Onyx Biotec Ltd has announced the resignation of its Managing Director, Sanjay Jain, and Whole Time Director, Lakshya Jain, effective from the close of business hours on May 27, 2026. The decision was taken by the Board of Directors at its meeting held on May 25, 2026, based on the recommendation of the Nomination and Remuneration Committee. This leadership transition impacts the company's executive structure and committee composition, as Sanjay Jain will also cease to be a member of the Stakeholders' Relationship Committee following his departure.

Sanjay Jain cited health considerations and the increasing demands associated with age as the primary reasons for stepping down. In his resignation letter dated May 26, 2026, he stated that these factors make it difficult for him to continue discharging the responsibilities of the office with the required energy and attention. He confirmed that there are no other material reasons for his resignation and pledged to extend all reasonable assistance for a smooth transition and completion of necessary handover formalities.

Lakshya Jain resigned to pursue opportunities involving higher-risk exploration and experimentation, which he noted are better undertaken outside a public company. He stated that this decision aligns with his long-term professional goals and personal commitments. Similar to the Managing Director, he confirmed that there are no other material reasons for his resignation apart from those stated in his letter dated May 26, 2026.

The company disclosed that the resignations are pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The requisite disclosures under Regulation 30 read with Part A of Schedule III of the Listing Regulations and the relevant SEBI master circular have been submitted to the exchanges. The filing confirmed the familial relationship between the departing directors, noting that Sanjay Jain is the father of Lakshya Jain.

The following table details the particulars of the resignations as disclosed in the regulatory filing:

The Board meeting, where these resignations were considered, commenced at 4.00 p.m. and concluded at 4:15 p.m. on May 25, 2026. The company has requested the stock exchanges to update the information in their records and the Corporate Information Section.

Onyx Biotec Limited, a Himachal Pradesh-based pharmaceutical manufacturer, reported its audited standalone financial results for the half year and full year ended March 31, 2026, at a Board of Directors meeting held on May 14, 2026. The results were approved pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and audited by statutory auditors M/s. R C A and Co LLP, Chartered Accountants (Firm Registration No. 011602N/N500350), who issued an unmodified audit opinion.

Financial Performance: Revenue Growth Offset by Rising Costs

While Onyx Biotec recorded growth in revenue from operations for FY26, a significant surge in total expenditure resulted in a net loss for the full year. Revenue from operations increased to ₹6,946.94 lakhs from ₹6,195.37 lakhs in FY25. However, total expenditure rose sharply to ₹7,033.57 lakhs from ₹5,664.06 lakhs, driven primarily by a steep increase in cost of materials consumed, which climbed to ₹5,111.57 lakhs from ₹3,860.51 lakhs. The following table presents the key financial metrics for the periods under review (Rs in Lakhs, except EPS):

Expenditure Breakdown

The rise in total expenditure was broad-based across several cost heads. Cost of materials consumed was the largest contributor, rising to ₹5,111.57 lakhs in FY26 from ₹3,860.51 lakhs in FY25. Other expenses also increased significantly to ₹581.25 lakhs from ₹383.17 lakhs. Finance costs declined to ₹121.14 lakhs from ₹198.55 lakhs, while employee benefits expense remained relatively stable at ₹860.70 lakhs compared to ₹864.45 lakhs. Depreciation, amortization and impairment expenses were largely unchanged at ₹305.19 lakhs versus ₹304.74 lakhs.

Balance Sheet Highlights

The company's total assets and liabilities stood at ₹9,515.46 lakhs as at March 31, 2026, compared to ₹9,124.79 lakhs as at March 31, 2025. Key movements in the balance sheet are summarised below (Rs. in Lakhs):

Cash and cash equivalents declined to ₹403.74 lakhs from ₹861.21 lakhs, reflecting net cash used in operating activities of ₹149.42 lakhs and investing activities of ₹458.25 lakhs during the year ended March 31, 2026.

IPO Proceeds Utilisation

The Board also noted, pursuant to Regulation 32 of the SEBI Listing Regulations, that there was no deviation or variation in the utilisation of proceeds from the company's Initial Public Offering (IPO) raised on November 22, 2024. The total amount raised (net of IPO expenses) stood at Rs. 2538.02 Lakhs. The utilisation of IPO proceeds against each stated object is detailed below (INR Lakhs):

The originally estimated issue expenses of ₹402.35 lakhs were actualized to ₹396.08 lakhs as per actual invoices, resulting in net proceeds increasing from ₹2531.75 lakhs to ₹2538.02 lakhs. Unutilised amounts include ₹206.66 lakhs invested in a fixed deposit with Kotak Bank and ₹6.85 lakhs kept in a dedicated account with HDFC Bank for IPO purposes.

Audit and Compliance

The statutory auditors, M/s. R C A and Co LLP, issued an unmodified opinion on the audited financial statements for the half year and full year ended March 31, 2026. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 14, 2026, which commenced at 5.00 p.m. and concluded at 5.20 p.m. The company operates exclusively in the pharmaceutical products manufacturing segment and accordingly, segment-wise disclosure is not applicable.