Board approves unaudited results, appoints Mohan Bhandari Chairman; auditor notes going-concern uncertainty
Board meeting on 03 November 2026 approved unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026, along with limited review reports.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 248.43 | 178.20 | +39.4% | 225.86 | +10% |
| Total income | 251.96 | 182.52 | +38% | 227.61 | +10.7% |
| Profit before tax | 1.98 | (16.63) | — | 14.84 | −86.7% |
| Profit after tax | 1.07 | (16.40) | — | 14.97 | −92.9% |
| Total comprehensive income | 1.37 | (16.33) | — | 13.86 | −90.1% |
| Basic EPS | 1.75 | (2.31) | — | 5.39 | −67.5% |
- Total income YoY growth
- +38% (Year ago 182.52)
- Profit after tax (latest)
- 1.07 (Year ago (16.40), Prev qtr 14.97, −92.9%)
- Period
- Quarter ended 30 September 2026 (Unaudited)
Also decided at the meeting
- Mr. Mohan Bhandari (Director & CEO) appointed Chairman of the Company w.e.f. 03 November 2026 in place of Mr. Shreyans Bhandari, who continues as Managing Director.
Notes to the results
- Standalone note: conversion option on 3,15,000 share warrants not exercised; warrants lapsed and amount forfeited, impact considered under exceptional items.
- Standalone note: Rs 0.90 Cr income tax paid under dispute for AY 2013-14 written off and considered under exceptional items.
- Standalone note: Bilcare Inc, a subsidiary, was liquidated effective 9th September 2026; investment of Rs 83116/- written off.
- Standalone note: accounts prepared on going-concern basis given positive prospects for the GCS Business; Company under SFIO investigation, financial impact not ascertainable.
What the board decided
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review reports of the statutory auditors. Separately, the board appointed Mr. Mohan Bhandari as Chairman of the Company with effect from 03 November 2026, in place of Mr. Shreyans Bhandari.
- Mr. Shreyans Bhandari continues to be the Managing Director of the Company.
- Mr. Mohan Bhandari continues to hold the office of Director and Chief Executive Officer, with the additional responsibility of Chairmanship.
- Mr. Mohan Bhandari holds ~58.56 lakh equity shares, equal to 24.87% of the Company, is a Promoter, and is the father of Mr. Shreyans Bhandari and Ms. Kavita Bhansali.
Results: standalone and consolidated
The update carries two sets of numbers. Standalone means the parent company on its own; consolidated means the group as a whole, including subsidiaries. Both are unaudited and have been reviewed, not audited.
- Standalone 'Revenue from operations' for the quarter ended 30 September 2026 was Rs. 1.93 crore, and standalone 'Net Profit / (Loss) for the period' was Rs. 1.50 crore.
- Consolidated 'Revenue from operations' for the quarter was Rs. 248.43 crore, and consolidated 'Net Profit / (Loss) for the period' was Rs. 1.07 crore.
- The standalone statement also carries non-operating heads such as other income, finance costs and exceptional items, which sit alongside the revenue line.
The auditor's conclusion
The limited review report's conclusion is not modified. The auditors drew attention to several notes in the statement, and stated that their conclusion is not modified in respect of those matters. The matters they drew attention to include:
- A material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern, in view of operating losses in past years. The accounts are prepared on a going concern basis, based on management's strategic plans, projected cash flows and the outlook for the GCS business.
- The public fixed deposit liability taken over under the Business Transfer Agreement, and the transfer of Rs. 2.93 crores (including Rs. 2.34 crores pertaining to Caprihans India Limited) to the Investor Education and Protection Fund, following an order of the National Company Law Tribunal, Mumbai.
- Certain capital assets that continue to be classified as 'assets held for sale' as at 30 September 2026.
- Penal interest of Rs.19.41 crores on the CSIR loan, disclosed as a contingent liability, the matter being sub judice.
- Warrants that lapsed, with the amounts paid on them forfeited.
- The ongoing investigation by the SFIO, in respect of which the Hon'ble Bombay High Court disposed of the existing writ petition while granting liberty to file a fresh petition.
- The liquidation of Bilcare Inc, a subsidiary of the Company, effective 9th September 2026, and the write-off of the investment in that subsidiary.
How a retail reader can use this
A draw-attention on going concern tells you the auditor sees material uncertainty about the business continuing as a going concern unless the management's plans and projected cash flows play out. It sits inside a conclusion that is not modified, so the numbers themselves are not qualified on that account. The contingent liability on the CSIR loan and the forfeiture of warrant amounts are separate items that sit beside the quarterly numbers, not inside the operating revenue line.
One line takeaway
Two things came out of the same meeting: a fresh set of reviewed quarterly and half-yearly numbers with a leadership role change at the top, and an auditor review that points to going-concern uncertainty and a list of notes an investor should read alongside those numbers.
Also from Bilcare
Board meeting on 03 November 2026 to consider and approve September quarter results
27 Oct 2026
Voluntary winding up: US wholly owned subsidiary dissolved, not a material subsidiary
19 Oct 2026
AGM special resolutions for Executive Director roles not passed; both continue as Non-Executive Directors
15 Oct 2026
More numbers
- Mohan Bhandari's holding of equity shares58,56,489 Equity Shares
- Mohan Bhandari's stake in the Company24.87 %
- Consolidated Revenue from operations, quarter248.43 (Rs. in Crores)
- Consolidated Net Profit for the period, quarter1.07 (Rs. in Crores)
- Standalone Revenue from operations, quarter1.93 (Rs. in Crores)
- Standalone Net Profit for the period, quarter1.50 (Rs. in Crores)
- Amount transferred to IEPFRs. 2.93 crores
- Penal interest on CSIR loan, contingent liabilityRs.19.41 crores
- Total income, latest quarter251.96 (Rs. in Crores)
- Total income, year-ago quarter182.52 (Rs. in Crores)
- Total income, previous quarter227.61 (Rs. in Crores)
- Total comprehensive income, latest quarter1.37 (Rs. in Crores)
- Total comprehensive income, year-ago quarter(16.33) (Rs. in Crores)
- Total comprehensive income, previous quarter13.86 (Rs. in Crores)
- Profit after tax, latest quarter1.07 (Rs. in Crores)
- Profit after tax, year-ago quarter(16.40) (Rs. in Crores)
- Profit after tax, previous quarter14.97 (Rs. in Crores)
- Revenue from operations, latest quarter248.43 (Rs. in Crores)
- Revenue from operations, year-ago quarter178.20 (Rs. in Crores)
- Revenue from operations, previous quarter225.86 (Rs. in Crores)
- Profit before tax, latest quarter1.98 (Rs. in Crores)
- Profit before tax, year-ago quarter(16.63) (Rs. in Crores)
- Profit before tax, previous quarter14.84 (Rs. in Crores)
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