Vaishali Pharma Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
VAISHALI · price
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On the reaction day the stock moved 2.2 pts more than Nifty Microcap 250 and 2.0 pts more than its Pharmaceuticals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Vaishali Pharma's board approved unaudited Q3 FY26 (Dec 31, 2025) and 9M FY26 results. Q3 revenue from operations fell to Rs. 24.65 crore from Rs. 27.91 crore in Q3 FY25 (~11.7% decline), while Q3 profit after tax was Rs. 1.30 crore vs Rs. 1.44 crore. For 9M FY26, total income rose to Rs. 84.42 crore (from Rs. 68.98 crore) helped by higher other income, but PAT slipped to Rs. 3.77 crore from Rs. 5.11 crore. The auditor issued an unmodified limited review report. Separately, the board approved a preferential issue of up to 61.23 lakh equity shares at Rs. 20 each (face value Rs. 2), aggregating Rs. 12.25 crore, by way of a share swap to acquire ~20% stake in associate Kesar Pharma. The swap involves Vaishali subscribing to 21.53 lakh shares of Kesar Pharma at Rs. 56.89 per share. Kesar will hold 4.48% in Vaishali post-issue. Postal ballot and scrutinizer were also approved.
Mixed: weaker Q3 core revenue and a ~26% drop in 9M PAT signal pressure on the core pharma distribution business, while the share-swap acquisition deepens exposure to Kesar Pharma (now an associate). The non-cash, related-party nature of the swap means no fresh capital is raised but existing shareholders face dilution; the swap is subject to shareholder and regulatory approvals.