Bharat Parenterals Limited announced its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The Board of Directors, at its meeting held on May 18, 2026, approved the results and recommended a final dividend of ₹1.00 per equity share of ₹10 each (10%) for the financial year ended March 31, 2026, subject to shareholder approval at the ensuing Annual General Meeting. The statutory auditors, M/s. Shah Mehta and Bakshi Chartered Accountants, issued an audit report with an unmodified opinion on the annual financial results.

Financial Performance

For the financial year ended March 31, 2026, the company reported a standalone net profit of ₹1,601.89 lakh compared to ₹2,645.36 lakh in the previous year. Standalone total income stood at ₹24,656.71 lakh, down from ₹31,868.20 lakh in the prior year. On a consolidated basis, the company reported a net loss of ₹2,730.56 lakh for FY26, an improvement from the net loss of ₹4,367.54 lakh in the previous year. Consolidated total income for the year was ₹35,497.62 lakh, slightly higher than ₹35,200.07 lakh in the prior year.

Consolidated EBITDA (including other income) expanded to ₹2,536.21 lakh in FY26 from ₹1,432.11 lakh in FY25, while the EBITDA margin (excluding other income) improved to 4.58% from 0.79%. The consolidated PAT loss narrowed by ₹1,636.98 lakh year-on-year, reflecting improved operational performance across subsidiaries.

Quarterly Performance — Q4 FY26

Sequential and year-on-year trends across the group were broadly stable. On a year-on-year basis, consolidated Q4 revenue stood at ₹99.6 crore (996M rupees) compared to approximately ₹100 crore in Q4 FY25, while the consolidated net loss for Q4 FY26 was ₹4.8 crore (48M rupees) versus a net loss of ₹4.7 crore (47M rupees) in Q4 FY25. Sequentially, consolidated revenue grew 52.8% over Q3 FY26. Innoxel Lifesciences delivered the standout quarter, recording ₹37.5 crore of revenue (146.3% above Q3) and turning EBITDA-positive for the first time at ₹1.4 crore. The standalone business saw a partial recovery in tender shipments, while Varenyam Healthcare's quarterly revenue dipped sequentially, reflecting timing of institutional dispatches.

Business Segment Performance — FY26

FY26 was a year of foundation-building for Bharat Parenterals. The company invested in regulatory clearances, capacity upgrades, and field force expansion across the group. While consolidated revenue was broadly flat, the underlying mix improved substantially across segments.

BPL Standalone: Revenue declined to ₹234.0 crore from ₹304.0 crore, reflecting deferred export tender shipments, a deliberate exit from low-margin volume business, and one-time production disruption from upgrade activity on the General Injectables Vial Line and the new Water System in the Beta-Lactam Block. EBITDA was ₹21.1 crore at a 9.0% margin, and PAT was ₹16.0 crore at a 6.8% margin. The company completed 214 dossier submissions and secured 48 new product registrations during the year, taking cumulative live filings past 350 across 40+ countries. Capacity utilisation remained low — General Block at 48.5%, Beta-Lactam at 21.0%, and Cephalosporin at 24.3%.

Innoxel Lifesciences: Revenue grew to ₹72.4 crore from ₹26.4 crore (+174.1%). Revenue comprised licensing milestone payments — upfront fees of ₹17.1 crore and milestone-linked income of ₹55.3 crore — earned across 23 deals signed during the year (7 out-licensing + 16 CMO/CDO partnerships), taking cumulative deals since inception to 42. The EBITDA loss narrowed sharply by ₹23.5 crore to ₹6.9 crore (FY25: ₹30.4 crore), and the PAT loss reduced by 36.2% to ₹43.3 crore from ₹67.9 crore. Innoxel ended the year with 19 active partners and a development pipeline of 41 assets, with cumulative capex of ₹216.7 crore.

Varenyam Healthcare: The branded business returned to profit during the year. Revenue grew to ₹58.4 crore from ₹51.4 crore in the prior year (+13.7%). The company sells 45 active brands; the top 5 — Sugmadex, Termiva, Adhestop, Atrabloc and Zocifix — together contributed ₹28.7 crore, or 49.4% of revenue. EBITDA turned positive to ₹2.5 crore from a loss of ₹3.0 crore in the prior year, and PAT turned positive to ₹2.3 crore from a loss of ₹2.1 crore. Field strength expanded to 211 medical sales professionals, with productivity per medical representative per month growing 31% year-on-year to ₹3.82 lakh. A total of 15 corporate hospital tie-ups were added during the year, taking total coverage past 7,500 hospitals across 26 states.

