Bilcare Ltd (526853)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bilcare's revenue was ₹226 Cr (+21.2% year on year, +20.4% on the previous quarter), and net profit ₹15.0 Cr (against a loss a year earlier); the operating margin was 16.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹226 | +21.2% | +20.4% |
| Operating profit | ₹37.0 | +234.4% | +118.7% |
| Net profit | ₹15.0 | from loss | +90.7% |
| EPS (₹) | 5.39 | from loss | -5.1% |
| Operating margin | 16.4% | — | — |
📢 Recent Corporate Announcements
Bilcare Ltd announced that shareholders failed to pass special resolutions at the 39th AGM on 26 September 2026 to appoint Mr. Mohan Bhandari and Ms. Kavita Bhansali as Executive Directors. Consequently, Mohan Bhandari will remain as Non-Executive Non-Independent Director & CEO, while Kavita Bhansali will continue as a Non-Executive Non-Independent Director. Promoter holding in the company stands at 30.01%, indicating significant institutional or public shareholder pushback against the board's August 2026 executive designations.
- Special resolutions proposed at the 39th AGM on 26 September 2026 were defeated due to lack of requisite majority
- Mohan Bhandari reverts from Executive Director to Non-Executive Non-Independent Director & CEO
- Kavita Bhansali continues only as a Non-Executive Non-Independent Director instead of Executive Director
- Board's earlier approval from the 13 August 2026 meeting was effectively overridden by shareholders
Bilcare Limited announced the voting results of its 39th AGM held on September 26, 2026. While ordinary resolutions adopting FY26 financials and director retirements by rotation were passed, three key special resolutions were defeated by shareholders. The rejected proposals include the re-appointment of Kavita Bhansali as Executive Director, appointment of Mohan Bhandari as Executive Director for 3 years, and material related-party transactions with Caprihans India Limited where 98.44% of non-promoter votes were cast against.
- Resolution 6 approving Material Related Party Transactions with Caprihans India Limited was defeated, with 98.44% (39,77,944 votes) of valid votes cast against.
- Special resolutions (Items 3 and 5) appointing Ms. Kavita Bhansali and Mr. Mohan Harakchand Bhandari as Executive Directors were defeated.
- Ordinary resolutions (Items 1, 2, and 4) including adoption of FY26 financial statements were passed with 64.53% overall votes in favour.
- Total valid votes cast for the general resolutions stood at 1,12,10,296 across 15,962 total shareholders on the record date.
Bilcare Ltd reported a standalone net profit of Rs 1.04 Cr for Q1 FY27, down from Rs 3.59 Cr in the year-ago period. The Board approved the voluntary winding up of its US-based wholly owned subsidiary, Bilcare INC, which reported zero turnover in FY26. Significant management changes were announced, including the appointment of Mr. Mohan Bhandari as Executive Director and a new Company Secretary. The company continues to navigate an ongoing SFIO investigation and maintains land assets held for sale valued at Rs 64.07 Cr.
- Standalone Total Income for Q1 FY27 stood at Rs 6.30 Cr compared to Rs 8.79 Cr in Q1 FY26.
- Net Profit of Rs 1.04 Cr recorded after accounting for an exceptional loss of Rs 1.74 Cr due to forfeited warrants.
- Voluntary winding up of Bilcare INC (USA) initiated; the unit had NIL turnover and net worth contribution in FY26.
- Company received Rs 25.58 Cr during the quarter towards the 75% balance payment for 17,05,000 warrants.
- Assets held for sale, comprising land parcels, are carried at a book value of Rs 64.07 Cr as of June 30, 2026.
Bilcare Ltd reported a standalone net profit of ₹1.04 Cr for Q1 FY27, a 71% decline from ₹3.59 Cr in the year-ago period. The company is streamlining its structure by voluntarily winding up its US subsidiary, Bilcare INC, which generated zero revenue in FY26. Management changes include the appointment of Mr. Mohan Bhandari as Executive Director and a new Company Secretary, Mr. Mayur Dave, effective September 2026. The company remains under SFIO investigation, and standalone operations remain small relative to its consolidated TTM revenue of ₹734 Cr.
- Standalone net profit for Q1 FY27 fell to ₹1.04 Cr from ₹3.59 Cr in Q1 FY26.
- Standalone revenue from operations stood at ₹1.94 Cr, a slight decrease from ₹2.07 Cr YoY.
- Voluntary winding up of Bilcare INC (USA) approved; subsidiary had ₹0 revenue in FY26.
- Transferred ₹2.93 Cr to the Investor Education Protection Fund (IEPF) following an NCLT order.
- Forfeited 3,15,000 share warrants as the conversion option was not exercised by the holders.
Bilcare reported a standalone net profit of ₹1.04 Cr for Q1 FY27, a decline from ₹3.59 Cr in the year-ago period, on a marginal revenue of ₹1.94 Cr. The board approved the appointment of Mr. Mohan Bhandari as Executive Director and the voluntary winding up of its inactive US subsidiary, Bilcare INC. Additionally, the company complied with an NCLT order by transferring ₹2.93 Cr to the Investor Education Protection Fund (IEPF) and forfeited 3,15,000 unexercised warrants.
