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LYKALABS - Lyka Labs

📊 NSE: LYKALABS 🏢 Pharmaceuticals - Indian - Bulk Drugs & Formln 📅 Last Updated: 12/14/2025 9:20

📢 Recent Corporate Announcements

Lyka Labs Cost Auditors Rajaram Madhav Walavalkar & Co. Resign Effective March 5, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 06 Mar 2026, 03:52 PM

Lyka Labs Limited has announced the resignation of its Cost Auditors, Messrs Rajaram Madhav Walavalkar & Co., effective March 5, 2026. The firm resigned from its position for the financial year 2025-26, citing an inability to continue due to engagements in other professional assignments. The company disclosed this change in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015. This is a standard professional transition and does not indicate any underlying financial or operational issues.

Messrs Rajaram Madhav Walavalkar & Co. resigned as Cost Auditors effective March 5, 2026.
The resignation pertains to the audit responsibilities for the financial year 2025-26.
The reason cited for the resignation is the firm's engagement in other professional assignments.
The disclosure was made to the stock exchanges on March 6, 2026, following the auditor's letter dated March 5, 2026.

💡 Investors should treat this as a routine administrative change and monitor for the announcement of a successor auditor to ensure ongoing regulatory compliance.

Lyka Labs Amalgamation Update: NCLT Reserves Order Following FEMA Compliance Review

🔵 WATCH ⭐ 7/10

M&A 📅 20 Feb 2026, 10:08 PM

Lyka Labs Limited has provided a regulatory update regarding its ongoing Scheme of Amalgamation. The National Company Law Tribunal (NCLT) has reviewed the company's submissions and affidavits concerning FEMA compliance and Import Export Code guidelines. Following these submissions, the NCLT has officially reserved its order on the matter. This indicates that the judicial hearing phase is complete, and a final decision on the merger is expected shortly.

NCLT has reserved the final order regarding the Scheme of Amalgamation for Lyka Labs.
Company submitted compliance affidavits related to FEMA guidelines and Import Export Code as directed.
The update follows a previous regulatory intimation dated February 2, 2026.
The tribunal's jurisdiction covers both the Transferor and Transferee companies involved in the deal.

💡 Investors should await the final NCLT order as it will determine the legal completion of the merger. Monitor the stock for price sensitivity once the final judgment is made public.

Lyka Labs Amalgamation Update: NCLT Hearing Scheduled for February 19, 2026

🔵 WATCH ⭐ 7/10

M&A 📅 02 Feb 2026, 07:31 PM

Lyka Labs Limited has provided a procedural update regarding its ongoing Scheme of Amalgamation before the NCLT Ahmedabad Bench. During the hearing on January 29, 2026, the company confirmed it has complied with all previous tribunal orders. The NCLT is currently examining an affidavit filed by the company specifically regarding FEMA compliance. The matter has now been listed for a subsequent hearing on February 19, 2026.

NCLT Ahmedabad Bench reviewed the amalgamation application on January 29, 2026
Company confirmed compliance with all previous orders passed by the Hon’ble Tribunal
Tribunal is currently examining a specific affidavit regarding FEMA compliance
Next hearing for the amalgamation scheme is scheduled for February 19, 2026

💡 Investors should track the outcome of the February 19 hearing as the amalgamation is a significant corporate restructuring event. Maintain a watch on the stock for any volatility leading up to the final NCLT approval.

Lyka Labs Q3 Results: Standalone Profit Jumps to ₹2.7 Cr; Consolidated Swings to Loss

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 29 Jan 2026, 05:33 PM

Lyka Labs reported a mixed performance for the quarter ended December 31, 2025. On a standalone basis, the company saw a significant jump in net profit to ₹269.85 lakhs from ₹26.14 lakhs in the previous year. However, the consolidated results show a net loss of ₹15.12 lakhs compared to a profit of ₹270.40 lakhs in Q3 FY25, driven by a 9% decline in consolidated revenue. The company also accounted for a one-time impact of ₹11.41 lakhs related to new Labour Code regulations.

