Board Meeting Details

The Board meeting was held on 03 November 2026, commencing at 5:00 PM and concluding at 8:45 PM IST. The Audit Committee recommended the financial results prior to Board approval.

Financial Results - Standalone (Quarter ended 30 September 2026)

Income Statement:

  • Revenue from operations: ₹1.93 crore (Q2 FY26: ₹1.85 crore)
  • Other income: ₹4.88 crore (Q2 FY26: ₹3.45 crore)
  • Total income: ₹6.81 crore (Q2 FY26: ₹5.30 crore)
  • Total expenses: ₹3.50 crore (Q2 FY26: ₹4.10 crore)
  • Profit before tax and exceptional items: ₹3.31 crore (Q2 FY26: ₹1.20 crore)
  • Exceptional items: ₹(0.90) crore (related to income tax dispute write-off)
  • Profit before tax: ₹2.41 crore (Q2 FY26: ₹1.20 crore)
  • Tax expense: ₹0.91 crore (Q2 FY26: ₹0.16 crore)
  • Net profit: ₹1.50 crore (Q2 FY26: ₹1.04 crore)
  • Basic EPS: ₹0.64 (Q2 FY26: ₹0.44)
  • Diluted EPS: ₹0.64 (Q2 FY26: ₹0.44)

Half-Year Performance (Standalone):

  • Revenue from operations: ₹3.87 crore (H1 FY26: ₹3.92 crore)
  • Other income: ₹9.24 crore (H1 FY26: ₹10.17 crore)
  • Total income: ₹13.11 crore (H1 FY26: ₹14.09 crore)
  • Net profit: ₹2.54 crore (H1 FY26: ₹4.63 crore)
  • Basic EPS: ₹1.08 (H1 FY26: ₹1.97)

Balance Sheet (Standalone as at 30 September 2026):

  • Total assets: ₹453.76 crore (31 March 2026: ₹455.12 crore)
  • Property, plant and equipment: ₹53.78 crore
  • Investments: ₹308.13 crore
  • Assets held for sale: ₹64.07 crore (land parcels)
  • Equity share capital: ₹23.55 crore
  • Other equity: ₹399.91 crore (31 March 2026: ₹397.34 crore)
  • Borrowings: ₹10.83 crore (non-current ₹10.64 crore + current ₹0.19 crore)

Cash Flow (Standalone H1 FY27):

  • Net cash used in operating activities: ₹(0.77) crore
  • Net cash from investing activities: ₹1.72 crore
  • Net cash used in financing activities: ₹(0.35) crore
  • Net increase in cash: ₹0.60 crore

Financial Results - Consolidated (Quarter ended 30 September 2026)

Income Statement:

  • Revenue from operations: ₹248.43 crore (Q2 FY26: ₹178.20 crore)
  • Other income: ₹3.53 crore (Q2 FY26: ₹4.32 crore)
  • Total income: ₹251.96 crore (Q2 FY26: ₹182.52 crore)
  • Profit before tax and exceptional items: ₹1.98 crore (Q2 FY26: ₹(16.63) crore)
  • Exceptional items: Nil (Q2 FY26: Nil)
  • Profit before tax: ₹1.98 crore (Q2 FY26: ₹(16.63) crore)
  • Tax expense: ₹0.91 crore (Q2 FY26: ₹(0.23) crore)
  • Net profit: ₹1.07 crore (Q2 FY26: ₹(16.40) crore)
  • Profit attributable to owners: ₹4.12 crore (Q2 FY26: ₹(5.44) crore)
  • Basic EPS: ₹1.75 (Q2 FY26: ₹(2.31))

Half-Year Performance (Consolidated):

  • Revenue from operations: ₹474.29 crore (H1 FY26: ₹364.56 crore)
  • Net profit: ₹15.14 crore (H1 FY26: ₹(19.25) crore)
  • Profit attributable to owners: ₹15.93 crore (H1 FY26: ₹(10.78) crore)
  • Basic EPS: ₹6.77 (H1 FY26: ₹(4.58))

Balance Sheet (Consolidated as at 30 September 2026):

  • Total assets: ₹875.00 crore (31 March 2026: ₹842.83 crore)
  • Property, plant and equipment: ₹390.03 crore
  • Inventories: ₹129.53 crore
  • Trade receivables: ₹152.02 crore
  • Equity share capital: ₹23.55 crore
  • Other equity: ₹155.34 crore (31 March 2026: ₹173.18 crore)
  • Non-controlling interest: ₹(108.70) crore (31 March 2026: ₹(122.59) crore)
  • Borrowings: ₹640.95 crore (non-current ₹431.33 crore + current ₹209.62 crore)

Management Changes

Appointment of Mr. Mohan Bhandari as Chairman:

  • Effective date: 03 November 2026
  • Mr. Mohan Bhandari (DIN: 00052777) appointed as Chairman while continuing as Director and CEO
  • He is the founder and promoter with over 39 years of experience in pharmaceutical packaging
  • Received Lifetime Achievement Award at 59th Indian Pharmaceutical Conference (2007)
  • Shareholding: 58,56,489 equity shares (24.87%)
  • Relationships: Father of Mr. Shreyans Bhandari (Managing Director) and Ms. Kavita Bhansali (Non-Executive Director)
  • Not debarred from directorship by SEBI or any other authority

Continuation of Mr. Shreyans Bhandari as Managing Director.

Significant Notes and disclosures

1. Going Concern Basis: Accounts prepared on going concern basis based on positive prospects for GCS business, management's strategic plans, and cash flow projections.

2. Public Fixed Deposits: Transferred ₹2.93 crore to Investor Education Protection Fund (IEPF) on 10 July 2026 per NCLT order dated 5 June 2026. This included ₹2.34 crore pertaining to Caprihans India Limited.

3. Assets Held for Sale: Land parcels with book value of ₹64.07 crore continue classified as 'assets held for sale' as at 30 September 2026.

4. Contingent Liability: Penal interest of ₹19.41 crore on CSIR loan disclosed as contingent liability; matter is sub judice.

5. Warrant Conversion: During June 2026 quarter, company paid ₹25.58 crore (75% of 17,05,000 outstanding warrants). Conversion option for 3,15,000 warrants lapsed and ₹1.58 crore was forfeited (treated as exceptional item).

6. Exceptional Items: ₹0.90 crore written off for income tax paid under dispute for AY 2013-14.

7. Subsidiary Liquidation: Bilcare Inc (subsidiary) liquidated effective 9 September 2026; investment of ₹83,116 written off.

8. SFIO Investigation: Company under investigation by SFIO pursuant to MCA order dated 3 June 2020. Bombay High Court disposed of writ petition while granting liberty to file fresh petition. Financial impact not ascertainable.

9. Segment Information: Company has one reportable segment - "Pharma Packaging Research Solutions".

Auditor's Review

Patki and Soman Chartered Accountants issued limited review report with following qualifications:

  • Emphasis on going concern assumption due to past operating losses
  • Notes on IEPF transfer, assets held for sale, contingent liability, warrant forfeiture, SFIO investigation, and subsidiary liquidation
  • Certain subsidiary financial information not reviewed by their statutory auditors