Annual General Meeting Details

  • Date: Friday, September 11, 2026
  • Time: 10:00 A.M (IST)
  • Mode: Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
  • Service Provider: Central Depository Services (India) Limited (CDSL) for e-voting and VC/OAVM facility
  • Record Date: September 4, 2026 for determining voting eligibility
  • Book Closure: September 5, 2026 to September 11, 2026 (both days inclusive)

The Annual Report along with AGM Notice is being sent to members through electronic mode and is available on the company website at http://bafnapharma.com/financials.html.

Financial Performance Highlights (FY 2025-2026)

Income Statement

  • Revenue from Operations: ₹1,506.17 million (3.26% YoY growth)
  • Other Income: ₹47.56 million
  • Total Income: ₹1,553.74 million (4.56% YoY growth)
  • EBITDA: ₹207.04 million (48.74% YoY growth)
  • Profit Before Tax: ₹109.70 million (182.64% YoY growth from ₹39.68 million)
  • Profit After Tax: ₹111.00 million (167.30% YoY growth from ₹41.53 million)

Key Ratios

  • Operating Profit Margin: 6.55% (vs 6.19% in FY25)
  • Net Profit Margin: 7.37% (vs 2.85% in FY25)
  • Return on Net Worth: 15.31% (vs 6.86% in FY25)
  • EBITDA Margin: 13.75% (vs 9.54% in FY25)

Export Performance

  • Export Revenue: ₹958.10 million (31.29% YoY growth)
  • Export Contribution: 64% of total turnover
  • Domestic Revenue: ₹519.77 million (28% decline YoY)

Operational Highlights (FY 2025-2026)

Asset Monetization & Rationalization

  • Hived-off manufacturing unit at Madhavaram, Chennai
  • Sharpened focus on modernized core assets at Grantlyon, Chennai

Credit Rating Upgrade

  • ICRA revised credit outlook from Stable to Positive on January 23, 2026
  • Long-term Loans and Cash Credit: BB+
  • Short-term LOC: A4+
  • Credit Facilities: INR 500 million

Industry Recognition

  • Awarded "Emerging Company of the Year in Healthcare" at MSME Global Platinum Business Excellence Awards 2025 (April 28, 2025)
  • ZED Gold Category status from Ministry of MSME, Government of India (valid up to 2028)

Promoter Equity Streamlining

  • Promoter entity SRJR Lifesciences LLP executed Offer for Sale (OFS) of 13.30% voting rights
  • Promoter shareholding realigned to 74.57% as of March 31, 2025
  • Increased public liquidity in compliance with SEBI Regulations

Manufacturing & Capacity Expansion

Facility Infrastructure

  • Chennai-based manufacturing facility certified by UK-MHRA, EU-GMP, TGA-Australia, and WHO-GMP
  • DSIR-approved in-house Formulation R&D center
  • Expanded granulation and capsule capabilities at Grant Lyon facility
  • Capsule capacity increased from 375 million to 600 million units during FY26

Capacity Utilization (FY26)

  • Tablets: 900 Mn units capacity (~65% utilization)
  • Capsules: 600 Mn units capacity (~30% utilization)
  • Packaging Lines: 1,000 Mn units capacity (90% utilization)

Product Pipeline

  • 336 active formulations across therapeutic areas
  • 78+ global product registrations
  • 100 additional applications pending across Africa, Asia, and international markets
  • Filed 51 new product registrations across 9 countries in FY26

Global Market Presence

Geographic Distribution

  • African Region: Nigeria, Tanzania, Kenya, Uganda, Ghana, Ethiopia, Rwanda, Madagascar, DRC/Congo, Mauritius
  • Asian Region: Philippines, Sri Lanka, Nepal
  • Regulated Markets & Rest of World: United Kingdom, Australia, Ukraine, Bolivia, Guatemala, Peru, Nicaragua, Azerbaijan

