Board Meeting Details

The Board of Directors meeting was held on October 28, 2026, commencing at 2:00 p.m. and concluding at 7:10 p.m.

Financial Results Approval

The Board approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026, based on the recommendation of the Audit Committee along with the Limited Review Report.

Key Financial Figures - Standalone (Q2 FY27)

  • Revenue from Operations: ₹6,125.87 crore
  • Other Income: ₹4.66 crore
  • Total Income: ₹6,130.52 crore
  • Profit before Exceptional Items and Tax: ₹913.11 crore
  • Exceptional Items: ₹20.40 crore loss (stamp duty provision)
  • Profit before Tax: ₹892.71 crore
  • Tax Expense: ₹235.18 crore
  • Net Profit: ₹657.53 crore
  • Basic EPS: ₹7.25
  • Diluted EPS: ₹7.24

Key Financial Figures - Standalone (H1 FY27)

  • Revenue from Operations: ₹11,471.75 crore
  • Other Income: ₹33.97 crore
  • Total Income: ₹11,505.72 crore
  • Profit before Exceptional Items and Tax: ₹1,875.35 crore
  • Exceptional Items: ₹20.40 crore loss
  • Profit before Tax: ₹1,854.95 crore
  • Tax Expense: ₹484.35 crore
  • Net Profit: ₹1,370.60 crore
  • Basic EPS: ₹15.12
  • Diluted EPS: ₹15.10

Key Financial Figures - Consolidated (Q2 FY27)

  • Revenue from Operations: ₹6,104.51 crore
  • Other Income: ₹4.66 crore
  • Total Income: ₹6,109.17 crore
  • Profit before share of profit of joint ventures and tax: ₹881.08 crore
  • Share of profit from joint ventures: ₹68.82 crore
  • Profit before Tax: ₹949.90 crore
  • Tax Expense: ₹235.18 crore
  • Net Profit: ₹714.72 crore
  • Basic EPS: ₹7.88
  • Diluted EPS: ₹7.87

Key Financial Figures - Consolidated (H1 FY27)

  • Revenue from Operations: ₹11,462.48 crore
  • Other Income: ₹9.18 crore
  • Total Income: ₹11,471.66 crore
  • Profit before share of profit of joint ventures and tax: ₹1,817.63 crore
  • Share of profit from joint ventures: ₹142.87 crore
  • Profit before Tax: ₹1,960.50 crore
  • Tax Expense: ₹484.35 crore
  • Net Profit: ₹1,476.15 crore
  • Basic EPS: ₹16.28
  • Diluted EPS: ₹16.26

Management Changes

  • Resignation: Shri Piyush Lakhani resigned as Chief Financial Officer (CFO) and Key Managerial Personnel effective close of business hours on October 30, 2026, to pursue an alternate career opportunity outside the organization.
  • Appointment: Smt. Vibha Thakkar appointed as Chief Financial Officer (CFO) and Key Managerial Personnel effective October 31, 2026.

New CFO Profile

Smt. Vibha Thakkar is a qualified Chartered Accountant from ICAI with over 18 years of experience across finance functions in diverse industry verticals including Speciality chemicals, FMCG, Automotive, Pharmaceuticals and Big4 consulting. She most recently served as AVP Finance & Accounts at NOCIL Limited. Prior roles include senior leadership positions at VIP Industries Limited, Greaves Cotton Limited, Sandoz Private Limited, and KPMG. She holds a Bachelors Degree in Commerce and has completed the General Management Program from ISB. She was featured under the '40 Under 40' category by Tradeflock in 2025.

Stamp Duty Contingency

The Collector and Additional Superintendent of Stamps, Gandhinagar, by order dated August 29, 2026, determined stamp duty of ₹250.00 crore and levied penalties of ₹345.00 crore under the Gujarat Stamp Act, 1958 on the order of the National Company Law Tribunal, Ahmedabad Bench dated September 21, 2022, sanctioning the Scheme of Arrangement under which the pharmaceutical undertaking of Aarti Industries Limited was demerged into the Company.

The Company has recognized a provision of ₹20.40 crore as an exceptional item and disclosed the balance of ₹574.60 crore (duty of ₹229.60 crore + penalties of ₹345.00 crore) as a contingent liability. The Company has challenged the order by a writ petition before the Hon'ble High Court of Gujarat, which is pending with no interim order passed.

Prior Period Restatements

The figures for the quarter and half year ended September 30, 2025, have been restated to recognize fair value loss of ₹99.29 crore and ₹145.67 crore respectively on a target redemption forward contract entered into during the year ended March 31, 2025.

Labour Code Impact

The Government of India notified new labour codes on November 21, 2025. The Company made an incremental provision of ₹27.95 crore for the impact of new labour codes under exceptional items in the financial results for the year ended March 31, 2026.

Segment Information

The Company has identified only one segment i.e. Pharmaceuticals.

Auditor Information

Gokhale & Sathe LLP, Chartered Accountants (Firm Regn.No. 103264W/Wl01312) provided the limited review report. The review was conducted in accordance with SRE 2410 issued by ICAI.

Capital Structure

Paid-up Equity Share Capital (Face Value of ₹5 each): ₹453.40 crore as of September 30, 2026