Board Meeting Details

The Board of Directors meeting was held on Monday, August 17, 2026, commencing at 03:45 PM and concluding at 04:30 PM. The meeting approved the Audited Financial Results (Standalone and Consolidated) with the Auditors' Report.

Auditor's Report - Consolidated Financial Results

Auditor: Venkatesh & Co, Chartered Accountants (FRN: 04636S)

Report Date: August 14, 2026

Opinion: Qualified Opinion

Basis of Qualified Opinion:

1. Note No. 11-A, 8-B and 10 regarding Loans, Other Current Asset and Trade Receivable wherein balances are subject to confirmation and reconciliation. Consequential impact on Consolidated Financial Statements is unascertainable.

2. Two subsidiaries compiled accounts using Indian GAAP instead of Ind AS: Matrix Boilers Private Limited and Kniss Laboratories Private Limited. Impact on consolidated Profit and Loss account is not ascertainable.

3. For subsidiary HSL Prime Properties Private Limited, auditors noted that the company has not obtained balance confirmations for trade creditors aggregating to ₹61.82 lakhs (approximately 41% of total liabilities), preventing sufficient audit evidence regarding existence, completeness and accuracy of these balances.

Other Matters:

  • Financial statements of five subsidiaries and one step-down subsidiary (total assets: ₹17,128.01 lakhs, total revenues: ₹11,335.73 lakhs) were audited by other auditors
  • Financial statements of one step-down subsidiary (total assets: ₹311.43 lakhs, total revenues: ₹448.85 lakhs) were certified by Management
  • Consolidated Financial Results include quarter ended March 31, 2026 as balancing figure between audited full year and published unaudited year-to-date figures up to third quarter

Consolidated Financial Performance (Year Ended March 31, 2026)

Income Statement (₹ in Lakhs):

  • Revenue from Operations: ₹13,783.12 (FY25: ₹13,022.84)
  • Other Income: ₹457.22 (FY25: ₹312.58)
  • Total Income: ₹14,240.35 (FY25: ₹13,335.43)
  • Cost of Materials Consumed: ₹9,407.32 (FY25: ₹8,277.21)
  • Employee Benefits Expense: ₹1,416.15 (FY25: ₹2,046.78)
  • Finance Costs: ₹960.08 (FY25: ₹1,176.27)
  • Depreciation and Amortization: ₹430.14 (FY25: ₹336.81)
  • Other Expenses: ₹1,996.66 (FY25: ₹2,072.70)
  • Total Expenses: ₹14,210.36 (FY25: ₹13,909.78)
  • Profit/(Loss) Before Tax: ₹29.99 (FY25: ₹(574.36))
  • Tax Expense: ₹5.45 (FY25: ₹116.40)
  • Deferred Tax: ₹(191.49) (FY25: ₹(80.00))
  • Profit/(Loss) for the Year: ₹216.03 (FY25: ₹(610.76))
  • Other Comprehensive Income: ₹0.78 (FY25: ₹(2.61))
  • Total Comprehensive Income: ₹216.81 (FY25: ₹(613.37))
  • Attributable to Owners: ₹37.81 (FY25: ₹(158.28))
  • Attributable to Non-Controlling Interest: ₹179.00 (FY25: ₹(455.09))
  • Basic EPS: ₹0.48 (FY25: ₹(1.35))
  • Diluted EPS: ₹0.48 (FY25: ₹(1.35))

Consolidated Balance Sheet (₹ in Lakhs):

  • Total Assets: ₹25,342.68 (FY25: ₹26,816.55)
  • Property, Plant and Equipment: ₹3,691.37 (FY25: ₹3,433.50)
  • Capital Work in Progress: ₹2,669.44 (FY25: ₹2,566.94)
  • Goodwill: ₹2,334.73 (FY25: ₹2,334.73)
  • Inventories: ₹3,778.43 (FY25: ₹4,134.19)
  • Trade Receivables: ₹5,857.95 (FY25: ₹5,868.95)
  • Cash and Cash Equivalents: ₹425.64 (FY25: ₹28.82)
  • Loans: ₹218.88 (FY25: ₹856.22)
  • Equity Share Capital: ₹4,553.63 (FY25: ₹4,553.63)
  • Other Equity: ₹2,735.13 (FY25: ₹2,697.32)
  • Non-Controlling Interests: ₹2,919.65 (FY25: ₹2,740.65)
  • Total Equity: ₹10,208.41 (FY25: ₹9,991.60)
  • Borrowings (Non-current): ₹5,788.76 (FY25: ₹6,541.52)
  • Borrowings (Current): ₹7,041.82 (FY25: ₹7,165.72)

Consolidated Cash Flow (₹ in Lakhs):

