Integrated Filing — IndAS



General information about company

Scrip Code 543828
NSE Symbol SUDARSHAN
MSEI Symbol NOTLISTED
ISIN INE00TV01023
Name of company SUDARSHAN PHARMA INDUSTRIES LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2026
Date of end of financial year 31-03-2027
Date of board meeting when results were approved 29-10-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 26-10-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment Chemicals and Solvents
Start date and time of board meeting 29-10-2026   19:00:00
End date and time of board meeting 29-10-2026   22:00:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 21,696.93 39,138.77
Other income 193.26 315.23
Total income 21,890.19 39,454.00
2 Expenses
(a) Cost of materials consumed 726.14 1,523.67
(b) Purchases of stock-in-trade 19,212.73 36,085.68
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (1,554.82) (4,250.49)
(d) Employee benefit expense 203.84 410.68
(e) Finance costs 1,035.52 1,856.23
(f) Depreciation, depletion and amortisation expense 135.56 276.17
(f) Other Expenses
1 Other Expenses 1,050.96 1,721.27
Total other expenses 1,050.96 1,721.27
Total expenses 20,809.93 37,623.21
3 Total profit before exceptional items and tax 1,080.26 1,830.79
4 Exceptional items 0.00 0.00
5 Total profit before tax 1,080.26 1,830.79
6 Tax expense
7 Current tax 366.91 586.72
8 Deferred tax (64.68) (94.90)
9 Total tax expenses 302.23 491.82
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 778.03 1,338.97
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 778.03 1,338.97
17 Other comprehensive income net of taxes 0.43 0.86
18 Total Comprehensive Income for the period 778.46 1,339.83
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 808.75 1,394.27
Total profit or loss, attributable to non-controlling interests (30.72) (55.30)
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 0.00 0.00
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 2,544.71 2,544.71
Face value of equity share capital 1 1
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 0.31 0.54
Diluted earnings (loss) per share from continuing operations 0.31 0.54
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 0.31 0.54
Diluted earnings (loss) per share from continuing and discontinued operations 0.31 0.54
24 Debt equity ratio 1.9900 1.9900
25 Debt service coverage ratio 1.7900 1.7400
26 Interest service coverage ratio 1.7500 1.7200
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1. The Statement has been reviewed by Members of the Audit Committee and approved by the Board of Directors at their respective meetings held on October 29, 2026. The statutory auditors have issued an unmodified report on these results. This Statement has been prepared in accordance with the Companies (Indian Accounting Standard) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and rules amended from time to time. 2. The Holding Company is engaged in manufacturing of API, Jobwork manufacturing in Pharmaceuticals items and traders in chemicals and solvents in India. The Group is engaged in the business of speciality chemicals only and therefore, there is only one reportable segment. There is no reportable segment and the segment wise disclosure requirement of lND AS 108 on operating segment is not applicable to it. 3. The previous periods’ figures have been re-grouped / re-arranged / re-casted wherever necessary to make it comparable with the current period. 4. The Statutory Auditors have conducted a limited review of the above mentioned quarterly and half year results as required by Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Report of the statutory auditors will be uploaded on the BSE portal along with the results and is also available on the Group's website www.sudarshanpharma.com. 5. W.e.f. 27th October 2026, the Group successfully completed the migration of its equity shares from the SME Platform of BSE Limited to the Main Board of BSE Limited and listing on the main board of National Stock Exchange of India Limited, in accordance with the applicable provisions of the Securities and Exchange Board of India (SEBI) regulations and the relevant rules, circulars and guidelines. 6. During the Quaterly and half Year ended 30th September, 2026, the Group decided to discontinue its manufacturing operations at the Palghar unit. The decision was taken after evaluating the unit’s operating performance and its contribution to the Group’s financial results. The closure is expected to help the Group rationalize fixed and operating costs, minimize further losses, and enable management to focus its resources on more sustainable and profitable operations. 7. Vide letter dated 31st July, 2024 to BSE Limited on the progress of the litigation against Regans International DMCC, the Company had won an award in its favour announced by the Dubai Court in lawsuit against (i) Regans International DMCC and (ii) Nand Biharilal Chhabaria Biharilal Chunilal in Dubai, United Arab Emirates. According to the award announced, (i) Regans International DMCC and (i) Nand Biharilal Chhabaria Biharilal Chunilal have been ordered to pay to the Company an amount of UAE Dirham 40,30,934.00 (equivalent to approx. Rs.9,18,82,890/- i.e. Rupees Nine Crores Eighteen Lakhs Eighty Two Thousand Eight Hundred And Ninety only) along with interest at 5% annually on the adjudged amount until the full payment is made. Till 30th September, 2026, the Company had received an amount of Rs.7,48,81,069/- (including interest) out of the total outstanding amount and the balance would be received by the Company in future. 