Docmode Health Technologies Limited (DHTL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Docmode Health's revenue was ₹7.7 Cr (-64.1% year on year, -57.0% on the previous half-year), and net profit ₹-0.1 Cr (a smaller loss than a year earlier); the operating margin was -15.1%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹7.7 | -64.1% | -57.0% |
| Operating profit | ₹-1.2 | loss widened | to loss |
| Net profit | ₹-0.1 | loss narrowed | loss narrowed |
| EPS (₹) | -0.22 | loss narrowed | loss narrowed |
| Operating margin | -15.1% | — | — |
📢 Recent Corporate Announcements
Doctrack Solutions Limited (formerly Docmode Health Technologies Limited) submitted its Reconciliation of Share Capital Audit Report for the quarter ended September 30, 2026. The total issued and listed share capital remains unchanged at 31,42,800 equity shares of face value Rs 10 each on NSE Emerge. All shares are held in 100% dematerialized form, with 65% in CDSL and 35% in NSDL, confirming no discrepancies in share balances.
- Total issued and listed capital stands at 31,42,800 equity shares of face value Rs 10 each
- 100% of issued capital is dematerialized (65% in CDSL and 35% in NSDL, zero physical shares)
- Nil demat requests pending or confirmed beyond 21 days during the quarter ended September 30, 2026
- Company reported under its updated name Doctrack Solutions Limited on NSE Emerge
Docmode Health Technologies Limited (now known as Doctrack Solutions Limited) has informed the exchange regarding shareholding disclosures received under Regulation 29(1) and 29(2) of SEBI SAST Regulations, 2011. The disclosures were submitted by shareholders Mr. Ramesh Kumar Jain and M/s. Ramesh Jain HUF as of October 6, 2026. The filing serves as a statutory intimation under Regulation 29(3), but specific share count and percentage changes were not detailed in the cover letter. The company currently has a micro market cap of Rs 7 Cr with TTM revenue of Rs 67 Cr.
- Disclosure submitted pursuant to Regulation 29(1) & 29(2) read with 29(3) of SEBI SAST Regulations, 2011 on October 6, 2026
- Filing triggered by transactions from Mr. Ramesh Kumar Jain and M/s. Ramesh Jain HUF
- Specific acquisition or sale volumes and percentage stakes were not disclosed in the intimation text
- Company is currently operating under the name Doctrack Solutions Limited with promoter holding at 29.5%
Docmode Health Technologies Limited (now known as Doctrack Solutions Limited) has informed the exchange regarding shareholding disclosures received under Regulation 29(1) and 29(2) of SEBI SAST Regulations, 2011. The disclosures were submitted by shareholders Mr. Ramesh Kumar Jain and M/s. Ramesh Jain HUF as of October 6, 2026. The filing serves as a statutory intimation under Regulation 29(3), but specific share count and percentage changes were not detailed in the cover letter. The company currently has a micro market cap of Rs 7 Cr with TTM revenue of Rs 67 Cr.
- Disclosure submitted pursuant to Regulation 29(1) & 29(2) read with 29(3) of SEBI SAST Regulations, 2011 on October 6, 2026
- Filing triggered by transactions from Mr. Ramesh Kumar Jain and M/s. Ramesh Jain HUF
- Specific acquisition or sale volumes and percentage stakes were not disclosed in the intimation text
- Company is currently operating under the name Doctrack Solutions Limited with promoter holding at 29.5%
Doctrack Solutions Limited (formerly Docmode Health Technologies Limited) has issued notice for its 9th Annual General Meeting scheduled for September 30, 2026, with a voting cut-off date of September 23, 2026. Key agenda items include the adoption of FY26 audited standalone and consolidated financial statements and the reappointment of Non-Executive Director Monina Elizabeth Lewis. Additionally, the company seeks special resolution approval for related party transactions of up to ₹10 Cr each with three entities (Aumen Healthcare, Augmentors Healthcare, and Chemolec Enterprises), totaling ₹30 Cr for FY27. This proposed ₹30 Cr transaction limit represents approximately 44.8% of the company's TTM revenue of ₹67 Cr.
