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Awaiting price reaction for this filing.
The Board of Fortis Malar Hospitals approved unaudited standalone and consolidated financial results for Q2 and H1 FY26 (quarter/half year ended September 30, 2025). The company has no active business operations after selling its hospital business (Malar Hospital) to MGM Healthcare via slump sale in FY24, and management is currently evaluating corporate restructuring options. The auditor (BSR & Co. LLP) issued an unmodified limited review report but drew special attention (emphasis of matter) to the going concern assumption. Profit before tax was Rs 15.88 lakhs standalone (vs Rs 3.53 lakhs in H1 FY25), boosted by a one-time reversal of Rs 408.20 lakhs in minimum wages provision. The auditor noted the company holds ~Rs 3,246.70 lakhs in cash and bank balances to meet obligations including medico-legal cases (~Rs 625.92 lakhs) and pending VAT, GST, and Income Tax appeals (~Rs 411.50 lakhs combined). Additionally, IHH Healthcare Berhad's mandatory open offer for 26% stake has resumed, with the price revised from Rs 60.10 to Rs 17.60 per share, expected to complete by November 26, 2025.
Despite reporting a profit, the company has no operating business and is now essentially a cash shell evaluating restructuring options—this raises uncertainty about future earnings power. Shareholders should watch the ongoing open offer at the revised lower price of Rs 17.60 and any corporate restructuring outcome, both of which will be key drivers for the stock.