- Standalone revenue for Q1 FY27 was ₹1.94 Cr, representing less than 1% of the group's TTM consolidated revenue of ₹734 Cr.
- Net profit for the quarter stood at ₹1.04 Cr, down 71% from ₹3.59 Cr in Q1 FY26.
- Voluntary winding up of Bilcare INC (USA) initiated; the subsidiary had ₹0 turnover in FY26.
- Transferred ₹2.93 Cr to the Investor Education Protection Fund (IEPF) on July 10, 2026, following an NCLT order.
- Forfeited 3,15,000 share warrants as the conversion option was not exercised by the holders.
Bilcare Ltd reported a standalone net profit of ₹1.04 cr for Q1 FY27, a 71% decline from ₹3.59 cr in the year-ago period. The company announced the appointment of Mohan Bhandari as Executive Director and the voluntary winding up of its US subsidiary, Bilcare INC, which had zero turnover in FY26. Standalone revenue remains minimal at ₹1.94 cr, while the company continues to navigate an ongoing SFIO investigation and high debt levels. Additionally, 3,15,000 share warrants were forfeited during the quarter as the conversion option was not exercised.
- Standalone Net Profit decreased to ₹1.04 cr in Q1 FY27 from ₹3.59 cr in Q1 FY26.
- Revenue from operations for the quarter stood at ₹1.94 cr, representing a small fraction of the ₹734 cr TTM consolidated revenue.
- Voluntary winding up of wholly-owned US subsidiary Bilcare INC, which contributed ₹0 turnover in FY26.
- Forfeiture of 3,15,000 share warrants during the quarter ended June 2026.
- Asset Held for Sale (land parcels) continues to be carried at a book value of ₹64.07 cr.
Bilcare Ltd reported a standalone net profit of ₹1.04 Cr for Q1 FY27, a 71% decline from ₹3.59 Cr in the same quarter last year. Total standalone income fell to ₹6.30 Cr from ₹8.79 Cr YoY, while the company recorded an exceptional loss of ₹1.74 Cr due to the forfeiture of 3,15,000 lapsed share warrants. The board approved the voluntary winding up of its non-material US subsidiary, Bilcare INC, which had zero turnover in FY26. Additionally, the company underwent a management reshuffle with the appointment of a new Executive Director and Company Secretary.
- Standalone Net Profit fell to ₹1.04 Cr in Q1 FY27 compared to ₹3.59 Cr in Q1 FY26.
- Total Standalone Income declined 28% YoY to ₹6.30 Cr from ₹8.79 Cr.
- Exceptional loss of ₹1.74 Cr recognized following the lapse and forfeiture of 3,15,000 share warrants.
- Transferred ₹2.93 Cr to the Investor Education Protection Fund (IEPF) on July 10, 2026, per NCLT orders.
- Voluntary winding up initiated for Bilcare INC (USA), a wholly-owned subsidiary with NIL turnover in FY26.
Bilcare reported a standalone net profit of ₹1.04 cr for Q1 FY27, down from ₹3.59 cr in the year-ago period, on a total income of ₹6.30 cr. The company is initiating the voluntary winding up of its US-based wholly-owned subsidiary, Bilcare INC, which reported zero turnover in FY26. Management changes include the appointment of Mr. Mohan Bhandari as Executive Director and a transition in the Company Secretary role. Financial health remains pressured by high debt (D/E 3.15) and an ongoing SFIO investigation.
- Standalone Total Income decreased to ₹6.30 cr in Q1 FY27 from ₹8.79 cr in Q1 FY26.
- Net Profit for the quarter stood at ₹1.04 cr, a 71% decline compared to ₹3.59 cr YoY.
- Forfeiture of 3,15,000 share warrants occurred as the conversion option was not exercised.
- Transferred ₹2.93 cr to the Investor Education Protection Fund (IEPF) on July 10, 2026, per NCLT orders.
- Land parcels valued at ₹64.07 cr continue to be classified as 'Assets Held for Sale'.
Bilcare Ltd has scheduled a board meeting for August 13, 2026, to consider and approve its standalone and consolidated unaudited financial results for the quarter ended June 30, 2026. The company is coming off a volatile FY26 where it reported a net loss of ₹17 crore on revenue of ₹734 crore, despite a profitable final quarter (March 2026 PAT of ₹7.85 crore). Investors will be monitoring if the company can sustain operational profitability given its high debt-to-equity ratio of 3.15. The trading window for insiders has been closed since July 1, 2026.
- Board meeting scheduled for August 13, 2026, to review Q1 results.
- Covers the financial period ending June 30, 2026.
- Trading window closed from July 1, 2026, until 48 hours after result declaration.
- Company reported a TTM revenue of ₹734 crore as of the last fiscal year.
- Debt remains high at ₹620 crore against a net worth of ₹197 crore.