- 9th Annual General Meeting scheduled for Wednesday, September 30, 2026 at 02:00 p.m.
- Cut-off date set for Wednesday, September 23, 2026 to determine member eligibility to vote.
- Special resolution proposed to approve related party transactions of ₹10,00,00,000 each with Aumen Healthcare, Augmentors Healthcare, and Chemolec Enterprises for FY27.
- Reappointment of Ms. Monina Elizabeth Lewis (DIN: 10147743) as Non-Executive Director retiring by rotation.
Doctrack Solutions (formerly Docmode Health Technologies) reported its audited FY26 results with a qualified opinion from statutory auditors regarding an unregularized debt default. The company defaulted on ₹2.25 Cr of NCDs due in November 2025, leading to the invocation of 5,65,466 pledged promoter shares. The auditors highlighted that the company did not recognize ₹29.84 lakh in interest and default penalties for FY26, understating its losses and liabilities. Closing cash and cash equivalents declined sharply from ₹1.84 Cr to ₹0.18 Cr year-on-year.
- Auditors issued a qualified opinion for non-recognition of ₹29.84 lakh in coupon and default interest on overdue NCDs.
- Company defaulted on principal repayment of ₹2.25 Cr across 225 NCDs that matured on November 24, 2025.
- Debenture pledgees invoked 5,65,466 promoter shares across three tranches in FY26 following repayment defaults.
- Closing cash and cash equivalents dropped to ₹17.77 lakh as of March 31, 2026, down from ₹183.50 lakh in FY25.
- Net loss before tax stood at ₹14.21 lakh in FY26 compared to a loss of ₹196.52 lakh in FY25.
Doctrack Solutions Limited (formerly Docmode Health Technologies Limited) has notified the exchange regarding the closure of its trading window starting August 31, 2026. The closure applies to designated persons, employees, insiders, and their immediate relatives pursuant to SEBI Insider Trading regulations. The window will remain closed until 48 hours after the declaration of audited standalone and consolidated financial results for the half year and year ended March 31, 2026. The date of the board meeting to approve the results will be intimated separately.
- Trading window closed effective August 31, 2026
- Closure will last until 48 hours after the declaration of financial results
- Results to be declared cover the half year and year ended March 31, 2026
- Board meeting date to consider results will be communicated separately
Docmode Health Technologies Limited has received approval from the Registrar of Companies (MCA) to change its name to Doctrack Solutions Limited, effective July 28, 2026. This administrative change includes a corresponding alteration of the company's Memorandum and Articles of Association (MOA/AOA). The company, which has a small market capitalization of ₹11 Cr, is currently loss-making with a TTM PAT of -₹3 Cr despite a TTM revenue of ₹76 Cr. This rebranding is procedural and does not impact the company's existing financial liabilities or stakeholder rights.
- Name change from Docmode Health Technologies Limited to Doctrack Solutions Limited approved by MCA.
- Effective date of the name change and MOA/AOA alteration is July 28, 2026.
- Company reported a TTM revenue of ₹76 Cr against a market cap of only ₹11 Cr.
- Net loss for the trailing twelve months stands at ₹3 Cr with an operating margin of -0.9%.
- Promoter holding remains relatively low at 29.5% as of the latest filing.
Financial Performance
Revenue Growth by Segment
The company operates in a single business segment, 'Transforming Learning and Practice'. Consolidated revenue for FY25 was INR 4,177.29 Lacs, representing a 4.41% growth compared to INR 4,000.73 Lacs in FY24. However, H1 FY26 revenue of INR 1,784.68 Lacs showed a 12.59% decline compared to INR 2,041.81 Lacs in H1 FY25.
Geographic Revenue Split
The company has significant operations based in India, and management has determined there are no reportable geographical segments, indicating 100% of revenue is domestic.
