VISTA PHARMACEUTICALS LTD.

Manufactures pharmaceutical products, including generic and specialty drugs, from its base in Hyderabad, with a marketing presence in the US and other regulated markets. In February 2026, it announced a joint venture with Pleiades Therapeutics to jointly develop generic and specialty pharmaceutical products for regulated and rest-of-the-world markets. Revenue fell from Rs 1,007.46 lakhs in FY25 to Rs 539.95 lakhs in FY26, with the company posting losses for five consecutive years. The FY26 net loss of Rs 1,206.12 lakhs included a Rs 821.74 lakhs write-off of bad trade receivables and a Rs 205.43 lakhs Expected Credit Loss provision. Raw materials dominate the cost base at 96.7% of revenue, with employee costs at 40.7% and other operating expenses running at 233.3% of revenue. The company has defaulted on Bank of Baroda loan repayments and carries Rs 395.48 lakhs in unpaid statutory dues (TDS, PF, ESI, professional tax, income tax) since FY20-21, with year-end cash of only Rs 10.70 lakhs. To shore up funds, it issued 1.02 crore convertible share warrants, collecting Rs 307.50 lakhs as 25% upfront subscription.