WaveRise Investments Limited

A significant ownership shift is underway at Novartis India, now rebranded as Evonile Pharma following a transition to a consortium led by WaveRise Investments and ChrysCapital. The acquirers completed a mandatory open offer to public shareholders, which surprisingly received minimal participation, with virtually no shares tendered. While the new promoters aim to consolidate the brand and expand geographically, the company reported a slight dip in FY26 revenue and profit, alongside ongoing tax disputes and revenue recognition contingencies flagged by auditors. Investors should monitor Evonile Pharma’s strategic execution and address these outstanding legal and financial risks as the company navigates its new ownership structure.