Key Financial Figures
Standalone Financial Results (₹ in Million)
Quarter Ended March 31, 2026:
- Revenue from Operations: ₹75.49
- Total Revenue: ₹75.53
- Total Expenses: ₹1,496.57
- Loss Before Tax: ₹(1,421.04)
- Net Loss: ₹(1,421.04)
- Basic EPS: ₹(17.14)
- Diluted EPS: ₹(16.64)
Year Ended March 31, 2026:
- Revenue from Operations: ₹557.82
- Total Revenue: ₹562.95
- Total Expenses: ₹2,279.06
- Loss Before Tax: ₹(1,716.11)
- Net Loss: ₹(1,716.11)
- Basic EPS: ₹(20.59)
- Diluted EPS: ₹(19.98)
Consolidated Financial Results (₹ in Million)
Year Ended March 31, 2026:
- Revenue from Operations: ₹699.89
- Total Revenue: ₹763.08
- Total Expenses: ₹2,526.43
- Loss Before Tax: ₹(1,763.35)
- Net Loss: ₹(1,764.72)
- Basic EPS: ₹(21.15)
- Diluted EPS: ₹(20.53)
Balance Sheet Position (as at March 31, 2026)
Standalone:
- Total Assets: ₹5,021.62 million
- Total Equity: ₹(1,121.94) million (Negative Net Worth)
- Equity Share Capital: ₹165.83 million
- Other Equity: ₹(1,287.77) million
- Total Liabilities: ₹6,143.56 million
Consolidated:
- Total Assets: ₹7,534.77 million
- Total Equity: ₹(2,105.54) million (Negative Net Worth)
- Equity Share Capital: ₹165.83 million
- Other Equity: ₹(2,271.37) million
- Total Liabilities: ₹9,640.30 million
Corporate Insolvency Resolution Process (CIRP)
- NCLT admitted petition and initiated CIRP against the company on April 15, 2026
- Powers of Board of Directors suspended with effect from April 15, 2026
- Interim Resolution Professional (IRP) appointed to exercise all powers of Board
- First meeting of Committee of Creditors (CoC) held on May 13, 2026
- Management extending full cooperation to IRP in conduct of CIRP proceedings
Debt and Settlement Arrangements
- Total debt from State Bank of India assigned to Rare Asset Reconstruction Company Limited under SARFAESI Act, 2002
- One Time Settlement agreement with Bank of Bahrain and Kuwait for ₹40.05 million against total dues of ₹48.95 million
- Upfront payment of ₹10 million paid as per OTS terms
- ECB loan from IFC amounting to USD 2.36 million @6.02% interest
- Negotiating with IFC for One Time Settlement of USD 1.80 million (under approval process)
Significant Write-downs and Adjustments
- Inventory write-down of ₹233.08 million primarily pertaining to Work in Progress
- Write-down due to unusable raw materials, rejected batches, and expired finished goods
- Reconciliation identified unbillable deferred revenue expenditure of ₹209.80 million out of ₹343.78 million
- Certain security deposits forfeited by respective parties
Audit Qualifications and Issues
Auditors issued qualified opinion with following key issues:
1. Unrecorded interest expense of approximately ₹625.72 million on accrual basis (₹603.22 million pertains to SBI borrowings assigned to Rare ARC)
2. Inability to obtain direct external confirmations for current and non-current borrowings
3. Inability to verify accuracy of creditors, debtors, other current assets, and financial liabilities due to pending reconciliations
4. Pending MSME vendor identification and related interest payable disclosures
5. Advances of ₹372.69 million for land acquisition - recoverability uncertain
6. Commission expenses of ₹54.44 million - insufficient audit evidence
Legal and Regulatory Matters
- Company under investigation by Central Bureau of Investigation (CBI) pursuant to complaint filed by State Bank of India
- Investigation stayed by Hon'ble High Court of Telangana
- CIRP proceedings ongoing under NCLT supervision
Going Concern Assumption
Management believes company can continue as going concern despite:
- Cash losses incurred during the year
- Defaults in repayment of borrowings
- Negative financial ratios
- Negative net worth
Basis includes future business prospects, cost cutting measures, and plans to restructure borrowings.
Segment Information
- Company primarily operates in Pharma segment
- Segment reporting not applicable as per IND-AS 108
Cash Flow Information
Standalone (Year Ended March 31, 2026):
- Net cash used in operating activities: ₹(2.43) million
- Net cash used in investing activities: ₹(1.13) million
- Net cash used in financing activities: ₹(45.54) million
- Cash and cash equivalents at year-end: ₹0.69 million
Subsidiaries Included in Consolidation
1. Finoso Pharma Private Limited
2. Vivimed Labs USA Inc.
3. Vivimed Holdings Ltd.
4. Vivimed Pharma (Mauritius) Ltd
Auditor Information
- Auditor: SVRL & Co., Chartered Accountants
- Partner: G Ramakrishna (M. No. 213487)
- Date of Report: July 17, 2026