Financial Performance Highlights
Lykis Limited reported strong financial results for FY26 with consolidated net profit surging 148% year-over-year to ₹6.48 crore (₹647.51 lakhs) from ₹2.61 crore in FY25. Revenue from operations reached ₹39.27 crore (₹39,274.60 lakhs) with total income of ₹39.66 crore (₹39,661.76 lakhs). Earnings per share stood at ₹3.34 (basic and diluted), significantly higher than FY25's ₹1.35. The company demonstrated improved operational performance with profit before tax increasing to ₹8.22 crore from ₹3.37 crore in the previous year.
Corporate Restructuring and Ownership Changes
The company underwent a significant change in control through a share purchase agreement dated December 18, 2025, where promoter Nadir Dhrolia sold 67.17% stake (1,30,14,966 shares) to Parshav Vatika LLP at ₹34.50 per share. This triggered an SEBI-mandated open offer for up to 26% of voting capital at the same price, though only 201 shares were tendered. The transaction resulted in comprehensive board reconstitution with multiple director resignations and appointments of new management including Jitendra Kumar Ranka as Executive Director & Managing Director.
Strategic Initiatives and Subsidiary Developments
Lykis completed its exit from associate companies Lykis Biscuits Private Limited (April 28, 2025) and Lykis Packaging Private Limited (June 11, 2025). The board approved creation of three new wholly-owned subsidiaries - Tidagela Industries Private Limited, Parshav Infra Market Private Limited, and Exnora Trade Private Limited - as part of business remodeling and diversification strategy. The company also proposed changing its name to Krowniq Limited subject to regulatory and shareholder approvals.
Financial Position and Key Metrics
The consolidated balance sheet shows borrowings of ₹105.06 crore, with debt-equity ratio at 3.77 (FY25: 1.54). Current ratio stood at 1.04 compared to 1.56 in FY25. The company maintained significant foreign exchange operations with ₹155.08 crore earned (FY25: ₹216.54 crore) and ₹6.17 crore outgo. Key assets include trade receivables of ₹77.20 crore, inventories of ₹42.41 crore, and cash equivalents of ₹7.25 crore.
Regulatory Compliance and Governance
The financial statements were prepared in accordance with Indian Accounting Standards (Ind AS) with detailed accounting policies disclosed for property, plant & equipment, intangible assets, leases, and employee benefits. The company faced several regulatory disputes including GST matters totaling ₹39.50 lakhs, customs duty dispute of ₹25.00 lakhs, and provided bank guarantees of ₹381.46 crore to ICICI Bank UAE. M/s. J A S S & CO LLP continued as statutory auditors with plans for reappointment for five years from the 42nd AGM.