Unaudited Financial Results For The Quarter and Half Year Ended September 30, 2025.
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Venmax Drugs reported standalone revenue of ₹131.85 lakhs in Q2 FY26, up sharply from just ₹17.13 lakhs in Q2 FY25, with H1 FY26 revenue at ₹252.87 lakhs versus ₹27.53 lakhs in the same period last year. The company swung to a profit after tax of ₹2.44 lakhs in Q2 (versus a loss of ₹30.44 lakhs YoY) and ₹6.18 lakhs for H1 FY26 (versus a loss of ₹29.36 lakhs YoY), turning around its bottom line. Total assets grew to ₹1,364.68 lakhs from ₹516.96 lakhs, supported by a fresh equity infusion (share capital rose to ₹800.79 lakhs), though short-term borrowings also jumped to ₹310.69 lakhs. Operating cash flow for H1 was sharply negative at ₹(402.06) lakhs due to a large build-up in receivables and inventories. The board also disclosed an ongoing amalgamation with Hatri Pharma Private Limited (1:1 share swap), where Hatri Pharma is materially larger (net worth ₹1,610 lakhs, turnover ₹1,846.41 lakhs) than Venmax. The auditors (PPKG & Co) issued an unmodified limited review conclusion.
The headline numbers show a strong revenue rebound and return to profitability, but the negative operating cash flow and the fact that Venmax is the smaller entity being merged with a much larger peer suggest shareholders should watch the merger valuation closely. Equity dilution from fresh capital and the rising short-term debt warrant attention.