Unaudited Financial Results for the Quarter and Nine Months ended December 31, 2025.
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Venmax Drugs reported a sharp turnaround for Q3 FY26, with revenue from operations jumping to Rs. 155.23 lakhs from Rs. 19.92 lakhs in the same quarter last year, and profit after tax of Rs. 3.21 lakhs versus a loss of Rs. 49.52 lakhs previously. For the nine months ended December 2025, revenue surged to Rs. 408.10 lakhs from Rs. 47.44 lakhs, and the company swung to a PAT of Rs. 9.39 lakhs compared to a loss of Rs. 78.89 lakhs a year ago. The balance sheet strengthened, with equity rising to Rs. 943.44 lakhs (from Rs. 441.19 lakhs) after conversion of 27.69 lakh share warrants into equity. However, operating cash flow was deeply negative at Rs. -925.48 lakhs for the nine months, with sharply higher working capital deployment including a jump in trade receivables, inventory, and short-term loans and advances. Short-term borrowings also rose materially to Rs. 332.53 lakhs from Rs. 4.96 lakhs.
The results show a dramatic operational turnaround on the top and bottom line, but the large negative operating cash flow and ballooning receivables/inventory suggest much of the reported revenue has not yet converted into cash, which is a watchpoint for shareholders.