Integrated Filing — IndAS



General information about company

Scrip Code 532989
NSE Symbol BAFNAPH
MSEI Symbol NOTLISTED
ISIN INE878I01022
Name of company BAFNA PHARMACEUTICALS 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 11-11-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 06-11-2026
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 Standalone
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 Pharmaceuticals
Start date and time of board meeting 11-11-2026   14:35:00
End date and time of board meeting 11-11-2026   15:50:00
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 Not applicable
Whether the company has any related party? Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure? Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure. NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)? No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company? Yes
Latest Date on which RPT policy is updated 26-05-2025
Indicate Company website link for updated RPT policy of the Company www.bafnapharma.com/qualitypolicies.html
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
The Company has not defaulted on repayment of Loans and Debt Securities.



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 Standalone Standalone
1 Income
Revenue from operations 4,766.56 7,424.88
Other income 113.41 304.51
Total income 4,879.97 7,729.39
2 Expenses
(a) Cost of materials consumed 2,107.00 3,538.51
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 401.25 230.81
(d) Employee benefit expense 552.13 1,113.76
(e) Finance costs 102.00 195.69
(f) Depreciation, depletion and amortisation expense 186.84 364.91
(f) Other Expenses
1 Manufacturing Expenses 597.24 1,085.99
2 Other Expenses 248.69 507.39
Total other expenses 845.93 1,593.38
Total expenses 4,195.15 7,037.06
3 Total profit before exceptional items and tax 684.82 692.33
4 Exceptional items 0.00 0.00
5 Total profit before tax 684.82 692.33
6 Tax expense
7 Current tax 0.00 0.00
8 Deferred tax 0.00 0.00
9 Total tax expenses 0.00 0.00
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 684.82 692.33
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 684.82 692.33
17 Other comprehensive income net of taxes 6.08 12.16
18 Total Comprehensive Income for the period 690.90 704.49
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 2,365.63 2,365.63
Face value of equity share capital 10 10
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 2.89 2.93
Diluted earnings (loss) per share from continuing operations 2.89 2.93
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 2.89 2.93
Diluted earnings (loss) per share from continuing and discontinued operations 2.89 2.93
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) Notes 1. The above unaudited financial results for the quarter and half year ended 30th September 2026, have been reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company at their meetings held on 11th November 2026. The Statutory Auditors have conducted a Limited Review of these financial results in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 2. The figures for the quarter ended 30th September 2026 and preceding quarter ending 30th September 2025 are the balancing figures between the unaudited figures for the half year ended 30th September and the unaudited published figures for the three months ended 30th June. The figures for the corresponding previous periods have been regrouped and reclassified wherever necessary, to make them comparable. 3. The above results have been prepared in accordance with Indian Accounting Standard 34 Interim Financial Reporting (Ind AS 34) prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. 4. Company's business relates to the manufacturing of pharmaceuticals formations, which in context of Indian Accounting Standards 108 (Ind AS 108) as notified under Section 133 of the Companies Act, 2013 is considered as the only segment. 5. The Company has received orders from the Goods and Services Tax authorities, including a demand order raising a GST liability amounting to INR 235.47 Lakhs and another order issued by the Joint Commissioner towards recovery of GST refunds availed during earlier years amounting to INR 331.09 Lakhs, along with applicable interest and penalty. The Company has preferred an appeal against the GST demand of INR 235.47 Lakhs. In respect of the recovery of GST refunds, the Company has obtained a stay for the amount of INR 331.09 Lakhs based on the writ petition before the Honorable Madras High Court. Based on the underlying facts of the cases, applicable legal provisions, judicial precedents and prevailing industry practices, the Company is confident of prevailing against the positions adopted by the GST authorities and accordingly, does not anticipate any adverse financial outcome.



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 Standalone
Assets
1 Non-current assets
Property, plant and equipment 8,803.62
Capital work-in-progress 216.71
Investment property 0.00
Goodwill 0.00
Other intangible assets 0.00
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 0.05
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets
1 Other Non Current financial assets 96.30
Total of other non-current financial assets 96.30
Total non-current financial assets 96.35
Deferred tax assets (net) 0.00
Other non-current assets
Total of other non-current assets
Total non-current assets 9,116.68
2 Current assets
Inventories 3,219.90
Current financial asset
Current investments 0.00
Trade receivables, current 5,002.54
Cash and cash equivalents 129.45
Bank balance other than cash and cash equivalents 0.00
Loans, current 10.77
Other current financial assets
Total of other current financial assets 171.26
Total current financial assets 5,314.02
Current tax assets (net) 17.00
Other current assets
1 Other current assets 1,632.69
Total of other current assets 1,632.69
Total current assets 10,183.61
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 19,300.29
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 2,365.63
Other equity 7,953.81
Total equity attributable to owners of parent 10,319.44
Non controlling interest
Total equity 10,319.44
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 1,422.84
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
Total of other non-current financial liabilities
Total non-current financial liabilities 1,422.84
Provisions, non-current 41.61
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities
1 Government Grant 383.18
Total of other non-current liabilities 383.18
Total non-current liabilities 1,847.63
Current liabilities
Current financial liabilities
Borrowings, current 2,295.87
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 577.76
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 3,577.73
Total Trade payable 4,155.49
Other current financial liabilities
1 Other Financial Liabilities 273.48
Total of other current financial liabilities 273.48
Total current financial liabilities 6,724.84
Other current liabilities 242.12
1 Other Current Liabilities 209.48
2 Government Grant 32.64
Total of other current liabilities 242.12
Provisions, current 166.26
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 7,133.22
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 8,980.85
Total equity and liabilites 19,300.29
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 Standalone Standalone
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 Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss (6.08) (12.16)
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 6.08 12.16



