Date: October 28, 2026

KMP / Board / Auditor Changes

Resignation:

  • Shri Piyush Lakhani resigned from the position of Chief Financial Officer (CFO) and Key Managerial Personnel.
  • Effective Date: Close of business hours on October 30, 2026.
  • Reason: To pursue an alternate career opportunity outside the organization.

Appointment:

  • Smt. Vibha Thakkar appointed as the Chief Financial Officer (CFO) and Key Managerial Personnel.
  • Effective Date: October 31, 2026.
  • Profile: Qualified Chartered Accountant (ICAI) with over 18 years of experience across finance functions in diverse industry verticals including Speciality chemicals, FMCG, Automotive, Pharmaceuticals, and Big4 consulting. Most recently served as AVP Finance & Accounts at NOCIL Limited. Prior roles at VIP Industries Limited, Greaves Cotton Limited, Sandoz Private Limited, and KPMG. Holds a Bachelors Degree in Commerce and completed the General Management Program from ISB. Featured under '40 Under 40' by Tradeflock in 2025.
  • No relationships with other directors disclosed.

Board Meeting Outcomes

The Board of Directors, in a meeting held on October 28, 2026 (2:00 p.m. to 7:10 p.m.), approved the following:

1. The Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026.

2. Noted and taken on record the resignation of Shri. Piyush Lakhani.

3. Approved the appointment of Smt. Vibha Thakkar as CFO.

Financial Results (Standalone)

For the Quarter Ended September 30, 2026 (Q2 FY2027):

  • Revenue from Operations: ₹53,458.78 lakhs (vs. ₹41,728.78 lakhs in Q2 FY2026)
  • Other Income: ₹293.13 lakhs
  • Total Income: ₹53,751.91 lakhs
  • Profit before Exceptional Items and Tax: ₹9,622.41 lakhs (vs. ₹3,176.88 lakhs in Q2 FY2026)
  • Exceptional Items (Loss): ₹0.00 lakhs (Provision of ₹204.00 lakhs recognized for H1)
  • Profit before Tax: ₹9,622.41 lakhs
  • Total Tax Expense: ₹2,491.75 lakhs
  • Net Profit for the period: ₹7,130.66 lakhs (vs. ₹2,349.88 lakhs in Q2 FY2026)
  • EPS (Basic): ₹7.87 (vs. ₹2.59 in Q2 FY2026)
  • EPS (Diluted): ₹7.86

For the Half Year Ended September 30, 2026 (H1 FY2027):

  • Revenue from Operations: ₹1,14,717.47 lakhs (vs. ₹79,259.84 lakhs in H1 FY2026)
  • Other Income: ₹339.68 lakhs
  • Total Income: ₹1,15,057.15 lakhs
  • Profit before Exceptional Items and Tax: ₹18,753.49 lakhs (vs. ₹9,430.57 lakhs in H1 FY2026)
  • Exceptional Items (Loss): ₹204.00 lakhs (Stamp duty provision)
  • Profit before Tax: ₹18,549.49 lakhs
  • Total Tax Expense: ₹4,843.53 lakhs
  • Net Profit for the period: ₹13,705.96 lakhs (vs. ₹7,124.93 lakhs in H1 FY2026)
  • EPS (Basic): ₹15.12 (vs. ₹7.86 in H1 FY2026)
  • EPS (Diluted): ₹15.10

Balance Sheet (Standalone) as of September 30, 2026:

  • Total Assets: ₹3,66,631.27 lakhs (vs. ₹3,32,776.47 lakhs on March 31, 2026)
  • Total Equity: ₹2,10,327.12 lakhs
  • Paid-up Equity Share Capital: ₹4,533.99 lakhs
  • Other Equity: ₹2,05,793.13 lakhs
  • Total Liabilities: ₹1,56,304.15 lakhs
  • Non-Current Borrowings: ₹15,983.82 lakhs
  • Current Borrowings: ₹67,663.62 lakhs