Financial Performance
Revenue Growth by Segment
The company operates in a single reportable segment. Standalone operating income was INR 271.16 Cr in FY2018, representing a 6.85% decline from INR 291.10 Cr in FY2017. For FY2024-25, the company reported a standalone profit before exceptional items and tax of INR 5.45 Cr, a significant recovery from a loss of INR 5.18 Cr in the previous year.
Geographic Revenue Split
Not disclosed in available documents, though the company maintains manufacturing and R&D facilities in India, Singapore, USA, and Europe, and exports provide a natural hedge against currency risks.
Profitability Margins
Operating margins (OPBDIT/OI) improved from 0.87% in FY2017 to 4.94% in FY2018. Standalone net profit ratio for FY2024-25 remained constant compared to the previous year, supported by brand royalty income and a shift toward value-added business.
EBITDA Margin
OPBDIT margin was 4.94% in FY2018, up from 0.87% in FY2017. Standalone performance in FY2024-25 indicates progress toward profitability with a profit before tax of INR 5.45 Cr.
Capital Expenditure
Not disclosed in available documents; however, the company has historically expanded through both organic and inorganic routes across global locations.
Credit Rating & Borrowing
ICRA assigned a rating of 'MC ISSUER NOT COOPERATING' for a INR 125 Cr proposed fixed deposit programme in 2019. Standalone debt is reported as nil in FY2024-25, though the company has provided a corporate guarantee of INR 670 Cr for its subsidiary, Caprihans India Limited.
Operational Drivers
Raw Materials
Specific raw material names are not disclosed, but the business involves manufacturing speciality pharmaceutical packaging barrier films, which typically require polymer resins and aluminum foils.
Capacity Expansion
Current installed capacity is not specified; however, the company operates manufacturing facilities in India, Singapore, USA, and Europe.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company is focusing on a higher share of value-added business to improve margins.
Manufacturing Efficiency
Inventory turnover ratio improved to 33.8 times in FY2024-25, driven by lower inventory levels and better operational focus.
Strategic Growth
Growth Strategy
The company aims to achieve growth by focusing on value-added business segments, strengthening operational efficiency, and leveraging its anti-counterfeit technologies and Global Clinical Services (GCS) to serve major pharmaceutical companies.
Products & Services
Speciality pharmaceutical packaging barrier films, Pharmaceutical Packaging Innovation (PPI) services, Global Clinical Services (GCS), and anti-counterfeit technologies.
Brand Portfolio
Bilcare.
Market Expansion
The company has already diversified geographically into Singapore, USA, and Europe; future expansion focuses on strengthening these existing global R&D and manufacturing hubs.
Strategic Alliances
The company entered into a Business Transfer Agreement (March 27, 2023) with its subsidiary, Caprihans India Limited (CIL), which took over the liability of fixed deposits.
External Factors
Industry Trends
The pharmaceutical packaging industry is evolving toward barrier-enhanced films and anti-counterfeit technologies to ensure drug integrity; Bilcare is positioned as a provider of these speciality 'innovation' services.
Competitive Landscape
The company competes in the speciality pharma packaging space, which requires high regulatory compliance and technical expertise.
Competitive Moat
The company's moat is built on its R&D capabilities in anti-counterfeit technology and its global manufacturing footprint, though consecutive losses and 'going concern' uncertainties challenge its sustainability.
Macro Economic Sensitivity
The company is sensitive to global pharmaceutical industry trends and changes in political and economic conditions across its operating regions (India, USA, Europe, Singapore).
Consumer Behavior
Increased demand for drug safety and anti-counterfeiting in the pharmaceutical sector drives demand for Bilcare's PPI and GCS services.
Geopolitical Risks
Operations in multiple countries (USA, Europe, Singapore) expose the company to international trade regulations and legal developments in those jurisdictions.
Regulatory & Governance
Industry Regulations
The company must comply with global pharmaceutical packaging standards and the Companies Act, 2013. It faced minor delays (1 working day) in filing certain corporate governance reports in FY2024-25.
Taxation Policy Impact
The company is involved in significant pending litigations related to direct tax, indirect tax, and transfer pricing arrangements.
Legal Contingencies
The company has provided a corporate guarantee of INR 670 Cr to the bankers of its subsidiary, Caprihans India Limited. It also faces significant pending litigations in tax tribunals and legal proceedings arising in the regular course of business.
Risk Analysis
Key Uncertainties
There is a 'Material Uncertainty Related to Going Concern' due to consecutive losses in previous years. The company's ability to continue depends on management's turnaround plans.
Geographic Concentration Risk
The company has a diversified geographic presence with facilities in India, Singapore, USA, and Europe, reducing reliance on any single market.
Technology Obsolescence Risk
The company invests in R&D and anti-counterfeit technologies to mitigate the risk of technological obsolescence in the packaging sector.
Credit & Counterparty Risk
Credit risk is managed through rolling forecasts and creditworthiness assessments of its pharmaceutical clients.
