VASUNDHARA RASAYANS LTD

Manufactures Active Pharmaceutical Ingredients (APIs), the chemical compounds used to make finished pharmaceutical dosage forms. Operations were previously run from a leased manufacturing facility at C-104, MIDC Mahad, Maharashtra, under a Leave and License Agreement with Keva Fragrances Private Limited. After the Mahad lease was terminated (effective date extended to 30 April 2026), the Board approved a Memorandum of Understanding cum Loan-Lease agreement with its holding company, PandJ Cretechem Private Limited, to manufacture APIs at PandJ Cretechem's facility in Dahej SEZ, Gujarat, a related-party transaction pre-approved by the Audit Committee. For FY26, revenue from operations stood at Rs 3,572.31 lakhs (up 5.1% from Rs 3,399.01 lakhs in FY25) and net profit after tax was Rs 578.91 lakhs (up 36.3% from Rs 424.63 lakhs), with a final dividend of Rs 2 per share (face value Rs 10) recommended. Q3 FY26 was a weak quarter, with revenue from operations of Rs 744.77 lakhs down 15.6% year-on-year and the nine months ended December 2025 seeing revenue decline 9.2% to Rs 2,382.99 lakhs, as the company navigated the transition between facilities. Raw materials are the largest cost input at 41.3% of revenue, followed by other operating expenses at 32.3% and employee costs at 9.2%.