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 Standalone
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 692.33
Adjustments for reconcile profit (loss)
Adjustments for finance costs 195.69
Adjustments for decrease (increase) in inventories (329.61)
Adjustments for decrease (increase) in trade receivables, current (622.72)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (277.68)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current (3.03)
Adjustments for other financial assets, current (2.74)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 996.90
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 8.26
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 364.91
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current (35.09)
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 29.19
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 0.39
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) (1.35)
Other adjustments for non-cash items (3.22)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 319.12
Net cash flows from (used in) operations 1,011.45
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 6.37
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 1,005.08
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 0.00
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 0.00
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 2.00
Purchase of property, plant and equipment 891.48
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 0.40
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) investing activities (889.08)
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 0.00
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 5.38
Repayments of borrowings 0.00
Payments of lease liabilities 0.00
Dividends paid 0.00
Interest paid 194.37
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (188.99)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (72.99)
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 (72.99)
Cash and cash equivalents cash flow statement at beginning of period 202.44
Cash and cash equivalents cash flow statement at end of period 129.45





Amount in (Lakhs)

Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter)
Sr No. Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken.
Details of the party (listed entity/subsidiary) entering into the transaction Details of the counterparty Type of related party transaction Details of other related party transaction Value of the related party transaction as approved by the audit committee Remarks on approval by audit committee Value of the related party transaction ratified by the audit committee Date of Audit Committee Meeting where the ratification was approved Value of transaction during the reporting period In case monies are due to either party as a result of the transaction In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments Details of the loans, inter-corporate deposits, advances or investments Notes
Name PAN Name PAN Relationship of the counterparty with the listed entity or its subsidiary Opening balance Closing balance Nature of indebtedness (loan/ issuance of debt/ any other etc.) Details of other indebtedness Cost Tenure Nature (loan/ advance/ intercorporate deposit/ investment ) Interest Rate (%) Tenure Secured/ unsecured Purpose for which the funds will be utilised by the ultimate recipient of funds (endusage)
1 BAFNA PHARMACEUTICALS LIMITED Bafna Mahaveer Chand Chief Executive Officer Remuneration 78.00 Approved 36.00 0.00 0.00
2 BAFNA PHARMACEUTICALS LIMITED Bafna Mahaveer Chand Chief Executive Officer Loan Approved 65.00 (150.07) (85.07)
3 BAFNA PHARMACEUTICALS LIMITED Navin Bafna Son of Chief Executive Officer Remuneration 32.00 Approved 15.00 0.00 0.00
4 BAFNA PHARMACEUTICALS LIMITED Sasikala Bafna Wife of Chief Executive Officer Any other transaction Rent 18.00 Approved 8.85 0.00 0.00
5 BAFNA PHARMACEUTICALS LIMITED Shanmugam Hemalatha Whole Time Director Remuneration Approved 10.74 0.00 0.00
6 BAFNA PHARMACEUTICALS LIMITED Vinayak Dinesh Dendukuri Whole Time Director Remuneration Approved 16.56 0.00 0.00
7 BAFNA PHARMACEUTICALS LIMITED Melagiri Sridhar Chief Financial Officer Remuneration Approved 7.67 0.00 0.00
8 BAFNA PHARMACEUTICALS LIMITED Melagiri Sridhar Chief Financial Officer Any other transaction Salary Advance Approved 4.00 0.35 2.80
9 BAFNA PHARMACEUTICALS LIMITED Melagiri Sridhar Chief Financial Officer Any other transaction Salary Advance Repayment Approved 1.55 0.00 0.00
10 BAFNA PHARMACEUTICALS LIMITED Mohanachandran A Company Secretary Remuneration Approved 6.00 0.00 0.00
11 BAFNA PHARMACEUTICALS LIMITED Palamadai Krishnan Sundaresan Independent Director Any other transaction Sitting Fees Approved 0.67 0.00 0.00
12 BAFNA PHARMACEUTICALS LIMITED Ravichandran Chitra Independent Director Any other transaction Sitting Fees Approved 0.89 0.00 0.00
13 BAFNA PHARMACEUTICALS LIMITED Akila Chintalapati Raju Non Executive Director Any other transaction Sitting Fees Approved 0.22 0.00 0.00
14 BAFNA PHARMACEUTICALS LIMITED Upendar Mekala Reddy Non Executive Director Any other transaction Sitting Fees Approved 0.89 0.00 0.00
15 BAFNA PHARMACEUTICALS LIMITED Navin Kumar Independent Director Any other transaction Sitting Fees Approved 0.44 0.00 0.00
16 BAFNA PHARMACEUTICALS LIMITED Bhansilal And Co Entity in Which KMP is Interested Any other transaction Lease Rent 0.12 Approved 0.06 0.00 0.00
17 BAFNA PHARMACEUTICALS LIMITED Mahaveer Chand Bafna HUF Relative of KMP Any other transaction Lease Rent 65.00 Approved 30.00 0.00 0.00
18 BAFNA PHARMACEUTICALS LIMITED Novick Bio Sciences Private Limited Entity in which a Director of the Company is Interested Sale of goods or services 14.00 Approved 6.00 0.00 0.00
Total value of transaction during the reporting period 210.54