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Venmax Drugs Convenes NCLT Shareholder Meeting on Oct 24, 2026 for Hatri Pharma Merger
Venmax Drugs and Pharmaceuticals has issued a notice convening an NCLT-directed meeting of equity shareholders on October 24, 2026, to vote on the proposed Scheme of Amalgamation with Hatri Pharma Private Limited. The order was granted by the Hon'ble NCLT Hyderabad Bench-II on September 7, 2026. The company is micro-cap with a market capitalization of Rs 15 Cr and TTM revenue of Rs 9 Cr, making this amalgamation structurally significant depending on the unlisted entity's size. However, exact share exchange ratios and Hatri Pharma's financial metrics were not detailed in the main notice text.
Confidence: HIGH
What changedNCLT has formally mandated a shareholder vote date for the merger of Hatri Pharma with Venmax Drugs.
Why it mattersFor a company with minimal quarterly revenues (Rs 2.48 Cr in Jun 2026) and a low net profit base, merging an unlisted pharma entity could completely alter its operating scale and promoter shareholding.
Meeting date: October 24, 2026NCLT order date: September 7, 2026Company Market Cap: Rs 15 CrCompany TTM Revenue: Rs 9 Cr
📅 Short termTrading sentiment may remain speculative leading up to the October 24, 2026 shareholder meeting.
📈 Long termIf approved by shareholders and finally sanctioned by the NCLT, the reverse merger could significantly alter the company's business fundamentals and equity dilution profile.
⚠ Risk flags
- Share dilution risk from unlisted merger
- Low promoter holding at 10.46%
- Auditor flagged absence of an adequate internal audit system in CARO report
Key Highlights
NCLT Hyderabad Bench-II directed meeting scheduled for Saturday, October 24, 2026 at 12:30 PM
Scheme involves merger of Hatri Pharma Private Limited (Transferor) into Venmax Drugs (Transferee)
NCLT approval order passed on September 7, 2026 under Sections 230-232 of the Companies Act, 2013
Company trades at a market cap of Rs 15 Cr with TTM revenue of Rs 9 Cr
👀 What to Watch
Track the outcome of the shareholder vote on October 24, 2026, and examine the swap ratio and Hatri Pharma's financial statements from the full explanatory statement.
Venmax Drugs Q1 Net Profit Up 200% YoY to ₹0.12 Cr; Forfeits ₹0.39 Cr in Share Warrants
Venmax Drugs reported a 105% YoY increase in revenue to ₹2.48 Cr for the quarter ended June 30, 2026, although revenue declined 37% sequentially from the March 2026 quarter. Net profit rose to ₹0.12 Cr from ₹0.04 Cr in the previous year's corresponding quarter. The company also approved the forfeiture of 7,80,001 partly paid-up share warrants as holders failed to pay the 75% balance amount, resulting in the company retaining ₹0.39 Cr. Despite the growth, the company remains a micro-cap with a very low promoter holding of 10.46%.
Confidence: HIGH
What changedThe company reported its Q1 FY27 financial results showing strong YoY growth and cancelled 7.8 lakh warrants after investors failed to complete their subscription payments.
Why it mattersFor a micro-cap company with ₹8 Cr TTM revenue, the forfeiture gain of ₹0.39 Cr is a notable one-time cash retention, though the low promoter holding (10.46%) remains a structural concern.
Revenue (Q1 FY27): ₹2.48 CrNet Profit (Q1 FY27): ₹0.12 CrAmount Forfeited: ₹0.39 CrForfeiture vs TTM Revenue: ~4.9%Promoter Holding: 10.46%
📅 Short termThe YoY improvement in profitability may provide some support, but the sequential revenue decline and small absolute profit figures suggest limited immediate momentum.
📈 Long termLimited; the company operates at a very small scale with inconsistent margins and low promoter skin-in-the-game, making it a high-risk micro-cap play.
⚠ Risk flags
- Extremely low promoter holding (10.46%)
- Micro-cap liquidity risk
- High P/E ratio of 75.5 relative to small earnings base
Key Highlights
Revenue from operations increased 105% YoY to ₹2.48 Cr from ₹1.21 Cr in June 2025.