  • Net Cash Flow from Operating Activities: ₹3,165.39 (FY25: ₹(674.18))
  • Net Cash Flow from Investing Activities: ₹(1,272.58) (FY25: ₹2,474.33)
  • Net Cash Flow from Financing Activities: ₹(1,495.99) (FY25: ₹(1,829.54))
  • Net Increase/(Decrease) in Cash: ₹396.82 (FY25: ₹(29.39))

Subsidiaries Consolidated

Annexure I lists the following entities included in consolidation:

1. IBL Health Care Limited (Subsidiary)

2. HSL Agri Solutions Limited (Subsidiary)

3. HSL Prime Properties Private Limited (Subsidiary)

4. Healthway India Private Limited (Step Down Subsidiary)

5. Kniss Laboratries Private Limited (Step Down Subsidiary)

6. Dindigul Farm Products Limited (Subsidiary - 31.34%*)

7. Matrix Boilers Private Limited (Subsidiary)

8. IBL Investments Limited (Subsidiary)

9. IBL Social Foundation (Subsidiary)

*Dindigul Farm Products Limited consolidated by virtue of control established over Board of Directors and as per Legal Opinion obtained.

Auditor's Report - Standalone Financial Results

Auditor: Venkatesh & Co, Chartered Accountants (FRN: 04636S)

Report Date: August 14, 2026

Opinion: Qualified Opinion

Basis for Qualified Opinion:

Note No. 8-C, 8-A and 10 regarding Loans, Other Current Asset and Trade Receivable wherein balances are subject to confirmation and reconciliation. Consequential impact on Financial Statements is unascertainable.

Standalone Financial Performance (Year Ended March 31, 2026)

Income Statement (₹ in Lakhs):

  • Revenue from Operations: ₹2,189.78 (FY25: ₹3,776.91)
  • Other Income: ₹421.25 (FY25: ₹351.60)
  • Total Income: ₹2,611.03 (FY25: ₹4,128.51)
  • Cost of Materials Consumed: ₹1,065.18 (FY25: ₹1,478.43)
  • Employee Benefits Expense: ₹701.32 (FY25: ₹1,323.68)
  • Finance Costs: ₹394.61 (FY25: ₹732.10)
  • Depreciation and Amortization: ₹64.26 (FY25: ₹102.49)
  • Other Expenses: ₹265.20 (FY25: ₹427.18)
  • Total Expenses: ₹2,490.57 (FY25: ₹4,063.88)
  • Profit/(Loss) Before Tax: ₹120.46 (FY25: ₹64.63)
  • Current Tax Expense: ₹30.44 (FY25: ₹0)
  • Deferred Tax Expense: ₹20.05 (FY25: ₹(80.00))
  • Profit/(Loss) for the Year: ₹69.97 (FY25: ₹144.63)
  • Total Comprehensive Income: ₹69.97 (FY25: ₹144.63)
  • Basic EPS: ₹0.15 (FY25: ₹0.32)
  • Diluted EPS: ₹0.15 (FY25: ₹0.32)

Standalone Balance Sheet (₹ in Lakhs):

  • Total Assets: ₹12,192.53 (FY25: ₹13,067.77)
  • Property, Plant and Equipment: ₹1,204.90 (FY25: ₹1,282.52)
  • Capital Work in Progress: ₹1,809.07 (FY25: ₹1,809.07)
  • Goodwill: ₹383.53 (FY25: ₹383.53)
  • Investments: ₹961.35 (FY25: ₹961.40)
  • Inventories: ₹175.80 (FY25: ₹168.60)
  • Trade Receivables: ₹1,610.17 (FY25: ₹1,645.91)
  • Cash and Cash Equivalents: ₹2.73 (FY25: ₹6.21)
  • Loans: ₹4,261.25 (FY25: ₹4,624.30)
  • Equity Share Capital: ₹4,553.63 (FY25: ₹4,553.63)
  • Other Equity: ₹1,049.49 (FY25: ₹979.52)
  • Total Equity: ₹5,603.12 (FY25: ₹5,533.15)
  • Borrowings (Non-current): ₹2,662.93 (FY25: ₹1,364.13)
  • Borrowings (Current): ₹3,251.73 (FY25: ₹4,801.97)

Standalone Cash Flow (₹ in Lakhs):

  • Net Cash Flow from Operating Activities: ₹(1,410.28) (FY25: ₹1,735.34)
  • Net Cash Flow from Investing Activities: ₹139.57 (FY25: ₹(133.75))
  • Net Cash Flow from Financing Activities: ₹1,267.23 (FY25: ₹(1,621.67))
  • Net Increase/(Decrease) in Cash: ₹(3.48) (FY25: ₹(20.08))

Additional Information

  • Financial results prepared in accordance with Indian Accounting Standards (Ind AS)
  • Previous period figures have been regrouped wherever necessary
  • No investor complaints received during the quarter
  • Results available on company website (www.indrayani.com) and BSE website