Dolphin Medical Services Limited has submitted its audited financial results for the fourth quarter and financial year ended March 31, 2026, to the Bombay Stock Exchange. The results were reviewed by the Audit Committee and approved by the Board of Directors at a meeting held on May 16, 2026. The submission was made in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and included the audited Statement of Assets & Liabilities, Cash Flow Statement, and Independent Auditors' Report confirming an unmodified opinion.

Financial Performance Overview

Dolphin Medical Services recorded a turnaround in profitability for the full financial year, reporting a net profit of ₹4.19 lakhs compared to a net loss of ₹3.38 lakhs in the previous financial year. Total revenue for the year stood at ₹78.69 lakhs, against ₹81.62 lakhs in the prior year. Total expenses declined to ₹72.57 lakhs from ₹84.66 lakhs, reflecting improved cost management. The company's profit before tax for the year was ₹6.12 lakhs, reversing a pre-tax loss of ₹3.04 lakhs in the previous year.

Quarterly Performance

For the quarter ended March 31, 2026, the company reported total revenue of ₹20.12 lakhs, up from ₹15.27 lakhs in the corresponding quarter of the previous year. Net profit for the quarter stood at ₹0.71 lakhs, compared to a net loss of ₹7.00 lakhs in the same quarter of the prior year. Total expenses for Q4 were ₹19.41 lakhs, significantly lower than ₹21.93 lakhs in the year-ago period.

Balance Sheet Highlights

As at March 31, 2026, total assets stood at ₹1,243.43 lakhs, compared to ₹1,207.576 lakhs in the previous year. Total equity increased to ₹1,008.137 lakhs from ₹1,003.951 lakhs, supported by the improvement in profitability. Paid-up equity share capital remained unchanged at ₹1,509.995 lakhs with a face value of ₹10.00 per share. Other equity stood at (₹501.858 lakhs), improving from (₹506.044 lakhs) in the prior year.

Cash Flow Summary

The audited cash flow statement for the period ended March 31, 2026, shows cash generated from operations of ₹13.599 lakhs, compared to a cash outflow of (₹5.971 lakhs) in the previous year. Net cash used in investing activities was (₹45.400 lakhs), primarily on account of purchase of fixed assets. Net cash from financing activities was ₹31.324 lakhs. The net decrease in cash and cash equivalents for the period was (₹0.472 lakhs), with closing cash and cash equivalents at ₹1.540 lakhs.

Auditor's Report and Compliance

The statutory auditors, M/s. Kota and Associates, Chartered Accountants (Firm Registration No. 020801S), have issued an unmodified opinion on the audited financial results, confirming that the financial statements give a true and fair view in conformity with Indian Accounting Standards (Ind AS). The auditors noted no instances of fraud, no undisputed statutory dues outstanding for more than six months, and adequate internal control systems commensurate with the size and nature of the company's business. There were no investor complaints pending at the beginning, received during, or remaining unresolved at the end of the quarter ended March 31, 2026. The filing was duly signed by Dr. Mohan Prasad GV, Managing Director (DIN: 01236113), on behalf of Dolphin Medical Services Limited.

Mr. Amarandhar Reddy Kotha (Acquirer 1) and Mr. Mallour Rajesh Kumar (Acquirer 2) have issued a Public Announcement on May 15, 2026, to make an open offer to the public shareholders of Dolphin Medical Services Limited, a Hyderabad-based company listed on BSE Limited. The offer, managed by Rarever Financial Advisors Private Limited, has been triggered pursuant to the execution of a Share Purchase Agreement (SPA) dated May 15, 2026, in compliance with Regulation 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Open Offer Details

The open offer seeks to acquire up to 39,25,988 fully paid-up equity shares of face value ₹10.00 each, constituting 26.00% of the voting share capital of the Target Company. The offer price has been set at ₹4.80 per equity share, payable in cash. Assuming full acceptance under this open offer, the aggregate consideration payable to public shareholders amounts to ₹1,88,44,743.00 (rounded off).

Underlying Transaction

The open offer has been triggered by the execution of the SPA between the acquirers and the promoter sellers — Mr. Gude Venkata Mohan Prasad and Mrs. Lakshmi Sudha Madala. Under the SPA, the acquirers are set to acquire 31,63,390 equity shares representing 20.95% of the voting share capital, for a total cash consideration of ₹56,94,102.00.

Acquirer Shareholding Details

Prior to the transaction, Acquirer 1 held no equity shares in the Target Company, while Acquirer 2 held 1,327 equity shares representing 0.01% of the paid-up equity share capital. The following table summarises the shareholding positions of the acquirers at various stages:

Note: Differences, if any, in percentages are due to rounding off.

As noted in the Public Announcement, Mr. Mallour Rajesh Kumar (Acquirer 2) is the Non-Executive Director (Additional Director) and a public shareholder of the Target Company. No person is acting in concert with the acquirers for the purposes of this open offer. Upon completion of the open offer, the acquirers will become the promoters of the Target Company and shall have control over it.

Promoter Sellers

The promoter sellers under the SPA are Mr. Gude Venkata Mohan Prasad and Mrs. Lakshmi Sudha Madala. Post completion of the underlying transaction, both sellers shall cease to hold any equity shares in the Target Company and shall be reclassified from the promoter category in accordance with Regulation 31A of the SEBI (LODR) Regulations.

About the Target Company

Dolphin Medical Services Limited is registered at Level 3, Plot No 13, Green Lands Colony, Gachibowli, Seri Lingampally, K.V. Rangareddy, Hyderabad, Telangana, 500032, India. The company's paid-up equity share capital stands at ₹15,09,99,520/-, divided into 1,50,99,952 equity shares of face value ₹10/- each. The company is listed on BSE Limited.

Regulatory and Other Details

The Detailed Public Statement (DPS) is to be published in newspapers within 5 (Five) Working Days of this Public Announcement, i.e., on or before Friday, May 22, 2026. The open offer is not conditional upon any minimum level of acceptance under Regulation 19(1) of the SEBI (SAST) Regulations, 2011, and is not being issued pursuant to a competing offer under Regulation 20. The acquirers have confirmed firm financial arrangements for financing the acquisition of offer shares in terms of Regulation 25(1) of the SEBI (SAST) Regulations, 2011. The offer is managed by Rarever Financial Advisors Private Limited, based in Ahmedabad, Gujarat.