Standalone Net Profit surged to ₹269.85 lakhs from ₹26.14 lakhs YoY.
Consolidated Revenue from operations fell to ₹3,072.80 lakhs from ₹3,379.76 lakhs YoY.
Consolidated bottom line swung to a loss of ₹15.12 lakhs from a profit of ₹270.40 lakhs in the year-ago period.
Company paid a premium of ₹217.14 lakhs on the redemption of 1,08,570 preference shares, adjusted against General Reserve.
Recognized a one-time incremental impact of ₹11.41 lakhs under Employee Benefit Expenses due to new Labour Codes.

💡 Investors should exercise caution as the consolidated performance indicates significant weakness in subsidiaries, leading to an overall group loss despite standalone growth. Monitor the company's ability to stabilize consolidated margins in the upcoming quarters.

Lyka Labs Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 01:15 PM

Lyka Labs has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all dematerialization requests for the quarter ended December 31, 2025, were processed within prescribed timelines. It verifies that the security certificates were mutilated, cancelled, and the name of the depositories substituted in the register of members. This is a standard administrative filing required by all listed companies in India.

Compliance certificate submitted for the quarter ended December 31, 2025.
Registrar MUFG Intime India confirmed processing of dematerialization requests.
Securities comprised in the certificates are listed on BSE and NSE.
Physical certificates were mutilated and cancelled after due verification within timelines.

💡 No action is required from investors as this is a routine regulatory compliance filing with no impact on company fundamentals.

Lyka Labs to Close Trading Window from January 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Dec 2025, 03:29 PM

Lyka Labs Limited has announced the closure of its trading window effective from January 1, 2026, in compliance with SEBI insider trading regulations. This closure is a standard procedure ahead of the declaration of un-audited financial results for the quarter ending December 31, 2025. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the board meeting where results are approved. This is a mandatory regulatory requirement for all listed companies in India.

Trading window closure begins on January 1, 2026
Closure is related to the un-audited financial results for the quarter ended December 31, 2025
Window will reopen 48 hours after the official declaration of financial results
Restriction applies to all designated persons and their immediate relatives under SEBI regulations

💡 This is a routine regulatory announcement with no impact on company fundamentals; investors should monitor the upcoming Q3 results for actual performance updates.

Lyka Labs Amalgamation Order Delayed; NCLT Sets Next Hearing for January 29, 2026

🔵 WATCH ⭐ 7/10

M&A 📅 22 Dec 2025, 03:53 PM

Lyka Labs has provided an update regarding its Scheme of Amalgamation currently under review by the NCLT Ahmedabad Bench. While the order was previously reserved on December 5, 2025, the tribunal called for further clarifications on December 18, 2025. Consequently, the matter has now been scheduled for further consideration on January 29, 2026. This delay extends the timeline for the completion of the merger process for both the Transferor and Transferee companies.

NCLT Ahmedabad Bench had previously reserved the order on December 5, 2025.
The matter was listed for further clarification on December 18, 2025.
The next hearing for further consideration is scheduled for January 29, 2026.
The amalgamation involves both the Transferor and Transferee companies under the same jurisdiction.

💡 Investors should monitor the outcome of the January 29 hearing as it will determine the progress of the merger. The delay may cause short-term price volatility due to extended uncertainty.

LYKALABS: NCLT reserves order on Scheme of Amalgamation

🟡 NEUTRAL ⭐ 6/10

LEGAL 📅 05 Dec 2025, 04:00 PM

Lyka Labs Limited announced that the Hon’ble National Company Law Tribunal (NCLT), Ahmedabad Bench, has reserved its order regarding the Scheme of Amalgamation. This follows an earlier update on November 8th, 2025, and a last opportunity granted to the Income Tax counsel to file a reply. The Income Tax Department's counsel has stated no objection to the merger application. The company received a copy of the NCLT order on December 5th, 2025.

NCLT Ahmedabad Bench reserved its order on the Scheme of Amalgamation.
Income Tax Department's counsel has no objection to the merger application.
Company received NCLT order copy on December 5th, 2025.

