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Vaishali Pharma Limited (VAISHALI)

₹7.81 +0.26% last close, 16 Oct

📊 NSE: VAISHALI 🏢 Pharmaceuticals 📢 Latest filing: 04 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Vaishali Pharma's revenue was ₹22.9 Cr, and net profit ₹1.5 Cr; the operating margin was 6.5%.

Q1 FY27 (₹ Cr)	Value	YoY	QoQ
Revenue	₹22.9	—	-15.0%
Operating profit	₹1.5	—	from loss
Net profit	₹1.5	—	+277.1%
EPS (₹)	0.12	—	+300.0%
Operating margin	6.5%	—	—

Full quarterly financials → Results calendar →

VAISHALI delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 58.79% of the VAISHALI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 68.0%. That is close to its usual level. Turnover was only ₹8 lakh, so a handful of trades can move this figure.

58.79%Delivery, 16 Oct

68.0%Own 20-session average

0.6×Volume vs its average

₹7.81NSE close · +0.26%

Delivery in the last 5 sessions: 54.6% · 58.9% · 70.6% · 60.8% · 58.8%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Vaishali Pharma Receives NSE Approval to List 45.38 Lakh Preferential Equity Shares

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 04 Sep 2026, 03:54 PM

Vaishali Pharma Limited has received in-principle/listing approval from the National Stock Exchange of India (NSE) vide letter dated September 03, 2026. The approval covers the listing and trading of 45,37,865 equity shares of face value Rs. 2/- each allotted on a preferential basis. The admission to dealings remains subject to confirmation of credit of shares from depositories (NSDL/CDSL).

Received NSE listing approval for 45,37,865 equity shares of face value Rs. 2/- each
Shares were allotted on a preferential basis (distinctive numbers 130462131 to 134999995)
NSE approval letter Ref No. NSE/LIST/56477 dated September 03, 2026
Final trading commencement is subject to NSDL and CDSL depository credit confirmation

💡 Track the subsequent circular from the exchange for the formal date of commencement of trading of these preferential shares and check for potential equity dilution impact.

Vaishali Pharma Sets Sep 17, 2026 Record Date and Sep 18-24 Book Closure for 19th AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 08:38 PM

Vaishali Pharma Limited has scheduled its 19th Annual General Meeting (AGM) for Thursday, September 24, 2026. The Register of Members and Share Transfer Books will be closed from September 18, 2026, to September 24, 2026 (both days inclusive). The company has fixed September 17, 2026, as the cut-off/record date to determine shareholder eligibility for e-voting. Remote e-voting will commence on September 21, 2026 (09:00 AM IST) and conclude on September 23, 2026 (05:00 PM IST).

19th Annual General Meeting scheduled for September 24, 2026
Book closure fixed from September 18, 2026 to September 24, 2026 (both days inclusive)
Record date / cut-off date for e-voting eligibility set as September 17, 2026
E-voting period runs from September 21, 2026 (09:00 AM IST) to September 23, 2026 (05:00 PM IST)

💡 Eligible shareholders holding shares as of September 17, 2026, can participate in e-voting from September 21 to September 23, 2026, on resolutions outlined in the forthcoming AGM notice.

Vaishali Pharma Sets Record Date as September 17, 2026 for 19th AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 08:32 PM

Vaishali Pharma Limited has scheduled its 19th Annual General Meeting (AGM) for September 24, 2026. The company has fixed September 17, 2026, as the record date and cut-off date to determine shareholder eligibility for e-voting. The share transfer books and register of members will remain closed from September 18, 2026, to September 24, 2026. The remote e-voting window will open on September 21, 2026, at 09:00 AM IST and conclude on September 23, 2026, at 05:00 PM IST.

19th Annual General Meeting scheduled for September 24, 2026
Record/cut-off date for e-voting eligibility set for September 17, 2026
Book closure period runs from September 18, 2026, to September 24, 2026
Remote e-voting window opens September 21, 2026 (09:00 AM) and closes September 23, 2026 (05:00 PM)

💡 Shareholders seeking to vote on AGM resolutions should ensure their shareholding is established on or before the September 17, 2026 record date.

Vaishali Pharma Schedules 19th AGM on September 24, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 08:25 PM

Vaishali Pharma has issued the notice for its 19th Annual General Meeting (AGM) scheduled for Thursday, September 24, 2026, at 12:00 PM IST via video conferencing. The cut-off date for determining voting eligibility is September 17, 2026, with remote e-voting open from September 21 to September 23, 2026. Share transfer books and the Register of Members will remain closed from September 18 to September 24, 2026. Ordinary business includes adopting the FY26 audited financial statements and the re-appointment of retiring Whole-Time Director Mrs. Jagruti Atul Vasani.

