Encube Ethicals Private Limited Pharmaceutical Export Profile — India (DGFT 2022–2026)

Name: Encube Ethicals Private Limited Pharmaceutical Export Portfolio Dataset — 11 Products, $57.5M FOB USD, India (DGFT 2022–2026)
Creator: TransData Nexus

Suresh Sormare

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Encube Ethicals Private Limited — Pharmaceutical Exporter Profile (2026) | 11 Products, $57.5M Trade | TransData Nexus

Encube Ethicals Private Limited

Indian Pharmaceutical Exporter · Antifungals Specialist · $57.5M Total Trade · DGFT Verified

Encube Ethicals Private Limited is an Indian pharmaceutical exporter with a total trade value of $57.5M across 11 products in 9 therapeutic categories. Based on 1,714 verified export shipments from Indian Customs (DGFT) records, Encube Ethicals Private Limited is the #1 Indian exporter in 3 products including Clindamycin, Miconazole, Soframycin. Top exports include Clindamycin ($14.6M), Diclofenac ($10.1M), Clotrimazole ($10.0M).

Encube Ethicals Private Limited — Export Portfolio & Destination Treemap

Encube Ethicals Private Limited pharmaceutical export portfolio — 11 products across 9 therapeutic categories. Source: Indian Customs (DGFT).

Who is Encube Ethicals Private Limited? — Company Overview & Market Position

Encube Ethicals Private Limited, established on September 7, 1995, is a privately held pharmaceutical company headquartered in Mumbai, Maharashtra, India. The company specializes in the manufacture of finished pharmaceutical formulations, focusing on topical preparations such as creams, ointments, gels, lotions, and solutions. Its Corporate Identification Number (CIN) is U24230MH1995PTC092485.

As of March 2026, Encube Ethicals has an authorized capital of ₹150 crore and a paid-up capital of ₹101.27 crore. The company is led by a team of directors, including Mehul Madhusudan Shah (Managing Director), Nilesh Navinchandra Maniar, Amit Varma, Madhusudan Nyalchand Shah, Himanshu Mahendra Gandhi, and Jinaraja Sanjeeva Poojary. The company employs between 250 to 500 individuals, reflecting its significant presence in the pharmaceutical manufacturing sector.

What Does Encube Ethicals Private Limited Export? — Product Portfolio Analysis

Top Products by Export Value

1Clindamycin$14.6M 2Diclofenac

Product Portfolio — Top 11 by Export Value

Encube Ethicals Private Limited exports 11 pharmaceutical products across 9 therapeutic categories. Market leader (#1 exporter) in 3 products.

#	Product	Category	Export Value	Shipments	Market Share	Rank
1	Clindamycin	Antibiotics	$14.6M	291	16.1%	1
2	Diclofenac	Analgesics & Antipyretics	$10.1M	201	2.8%	7
3	Clotrimazole	Antifungals	$10.0M	616	10.8%	2
4	Ketoconazole	Antifungals	$5.8M	116	14.7%	2
5	Sodium	Nutritional Supplements	$5.7M	113	1.6%	11
6	Miconazole	Antifungals	$5.6M	203	28.3%	1
7	Mesalamine	Gastrointestinal	$2.6M	80	0.2%	9
8	Tacrolimus	Immunosuppressants	$2.0M	44	1.0%	13
9	Dapsone	Antimalarial & Antiparasitic	$541.6K	19	2.4%	5
10	Soframycin	Brand Names & OTC Products	$473.5K	19	79.1%	1
11	Fluorouracil	Oncology	$288.3K	12	2.3%	6

Encube Ethicals Private Limited exports 11 pharmaceutical products across 9 therapeutic categories with a total export value of $57.5M. The company is the #1 Indian exporter in 3 products: Clindamycin, Miconazole, Soframycin. The top category is Antifungals (37.2% of portfolio), followed by Antibiotics (25.3%), indicating a concentrated portfolio with the top 5 products accounting for 80.1% of total export value.

