Bilcare Limited announced its unaudited financial results for the quarter and nine months ended 31st December 2025, presenting a mixed performance picture with strong standalone results contrasted by consolidated operational challenges. The pharmaceutical packaging solutions company's Board of Directors approved these results during their meeting held on February 12, 2026.

Standalone Financial Performance Shows Strong Recovery

The company's standalone operations demonstrated remarkable improvement in profitability metrics during Q3FY26. Net profit surged to ₹2.71 crores compared to ₹1.80 crores in the corresponding quarter of the previous year, marking a significant 50.56% year-on-year growth.

For the nine-month period ended 31st December 2025, standalone performance remained robust with net profit of ₹7.34 crores against ₹0.63 crores in the previous year, representing an exceptional growth of over 1000%.

Consolidated Operations Face Headwinds

Contrasting the standalone success, consolidated operations continued to face significant challenges. The group reported a net loss of ₹12.81 crores in Q3FY26, though this represented an improvement from the ₹16.25 crores loss recorded in Q3FY25.

The nine-month consolidated results showed a net loss of ₹45.89 crores compared to ₹61.20 crores in the previous year, indicating gradual operational improvements despite ongoing challenges.

Strategic Corporate Actions and Regulatory Compliance

Bilcare announced two significant corporate decisions involving its subsidiary Caprihans India Limited (CIL). The company received intimation from CIL for redemption of 2,80,50,000 preference shares worth ₹10 each, representing a portion of the total outstanding preference shares. Additionally, Bilcare decided to exercise conversion rights for 18,70,000 convertible warrants into equity shares at a premium of ₹190 per share, requiring a payment of ₹28,05,00,000 in multiple tranches.

Labour Code Implementation Impact

The company addressed the financial implications of India's new Labour Codes notified on 21 November 2025. Bilcare assessed the incremental impact on employee benefits, disclosing ₹0.07 crores for gratuity and ₹0.01 crores for compensated absences as exceptional items. On a consolidated basis, the group reported ₹1.79 crores impact for gratuity and ₹0.01 crores for compensated absences, primarily arising from changes in wage definitions under the new regulatory framework.

Auditor Observations and Going Concern

The statutory auditors highlighted several key matters including the company's going concern status, ongoing SFIO investigations, and classification issues related to CSIR loan obligations. Despite past operating losses, the financial statements were prepared on a going concern basis considering positive prospects for the GCS business and management's strategic plans for future operations.

Bilcare Limited , a leading provider of pharmaceutical packaging solutions, has released its unaudited financial results for the first quarter, ending June 30. The company's performance shows signs of improvement in a challenging market environment.

Consolidated Performance

On a consolidated basis, Bilcare Limited reported:

• Total income from operations of ₹192.44 crores, down 2.75% from ₹197.88 crores in the same quarter last year.
• A net loss after tax of ₹9.76 crores, significantly reduced from the ₹15.02 crores loss in Q1 of the previous year.
• Earnings per share improved to ₹(1.59) compared to ₹(2.71) in the corresponding quarter of the previous year.

Standalone Performance

The company's standalone performance showed more positive results:

• Total income from operations stood at ₹8.79 crores, a slight increase from ₹8.71 crores in Q1 of the previous year.
• Profit after tax more than doubled to ₹3.59 crores, up from ₹1.40 crores in the same period last year.

Financial Highlights

Market Position

Bilcare Limited continues to navigate a challenging market environment. The slight decrease in consolidated revenue might reflect ongoing pressures in the pharmaceutical packaging industry or specific challenges faced by the company's international operations.

Looking Ahead

As Bilcare Limited moves forward, investors and stakeholders will be watching closely to see if the company can build on this quarter's improvements. The focus will likely be on whether the company can return to profitability on a consolidated basis and sustain the positive momentum seen in its standalone operations.

The equity share capital of the company remained unchanged at ₹23.55 crores, indicating no new share issuances during the quarter.

Bilcare Limited's financial results were approved by the Board of Directors and published in compliance with SEBI regulations. The detailed financial results are available on the BSE website and the company's official website for further scrutiny by interested parties.