Board Meeting Details

The Board of Directors meeting was held on November 13, 2026, commencing at 4:42 PM IST and concluding at 6:10 PM IST.

Key Approvals and Disclosures

1. The Board approved and took on record the Unaudited Standalone and Consolidated Financial Results for the Quarter and Half Year ended September 30, 2026

2. The Audit Committee reviewed and recommended the financial results prior to Board approval

3. Disclosure of Related Party Transactions as per Regulation 23(9) for half year ended September 30, 2026 is being filed through XBRL mode

4. Trading Window was closed from October 1, 2026, and will reopen 48 hours after results declaration, i.e., from Monday, November 16, 2026 onwards

Standalone Financial Results (₹ in Lakhs)

Quarterly Performance (Q2 FY27 vs Q1 FY27 vs Q2 FY26)

  • Revenue from operations: Q2 FY27: 91.40, Q1 FY27: 10.00, Q2 FY25: Not available
  • Other income: Q2 FY27: 14.97, Q1 FY27: 6.17, Q2 FY25: 2.17
  • Total Income: Q2 FY27: 106.37, Q1 FY27: 16.17, Q2 FY25: 2.17
  • Employee benefits expense: Q2 FY27: 96.07, Q1 FY27: 79.20, Q2 FY25: 4.14
  • Finance costs: Q2 FY27: 32.99, Q1 FY27: 14.39, Q2 FY25: 0.04
  • Other expenses: Q2 FY27: 23.28, Q1 FY27: 11.15, Q2 FY25: 28.91
  • Total Expenses: Q2 FY27: 152.34, Q1 FY27: 104.73, Q2 FY25: 33.08
  • Loss before tax: Q2 FY27: (45.96), Q1 FY27: (88.57), Q2 FY25: (30.92)
  • Loss for the period: Q2 FY27: (45.96), Q1 FY27: (88.57), Q2 FY25: (30.92)

Half-Yearly Performance (H1 FY27 vs H1 FY26 vs FY26)

  • Revenue from operations: H1 FY27: 101.40, H1 FY25: Not available, FY26: Not available
  • Other income: H1 FY27: 21.14, H1 FY25: 5.58, FY26: 16.98
  • Total Income: H1 FY27: 122.54, H1 FY25: 5.58, FY26: 16.98
  • Employee benefits expense: H1 FY27: 175.27, H1 FY25: 6.57, FY26: 46.77
  • Finance costs: H1 FY27: 47.38, H1 FY25: 0.04, FY26: 0.20
  • Other expenses: H1 FY27: 34.43, H1 FY25: 55.24, FY26: 89.75
  • Total Expenses: H1 FY27: 257.07, H1 FY25: 61.84, FY26: 136.71
  • Loss before tax: H1 FY27: (134.53), H1 FY25: (56.26), FY26: (119.73)
  • Loss for the period: H1 FY27: (134.53), H1 FY25: (56.26), FY26: (119.73)

Capital Structure and Per Share Data

  • Paid-up Equity Share Capital: ₹4,802.19 lakhs (unchanged from previous periods)
  • Face Value per Equity Share: ₹10.00
  • Basic EPS: Q2 FY27: (0.10), Q1 FY27: (0.18), Q2 FY25: (0.41), H1 FY27: (0.28), H1 FY25: (0.75), FY26: (1.18)
  • Diluted EPS: Same as Basic EPS

Standalone Balance Sheet Position (as at September 30, 2026)

Assets

  • Non-current Assets: ₹6,085.38 lakhs (including Investments: ₹6,078.23 lakhs)
  • Current Assets: ₹1,234.86 lakhs (including Cash & cash equivalents: ₹95.87 lakhs, Trade receivables: ₹90.25 lakhs, Short Term Advances: ₹365.00 lakhs, Loans: ₹623.76 lakhs)

Liabilities and Equity

  • Equity Share Capital: ₹4,802.19 lakhs
  • Other Equity: ₹757.73 lakhs
  • Current Liabilities: ₹1,760.32 lakhs (including Trade payables: ₹1,603.19 lakhs, Other financial liabilities: ₹117.69 lakhs)

Standalone Cash Flow (H1 FY27)

  • Net Cash from Operating Activities: Not quantified
  • Net Cash from Investing Activities: (₹1,026.68) lakhs
  • Net Cash from Financing Activities: ₹1,202.33 lakhs
  • Net Increase in Cash: ₹94.37 lakhs

Consolidated Financial Results (₹ in Lakhs)

Quarterly Performance (Q2 FY27 vs Q1 FY27 vs Q2 FY26)

  • Revenue from operations: Q2 FY27: 4,027.99, Q1 FY27: 2,990.67, Q2 FY25: Not available
  • Other income: Q2 FY27: 52.72, Q1 FY27: 18.90, Q2 FY25: 2.17
  • Total Income: Q2 FY27: 4,080.72, Q1 FY27: 3,009.57, Q2 FY25: 2.17
  • Employee benefits expense: Q2 FY27: 777.45, Q1 FY27: 547.41, Q2 FY25: 4.14
  • Finance costs: Q2 FY27: 167.33, Q1 FY27: 139.26, Q2 FY25: 0.04
  • Depreciation and amortization: Q2 FY27: 62.49, Q1 FY27: 59.65, Q2 FY25: Not available
  • Depreciation on Right-of-Use assets: Q2 FY27: 214.55, Q1 FY27: 160.55, Q2 FY25: Not available
  • Other expenses: Q2 FY27: 678.56, Q1 FY27: 472.50, Q2 FY25: 28.91
  • Profit before tax: Q2 FY27: 132.39, Q1 FY27: 55.95, Q2 FY25: (30.92)
  • Tax expense: Q2 FY27: (4.38), Q1 FY27: 2.72, Q2 FY25: Not available
  • Profit for the period: Q2 FY27: 136.77, Q1 FY27: 53.23, Q2 FY25: (30.92)
  • Total comprehensive income: Q2 FY27: 139.16, Q1 FY27: 54.87, Q2 FY25: (30.92)

