Standalone Financial Results (Quarter Ended September 30, 2026)

Income:

  • Revenue From Operations: ₹237.12 Crore
  • Other Operating Income: ₹3.80 Crore
  • Total Revenue from Operations: ₹240.92 Crore
  • Other Income: ₹3.66 Crore
  • Total Income: ₹244.58 Crore

Expenses:

  • Cost of Materials Consumed: ₹161.89 Crore
  • Changes in Inventories: (₹1.19) Crore
  • Employee Benefits Expense: ₹20.52 Crore
  • Finance Costs: ₹20.24 Crore
  • Depreciation and Amortisation: ₹10.89 Crore
  • Other Expenses: ₹40.55 Crore
  • Total Expenses: ₹252.90 Crore

Profit/(Loss):

  • Profit/(Loss) Before Exceptional Items and Tax: (₹8.32) Crore
  • Exceptional Items: Not applicable (denoted by '÷')
  • Profit/(Loss) Before Tax: (₹8.32) Crore
  • Tax Expense: ₹0.00 Crore (No current tax due to carried forward losses; Deferred tax not recognized)
  • Profit/(Loss) for the Period: (₹8.32) Crore
  • Other Comprehensive Income: ₹0.22 Crore
  • Total Comprehensive Income for the Period: (₹8.10) Crore

Earnings Per Share (Face Value ₹10):

  • Basic EPS: (₹4.72)
  • Diluted EPS: (₹4.72)

Standalone Financial Results (Half Year Ended September 30, 2026)

Income:

  • Total Revenue from Operations: ₹461.08 Crore
  • Other Income: ₹5.48 Crore
  • Total Income: ₹466.56 Crore

Expenses:

  • Total Expenses: ₹467.87 Crore

Profit/(Loss):

  • Profit/(Loss) Before Exceptional Items and Tax: (₹1.31) Crore
  • Profit/(Loss) Before Tax: (₹1.31) Crore
  • Tax Expense: ₹0.00 Crore
  • Profit/(Loss) for the Period: (₹1.31) Crore
  • Other Comprehensive Income: (₹0.85) Crore
  • Total Comprehensive Income for the Period: (₹2.16) Crore

Earnings Per Share:

  • Basic EPS: (₹0.74)
  • Diluted EPS: (₹0.74)

Standalone Balance Sheet (As on September 30, 2026)

Assets (Total: ₹1,233.57 Crore):

  • Non-Current Assets: ₹888.28 Crore
  • Property, Plant and Equipment: ₹828.23 Crore
  • Capital Work in Progress: ₹8.22 Crore
  • Right of Use Assets: ₹14.46 Crore
  • Intangible Assets: ₹9.53 Crore
  • Current Assets: ₹345.29 Crore
  • Inventories: ₹129.31 Crore
  • Trade Receivables: ₹147.73 Crore
  • Cash and Cash Equivalents: ₹1.43 Crore

Equity and Liabilities:

  • Equity: ₹425.25 Crore
  • Equity Share Capital: ₹17.62 Crore
  • Other Equity: ₹407.63 Crore
  • Liabilities: ₹808.32 Crore
  • Non-Current Borrowings: ₹444.67 Crore
  • Current Borrowings: ₹209.43 Crore
  • Trade Payables: ₹86.77 Crore (Micro & Small: ₹10.45 Cr; Others: ₹76.32 Cr)

Standalone Cash Flow (Half Year Ended September 30, 2026)

  • Net Cash from Operating Activities: ₹5.66 Crore
  • Net Cash from Investing Activities: ₹1.53 Crore
  • Net Cash used in Financing Activities: (₹5.98) Crore
  • Net Increase in Cash: ₹1.21 Crore
  • Closing Cash Balance: ₹1.43 Crore

Key Notes to Standalone Results

1. Business Segment: The Company is primarily engaged in a single reportable segment: Pharma Packaging Solutions.

2. Accounting Standards: Results prepared in accordance with Indian Accounting Standards (Ind AS).

3. Warrant Conversion & Forfeiture:

  • The company had allotted 48,00,000 Convertible Warrants at ₹200 each in Dec 2024.
  • As of March 31, 2026, 20,20,000 warrants were outstanding with ₹10.10 Crores received.
  • In Q1 FY2027 (quarter ended June 2026), the company received ₹25.58 Crores (75% of consideration) for the conversion of 17,05,000 warrants.
  • For 3,15,000 warrants, the conversion option lapsed. The Board forfeited the received amount of ₹1.58 Crores on June 5, 2026, and transferred it to capital reserve.

4. Preference Share Redemption: During the half year, the Company redeemed 2,55,75,500 Redeemable Preference Shares of ₹10 each issued to Bilcare Limited.

5. Public Fixed Deposit (PFD) Resolution:

  • An outstanding liability of ₹2.34 crores (including interest) related to PFDs taken over from Bilcare Ltd. was held in an escrow account.
  • Pursuant to an NCLT Mumbai order dated June 5, 2026, this amount was transferred to the Investor Education and Protection Fund (IEPF) by July 15, 2026.
  • Statutory compliance for these PFDs remains the responsibility of Bilcare Limited.

6. Asset Revaluation: The company revalued all Property, Plant & Equipment as of April 1, 2026, based on an independent valuer's report, recognizing an amount of ₹21.03 Crores in its revaluation reserve.

7. Taxation: No provision for current tax is made due to carried forward business losses/unabsorbed depreciation. Deferred Tax Assets are not recognized.

8. Audit Review: The results were reviewed by the Audit Committee, approved by the Board, and reviewed by the Statutory Auditors, Patki and Soman.

Consolidated Results Overview

For the quarter ended September 30, 2026, the consolidated performance was similar to standalone:

  • Total Income: ₹247.14 Crore
  • Total Expenses: ₹255.49 Crore
  • Profit/(Loss) for the Period: (₹8.35) Crore
  • Basic EPS: (₹4.74)

The consolidation includes the financials of Bilcare Research GmbH, a wholly-owned subsidiary.