Bilcare Limited Q1 FY27 Financial Results and Board Changes

Total Income: ₹6.30 crores (Q1 FY27) vs ₹5.02 crores (Q4 FY26) vs ₹8.79 crores (Q1 FY26)
Revenue from Operations: ₹1.94 crores
Other Income: ₹4.36 crores
Total Expenses: ₹3.65 crores
Profit before tax and exceptional items: ₹2.65 crores
Exceptional items: (₹1.74) crores (related to warrant forfeiture)
Profit before tax: ₹0.91 crores
Tax expense: (₹0.13) crores (deferred tax)
Net Profit for the period: ₹1.04 crores
Total Comprehensive Income: ₹1.02 crores
Basic EPS: ₹0.44
Diluted EPS: ₹0.44

1. The Company has one reportable segment: "Pharma Packaging Research Solutions"

2. Accounts prepared on going-concern basis based on positive GCS business prospects

3. Transferred ₹2.93 crores to IEPF on 10th July 2026 as per NCLT order dated 5th June 2026

4. Asset held for sale with book value of ₹64.07 crores (land parcels)

5. Contingent liability: Penal interest of ₹18.55 crores on CSIR loan (matter subjudice)

6. During quarter: Paid ₹25.58 crores for 75% of 17,05,000 outstanding warrants; 3,15,000 warrants lapsed and ₹1.58 crores forfeited

7. SFIO investigation ongoing since MCA order dated 3 June 2020

A. Changes in Directors

Appointment of Mr. Mohan Bhandari (DIN: 00052777) as Executive Director effective 13 August 2026, subject to shareholder approval. Term: 5 years. Shareholding: 5,856,489 equity shares (24.87%). He is promoter, founder and CEO of the company.
Reappointment of Ms. Kavita Bhansali as Executive Director for further 5 years effective 15 August 2026, subject to shareholder approval. Shareholding: Nil.

B. Changes in Key Managerial Personnel

Mr. Sagar R. Baheti resigned as Company Secretary, Compliance Officer and KMP on 13 August 2026, effective 24 September 2026 (personal reasons).
Mr. Mayur Dave appointed as Company Secretary, Compliance Officer and KMP effective 25 September 2026.

C. Subsidiary Update

Voluntary winding up of Bilcare INC (wholly owned US subsidiary) approved. The subsidiary had nil turnover in FY 2025-26 and is not material.

Patki and Soman Chartered Accountants issued limited review reports for both standalone and consolidated results, drawing attention to:

Going concern assumption based on management's positive outlook for GCS business
IEPF transfer of ₹2.93 crores completed
Assets held for sale classification
Contingent liability for penal interest on CSIR loan
Warrant conversion and forfeiture transactions
SFIO investigation status