19th Annual General Meeting scheduled for September 24, 2026 at 12:00 PM via VC/OAVM
Cut-off date for e-voting eligibility set as Thursday, September 17, 2026
Remote e-voting window runs from September 21 (09:00 AM) to September 23, 2026 (05:00 PM)
Book closure period fixed from September 18, 2026 to September 24, 2026
Ordinary business includes re-appointment of Director Mrs. Jagruti Atul Vasani

💡 Eligible shareholders holding shares on the cut-off date of September 17, 2026 may cast their votes via remote e-voting between September 21 and September 23, 2026.

Vaishali Pharma Independent Director Bhaveshkumar Upadhyay Resigns Effective Aug 14, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 14 Aug 2026, 08:07 PM

Vaishali Pharma Limited has announced the resignation of Bhaveshkumar Popatlal Upadhyay from his position as Non-Executive Independent Director, effective after business hours on August 14, 2026. The director cited personal and unavoidable circumstances, confirming there are no other material reasons for the departure. He holds no other directorships in listed entities. The resignation comes as the company closed FY26 with a revenue of Rs 85.03 Cr and net profit of Rs 2.92 Cr.

Non-Executive Independent Director Bhaveshkumar Popatlal Upadhyay resigned effective August 14, 2026.
The reason stated for resignation was personal and unavoidable circumstances with no other material reasons.
Director holds NIL other directorships across listed entities.

💡 Monitor upcoming corporate filings for the appointment of a replacement independent director to maintain SEBI-mandated board composition.

Vaishali Pharma Approves Q1 FY27 Results; 19th AGM Scheduled for Sept 24, 2026

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 14 Aug 2026, 03:55 PM

Vaishali Pharma's board approved the unaudited financial results for the first quarter ended June 30, 2026, during its meeting on August 14, 2026. The company also finalized the 19th Annual General Meeting (AGM) for September 24, 2026, and set the book closure period from September 18 to September 24. This follows a fiscal year (FY26) where the company reported a revenue of Rs 85.03 Cr and a net profit of Rs 2.92 Cr. Investors are monitoring the company's strategic shift from low-margin API trading to high-margin formulations to improve its 3.23% operating margin.

Board approved Q1 FY27 unaudited financial results on August 14, 2026.
19th Annual General Meeting (AGM) scheduled for September 24, 2026, via video conferencing.
Book closure period for the AGM set from September 18 to September 24, 2026.
Company reported FY26 annual revenue of Rs 85.03 Cr with a net profit of Rs 2.92 Cr.
Strategic goal remains reaching Rs 500 Cr revenue in 5 years by increasing formulation share to 50%.

💡 Investors should examine the Q1 FY27 results to verify if the operating margin is expanding beyond the FY26 level of 3.23% as the company pivots toward branded formulations.

Vaishali Pharma Submits Routine Q1 FY27 Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 15 Jul 2026, 05:04 PM

Vaishali Pharma Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Pvt. Ltd., covers the period from April 1, 2026, to June 30, 2026. It confirms that the necessary details regarding the dematerialization and rematerialization of securities have been furnished to the stock exchanges. This is a standard procedural filing required for all listed entities to ensure the integrity of shareholding records.

Covers the first quarter ended June 30, 2026
Certificate issued by Registrar and Share Transfer Agent, Bigshare Services Pvt. Ltd.
Confirms compliance with SEBI (Depositories and Participants) Regulations, 2018
Filing submitted to the National Stock Exchange on July 15, 2026

💡 This is a routine administrative filing with no impact on business fundamentals. Investors should monitor the company's upcoming quarterly financial results for performance updates.

Vaishali Pharma Shareholders Approve MD Re-appointment and CFO Remuneration Hike

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 04 Jul 2026, 07:59 PM

Vaishali Pharma Limited has announced the successful passage of four special resolutions via postal ballot as of July 4, 2026. Shareholders approved the re-appointment of Mr. Atul Arvind Vasani as Managing Director and Mrs. Jagruti Vasani as Whole-Time Director. Additionally, an increase in remuneration for the Director cum CFO, Mr. Dewansh Ajay Vasani, was approved with 99.85% of public non-institutional votes in favor. The voting process involved 27,360 shareholders on record as of May 22, 2026.

