bal pharma reported a standalone net profit of ₹370.02 lakh for the quarter ended March 31, 2026, down from ₹560.69 lakh in the corresponding period of FY25. Revenue from operations increased modestly to ₹8,391.76 lakh from ₹8,178.36 lakh year-on-year. The decline in profitability occurred despite higher revenue, driven by increased employee benefits and other expenses. For the full financial year, standalone net profit stood at ₹675.12 lakh, compared to ₹779.95 lakh in FY25.

The Board of Directors recommended a dividend of Re.1 per equity share of ₹10 face value, representing a 10% payout, subject to shareholder approval at the Annual General Meeting. Statutory auditors SSJNB & Co issued an unmodified opinion on the audited standalone and consolidated financial results. The company also refiled its XBRL financial results to align with PDF figures, citing technical validation issues in the initial submission as the cause for earlier discrepancies.

Financial Performance

Standalone revenue from operations grew marginally in Q4FY26, while total income reached ₹8,369.95 lakh against ₹8,277.46 lakh in Q4FY25. However, operating expenses rose significantly. Employee benefits expenses increased to ₹1,791.82 lakh from ₹1,534.90 lakh, and other expenses climbed to ₹1,699.00 lakh from ₹1,465.88 lakh. Finance costs remained relatively stable at ₹405.26 lakh. Consequently, profit before tax was ₹331.41 lakh, lower than the ₹281.38 lakh reported in the prior year quarter, but net profit fell more sharply due to tax adjustments.

Consolidated figures showed similar trends. Consolidated net profit for the quarter attributable to equity holders was ₹359.35 lakh, down from ₹543.31 lakh in Q4FY25. Consolidated revenue from operations was ₹8,407.57 lakh, up from ₹8,187.62 lakh. For the full year, consolidated net profit attributable to equity holders was ₹628.38 lakh, compared to ₹721.53 lakh in FY25.

Balance Sheet and Cash Flow

As of March 31, 2026, standalone total assets stood at ₹39,105.51 lakh, an increase from ₹35,056.39 lakh in the previous year. Non-current assets rose to ₹11,541.96 lakh, driven by additions in property, plant, and equipment. Current liabilities increased to ₹24,330.15 lakh from ₹21,345.82 lakh, primarily due to higher borrowings and trade payables. Standalone cash and cash equivalents were ₹219.49 lakh, up from ₹163.95 lakh.

Operating cash flow generated ₹3,083.38 lakh for the year, compared to ₹2,031.43 lakh in FY25. Investing activities consumed ₹2,069.38 lakh, mainly due to capital expenditures on property, plant, and equipment. Financing activities resulted in a net outflow of ₹958.47 lakh, reflecting interest payments and dividend distributions.

Corporate Developments

During the Board meeting held on May 27, 2026, the company appointed Shreepada M L as Company Secretary and Compliance Officer, replacing Abdul Basith who resigned effective May 11, 2026. Shreepada brings over seven years of experience across various industries. The Board also approved the grant of 500,000 stock options to employees under the Bal Pharma Limited Employee Stock Option Plan-2025 and authorized a preferential issue of 1,000,000 warrants to promoters, subject to shareholder approval via postal ballot.

Internal auditor Murugesh & Co and cost auditor G.N.V & Associates were appointed for FY26. The company operates in a single reportable segment: Pharmaceuticals.

Bal Pharma has called for a postal ballot to seek shareholder approval for the preferential allotment of 10,00,000 warrants to promoter Mr. Shailesh Siroya. The warrants, priced at ₹81 each including a premium of ₹71, aim to raise ₹8.10 crore to part-fund the commencement of a greenfield API manufacturing facility at Yadagiri, Karnataka. The company has already acquired 5 acres of land and obtained environmental clearance for the project.

The Board of Directors approved the proposal in its meeting held on May 27, 2026. The issue requires a special resolution from members pursuant to Sections 42 and 62(1)(c) of the Companies Act, 2013, and Chapter V of the SEBI (ICDR) Regulations. The "Relevant Date" for pricing purposes is July 09, 2026, with the determined price of ₹81 per warrant being higher than the minimum specified price of ₹80.14 computed under SEBI regulations.

Voting Schedule and Process

The company has engaged National Securities Depository Limited (NSDL) to facilitate remote e-voting. The voting period commences on July 10, 2026, at 09:00 A.M. IST and concludes on August 08, 2026, at 5:00 P.M. IST. The cut-off date for determining eligibility is July 03, 2026. Mr. Parameshwar Bhat, Practicing Company Secretary, has been appointed as the Scrutinizer to oversee the process.

The results of the postal ballot will be announced at the company's registered office on or before August 11, 2026. Shareholders holding shares in demat mode can vote through their depository participants or the NSDL e-Voting website, while those holding physical shares must use the NSDL e-Voting system.

Issue Terms and Shareholding Impact

Each warrant is convertible into one equity share of face value ₹10 within a period of 18 months from the date of allotment. The warrant holder must pay 25% of the consideration (₹20.25 per warrant) upon allotment and the balance 75% (₹60.75 per warrant) prior to conversion. If warrants are not converted within the stipulated 18-month period, the amount paid will be forfeited.

The preferential issue will increase the promoter holding. Mr. Shailesh Siroya's holding is expected to rise from 17.24% to 22.13% on a fully diluted basis. The total promoter holding, including bodies corporate and foreign promoters, will increase from 50.85% to 53.76%. The resulting equity shares will rank pari-passu with existing shares.

The warrants and the resulting equity shares will be subject to lock-in periods as specified under Regulation 167 of the SEBI ICDR Regulations. The company confirmed that neither the company nor its promoters or directors are willful defaulters or fugitive economic offenders.