Key Financial Figures (Standalone - FY26 vs. FY25)

  • Revenue from Operations: ₹230.99 Cr (FY26) vs. ₹106.53 Cr (FY25) - 116.8% increase
  • Other Income: ₹5.73 Cr (FY26) vs. ₹4.97 Cr (FY25)
  • Total Income: ₹236.71 Cr (FY26) vs. ₹111.50 Cr (FY25)
  • Profit Before Tax: ₹23.63 Cr (FY26) vs. ₹10.56 Cr (FY25) - 123.8% increase
  • Net Profit: ₹18.23 Cr (FY26) vs. ₹8.13 Cr (FY25) - 124.2% increase
  • Earnings Per Share (Basic): ₹15.42 (FY26) vs. ₹7.79 (FY25)
  • Earnings Per Share (Diluted): ₹14.98 (FY26) vs. ₹7.79 (FY25)

Share Capital Changes

  • Authorized Capital: Increased from ₹10.50 Cr to ₹16.00 Cr (1.6 Cr shares of ₹10 each) approved at EGM on August 30, 2025.
  • Preferential Allotment: 25,98,400 equity shares allotted on September 18, 2025.
  • Warrant Issue: 20,99,200 warrants allotted on September 16, 2025 (25% amount received: ₹10.34 Cr).
  • Warrant Conversion: 14,99,200 warrants converted to equity shares on May 15, 2026 (post-year-end).
  • Paid-up Capital: Increased to ₹14.54 Cr (1.45 Cr shares) as of March 31, 2026, from ₹10.44 Cr (1.04 Cr shares) previously.

Operational & Strategic Highlights

  • JMS MediTape Manufacturing: Successfully commissioned manufacturing facility at Chhatrapati Sambhajinagar, Maharashtra. Clinical validations completed by JMS Japan. Production and commercialization at full scale.
  • 100% Manufacturing in India Goal: Collaboration with JMS Singapore Limited established key processes (assembling, sterilization, molding). Extrusion process to be implemented in current FY.
  • Strategic Collaborations:
  • Proposed joint collaboration with Rayence, Korea for domestic manufacturing of digital radiology panels.
  • Joint collaboration with Zoncare, China for manufacturing ultrasound machines in India at Atgaon factory. Infrastructure establishment underway, commercial production targeted by January 2027.
  • Manufacturing Infrastructure Upgrade: Achhad facility being upgraded to meet global standards to support expansion in African and Gulf markets, particularly dialysis business.
  • Government Tender Win: Prestigious CMSS tenders worth approximately ₹350 Cr won for nationwide supply of Handheld X-ray Machines and advanced Flat Panel Detector Systems, supporting TB-Mukt Bharat mission.

Subsidiaries

  • Solar Opto-Medic Private Limited: Wholly-owned subsidiary. FY26 revenue: ₹0.85 Cr; net loss: ₹0.04 Cr.
  • Lifesenz Cancer Research Labs Private Limited: Acquired 66.66% equity on June 1, 2026 (post-year-end), making it a subsidiary.

Corporate Actions & AGM Details

  • 37th AGM Date: September 29, 2026, at 12:30 PM IST through Video Conferencing/Other Audio Visual Means.
  • Ordinary Business:
  • Adoption of audited standalone and consolidated financial statements for FY26.
  • Re-appointment of Mr. Hemant Praful Shah (DIN: 00215994) as Whole-Time Director retiring by rotation.
  • Special Business: Ratification of remuneration of ₹50,000 per year plus GST and expenses payable to Cost Auditors, M/s. K Sorathiya & Co, for FY26 and FY27.
  • Record Date: September 22, 2026, for determining members entitled to vote.
  • E-voting Period: September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM) via NSDL.

Dividend & Reserves

  • No dividend recommended for FY26.
  • No amount transferred to reserves.

Key Management Personnel

  • Mr. Hanskumar Shamji Shah: Chairman & Managing Director (Remuneration: ₹60 Lakhs)
  • Mr. Hemant Praful Shah: Whole-Time Director (Remuneration: ₹60 Lakhs; seeking re-appointment)
  • Mr. Kaushik Hanskumar Shah: Whole-Time Director & CFO (Remuneration: ₹60 Lakhs)
  • Ms. Meenal Patodia: Company Secretary & Compliance Officer

Board Changes

  • Appointment: Mr. Manish Kankani (DIN: 07777901) as Non-Executive Independent Director w.e.f. August 28, 2025.
  • Resignation: Mr. Ketan Chandrakant Dave (DIN: 10894209) as Independent Director w.e.f. August 28, 2025.

Auditors

  • Statutory Auditor: M/s ADV & Associates, Chartered Accountants (FRN: 128045W)
  • Secretarial Auditor: M/s N K M & Associates, Company Secretary
  • Internal Auditor: M/s A D M S & Associates, Chartered Accountants
  • Cost Auditor: M/s. K Sorathiya & Co, Cost Accountants (Remuneration: ₹50,000 per year plus GST)

Registered Office & Contact

502, 5th Floor, Ecstasy Business Park Co-op Society Limited, J.S.D. Road, Mulund West, Mumbai 400080

Litigation & Contingencies

  • Customs Dispute: Dispute with customs authorities regarding classification of surgical tapes. Disputed amount of ₹3.56 Cr paid under protest; appeal pending before Supreme Court.
  • Other Disputes: Disputed dues outstanding for Income Tax/TDS (₹0.18 Cr) and GST (₹0.71 Cr).
  • Bank Guarantees: ₹25.90 Cr in bank guarantees provided for tenders and other purposes.

Corporate Social Responsibility (CSR)

  • Prescribed CSR Expenditure (2% of average net profit): ₹0.23 Cr
  • CSR Spent: ₹0.22 Cr through Rotary Charity Trust Mulund
  • CSR Committee: Mr. Hanskumar Shamji Shah (Chairperson), Mr. Manish Kankani, Mr. Hemant Praful Shah

Internal Financial Controls

Auditors reported adequate internal financial controls system operating effectively as of March 31, 2026.

Forward-Looking Statements

The Management Discussion & Analysis contains forward-looking statements subject to market conditions and risks. The company is optimistic about future growth driven by expanded manufacturing, new product launches, and government initiatives in healthcare.