4 special resolutions were passed including re-appointments and remuneration increases
27,360 total shareholders were on record for the postal ballot as of May 22, 2026
99.85% of public non-institutional votes supported the remuneration hike for the CFO
41,160,190 promoter shares were excluded from voting on MD, WTD, and CFO resolutions due to interest
99.97% total votes in favor for the re-appointment of the Independent Director

💡 Investors should monitor if the retained management can execute the stated strategy of shifting revenue mix from 60% API trading to 50% high-margin formulations to improve margins from 16% to 25%.

45.37 Lakh shares allotted to Kesar Pharma for 26.95% stake acquisition

🟢 POSITIVE ⭐ 7/10

M&A 📅 03 Jul 2026, 08:29 PM

Vaishali Pharma has completed the allotment of 45,37,865 equity shares at an issue price of Rs 20 per share to Kesar Pharma Limited (KPL). This is a non-cash transaction valued at Rs 9.08 Cr, executed as a share swap to acquire a 26.95% stake in KPL. The allotment increases Vaishali's total paid-up equity shares to 13.50 Cr, with KPL now holding a 3.36% stake in the company. This move aligns with the company's strategy to expand its pharmaceutical footprint through strategic investments.

Allotment of 45,37,865 equity shares at Rs 20 per share (including Rs 18 premium)
Acquisition of 26.95% stake in Kesar Pharma Limited via share swap
Total transaction value of Rs 9.08 Cr, representing approximately 13.1% of Vaishali's net worth
Paid-up equity capital increased from Rs 26.09 Cr to Rs 27.00 Cr
Kesar Pharma Limited now holds a 3.36% post-preferential stake in Vaishali Pharma

💡 Investors should monitor the financial performance of Kesar Pharma Limited as an associate company and observe how this acquisition aids Vaishali's target of reaching Rs 500 Cr revenue in 5 years.

4.54M shares allotted to Kesar Pharma for 26.95% stake acquisition via share swap

🟢 POSITIVE ⭐ 7/10

M&A 📅 03 Jul 2026, 08:27 PM

Vaishali Pharma has completed the allotment of 4,537,865 equity shares at Rs. 20 per share to Kesar Pharma Limited (KPL). This is a non-cash transaction valued at Rs. 9.08 crore, executed as a share swap to acquire a 26.95% stake in KPL. The move aligns with the company's stated strategy to shift its revenue mix toward high-margin formulations. Post-allotment, KPL holds a 3.36% stake in Vaishali Pharma, and the total paid-up shares have increased to 13.49 crore.

Allotment of 4,537,865 equity shares at an issue price of Rs. 20 per share
Acquisition of a 26.95% stake in Kesar Pharma Limited for a total consideration of Rs. 9.08 crore
Paid-up equity share capital increased from 13.04 crore shares to 13.49 crore shares
Kesar Pharma Limited now holds a 3.36% post-issue stake in Vaishali Pharma
Transaction executed as a share swap (consideration other than cash)

💡 Investors should monitor the operational integration of Kesar Pharma and how this minority stake contributes to Vaishali's goal of increasing formulation margins from 16% to 25%.

Vaishali Pharma to Increase Authorized Capital to ₹29 Cr; Defers 6.12 Million Share Issuance

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 02 Jul 2026, 08:30 PM

Vaishali Pharma's Board has approved an increase in the company's authorized share capital from ₹27 crore to ₹29 crore, pending shareholder approval via postal ballot. This move expands the ceiling for potential future equity issuances. However, the Board notably deferred a proposal to issue and allot 6,123,000 equity shares (face value ₹2 each). This deferral indicates a pause in immediate equity-based fundraising or corporate actions, despite the company's stated long-term goal of reaching ₹500 crore in revenue.

Authorized Share Capital to be increased by ₹2,00,00,000 to a total of ₹29,00,00,000.
Total authorized equity shares to increase from 13.50 crore to 14.50 crore shares of ₹2 each.
Proposal for the allotment of 61,23,000 equity shares was deferred by the Board.
The Board meeting concluded within 50 minutes (19:30 to 20:20 IST).

💡 Monitor the upcoming Postal Ballot results for the capital increase and watch for any future disclosures regarding the deferred 6.12 million share issuance to understand the company's funding strategy.

Vaishali Pharma to Close Trading Window from July 1, 2026 for Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 05:27 PM

Vaishali Pharma Limited has announced the closure of its trading window effective July 1, 2026, as per SEBI Insider Trading regulations. This closure is in anticipation of the un-audited financial results for the first quarter ending June 30, 2026. The restriction applies to all designated persons, including directors, officers, and auditors, preventing them from trading in the company's equity shares. The trading window will remain closed until 48 hours after the financial results are officially released to the public.