Therapeutic Portfolio

  • Cardiovascular & Hypertension: Telmisartan, Atorvastatin, Losartan, etc.
  • Potent Oncology: Prednisolone, Tamoxifen, Letrozole, etc.
  • Anti-Infectives: Levofloxacin, Azithromycin, Moxifloxacin, etc.
  • CNS: Pregabalin, Levetiracetam, Gabapentin, etc.
  • Diabetic: Metformin, Sitagliptin, Dapagliflozin, etc.
  • CRAMS & Specialty: Contract research and custom solid oral formulations

Corporate Governance

Board Composition

  • Whole-Time Directors: Ms. S. Hemalatha, Mr. Vinayak Dinesh Dendukuri
  • Non-Executive Directors: Mrs. Akila C Raju, Mr. Upendar Mekala Reddy
  • Independent Directors: Mr. P K Sundaresan, Mrs. Ravichandran Chitra, Mr. Navin Kumar (retired June 22, 2026)

Key Managerial Personnel

  • Chief Executive Officer: Mr. Bafna Mahaveer Chand
  • Chief Financial Officer: Dr. Melagiri Sridhar
  • Company Secretary: Mr. Mohanachandran A

Board Committees

  • Audit Committee: Mr. P K Sundaresan (Chairman), Mrs. Ravichandran Chitra, Mr. Upendar Mekala Reddy
  • Nomination and Remuneration Committee: Mr. P K Sundaresan (Chairman), Mrs. Ravichandran Chitra, Mrs. Akila C Raju
  • Stakeholders Relationship Committee: Mrs. Ravichandran Chitra (Chairperson), Ms. S. Hemalatha, Mrs. Akila C Raju
  • CSR Committee: Mrs. Ravichandran Chitra (Chairperson), Ms. S. Hemalatha, Mrs. Akila C Raju

Regulatory and Compliance Matters

SEBI Compliance Issues

  • Minimum Public Shareholding requirement not met until April 1, 2025
  • OFS by promoter entity achieved 25% MPS compliance from April 2, 2025
  • Related party transaction ratified beyond prescribed timeline
  • Nomination & Remuneration Committee composition issues during transition period
  • Delayed disclosure of GST order under Regulation 30

Tax and Legal Contingencies

  • GST Demand: ₹235.47 lakhs for FY 2017-18 to 2020-21 (appeal pending)
  • GST Refund Recovery: ₹331.09 lakhs for April 2018 to March 2024 (appeal filed, interim stay obtained)
  • Income Tax: ₹342.19 lakhs for AY 2015-2016 (writ petition filed)
  • Provident Fund: ₹33.67 lakhs for FY 2016-2018 (writ petition filed)
  • Sales Tax: ₹25.26 lakhs for FY 2016-2017 (writ petition filed)
  • Service Tax: ₹22.32 lakhs for various periods (writ petition filed)

Capital Structure

  • Paid-up Equity Share Capital: ₹236.56 lakhs (23.656 million shares of ₹10 each)
  • No change in issued, subscribed, and paid-up capital during the year
  • Promoter Holding: 74.57% (SRJR Lifesciences LLP)
  • Public Holding: 25.43%
  • Dematerialized Shares: 99.97% of total shareholding

Dividend and Reserves

  • Dividend: No dividend declared for FY 2025-2026
  • Reserves: No amount transferred to general reserves during the year

Auditor Information

  • Statutory Auditors: Brahmayya & Co., Chartered Accountants (FRN: 000511S)
  • Internal Auditors: K.S. Rao & Co., Chartered Accountants
  • Cost Auditors: M/s. N Sivashankaran & Co., Cost Accountants (ICMAI FRN: 100662)
  • Secretarial Auditors: M/s. A.K. Jain & Associates, Company Secretaries

Corporate Social Responsibility

  • CSR Obligation: ₹18.04 lakhs (2% of average net profit)
  • CSR Expenditure: ₹18.05 lakhs
  • Focus Areas: Healthcare, education, reducing inequalities, promotion of sports, environmental sustainability

Forward-Looking Statements

The document contains cautionary statements regarding forward-looking information, noting that actual results may vary due to risks, uncertainties, and inaccurate assumptions. Words like 'anticipate', 'estimate', 'expect', 'project', 'intend', 'plan', 'believe' signify forward-looking statements.