Management Commentary

Hardik Desai, Chairman, stated that the company's disciplined investment over the past decade has begun yielding significant results over the last 2-3 years. The company has reached the ₹100 crore plus revenue milestone on both standalone and consolidated basis and is entering its next phase of growth. Strategic investments in new businesses are expected to contribute meaningfully to consolidated financial performance. The company aspires to triple its consolidated business over the next three years through disciplined execution and sustained operational excellence.

Operational Highlights

Business Overview:

  • Established in 2014 as export-focused pharmaceutical company
  • Diversified portfolio spanning pharmaceuticals, nutraceuticals, herbals, injectables, personal care, and medical devices
  • Hybrid manufacturing model combining strategic partnerships with integrated capabilities
  • Integrated WHO-GMP compliant manufacturing platform
  • Presence in 46 countries globally

Manufacturing Capacity (million units/month):

  • Tablets: 120
  • Capsules: 120
  • Dry powder bottles: 3
  • Ointments: 3
  • Liquid bottles: 3
  • Injectables: 10

Registration Portfolio:

  • 2,534 global registrations filed
  • 1,091 global product registrations
  • 300-400 new registrations added annually

Subsidiaries Overview:

TNS Pharma Private Limited (60% ownership)

  • Manufacturing in medical devices segment
  • Products: Double Safety IV Cannulas, Air Block Mechanism Infusion (IFG) Sets
  • Production capacity: 6 Mn Regular IV Cannula, 3 Mn Regular IFG Set, 1.2 Mn Safety IV Cannula, 0.2 Mn Safety IFG Set per month

Trident Mediquip Limited (Acquired in 2025)

  • Medical devices manufacturing

TLL Parenterals Limited (Incorporated in 2025)

  • Injectables facility commercially implemented in 2026

TLL Wellness Limited (51% ownership, incorporated in 2024)

  • Herbal products and nutraceutical supplements
  • Revenue generation expected to commence from FY27

TLL Elements Limited (100% ownership)

  • Manufacturing, trading, and distribution of cosmetic products
  • Brand "YES" launched in FY26

Financial Performance - Standalone

Q1 FY27 Results:

  • Revenue from operations: ₹26.8 crore (43% YoY growth)
  • EBITDA: ₹7.2 crore (47% YoY growth)
  • EBITDA margin: 26.9% (+71 bps YoY)
  • Profit after tax: ₹5.0 crore (44% YoY growth)
  • PAT margin: 18.7% (+22 bps YoY)

Annual Performance (FY24-FY26):

  • FY26 revenue: ₹101.9 crore (50% YoY growth)
  • 2-year revenue CAGR: 66%
  • FY26 EBITDA: ₹24.3 crore (39% YoY growth)
  • FY26 PAT: ₹18.1 crore (39% YoY growth)
  • 2-year PAT CAGR: 60%

Balance Sheet (Standalone FY26):

  • Total equity: ₹99.1 crore
  • Total liabilities: ₹60.1 crore
  • Total assets: ₹159.2 crore
  • Net debt to equity ratio: Disclosed but not quantified in presentation

Financial Performance - Consolidated

Q1 FY27 Results:

  • Revenue from operations: ₹33.7 crore (43% YoY growth)
  • EBITDA: ₹8.5 crore (65% YoY growth)
  • EBITDA margin: 25.3% (+334 bps YoY)
  • Profit after tax: ₹5.1 crore (82% YoY growth)
  • PAT margin: 15.0% (+321 bps YoY)

Annual Performance (FY24-FY26):

  • FY26 revenue: ₹129.0 crore (48% YoY growth)
  • 2-year revenue CAGR: 70%
  • FY26 EBITDA: ₹28.1 crore (89% YoY growth)
  • FY26 PAT: ₹19.3 crore (84% YoY growth)
  • 2-year PAT CAGR: 80%
  • Gross profit margin improved 650 bps over 2 years

Balance Sheet (Consolidated FY26):

  • Total equity: ₹104.2 crore (including minority interest of ₹7.5 crore)
  • Total liabilities: ₹128.9 crore
  • Total assets: ₹236.8 crore

Future Plans

  • Planning underway for TLL Cefa Facility
  • Planning underway for launch of nutraceutical product range
  • Acquisition of 50,000 sq. meters of land
  • Main board migration to enhance market visibility, liquidity and investor reach

Corporate Governance

Board of Directors:

  • Mr. Jariwala: Independent Director, Consultant pediatric surgeon with 15+ years experience
  • Ms. Smita Kiran Davda: Independent Director, Admin Manager at Fountainhead School, Surat
  • Mr. Sachin Bhandari: Independent Director, Chartered Accountant with 23+ years in banking
  • Mr. [Name not provided]: Independent Director, MBA and B.Com qualified with 25+ years pharmaceutical experience