Trading window closure starts on July 1, 2026
Closure is for the consideration of Q1 FY27 un-audited financial results
Restriction applies to all Directors, Officers, and Designated Employees
Window will reopen 48 hours after the results are made public

💡 This is a routine regulatory filing and requires no immediate action from investors. Monitor the company's upcoming announcements for the specific date of the Q1 earnings release.

Vaishali Pharma to Receive Rs 2.15 Lakh Cash from KPL to Align Share Swap Valuation

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 18 Jun 2026, 03:57 PM

Vaishali Pharma Limited is addressing a valuation discrepancy regarding its preferential issue of 61,23,000 equity shares to Kesar Pharma Limited (KPL). The company originally valued KPL shares at Rs 56.89 for the swap, but the registered valuer's report cited Rs 56.79, a difference of Rs 0.10 per share. To satisfy NSE's observations for in-principle approval, KPL will pay the aggregate differential of Rs 2,15,258 in cash to Vaishali Pharma. This adjustment ensures the transaction aligns perfectly with the valuation report and regulatory requirements.

Preferential issuance of up to 61,23,000 equity shares to Kesar Pharma Limited (KPL) via share swap.
Acquisition involves 21,52,575 equity shares of KPL.
Valuation discrepancy of Rs 0.10 per share identified between company calculation and valuer report.
KPL to pay Rs 2,15,258 in cash to bridge the valuation gap for regulatory compliance.
Adjustment made specifically to address National Stock Exchange (NSE) observations for in-principle approval.

💡 Investors should view this as a routine regulatory correction that clears the path for the completion of the preferential issue. Monitor for the final in-principle approval from the NSE to confirm the transaction's progress.

Vaishali Pharma Proposes Re-appointment of MD and WTD, and CFO Remuneration Hike

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 03 Jun 2026, 12:59 PM

Vaishali Pharma Limited has issued a postal ballot notice seeking shareholder approval for the re-appointment of its core leadership team for five-year terms. This includes Managing Director Atul Arvind Vasani and Whole-Time Director Jagruti Vasani, both for terms ending in May 2031. Additionally, the company is proposing a second five-year term for Independent Director Pratik Vikram Jakhelia and an increase in remuneration for CFO Dewansh Ajay Vasani. The voting process will be conducted electronically between June 4 and July 3, 2026.

Proposed 5-year re-appointment of Managing Director Atul Arvind Vasani effective from May 23, 2026.
Proposed 5-year re-appointment of Whole-Time Director Jagruti Vasani effective from May 23, 2026.
Resolution to increase the remuneration payable to Dewansh Ajay Vasani, Director and CFO.
Re-appointment of Pratik Vikram Jakhelia as Independent Director for a second term until September 30, 2031.
E-voting period scheduled from June 4, 2026, to July 3, 2026, with results by July 7, 2026.

💡 Investors should monitor the voting results to ensure leadership continuity and review the explanatory statement to assess if the CFO's remuneration hike is justified by company performance.

Vaishali Pharma Approves Audited Q4 and FY26 Financial Results

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 30 May 2026, 11:02 PM

The Board of Directors of Vaishali Pharma Limited met on May 30, 2026, to approve the audited standalone and consolidated financial results for the quarter and fiscal year ended March 31, 2026. The meeting was held late in the evening, concluding at 10:50 P.M. This announcement confirms the completion of the annual audit process in compliance with SEBI regulations. While specific financial figures were not detailed in the cover letter, the approval marks the formal release of the company's performance data for the 2025-26 fiscal year.

Board approved Audited Standalone and Consolidated Financial Results for the year ended March 31, 2026.
The meeting was conducted on May 30, 2026, starting at 10:00 P.M. and ending at 10:50 P.M.
The submission includes the Audit Report for both the fourth quarter and the full financial year.
Compliance maintained under Regulation 30 and 33 of SEBI (LODR) Regulations, 2015.

💡 Investors should review the detailed financial tables in the attached Annexure I to assess revenue growth and margin stability. Compare the full-year FY26 performance against FY25 to determine the company's growth trajectory.

View All VAISHALI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in two primary segments: API (Active Pharmaceutical Ingredients) which contributes 60% of revenue, and Formulations/Surgical/Veterinary which contributes 40%. Revenue from operations grew 14.77% YoY to INR 99.03 Cr in FY25 from INR 86.28 Cr in FY24.

