“At Biodeal, our growth has never been about chasing scale for its own sake. It has been about building category leadership in nasal drug delivery and backing that with the manufacturing and regulatory depth to defend it,” said Anurag Kumar, Chairman and Managing Director, Biodeal Pharmaceuticals.

The most significant change to the business is its move into sterile injectables. In late September 2026, Biodeal announced the acquisition of a sterile injectables manufacturing facility in Paonta Sahib, Himachal Pradesh, from Biological E Limited². Spread across 14 acres, the facility has roughly 39,000 square metres of built-up manufacturing space and an annual capacity of approximately 135 million units, with scope for further expansion.

A Carbapenem line is already operational and validated under Biodeal’s ownership. The company plans to add pre-filled syringe and lyophilised formats and is pursuing EU GMP and other international certifications. The facility is also located around 50 km from Biodeal’s existing Nalagarh facility, allowing the company to operate the two sites within the same Himachal Pradesh pharmaceutical corridor.

The acquisition gives Biodeal an entry into a more diversified CDMO model, spanning formulation development and commercial-scale manufacturing across nasal, oral, specialty dosage and sterile injectable formats. It also creates an opportunity to deepen relationships with its existing client base. Pharmaceutical companies already working with Biodeal on nasal or oral formulations can potentially extend those programmes into injectable products through the same manufacturing partner.

The opportunity in injectables is significantly larger than the market Biodeal has traditionally operated in. The company cites the Indian sterile injectables CDMO segment at approximately $2.3 billion in 2025, with the market projected to reach $6.1 billion by 2033 and grow at roughly 13% annually*. Biodeal’s immediate focus, however, is on establishing its presence in the category rather than setting a market-share target.

At Paonta Sahib, the company plans to build on the operational Carbapenem range and expand into Ferric Carboxymaltose (FCM), Heparin and other molecules as the facility moves towards its full capacity. The near-term focus is therefore on utilisation, product range and regulatory readiness as the business develops its injectable portfolio.

“Nasal delivery proved we could lead a category end-to-end. Paonta Sahib is the next proof point that the same manufacturing discipline and regulatory rigour scales into a completely different, higher-complexity dosage form,” said Kumar.

Beyond the new facility, Biodeal is also looking to strengthen the infrastructure supporting its existing business. The company is scaling the Paonta Sahib facility towards its approximately 135 million-unit annual capacity, expanding a 10+ patented formulation pipeline and building on its current roughly 25% export revenue share as certifications progress in regulated markets. A renovation of its dedicated R&D centre is scheduled to begin towards the end of 2026.

For Biodeal, the next phase is therefore less about replicating the growth of the past three years and more about broadening the base on which that growth has been built. Its established position in nasal drug delivery provides the foundation, while the Paonta Sahib acquisition gives the company a route into sterile injectables and a broader CDMO opportunity.

References:

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Note(*): The statements and market data points referenced in this article are based on information provided by Biodeal Pharmaceuticals through its corporate presentations, investor disclosures and internal pitch decks.

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