Net profit grew 200% YoY to ₹0.12 Cr compared to ₹0.04 Cr in the same period last year.
Forfeited 7,80,001 convertible share warrants due to non-payment of the ₹15 per warrant balance.
Retained ₹39,00,005 as forfeited upfront subscription money, which is approximately 4.9% of TTM revenue.
Total assets increased slightly to ₹16.83 Cr as of June 30, 2026, from ₹16.20 Cr in March 2026.
👀 What to Watch
Investors should monitor if the company can maintain its YoY growth trajectory and improve its thin operating margins, while keeping a close watch on the declining promoter holding trend.
Venmax Drugs Q1 Net Profit Up 216% YoY to ₹0.12 Cr; Forfeits ₹0.39 Cr in Warrants
Venmax Drugs reported a strong year-on-year performance for Q1 FY27, with revenue rising 105% to ₹2.48 Cr and net profit jumping 216% to ₹0.12 Cr. However, on a sequential basis, revenue declined by 37% from ₹3.94 Cr in the previous quarter. The company also announced the forfeiture of 7,80,001 share warrants due to non-payment of the 75% balance by holders, allowing the company to retain ₹39 lakh in upfront payments. Despite the growth, the company remains a micro-cap with a very low promoter holding of 10.46%.
Confidence: HIGH
What changedThe company reported its Q1 FY27 financial results and cancelled 7.8 lakh warrants that were not converted into equity, retaining the initial 25% deposit.
Why it mattersThe earnings show a recovery from a low base, and the warrant forfeiture provides a small cash boost of ₹39 lakh without further equity dilution. However, the sequential revenue drop indicates inconsistency in business flow.
Q1 Revenue: ₹2.48 CrQ1 Net Profit: ₹0.12 CrYoY Revenue Growth: 105%Amount Forfeited: ₹39.00 LakhsPromoter Holding: 10.46%
📅 Short termThe stock may see positive sentiment due to the high YoY profit growth and the non-dilutive cash retention from forfeited warrants.
📈 Long termStructural significance is limited given the small scale of operations and the high reliance on stock-in-trade purchases rather than manufacturing-led margins.
⚠ Risk flags
- Very low promoter holding (10.46%)
- Significant sequential revenue decline (-37% QoQ)
- Micro-cap volatility and low trading liquidity
- High P/E ratio of 75.5 relative to small profit base
Key Highlights
Revenue from operations increased 105% YoY to ₹2.48 Cr from ₹1.21 Cr in June 2025
Net profit grew 216% YoY to ₹0.117 Cr compared to ₹0.037 Cr in the same quarter last year
Forfeited 7,80,001 warrants, retaining ₹39,00,005 (₹5 per warrant) as the 75% balance was not paid
Sequential revenue (QoQ) saw a significant drop of 37% from ₹3.94 Cr in March 2026
Inventory increased by ₹1.17 Cr during the quarter, suggesting a build-up for future sales or trading cycles
👀 What to Watch
Investors should monitor if the company can sustain its YoY growth and stabilize sequential volatility. The low promoter holding (10.46%) and micro-cap nature (₹15 Cr market cap) present high liquidity and governance risks.
7.53 Lakh Shares Allotted at Rs 20 via Warrant Conversion; Rs 1.13 Cr Raised
Venmax Drugs and Pharmaceuticals has allotted 7,53,334 equity shares to a non-promoter investor, Dinesh Muddu Kotian, following the conversion of warrants issued in March 2025. The conversion was executed at Rs 20 per share, which represents a premium over the current market price of Rs 17.6. The company received the final 75% payment totaling Rs 1.13 crore, a significant amount relative to its TTM revenue of Rs 8 crore. Post-allotment, the company's paid-up capital has increased to Rs 14.48 crore.
Confidence: HIGH
What changedThe company converted 7,53,334 warrants into equity shares for a non-promoter, resulting in a cash inflow and an increase in the total share count.