Geographic Revenue Split

Domestic sales account for 50-55% of revenue, while export business contributes 40-45%. The company has a presence in 40+ countries, with strategic partnerships in Russia, Kenya, and D.R. Congo.

Profitability Margins

Net profit margin for 9M FY24 was 9.82% (INR 5.40 Cr). However, for the full year FY25, Profit Before Tax stood at INR 1.23 Cr on a total income of INR 102.23 Cr, representing a PBT margin of approximately 1.2%. The company aims to expand EBITDA margins to 25% within five years by shifting focus to high-margin formulations.

EBITDA Margin

EBITDA margin was 16.45% for 9M FY24 (EBITDA of INR 9.05 Cr) but showed volatility, dipping to 12.05% in Q3 FY24. The company is targeting a long-term sustainable EBITDA margin of 25% through product mix optimization.

Capital Expenditure

Not explicitly disclosed in absolute INR Cr, but the company is actively 'boosting production capacity' and scaling up operations to meet surging demand in international markets.

Credit Rating & Borrowing

Finance costs were INR 1.58 Cr in FY25, a decrease of 8.86% from INR 1.74 Cr in FY24, suggesting improved debt management or lower utilization of credit lines.

⚙️ Operational Drivers

Raw Materials

Active Pharmaceutical Ingredients (APIs) represent the primary raw material for the formulation segment, while stock-in-trade purchases for the trading business accounted for INR 90.10 Cr (91% of revenue) in FY25.

Import Sources

Sourced from domestic and international markets; specific countries are not named, but the company maintains an office in Vietnam and partnerships in Russia and Africa for trade and distribution.

Capacity Expansion

Current warehouse capacity is over 100 tonnes in Bhiwandi, Maharashtra. The company is scaling production capacity to cater to international demand, supported by WHO-GMP, EU-GMP, and USFDA approved facilities.

Raw Material Costs

Purchases of stock-in-trade reached INR 90.10 Cr in FY25, up 25.59% from INR 71.75 Cr in FY24. This high cost-to-revenue ratio reflects the company's significant trading and marketing operations.

Manufacturing Efficiency

The company utilizes WHO-GMP and USFDA approved facilities to ensure high-quality standards, which acts as a barrier to entry and improves acceptance in regulated markets.

Logistics & Distribution

Distribution is handled through a network of 1,000+ customers across 35+ locations globally.

📈 Strategic Growth

Expected Growth Rate

38%

Growth Strategy

The company plans to reach INR 500 Cr revenue in 5 years by shifting the revenue mix from 60% API to a 50/50 split with high-margin formulations. Strategy includes registering new brands in export markets, expanding the veterinary business in Russia, and leveraging the Sankalp Life Care partnership for nutraceuticals.

Products & Services

Active Pharmaceutical Ingredients (APIs), pharmaceutical formulations, surgical products (including gloves and medical disposables), veterinary supplements, herbal products, nutraceuticals, and oncology medicines.

Brand Portfolio

Vaishali Pharma, Sankalp Life Care (marketing operations).

New Products/Services

Continuous registration of new brands in the formulation and veterinary segments is expected to drive the margin expansion from 16% to 25%.

Market Expansion

Targeting expansion in Russia (veterinary), Kenya, D.R. Congo, and Vietnam. The company recently participated in CPHI Barcelona to increase global visibility.

Market Share & Ranking

Positioned as a leading player in Russia's veterinary product domain within just two years of entry.

Strategic Alliances

Strategic partnership with Sankalp Life Care to oversee and operate their domestic and international marketing operations for nutraceuticals.

🌍 External Factors

Industry Trends

The industry is shifting toward specialized nutraceuticals and veterinary health. Vaishali is positioning itself by moving from pure API trading to a brand-led formulation model to capture higher value-add.

Competitive Landscape

Competes with both domestic API traders and international formulation players in emerging markets.

Competitive Moat

Moat is built on 'Strong Entry Barriers' created by requisite registrations and certifications (WHO-GMP, USFDA) and a portfolio of 250+ registered brands which are difficult for new entrants to replicate quickly.

Macro Economic Sensitivity

Highly sensitive to global pharmaceutical supply chain shifts and healthcare spending in emerging markets like Africa and CIS countries.

Consumer Behavior

Increased global focus on preventive health is driving demand for the company's herbal and nutraceutical segments.

Geopolitical Risks

Operations in Russia and African nations expose the company to regional geopolitical instability and changes in import regulations.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by WHO-GMP, EU-GMP, and USFDA manufacturing standards. Compliance with diverse regulatory requirements of 40+ countries is mandatory for brand registrations.