Varenyam Biolifesciences: The company's complex injectables platform remained pre-revenue. Capital Work-in-Progress at year-end stood at ₹32.3 crore against an approved project budget of ₹160 crore. Civil works are 50% complete and equipment procurement is 40% complete. The facility plan comprises four lines — two Oncology, one injectable vial with lyophilisation, and one oral liquid line.

Regulatory and Infrastructure Milestones

The most significant development of the year was at Innoxel, which cleared the USFDA Establishment Inspection Report (EIR) and the FAMHP (Belgium) EU-GMP certification with zero critical or major observations, opening the United States and select European markets for commercial supply. At the BPL standalone facility, WHO-GMP was renewed for three years (valid to October 2028), a Paraguay audit was cleared in May 2025 (valid to May 2027), a NAFDAC (Nigeria) audit was cleared in September 2025 (valid to September 2028), and State GLP and State GMP were renewed in October 2025 (valid to October 2027). On the infrastructure side, the company commissioned a robotic PFS filling line, a track-and-trace secondary packing line in the Beta-Lactam section, a roller compactor in the Cephalosporin granulation section, an ORABS upgrade on the General Vial Line, and the new Water System in the Beta-Lactam Block. The company was awarded the HSBC + CNBC-TV18 SME Champion Award for Manufacturing SME of the Year (Health & Pharma) in July 2025.

Balance Sheet Highlights

On a standalone basis, total assets stood at ₹51,994.38 lakh as at March 31, 2026, compared to ₹54,919.04 lakh in the prior year. Total equity attributable to equity holders was ₹40,234.30 lakh. On a consolidated basis, total assets were ₹61,329.64 lakh against ₹64,853.04 lakh in the prior year, with total equity attributable to equity holders at ₹31,158.01 lakh.

Operational Highlights

The board approved the re-appointment of M/s. Chetan Gandhi & Associates as Cost Auditor and M/s. Dhruvik Parikh & Co as Internal Auditor for the financial year 2026-27. M/s. Chetan Gandhi & Associates is a leading Cost Accounting firm with more than 16 years of experience. M/s. Dhruvik Parikh & Co is a leading Practicing Chartered Accountancy firm with more than 16 years of experience across various Indirect Tax domains. On January 19, 2026, the company acquired an additional stake of 2,55,00,000 equity shares of ₹10 each in its wholly owned subsidiary Varenyam Biolifesciences Private Limited. The consolidated results include the financial results of three subsidiaries: Innoxel Lifesciences Private Limited, Varenyam Healthcare Private Limited, and Varenyam Biolifesciences Private Limited.

FY27 Outlook

Management expects FY27 to be the commercial inflection year for the group, with each business having clear operational milestones.

Bharat Parenterals Limited has issued a formal disclosure to BSE Limited regarding newspaper advertisements published on April 29, 2026, concerning proposed share transfers in physical form. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.

Regulatory Compliance and SEBI Circular

The company published advertisements pursuant to SEBI Circular No. HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026 dated January 30, 2026, which allows the opening of a special window for re-lodgement of transfer of shares in physical form. This regulatory framework enables shareholders to complete pending share transfer processes that were previously restricted.

Publication Details

The advertisements were published in two newspapers to ensure comprehensive reach:

Company Information and Certifications

Bharat Parenterals Limited operates as a WHO-GMP certified pharmaceutical company with Star Export House status. The company is headquartered at Survey No. 144-A, Jarod-Samlaya Road, Village Haripura, Taluka Savli, District Vadodara, Gujarat. The disclosure was signed by Sharmin Soni, Company Secretary and Compliance Officer (ICSI M. No: ACS-75694).

Share Transfer Process

The advertisement provides detailed information about proposed share transfers, including specific shareholder names, addresses, security numbers, and certificate details. The SEBI circular facilitates the completion of physical share transfers that may have been pending due to previous regulatory restrictions.

The company has ensured compliance with disclosure requirements by making the information available through multiple channels, including newspaper publications and its official website, thereby maintaining transparency with stakeholders and regulatory authorities.