Profitability Margins
The company reported a consolidated net loss of INR 202.64 Lacs in FY25, a significant decline from a profit of INR 18.76 Lacs in FY24. For H1 FY26, the net loss narrowed to INR 9.18 Lacs, a 78.5% improvement compared to the INR 52.13 Lacs loss in H1 FY25. Net profit margin for FY25 was -4.85%.
EBITDA Margin
Consolidated operating profit before working capital changes (EBITDA) for H1 FY26 was INR 89.11 Lacs, yielding an EBITDA margin of 4.99%. This is a substantial improvement over the FY25 EBITDA of INR 28.72 Lacs, which had a margin of only 0.69%.
Capital Expenditure
Not explicitly disclosed in the provided documents; however, depreciation for H1 FY26 was INR 11.34 Lacs compared to INR 29.92 Lacs for the full year FY25.
Credit Rating & Borrowing
Credit rating is not disclosed. Borrowing costs are significant, with interest expenses of INR 191.89 Lacs in FY25 (4.59% of revenue) and INR 85.09 Lacs in H1 FY26 (4.77% of revenue).
Operational Drivers
Raw Materials
As a technology and service-driven platform, specific physical raw materials are not applicable. The primary inputs are content development for medical education and IT infrastructure maintenance.
Capacity Expansion
Not applicable for the current service-based model; however, the company is expanding its service delivery capabilities globally through strategic partnerships with international CRO organizations.
Raw Material Costs
Not applicable as a service provider; however, operating expenses for H1 FY26 were INR 1,800.93 Lacs, exceeding revenue of INR 1,784.68 Lacs.
Manufacturing Efficiency
Not applicable; efficiency is measured by technology-driven delivery models and institutional partnership growth.
Logistics & Distribution
Distribution is handled through an exclusive reseller and distributor network to enhance market penetration.
Strategic Growth
Growth Strategy
Growth will be driven by aggressive revenue strategies in the global CRO and CRAMS markets, expanding the 'Transforming Learning and Practice' segment, and deepening engagement with pharmaceutical companies through an exclusive reseller and distributor network.
Products & Services
Continuing medical education (CME) platforms, clinical research services, and contract research and manufacturing services (CRAMS).
Brand Portfolio
Docmode.
New Products/Services
Expansion into traditional pharmaceutical and healthcare business models, specifically clinical research and contract services.
Market Expansion
Targeting both domestic and international expansion in the pharmaceutical research landscape.
Strategic Alliances
Strategic partnerships with pharmaceutical companies, research institutions, and international CRO organizations.
External Factors
Industry Trends
The healthcare research space is evolving with substantial opportunities in global CRO and CRAMS markets. There is a shift toward technology-driven delivery of medical education and a need for agile curriculum development due to shifting skill requirements.
Competitive Landscape
The company competes in the healthcare research and medical education technology sectors, facing competition from both traditional CROs and emerging ed-tech platforms.
Competitive Moat
The company's moat is built on its exclusive reseller and distributor network and strategic institutional partnerships, which are difficult for competitors to replicate quickly.
Consumer Behavior
Shifting skill requirements in the medical field are driving demand for continuous learning and updated medical education content.
Regulatory & Governance
Industry Regulations
The company is subject to the Information Technology Act, 2000, and must comply with standards set by regulatory bodies in the pharmaceutical and clinical research sectors.
Taxation Policy Impact
The company reported tax expenses of INR 12.92 Lacs in FY25.
Risk Analysis
Key Uncertainties
Technology obsolescence risk due to rapid innovation in ed-tech and execution risk stemming from internal quality lapses or external delays.
Geographic Concentration Risk
100% of operations are based in India, creating high domestic concentration risk.
Third Party Dependencies
Dependency on pharmaceutical companies and research institutions for strategic partnerships and revenue streams.
Technology Obsolescence Risk
High risk; requires constant investment in content and platform updates to remain competitive in the medical education space.
