Key Outcomes from Board Meeting

The Board of Directors meeting commenced at 03:30 PM and concluded at 06:45 PM on November 12, 2026. The following matters were approved:

1. Approval of Financial Results

  • Approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026.
  • The financial results were reviewed by the statutory auditors, M/s. S K G N & Associates LLP, Chartered Accountants, who issued an unmodified limited review report.

2. Appointment of Senior Management Personnel

  • Appointed Dr. Ravish Manchanda as National Head – Operations Expansion & Strategy effective November 12, 2026.
  • Designated him as Senior Management Personnel (SMP) of the Company.
  • Dr. Manchanda holds an MBA in Health & Hospital Management from IIHMR, New Delhi with over 15 years of experience in IVF and fertility operations.

3. Variation in IPO Objects

  • Approved variation in objects of the Initial Public Offer (IPO) regarding Object No. 1 - establishment of 19 New IVF Centres.
  • Changes involve substitution of 6 cities/locations and revision of the schedule of establishment.
  • All 19 centres to be established by Fiscal 2029 (indicative: 10 in FY27, 8 in FY28, 1 in FY29).
  • No change in the allocated amount of ₹5,000.00 lakhs for this object.
  • Requires approval of members by special resolution through postal ballot.

4. Statement of Deviation/Variation

  • Submitted statement pursuant to Regulation 32 regarding utilization of IPO funds for quarter ended September 30, 2026.
  • Reported no deviation or variation in fund utilization.

5. Postal Ballot Notice

  • Approved draft postal ballot notice for shareholder approval of the proposed variation in IPO objects.

6. Amendment to Policy

  • Amended the Policy on Code of practices and procedures for fair disclosure of unpublished price sensitive information in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

Financial Performance (Standalone)

Income Statement Highlights (₹ in lakhs)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹2,805.68
  • Other income: ₹108.48
  • Total income: ₹2,914.16
  • Profit before tax: ₹1,099.28
  • Tax expense: ₹279.31
  • Profit for the period: ₹819.97
  • EPS (basic and diluted): ₹1.13

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹4,173.41
  • Other income: ₹220.84
  • Total income: ₹4,394.25
  • Profit before tax: ₹1,329.24
  • Tax expense: ₹342.93
  • Profit for the period: ₹986.31
  • EPS (basic and diluted): ₹1.36

Comparative Performance

Quarter Comparison (Q2 FY27 vs Q2 FY26):

  • Revenue increased by 22.3% from ₹2,294.58 lakhs to ₹2,805.68 lakhs
  • Profit decreased by 9.2% from ₹902.54 lakhs to ₹819.97 lakhs

Half Year Comparison (H1 FY27 vs H1 FY26):

  • Revenue increased by 18.5% from ₹3,521.90 lakhs to ₹4,173.41 lakhs
  • Profit decreased by 13.3% from ₹1,137.23 lakhs to ₹986.31 lakhs

Balance Sheet Position (as at September 30, 2026)

  • Total assets: ₹18,419.97 lakhs
  • Equity share capital: ₹3,639.34 lakhs
  • Other equity: ₹12,262.05 lakhs
  • Total equity: ₹15,901.39 lakhs
  • Non-current liabilities: ₹1,664.07 lakhs
  • Current liabilities: ₹854.51 lakhs

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

  • Net cash from operating activities: ₹2,240.42 lakhs
  • Net cash from investing activities: ₹1,509.18 lakhs
  • Net cash from financing activities: (₹2,582.84) lakhs
  • Net increase in cash: ₹1,166.76 lakhs
  • Cash and cash equivalents at end: ₹2,020.45 lakhs

IPO Proceeds Utilization

Utilization Status as at September 30, 2026

| Object | Original Allocation (₹ lakhs) | Utilized (₹ lakhs) | Unutilized (₹ lakhs) |

| Establishment of new IVF centres | 5,000.00 | 1,348.48 | 3,651.52 |

| Repayment of borrowings | 1,807.37 | 1,807.37 | Nil |

| General corporate purposes | 1,420.82 | 1,137.46 | 283.37 |

| Sub-total | 8,228.19 | 4,293.31 | 3,934.89 |

| Issue expenses | 771.89 | 771.89 | Nil |

| Total | 9,000.08 | 5,065.20 | 3,934.89 |

Unutilized Proceeds

  • Total unutilized proceeds: ₹3,988.04 lakhs (including net interest of ₹53.15 lakhs)
  • Held in fixed deposits and current accounts with HDFC Bank Limited and Axis Bank Limited

Location Changes for New IVF Centres

The Board approved changes to 6 of the 19 planned IVF centre locations:

  • Vizag changed to Vijayawada
  • Ahmedabad changed to Nashik
  • Cochin changed to Bhubaneswar
  • Coimbatore changed to Dhanbad
  • Jaipur changed to Varanasi
  • Kanpur changed to Gorakhpur

13 locations remain unchanged: Delhi, Noida, Gurgaon, Lucknow, Indore, Nagpur, Surat, Pune, Hyderabad, Chennai, Mumbai, Kolkata, and Guwahati.

Annexures

  • Annexure A: Unaudited Financial Results with Limited Review Report
  • Annexure B: Details of Dr. Ravish Manchanda's appointment as SMP
  • Annexure C: Detailed information on Proposed Variation in IPO objects
  • Annexure D: Statement on deviation/variation in utilization of IPO proceeds