Board Meeting Details
Meeting held on Monday, 25 May 2026 from 06:00 PM to 08:20 PM IST.
Financial Results - Standalone (₹ in Crores)
Quarterly Performance (Q4 FY26 vs Q3 FY25 vs Q4 FY25)
- Total Income: ₹200.22 (Q4 FY26) vs ₹176.44 (Q3 FY25) vs ₹191.23 (Q4 FY25)
- Revenue from Operations: ₹181.81 vs ₹173.35 vs ₹186.40
- Other Income: ₹18.41 vs ₹3.09 vs ₹4.83
- Profit/(Loss) Before Tax: ₹6.31 vs (₹15.92) vs (₹4.69)
- Profit/(Loss) for Period: ₹6.31 vs (₹15.96) vs ₹2.59
- Basic EPS (₹): 4.31 vs (10.92) vs 1.80
- Diluted EPS (₹): 3.52 vs (10.92) vs 1.44
Annual Performance (FY26 vs FY25)
- Total Income: ₹738.08 (FY26) vs ₹767.57 (FY25)
- Revenue from Operations: ₹710.25 vs ₹751.51
- Other Income: ₹27.83 vs ₹16.06
- Profit/(Loss) Before Tax: (₹52.62) vs (₹78.79)
- Profit/(Loss) for Year: (₹48.17) vs (₹62.28)
- Basic EPS (₹): (32.88) vs (43.30)
- Diluted EPS (₹): (32.88) vs (43.30)
Financial Results - Consolidated (₹ in Crores)
Quarterly Performance (Q4 FY26)
- Total Income: ₹201.48
- Profit/(Loss) for Period: ₹7.04
- Basic EPS (₹): 4.80
- Diluted EPS (₹): 3.93
Annual Performance (FY26)
- Total Income: ₹742.92
- Profit/(Loss) for Year: (₹47.00)
- Basic EPS (₹): (32.08)
- Diluted EPS (₹): (32.08)
Balance Sheet Position (Standalone as of 31 March 2026)
- Total Assets: ₹1,182.63 Crores
- Property, Plant and Equipment: ₹827.09 Crores
- Inventories: ₹114.66 Crores
- Trade Receivables: ₹103.70 Crores
- Cash and Cash Equivalents: ₹0.22 Crores
- Total Equity: ₹403.07 Crores
- Borrowings (Non-current): ₹466.05 Crores
- Borrowings (Current): ₹158.76 Crores
Cash Flow Statement (Standalone FY26)
- Net Cash from Operating Activities: ₹120.58 Crores inflow
- Net Cash from Investing Activities: ₹8.18 Crores outflow
- Net Cash from Financing Activities: ₹117.79 Crores outflow
- Net Decrease in Cash: ₹5.39 Crores
Key Notes to Financial Results
1. Business Segment
Company is primarily engaged in Pharma Packaging Solutions under a single reportable segment.
2. Accounting Standards
Results prepared in accordance with Indian Accounting Standards (Ind AS) and SEBI Listing Regulations.
3. Subsidiary Consolidation
Bilcare Research GmbH, a wholly owned subsidiary, has been consolidated in the financial results.
4. Preferential Warrant Issue
- Company allotted 48,00,000 warrants to Bilcare Limited at premium of ₹190 per share (face value ₹10)
- Aggregate value: ₹96 crores
- 25% upfront payment received (₹24 crores), balance 75% receivable on conversion
- During Q4 FY25: 14,90,000 warrants converted to equity
- During Q4 FY26: 12,90,000 warrants converted to equity
5. Preference Share Redemption
Company redeemed 31,50,000 0.1% Redeemable Preference Shares of ₹10 each issued to Bilcare Limited.
6. Exceptional Items - Labour Code Impact
- Government notified four Labour Codes on 21 November 2025
- Incremental impact of ₹1.64 crore recognized as exceptional item
- Impact due to change in wage definition for gratuity assessment
- No material impact on Compensated Absences
- Company monitoring finalization of Central/State Rules
7. Public Fixed Deposit Liability
- Outstanding amount: ₹3.92 crores as of 31 March 2026
- Fully earmarked and maintained with PFO escrow account
- Statutory compliance responsibility remains with Bilcare Limited
8. Preference Share Transaction Cost
₹0.72 crores transferred from equity component to retained earnings upon redemption of preference shares.
9. Lease Restatement
Restatement of prior period lease arrangements resulted in ₹0.24 crores adjustment to retained earnings.
10. Tax Position
- No current tax provision due to carried forward business losses/unabsorbed depreciation
- Deferred tax assets not recognized considering unabsorbed carry forward losses
Audit Details
- Results reviewed by Audit Committee and approved by Board of Directors
- Statutory Auditors: Patki and Soman (Firm Registration No. 107830W)
- Audit Report issued with unmodified opinion
- Emphasis of Matter: Public fixed deposit liability arrangement with Bilcare Limited