BSE: 542678
Cian Healthcare Limited
Classified as a pharmaceutical company, the entity is currently in a restart phase following the National Company Law Tribunal, Mumbai Bench's approval of its Resolution Plan on December 18, 2025 under the Insolvency and Bankruptcy Code, 2016. New management took over on February 1, 2026, with Ananta Medicare Limited becoming the holding company (55% stake), and Mr. Pradeep Kumar Jain as the successful resolution applicant. Operations are being rebuilt — revenue for the half-year ending March 31, 2026 stood at ₹106.61 lakhs, indicating very low business activity as the company resumes. The cost structure is materials-heavy at 58.9% of revenue, which is consistent with pharmaceutical manufacturing inputs, alongside employee costs at 20.8% and other operating expenses at 24.1%. The company reported a net loss of ₹1,499.51 lakhs for FY26, including exceptional items such as inventory revaluation losses of ₹1,353.73 lakhs and a GST write-off of ₹347.28 lakhs. The auditors issued a qualified opinion citing unconfirmed trade receivables, unverifiable PPE and inventory values, and inadequate internal financial controls. The equity capital expanded 20-fold from ₹1.25 crore to ₹25 crore through a March 2026 preferential allotment, with the promoter group holding 95% post-allotment. AR · MarketPing reader · 2026-08-02
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 78 | 69 | 62 | 31 | 28 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | (2.32) | 0.81 | 0.10 | 10.39 | 0.00 |
| ROE % · ROCE % | — · 0.5 | — · 8.1 | — · 6.1 | — · (55.5) | — · (70.9) |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 9 | 5 | 12 | 21 | 21 |
| Capex | — | — | — | (0) | (8) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 38 | 31 | 33 | 29 | 19 | 12 | 11 | 17 |
| Profit before tax | 0 | 2 | (1) | 1 | (18) | (8) | (5) | (18) |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.20 | 0.62 | (0.59) | 0.69 | (7.30) | 3.09 | 2.13 | 0.00 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | (71.5) | 10.8 | 180 of 183 | 2% |
| Revenue growth | (41.6) | 16.3 | 152 of 161 | 6% |
| Market cap | 81 | 806 | 141 of 181 | 22% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Tribunal approves Dr. Smiths Biotech resolution plan; Cian loses subsidiary | regulatory legal | high | — | — |
| 14 Oct 2026 · Routine SEBI compliance filing on share rematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Cian Healthcare 23rd AGM: All 6 resolutions passed including ESOP 2026 approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 23rd AGM concluded: all 6 resolutions passed including ESOP 2026 | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1 ahead of H1 FY27 results | compliance | minimal | — | — |
| 5 Sept 2026 · Annual Report and AGM Notice shared with shareholders | compliance | minimal | — | — |
| 4 Sept 2026 · Notice of 23rd AGM on Sep 29, 2026 and remote e-voting schedule | compliance | minimal | — | — |
| 4 Sept 2026 · Cian Healthcare's 23rd AGM on Sep 29, 2026; ESOP and new auditor on agenda | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Annual Report FY25-26 and 23rd AGM Notice | results | high | — | — |
| 3 Sept 2026 · Newspaper advertisement for 23rd AGM notice published | general | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.