The ratings assigned to Macter are underpinned by low business risk of pharma sector, adequate governance infrastructure and satisfactory financial profile as reflected by healthy turnover growth and margins and moderate leverage metrics.

Ratings also incorporate existing low market share in pharma business, modest therapeutic area diversity and risk of margin attrition in case of significant rupee depreciation.

Macter's business is categorized in two segments - branded generics and contract manufacturing. Since inception, Macter has been operated by Misbah Family which owns majority stake in the organization. Remaining shareholding is vested with a financial services group, other institutions and general public.