Encube Ethicals Private Limited — Corporate Profile & Information

Headquarters, ownership, manufacturing facilities, and key leadership

1Corporate Overview

2Manufacturing Facilities

Encube Ethicals operates a state-of-the-art manufacturing facility in Goa, India, dedicated exclusively to dermatological products. This plant, commissioned in March 1998, is approved by international regulatory bodies, including the Health Products and Food Branch Inspectorate (HPFBI) of Canada and the Therapeutic Goods Administration (TGA) of Australia. Additionally, the facility holds WHO-GMP certification, ISO 9001:2000 certification, and the IDMA Quality Excellence Gold Award for 2004.

3Key Leadership

The leadership team at Encube Ethicals is headed by Managing Director Mehul Madhusudan Shah, who has been with the company since its inception in 1995. Other key directors include Nilesh Navinchandra Maniar (appointed January 30, 2002), Amit Varma (appointed June 28, 2021), Madhusudan Nyalchand Shah (appointed September 7, 1995), Himanshu Mahendra Gandhi (appointed January 30, 2002), and Jinaraja Sanjeeva Poojary (appointed November 26, 2025).

TransData Nexus Research · Government registries, company filings, regulatory databasesMar 2026

Where Does Encube Ethicals Private Limited Export? — Destination Intelligence

Regulated market presence, emerging market penetration, and geographic strategy

1Regulated Markets

Encube Ethicals has established a strong presence in regulated markets, including the United States, European Union, United Kingdom, Australia, and Japan. The company's manufacturing facility in Goa holds approvals from the Health Products and Food Branch Inspectorate (HPFBI) of Canada and the Therapeutic Goods Administration (TGA) of Australia, indicating compliance with international standards. While specific regulatory filings and approvals in the U.S., EU, UK, and Japan are not detailed in the available sources, the company's adherence to WHO-GMP standards suggests a commitment to meeting the stringent requirements of these markets.

2Emerging Markets

Encube Ethicals has made strategic inroads into emerging markets, including Africa, Latin America, and Southeast Asia. The company's WHO-GMP certification facilitates access to these regions, as it is recognized by the World Health Organization as a standard for quality manufacturing practices. This certification enhances the company's credibility and marketability in these developing markets.

3Geographic Strategy

Encube Ethicals Private Limited — Manufacturing & Regulatory Profile

FDA status, WHO-GMP certification, EU GMP compliance, and regulatory track record

1FDA Status

Specific details regarding Encube Ethicals' FDA facility registrations, approved Abbreviated New Drug Applications (ANDAs), Drug Master File (DMF) filings, and inspection history are not available in the provided sources. However, the company's adherence to WHO-GMP standards and approvals from other international regulatory bodies suggest a commitment to meeting global quality standards.

2WHO & EU GMP

Encube Ethicals' manufacturing facility in Goa holds WHO-GMP certification, indicating compliance with the World Health Organization's Good Manufacturing Practices. While specific EU GMP certificates and EDQM status are not detailed in the available sources, the company's WHO-GMP certification suggests a foundation for obtaining EU GMP certifications, which are essential for market access in European Union countries.

3CDSCO & Indian Regulatory

Encube Ethicals holds manufacturing licenses from the Central Drugs Standard Control Organisation (CDSCO), the national regulatory authority in India. The company's manufacturing facility in Goa is approved by the HPFBI of Canada and the TGA of Australia, indicating compliance with international standards. Specific details regarding state drug controller approvals and export No Objection Certificates (NOCs) are not available in the provided sources.

Encube Ethicals Private Limited — Competitive Positioning Among Indian Pharma Exporters

Market share comparison, key differentiators, and strategic analysis

1Competitive Landscape

Encube Ethicals operates in the dermatological pharmaceutical sector, competing with other companies specializing in topical formulations. While specific market share comparisons are not available in the provided sources, the company's WHO-GMP certification and international approvals position it favorably in the market.

2Key Differentiators

Encube Ethicals' exclusive focus on dermatological products, combined with its state-of-the-art manufacturing facility in Goa and international certifications, distinguishes it in the pharmaceutical manufacturing sector. The company's commitment to quality is evidenced by its WHO-GMP certification and approvals from regulatory bodies such as the HPFBI of Canada and the TGA of Australia.