Cash Flow (Standalone) for H1 FY2027:

  • Net Cash from Operating Activities: ₹2,992.27 lakhs
  • Net Cash used in Investing Activities: (₹13,120.76) lakhs
  • Net Cash from Financing Activities: ₹9,690.60 lakhs
  • Net decrease in Cash and Equivalents: (₹437.88) lakhs

Financial Results (Consolidated)

For the Quarter Ended September 30, 2026 (Q2 FY2027):

  • Revenue from Operations: ₹53,579.69 lakhs
  • Other Income: ₹45.27 lakhs
  • Total Income: ₹53,624.96 lakhs
  • Profit before share of profit of joint ventures, exceptional items and tax: ₹9,365.47 lakhs
  • Exceptional Items (Loss): ₹0.00 lakhs
  • Share of profit of joint ventures: ₹740.55 lakhs
  • Profit before Tax: ₹10,106.02 lakhs
  • Total Tax Expense: ₹2,491.75 lakhs
  • Net Profit for the period attributable to owners: ₹7,614.27 lakhs
  • EPS (Basic): ₹8.40
  • EPS (Diluted): ₹8.39

For the Half Year Ended September 30, 2026 (H1 FY2027):

  • Revenue from Operations: ₹1,14,624.79 lakhs
  • Other Income: ₹91.82 lakhs
  • Total Income: ₹1,14,716.61 lakhs
  • Profit before share of profit of joint ventures, exceptional items and tax: ₹18,380.29 lakhs
  • Exceptional Items (Loss): ₹204.00 lakhs
  • Share of profit of joint ventures: ₹1,428.73 lakhs
  • Profit before Tax: ₹19,605.02 lakhs
  • Total Tax Expense: ₹4,843.53 lakhs
  • Net Profit for the period attributable to owners: ₹14,761.49 lakhs
  • EPS (Basic): ₹16.28
  • EPS (Diluted): ₹16.26

Balance Sheet (Consolidated) as of September 30, 2026:

  • Total Assets: ₹3,82,587.52 lakhs
  • Total Equity: ₹2,25,476.47 lakhs
  • Paid-up Equity Share Capital: ₹4,533.99 lakhs
  • Other Equity: ₹2,20,942.48 lakhs

Auditor’s Report

Auditor: Gokhale & Sathe LLP, Chartered Accountants

Type of Opinion: Unmodified review conclusion.

Emphasis of Matter:

1. Note 3: Order dated 29 August 2026 from the Collector and Additional Superintendent of Stamps, Gandhinagar, determining stamp duty of ₹2,500.00 lakhs and levying penalties of ₹3,450.00 lakhs under the Gujarat Stamp Act, 1958 on the NCLT order sanctioning the Scheme of Arrangement for the demerger of Aarti Industries Limited's pharmaceutical undertaking into the Company. The Company has recognized a provision of ₹204.00 lakhs (exceptional item) and disclosed ₹5,746.00 lakhs as a contingent liability. A writ petition is pending before the Hon'ble High Court of Gujarat.

2. Note 5: Restatement of figures for Q2 and H1 FY2026 to recognize a fair value loss of ₹992.93 lakhs and ₹1,456.67 lakhs, respectively, on a target redemption forward contract.

The conclusion is not modified in respect of these matters.

Other Operational / Legal / Strategic Disclosures

Note on Restatement: Figures for the quarter and half year ended September 30, 2025, have been restated to recognize the fair value loss on a target redemption forward contract. This resulted in lower profit after tax by ₹743.03 lakhs (Q2 FY2026) and ₹1,090.05 lakhs (H1 FY2026), and lower basic and diluted EPS by ₹0.82 and ₹1.20 per share, respectively.

Segment Information: The Company has identified only one reportable segment, i.e., Pharmaceuticals.

Labour Codes: The Government of India notified new labour codes on November 21, 2025. An incremental provision of ₹279.49 Lakhs was made under exceptional items for the year ended March 31, 2026, based on an actuarial valuation.