Unaudited Financial Results for the quarter and nine months ended 31.12.2025
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Bandaram Pharma Packtech (formerly Shiva Medicare) reported Q3 FY26 results on a standalone and consolidated basis. On a standalone basis, revenue from operations fell sharply to Rs. 167.67 lakhs (vs Rs. 263.15 lakhs in Q3 FY25), and the company slipped into a loss of Rs. 21.14 lakhs compared to a profit of Rs. 1.47 lakhs a year ago. For the 9 months ended Dec 2025, standalone loss widened to Rs. 82.73 lakhs versus a profit of Rs. 9.69 lakhs in the prior-year period. On a consolidated basis, revenue grew strongly to Rs. 1,483.55 lakhs in Q3 (vs Rs. 999.80 lakhs) and Rs. 3,731.56 lakhs for 9M (vs Rs. 2,847.26 lakhs), helped by recent acquisitions of VSR Paper & Packaging (55% subsidiary) and Craftsmart Products (100% subsidiary, acquired via 5:4 share swap). Consolidated Q3 profit stood at Rs. 34.95 lakhs vs a loss earlier, but 9M FY26 consolidated profit of Rs. 67.49 lakhs was lower than Rs. 83.68 lakhs in 9M FY25. The auditor (M M Reddy & Co.) issued an unmodified limited review report.
Standalone operations are clearly deteriorating with shrinking revenue and a swing to losses, but the consolidated picture — which now includes the new subsidiaries — shows healthy topline growth (~48% YoY in Q3). Investors should watch whether the new subsidiaries can sustain profitability, as 9M consolidated profits have dipped despite higher revenue, suggesting margin pressure at the group level.