💡 Investors should monitor further announcements from the company regarding the NCLT order. Review the company's website for more information on the amalgamation scheme.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 24.5% YoY to INR 138.50 Cr in FY25. However, Q2 FY26 revenue of INR 36.66 Cr showed a decline of 10.9% compared to INR 41.16 Cr in Q2 FY25. The business is primarily focused on pharmaceuticals and research activities.

Geographic Revenue Split

Not disclosed in available documents, though the company recognizes significant international trade receivables, indicating a substantial export component.

Profitability Margins

FY25 Net Profit Margin was 5.7% (INR 7.93 Cr profit on INR 138.50 Cr revenue), a significant turnaround from a net loss of INR 2.62 Cr in FY24. Standalone Q2 FY26 revenue was INR 32.97 Cr, contributing 90% of consolidated revenue.

EBITDA Margin

FY25 EBITDA margin was approximately 14.3% (INR 20.17 Cr EBITDA on INR 140.73 Cr total income). This represents a core profitability improvement from FY24 where the company reported a PBT loss of INR 0.93 Cr.

Capital Expenditure

Historical Capex for FY25 was INR 15.65 Cr, primarily directed towards Property, Plant and Equipment, which increased 64% from INR 46.87 Cr to INR 76.90 Cr.

Credit Rating & Borrowing

Not disclosed in available documents. However, finance costs decreased 53.6% YoY to INR 2.27 Cr in FY25 due to a 55.2% reduction in non-current borrowings from INR 42.91 Cr to INR 19.21 Cr.

⚙️ Operational Drivers

Raw Materials

Pharmaceutical APIs and intermediates represent the primary raw material cost, with Cost of Materials Consumed at INR 37.07 Cr (26.8% of revenue) and Purchase of Stock-in-Trade at INR 19.88 Cr (14.4% of revenue) in FY25.

Capacity Expansion

Major projects were commissioned in FY25 as Capital Work-In-Progress decreased from INR 21.97 Cr to INR 0.20 Cr, while Property, Plant and Equipment increased by INR 30.03 Cr.

Raw Material Costs

Total material costs (consumed + stock-in-trade) were INR 56.95 Cr in FY25, representing 41.1% of revenue. This is a critical driver as material costs grew 24.8% YoY, closely tracking revenue growth.

Logistics & Distribution

Other expenses, which include distribution, were INR 30.34 Cr in FY25, representing 21.9% of revenue.

📈 Strategic Growth

Expected Growth Rate

24.50%

Growth Strategy

Growth is driven by expansion in pharmaceutical formulations and research services. The strategy involves commissioning new capacity (INR 30 Cr increase in PPE), strengthening the balance sheet through equity warrants (INR 27.20 Cr raised), and leveraging subsidiaries like Lyka BDR International for specialized markets.

Products & Services

Pharmaceutical formulations, medicines, and pharmaceutical research services.

Brand Portfolio

Lyka

Market Expansion

The company operates through subsidiaries Lyka BDR International Limited and Lyka Exports Limited to target international and specialized pharmaceutical segments.

Strategic Alliances

Lyka BDR International Limited represents a strategic partnership in the pharmaceutical space.

🌍 External Factors

Industry Trends

The pharmaceutical industry is evolving towards higher research intensity and specialized formulations. Lyka is positioning itself by commissioning new PPE and maintaining a dedicated research division.

Competitive Moat

The company's moat is built on its established 'Lyka' brand and research capabilities. Sustainability depends on the successful recovery of international dues and maintaining the pace of product innovation.

Geopolitical Risks

International trade receivables are subject to geographic and regulatory risks, leading to recent credit loss provisions.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to pharmaceutical manufacturing standards and international trade regulations. The company maintains compliance with Ind AS and SEBI Listing Regulations.

Taxation Policy Impact

Effective tax rate for FY25 was 28.7% (INR 3.19 Cr tax on INR 11.12 Cr PBT).

Legal Contingencies

The company has pending litigations disclosed in Note 36 of the consolidated financial statements as of March 31, 2025. Specific case values were not provided in the snippets.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the recoverability of international trade receivables, which necessitated a INR 4.84 Cr provision in Q2 FY26, potentially impacting net margins by 10-15%.