Why it mattersFor a micro-cap company with a Rs 15 crore market cap and low profitability, a Rs 1.13 crore cash infusion (approx. 7.5% of market cap) provides essential liquidity, though it dilutes existing shareholders by approximately 5.2%.
Conversion Price: Rs 20Amount Raised (Current Allotment): Rs 1.13 CrFundraise vs Market Cap: ~7.5%New Total Shares: 1,44,83,929Outstanding Warrants: 7,80,001
📅 Short termThe news is likely to be viewed neutrally to slightly positively as the conversion occurred at a premium to the current market price, suggesting investor commitment despite recent price weakness.
📈 Long termWhile the capital infusion helps the balance sheet, the company's long-term performance depends on improving its low operating margins (1%) and addressing the declining promoter holding (currently 10.5%).
⚠ Risk flags
- Equity dilution of approximately 5.2%
- Low promoter holding (10.5%)
- Micro-cap liquidity and volatility risks
Key Highlights
Allotment of 7,53,334 equity shares at an issue price of Rs 20 per share (Rs 10 face value + Rs 10 premium)
Receipt of Rs 1.13 crore representing the balance 75% exercise price from one non-promoter allottee
Total paid-up equity capital increased to Rs 14,48,39,290 comprising 1,44,83,929 shares
Remaining outstanding warrants for future conversion stand at 7,80,001 units
The conversion price of Rs 20 is approximately 13.6% higher than the current market price of Rs 17.6
👀 What to Watch
Investors should monitor the utilization of the Rs 1.13 crore proceeds and watch for the conversion of the remaining 7.8 lakh warrants, which could lead to further equity dilution.
Venmax Drugs allots 21.47 lakh shares on warrant conversion; raises Rs 3.22 Cr
Venmax Drugs and Pharmaceuticals has approved the allotment of 21,47,665 equity shares following the conversion of warrants by eight non-promoter investors. The conversion occurred at an issue price of Rs 20 per share, which represents a premium over the current market price of Rs 17.6. The company received Rs 3.22 crore as the balance 75% exercise price. This capital infusion is significant, representing approximately 21% of the company's current market capitalization of Rs 15 crore.
Confidence: HIGH
What changedThe company converted 21.47 lakh warrants into equity shares for eight non-promoter individuals, resulting in a cash infusion of Rs 3.22 crore and an increase in the total outstanding shares.
Why it mattersFor a micro-cap company with a Rs 15 crore market cap, a Rs 3.22 crore cash infusion provides essential liquidity for operations or growth. However, the allotment to non-promoters further dilutes the already low promoter holding of 10.46%.
Shares Allotted: 21,47,665Conversion Price: Rs 20Funds Raised (Current Tranche): Rs 3.22 CrFunds vs Market Cap: ~21.4%New Paid-up Capital: Rs 13.73 CrRemaining Warrants: 15,33,335
📅 Short termThe stock may see positive sentiment due to the capital infusion at a premium to the market price, though the increase in floating stock could temper gains.
📈 Long termThe structural impact depends on whether the management can leverage this capital to grow the business beyond its current micro-scale. The low promoter holding remains a long-term governance watchpoint.
⚠ Risk flags
- High equity dilution
- Very low promoter holding (10.46%)
- Micro-cap liquidity risk
- Historical low operating margins (1.0%)
Key Highlights
Allotment of 21,47,665 equity shares of face value Rs 10 at a premium of Rs 10 per share
Receipt of Rs 3,22,14,975 as the balance 75% payment for warrant exercise
Total paid-up capital increased to Rs 13.73 crore comprising 1,37,30,595 shares
Conversion price of Rs 20 is a ~13.6% premium to the current market price of Rs 17.6
15,33,335 warrants remain outstanding for future conversion out of the original 1,00,25,000 warrants
👀 What to Watch
Watch for the company's deployment of the Rs 3.22 crore proceeds to scale its small revenue base (Rs 8 Cr TTM) and improve its thin 1% operating margins. Investors should also note the potential for further dilution from the remaining 15.33 lakh outstanding warrants.
