Key Decisions and Financial Results

The Board of Directors, at its meeting held on November 2, 2026 (commencing at 4:10 p.m. and concluding at 7:45 p.m.), considered and approved the following:

1. Unaudited Financial Results: On the recommendation of the Audit Committee, the Board approved the Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026, along with the Limited Review Report issued by the Statutory Auditors, P G Bhagwat LLP.

2. Re-appointment of MD & CEO: Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the re-appointment of Dr. Hardik Joshipura as the Managing Director & CEO for a further term of three years, commencing from February 12, 2027, to February 11, 2030 (both days inclusive). The appointment is subject to the approval of the shareholders of the Company. Dr. Joshipura shall be liable to retire by rotation.

Detailed Financial Performance (Quarter Ended September 30, 2026)

  • Revenue from Operations: ₹4,754.83 Lakh
  • Other Income: ₹315.03 Lakh
  • Total Income: ₹5,069.86 Lakh
  • Total Expenses: ₹4,905.95 Lakh
  • Profit Before Tax: ₹163.91 Lakh
  • Tax Expense: ₹14.39 Lakh
  • Profit After Tax: ₹149.52 Lakh
  • Earnings Per Share (Basic & Diluted): ₹0.16 (not annualized)
  • Paid-up Equity Share Capital: ₹9,286.07 Lakh (Face value ₹10 each)

Detailed Financial Performance (Half Year Ended September 30, 2026)

  • Revenue from Operations: ₹10,353.42 Lakh
  • Other Income: ₹334.19 Lakh
  • Total Income: ₹10,687.61 Lakh
  • Total Expenses: ₹9,408.07 Lakh
  • Profit Before Tax: ₹1,279.54 Lakh
  • Tax Expense: ₹456.47 Lakh
  • Profit After Tax: ₹823.07 Lakh
  • Earnings Per Share (Basic & Diluted): ₹0.93 (not annualized)

Merger Impact and Restatement of Numbers (Note 4)

The financial results for the current and comparative periods are presented after giving effect to the merger of Innovassynth Technologies (India) Limited (ITIL) with the Company (erstwhile Innovassynth Investments Limited). The Scheme of Merger was approved by the National Company Law Tribunal (NCLT) on November 14, 2025, and became effective upon filing with the Registrar of Companies on December 19, 2025. The appointed date was October 1, 2024.

As a result, the Company issued 4,74,65,031 equity shares (face value ₹10 each, issue price ₹29.39 each) to the erstwhile shareholders of ITIL, increasing share capital by ₹13,949.97 Lakh. Consequently, the comparative figures for the quarter and half year ended September 30, 2025, have been restated. The restated figures include the financials of erstwhile ITIL, which were reviewed by its then auditors.

Rights Issue (Note 5)

The Board had approved a rights issue on March 27, 2026. The company received in-principle approval from BSE on April 20, 2026. The final Letter of Offer was submitted on April 23, 2026. The issue offered 3 Rights Equity Shares for every 13 fully paid-up Equity Shares held on the record date of April 29, 2026. The allotment of 1,74,11,380 equity shares at an issue price of ₹40 per share (including a premium of ₹30) aggregating to ₹6,964.55 Lakh was completed on May 19, 2026.

Other Notes

  • Business Segment: The main business is the manufacturing of specialty chemicals and pharmaceutical intermediates. There are no separate reportable segments.
  • Labour Codes (Note 6): The Government of India consolidated labour legislations into four 'New Labour Codes' effective November 21, 2025. The company has assessed and disclosed an incremental impact of ₹80.94 lakhs on employee benefit expenses for the year ended March 31, 2026, primarily due to changes in the definition of wages and recognition of past service costs. The impact of related rules, once notified, will be evaluated in the future.
  • Exceptional Items (Note 7): All expenses incurred concerning the merger referred to in Note 4 are disclosed as exceptional items.
  • Auditor's Review: The statutory auditors, P G Bhagwat LLP, issued a limited review report with an unmodified conclusion on the financial results.

Management Details from Annexure A

  • Name: Dr. Hardik Joshipura
  • Designation: Managing Director & CEO
  • Re-appointment Term: 3 years (Feb 12, 2027, to Feb 11, 2030)
  • Profile: Prior experience includes senior leadership roles at Sigma-Aldrich and Merck KGaA in manufacturing, sales, and global strategic marketing. Began his career at Zydus Cadila. Holds a Ph.D. in Organic Chemistry and is an alumnus of Harvard Business School.
  • Relationships: Not related to any other Directors or Key Managerial Personnel of the Company.
  • Eligibility: Not debarred from holding the office of Director by virtue of any SEBI order or other authority.