Half-Yearly Performance (H1 FY27 vs H1 FY26 vs FY26)

  • Revenue from operations: H1 FY27: 7,018.66, H1 FY25: Not available, FY26: 911.30
  • Other income: H1 FY27: 71.62, H1 FY25: 5.58, FY26: 139.95
  • Total Income: H1 FY27: 7,090.29, H1 FY25: 5.58, FY26: 1,051.28
  • Profit before tax: H1 FY27: 188.34, H1 FY25: (56.26), FY26: 109.40
  • Tax expense: H1 FY27: (1.66), H1 FY25: Not available, FY26: 19.01
  • Profit for the period: H1 FY27: 190.00, H1 FY25: (56.26), FY26: 90.38
  • Total comprehensive income: H1 FY27: 194.02, H1 FY25: (56.26), FY26: 91.11

Consolidated Earnings Attribution

  • Profit attributable to owners: H1 FY27: ₹160.82 lakhs
  • Profit attributable to non-controlling interests: H1 FY27: ₹29.19 lakhs
  • Basic EPS: Q2 FY27: 0.25, Q1 FY27: 0.08, Q2 FY25: (0.41), H1 FY27: 0.33, H1 FY25: (0.75), FY26: 0.69

Consolidated Balance Sheet (as at September 30, 2026)

Assets

  • Total Assets: ₹17,314.74 lakhs
  • Non-current Assets: ₹12,148.46 lakhs (including Property, Plant & Equipment: ₹2,658.02 lakhs, Right-of-Use assets: ₹5,279.54 lakhs, Goodwill: ₹2,032.27 lakhs)
  • Current Assets: ₹5,166.27 lakhs (including Inventories: ₹303.94 lakhs, Trade receivables: ₹703.65 lakhs, Cash & cash equivalents: ₹279.21 lakhs)

Liabilities and Equity

  • Total Equity: ₹6,395.74 lakhs (Equity attributable to owners: ₹6,049.55 lakhs)
  • Non-current Liabilities: ₹5,441.12 lakhs
  • Current Liabilities: ₹5,477.89 lakhs

Subsequent Events and Corporate Developments

1. Preferential Issue of Equity Shares

  • Allotted 38,71,854 equity shares of face value ₹10 each at issue price of ₹40 per share (including premium of ₹30 per share)
  • Aggregate issue size: ₹15,48,74,160
  • Allotted to 47 shareholders of Sushodha Institute of Gastroenterology Private Limited on preferential basis
  • Consideration: Share swap arrangement (non-cash)
  • Paid-up capital increased from ₹48,02,18,570 to ₹51,89,37,110
  • Approved by Board on October 24, 2026 (after reporting period)

2. Acquisition of Sushodha Institute of Gastroenterology Private Limited

  • Completed acquisition on November 1, 2026 (after reporting date)
  • Acquired 1,84,374 equity shares (100% equity capital) of SIGPL
  • SIGPL became wholly-owned subsidiary effective November 1, 2026
  • Consideration discharged through allotment of 38,71,854 equity shares of Arvaya Healthcare
  • Classified as non-adjusting event after reporting period

3. Proposed Rights Issue

  • Board approved on July 11, 2026
  • Proposed issue of partly paid-up equity shares aggregating up to ₹21,000.00 lakhs (₹210 crores)
  • Subject to full subscription and regulatory approvals
  • Board authorized Rights Issue Committee on November 4, 2026 to finalize draft letter of offer

4. Change in Company Name

  • Name changed from "Bijoy Hans Limited" to "Arvaya Healthcare Limited" effective May 11, 2026
  • MOA and AOA amended accordingly

5. Increase in Authorized Share Capital

  • Authorized share capital increased from ₹60 crores to ₹200 crores
  • Approved by Board on March 17, 2026 and shareholders on April 19, 2026

Regulatory and Compliance Matters

Principal Business Criteria

  • Financial assets and financial income as at March 31, 2026 satisfy RBI's Principal Business Criteria
  • Position transitional due to acquisition of healthcare subsidiaries on March 4, 2026
  • Company obtained independent legal opinion stating NBFC registration not required
  • Company commenced revenue-generating healthcare operations from Q1 FY27

Auditor's Review

  • Statutory auditors conducted limited review under SRE 2410
  • Review report issued by Khire Khandekar & Kirloskar Chartered Accountants
  • No material misstatement found in financial results
  • Consolidated results include review report of other auditors for subsidiary Tec-pool Solutions Private Limited

Financial Impact Assessment

  • Preferential issue and acquisition of SIGPL occurred after reporting period - no impact on current results
  • Rights issue proposal pending regulatory approvals - financial impact not quantified
  • Transition from financial assets to healthcare operations complete with revenue generation commencing Q1 FY27