Company Overview
Deep Health AI India Limited (formerly Deep Diamond India Limited) operates in jewellery and pharmaceutical consultancy segments, with pharma revenue surging to ₹4.25 crore from ₹1.05 crore in FY25.
Financial Performance
Reported FY26 standalone revenue of ₹4.25 crore with profit after tax of ₹1.29 crore (EPS ₹0.14), showing growth from previous year though EPS declined from ₹0.18 in FY25. The company divested its joint venture investment in Hemonc Pharma Private Limited and initiated process for striking off subsidiary Microcure Biotech Private Limited.
Failed Acquisition under IBC
The company pursued acquisition of Oasis Ceramics Private Limited under Resolution Plan approved under Insolvency and Bankruptcy Code, paying ₹55 lakh Earnest Money Deposit and ₹2 crore towards consideration. Failed to remit balance consideration within stipulated timeline, resulting in bank guarantee invocation of ₹3.21 lakh and NCLT proceedings initiation. Recognized aggregate exposure of ₹5.76 crore as exceptional loss.
Rights Issue and Utilization Deviation
Raised ₹39.97 crore through Rights Issue but utilized only ₹2.5 crore towards stated objects, deploying ₹37.47 crore in investments through recognized stock exchanges instead of proposed objects. This deviation was subsequently ratified by shareholders at Extra-Ordinary General Meeting held on January 22, 2026.
Corporate Governance and AGM
Company convenes 32nd AGM on September 30, 2026 via video conference to approve audited FY26 financial statements and key resolutions including:
- Appointment of Vimal C Surana & Co as statutory auditor for five years
- Revision of MD Narayan Singh Rathore's remuneration to ₹1.4 lakh monthly
- Appointment of Virendra Choubisa as independent director
Board comprises 6 directors (2 whole-time, 4 non-executive including 3 independent) and met 11 times during FY 2025-2026. Company complied with MCA and SEBI circulars for conducting AGM through video conferencing.
Segment Performance
Gold Diamond and Jewellery: FY26 Revenue: ₹0 (nil) vs FY25: ₹20,909
Pharmaceutical Consultancy: FY26 Revenue: ₹4,25,000 vs FY25: ₹1,05,000 with Segment Profit of ₹3,32,770 vs ₹47,129 in FY25
Capital Structure
Equity Share Capital increased to ₹14,41,500 from ₹4,80,500 in FY25 due to rights issue. Share Premium increased to ₹39,24,681 from ₹9,27,937 in FY25. Rights Issue expenses of ₹40,016 incurred.
Audit Matters
Statutory Auditors issued unqualified opinion with key audit matters focusing on:
1. Accounting implications from acquisition under Insolvency Resolution Process
2. Utilization of Rights Issue proceeds and deviation from objects
Company maintains adequate financial controls and compliance mechanisms across operations.