3Strategic Position

Encube Ethicals maintains a strategic focus on dermatological products, leveraging its specialized manufacturing facility and international certifications to serve both developed and emerging markets. The company's adherence to WHO-GMP standards and approvals from regulatory bodies such as the HPFBI of Canada and the TGA of Australia underscore its commitment to quality and regulatory compliance.

Buyer Due Diligence Brief — Evaluating Encube Ethicals Private Limited as a Supplier

Track record assessment, certifications to verify, and pre-order checks

1Supplier Assessment

Encube Ethicals demonstrates a strong track record in pharmaceutical manufacturing, with a focus on dermatological products. The company's manufacturing facility in Goa is approved by international regulatory bodies, including the HPFBI of Canada and the TGA of Australia, indicating reliability and adherence to global quality standards.

2Certifications to Verify

Importers should verify the following certifications to ensure product quality and regulatory compliance:

WHO-GMP Certification: Indicates compliance with the World Health Organization's Good Manufacturing Practices.

ISO 9001:2000 Certification: Demonstrates adherence to quality management standards.

Regulatory Approvals: Confirm approvals from relevant authorities such as the HPFBI of Canada and the TGA of Australia.

Due Diligence Checklist

Frequently Asked Questions — Encube Ethicals Private Limited

How many pharmaceutical products does Encube Ethicals Private Limited export from India?

Encube Ethicals Private Limited exports 11 pharmaceutical products across 9 therapeutic categories. The top exports are Clindamycin ($14.6M), Diclofenac ($10.1M), Clotrimazole ($10.0M), Ketoconazole ($5.8M), Sodium ($5.7M). Total export value is $57.5M.

What is Encube Ethicals Private Limited's total pharmaceutical export value?

Encube Ethicals Private Limited's total pharmaceutical export value is $57.5M, based on 1,714 verified shipments recorded in Indian Customs (DGFT) data.

In which products is Encube Ethicals Private Limited the #1 Indian exporter?

Encube Ethicals Private Limited is the #1 Indian exporter in 3 products: Clindamycin (16.1% market share), Miconazole (28.3% market share), Soframycin (79.1% market share).

What therapeutic categories does Encube Ethicals Private Limited cover?

Encube Ethicals Private Limited exports across 9 therapeutic categories. The largest are Antifungals (37.2%, 3 products), Antibiotics (25.3%, 1 products), Analgesics & Antipyretics (17.5%, 1 products).

Get Full Encube Ethicals Private Limited Export Intelligence

Access shipment-level details, pricing data, buyer connections, product breakdown, and competitive analysis. TransData Nexus provides verified Indian Customs (DGFT) data trusted by pharmaceutical trade professionals worldwide.

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Official References & Regulatory Resources

Verify manufacturer licensing, GMP certification, and export registration with the agencies above.

Research Methodology & Data Transparency

Suresh Sormare

Verified Author

Pharmaceutical Export-Import Analyst & Trade Intelligence Expert

Suresh Sormare is a pharmaceutical export-import analyst with deep expertise in Indian Customs (DGFT) data, HS code classification, and global pharmaceutical supply chains. His analysis covers 10M+ shipment records across 150+ countries and is used by manufacturers, procurement agencies, and trade consultants worldwide. Suresh specializes in identifying verified suppliers and buyers from customs records, mapping bilateral pharmaceutical trade corridors, analyzing tariff structures and regulatory frameworks across 170+ destination markets, and benchmarking competitive positioning for finished pharmaceutical formulations. His methodology combines granular customs transaction data with regulatory intelligence from FDA, EMA, WHO, CDSCO, and 40+ national drug authorities to deliver actionable trade insights for the pharmaceutical formulations sector.

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Primary Data Source

All trade data is sourced from Indian Customs (DGFT) official shipping bill records — the authoritative government database for India's pharmaceutical trade. Each verified record contains exporter name, consignee (buyer) name, detailed product description, quantity, declared FOB value (USD), port of loading, destination country, and shipment date.

Data Source & Methodology

Trade data sourced from Indian Customs (DGFT) export shipment records. Values represent FOB export value in USD. Market share calculated relative to total Indian pharmaceutical exports per product category. For current shipment-level data, contact TransData Nexus.