8. The Board of Directors of the Group accorded it’s consent to raise funds up to Rs.1,500 Crores (Rupees Fifteen Hundred Crores) by issuing Foreign Currency Convertible Bonds (FCCBs) and other securities. At the Board Meeting held on 15th May 2026, the Directors accorded its approval to issue of upto U.S. $ 20,000,000 8.00% senior unsecured foreign currency convertible bonds due 2029, in one or more tranches. At the Board Meeting held on 21st May 2026, the Directors accorded its approval to issue and allot U.S.$10,000,000 aggregate value of FCCBs to the subscribers, with an option with the Group to procure subscribers for up to an additional U.S.$10,000,000 of Bonds on the same terms within 60 days from the Issue Date and approved and confirmed the allotment of 10,000 8% senior unsecured foreign currency convertible bonds due 2029 of face value of USD 1,000 each, convertible into fully paid-up equity shares of face value of Re.1 each of the Group at a price of Rs.30.19/-. The proceeds of the aforesaid allotment were received in tranches on 27th May 2026 and 4th June 2026 comprising of USD 900,000 and USD 100,000 respectively. The above FCCBs are accounted in accordance with Ind AS 32 on Financial Instruments: Presentation and Ind AS 109 - Financial Instruments. At the FCCB Committee Meeting held on 19th August 2026, approved the allotment of 48,11,730 (Forty Eight Lakhs Eleven Thousand Seven Hundred And Thirty) fully paid-up equity shares of face value Rs.1/- each upon conversion of Foreign Currency Convertible Bonds (FCCBs) worth USD 15,00,000. The equity shares were been allotted at an issue price of Rs.30.19 per share, comprising a premium of Rs. 29.19 per share. Following the aforesaid allotment, the total issued equity shares of the Company stand at 25,44,70,600, aggregating to an issued equity share capital of Rs. 25,44,70,600/- 9. The Warrants Committee of the Group at its Meeting held on 12th June 2026 accorded it’s approval to allot 90,00,000 equity shares of face value of Re.1/- each at an issue price of Rs.16.98 each (including a premium of Rs.15.98 each), consequent upon the conversion of 9,00,000 Warrants issued at an Issue Price of Rs.169.83 each on 18th December 2024, to Mr. Hemal Mehta and Mr. Sachin Mehta, Promoters, on preferential basis, upon receipt of balance amount aggregating to Rs.11,46,20,000/- per warrant (being 75% of the issue price per warrant) from the allottees pursuant to the exercise of their rights of conversion into equity shares. Consequently, the issued and paid-up capital of the Company stands increased to Rs.24,96,58,870/- consisting of 24,96,58,870 equity shares of Re. 1/- each 10. As at September 30, 2026 and June 30, 2026, there are potential dilutive equity share in the nature of FCCB. The potential dilutive equity shares has an anti-dilutive effect. Hence no dilution effect has been considered for the quarter ended September 30, 2026 and June 30, 2026. 11. On 28th September 2026, the Group completed sale of 2,09,100 equity shares of Rs.10/- each (51.00% of the total paid-up capital of Ishwari) held by the Group in Ishwari Healthcare Private Limited, subsidiary company at a consideration of Rs.1.40 Crores. Consequent to the aforesaid sale, the shareholding of the Group in Ishwari has been reduced from 51.00% to Nil and Ishwari has ceased to be a subsidiary of the Company.) 12. The Group has incorporated the following subsidiary company during the period ended 30 September 2026: W. e. f. 5t June, 2026, “Sudarshan Industries Inc.” (hereinafter referred to as “Sudarshan USA”) was incorporated as a wholly-owned subsidiary of the Company. The Group has subscribed to 1,00,00,000 shares of USD0.00001 each of Sudarshan USA (approx. Rs.9,600/-) (100.00% of the paid-up share capital). The main object of Sudarshan USA is to carry on the business to buy, sale, manufacture, process, import, export, promote, develop, wholesale and / or retail trade in all kinds and varieties of pharmaceuticals, antibiotics, drugs, medicines, biological, neutraceuticals, healthcare, ayurvedic and dietary supplement products, medicinal preparations, vaccines, pharma intermediates, Active Pharmaceutical Ingredients, antibiotics, drugs, medicines, biologicals, neutraceuticals chemicals, chemical products, chemical compounds including speciality chemicals and other allied goods. 13. The accounts of the following subsidiaries of the Holding company have been considered while preparing consolidated Financial Results / Statements of the Group: *Sudarshan Pharma Lifescience Private Limited *Lifescience Chemical Private Limited *Ratna Lifesciences Private Limited * Sudarshan Maven Pharma Private Limited * Ishwari Healthcare Private Limited (upto 28th September 2026) * Sudarshan Pharma Industries Private Limited, Singapore * Cibachem General Trading LLC, Dubai (w.e.f 5th August 2025) * Sudarshan Pharma Poland Limited Liability Company, Poland (w.e.f. 17th December 2025) * Sudarshan Industries Inc, USA (w.e.f. 5th June 2026)



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2026
Date of end of reporting period 30-09-2026
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 7,298.05
Capital work-in-progress 794.57
Investment property 1,131.10
Goodwill 491.89
Other intangible assets 949.61
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 0.22
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets
1 Other non-current financial assets 5,743.14
Total of other non-current financial assets 5,743.14
Total non-current financial assets 5,743.36
Deferred tax assets (net) 71.50
Other non-current assets
1 Other non-current assets 608.56
Total of other non-current assets 608.56
Total non-current assets 17,088.64
2 Current assets
Inventories 25,424.31
Current financial asset
Current investments 0.00
Trade receivables, current 25,059.87
Cash and cash equivalents 117.41
Bank balance other than cash and cash equivalents 0.00
Loans, current 313.23
Other current financial assets
Total of other current financial assets 5,449.90
Total current financial assets 30,940.41
Current tax assets (net) 0.00
Other current assets
1 Other current assets 2,741.88
Total of other current assets 2,741.88
Total current assets 59,106.60
3 Non-current assets classified as held for sale
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 76,195.24
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 2,544.71
Other equity 17,001.48
Total equity attributable to owners of parent 19,546.19
Non controlling interest 6.91
Total equity 19,553.10
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 14,638.57
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
1 Other non-current financial liabilities 33.27
2 Lease liabilities 149.99
Total of other non-current financial liabilities 183.26
Total non-current financial liabilities 14,821.83
Provisions, non-current 0.00
Deferred tax liabilities (net) 16.38
Deferred government grants, Non-current 0.00
Other non-current liabilities
1 Employee benefit obligations 22.45
Total of other non-current liabilities 22.45
Total non-current liabilities 14,860.66
Current liabilities
Current financial liabilities
Borrowings, current 24,338.64
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 6,968.79
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 9,037.55
Total Trade payable 16,006.34
Other current financial liabilities
1 Lease liabilities 67.07
2 Other financial liabilities 19.34
Total of other current financial liabilities 86.41
Total current financial liabilities 40,431.39
Other current liabilities 83.81
1 Employee benefit obligations 2.20
2 Other current liabilities 81.61
Total of other current liabilities 83.81
Provisions, current 0.00
Current tax liabilities (Net) 1,266.28
Deferred government grants, Current 0.00
Total current liabilities 41,781.48
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 56,642.14
Total equity and liabilites 76,195.24
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2026 01-04-2026
Date of end of reporting period 30-09-2026 30-09-2026
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Remeasurement (loss)/gain on defined benefit plan Grauity and Leave 0.57 1.15
Total Amount of items that will not be reclassified to profit and loss 0.57 1.15
2 Income tax relating to items that will not be reclassified to profit or loss 0.14 0.29
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 0.43 0.86



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2026
B Date of end of reporting period 30-09-2026
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 1,830.79
Adjustments for reconcile profit (loss)
Adjustments for finance costs 1,856.23
Adjustments for decrease (increase) in inventories (4,045.77)
Adjustments for decrease (increase) in trade receivables, current (2,734.27)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (44.44)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (99.20)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current (2,154.07)
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities (372.67)
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 276.17
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 1.41
Adjustments for provisions, non-current 2.35
Adjustments for other financial liabilities, current 0.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 229.81
Adjustments for dividend income 0.00
Adjustments for interest income 141.60
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 216.42
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (7,009.63)
Net cash flows from (used in) operations (5,178.84)
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 92.25
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities (5,271.09)
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 4,700.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 2,343.22
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment (169.00)
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 21.85
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) investing activities (6,852.37)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 1,146.35
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 12,571.15
Repayments of borrowings 0.00
Payments of lease liabilities 52.95
Dividends paid 0.00
Interest paid 1,534.48
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (2.68)
Net cash flows from (used in) financing activities 12,127.39
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 3.93
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents 3.93
Cash and cash equivalents cash flow statement at beginning of period 113.48
Cash and cash equivalents cash flow statement at end of period 117.41





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Unaudited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 NGST & Associates Yes 31-08-2027