Valiant Laboratories Limited (VALIANTLAB)
₹134.65 +5.00% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Valiant Laboratories' revenue was ₹115 Cr (+145.6% year on year, +25.0% on the previous quarter), and net profit ₹21.0 Cr; the operating margin was 25.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹115 | +145.6% | +25.0% |
| Operating profit | ₹29.0 | — | +502.9% |
| Net profit | ₹21.0 | — | — |
| EPS (₹) | 3.88 | +823.8% | — |
| Operating margin | 25.2% | — | — |
VALIANTLAB exchange data
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📢 Recent Corporate Announcements
Valiant Laboratories Limited submitted proceedings of its 5th Annual General Meeting held on September 28, 2026, attended by 38 members via video conferencing. The company transacted 18 resolutions, including approval of material related-party transactions with Valiant Organics, Aarti Pharmalabs, and Alchemie Speciality Chemicals. Managing Director Santosh Vora noted the achievement of a debt-free balance sheet (debt currently at Rs 1 Cr) following its Rights Issue and the commencement of commercial operations at subsidiary Valiant Advanced Sciences. Key resolutions also included director re-appointments, non-executive commissions, and shifting the registered office outside the existing ROC jurisdiction within Maharashtra.
- Concluded 5th AGM on September 28, 2026, with 38 members attending via VC/OAVM
- Transacted 18 resolutions, including 5 distinct approvals for material related-party transactions
- Managing Director highlighted debt-free status and operational launch of subsidiary Valiant Advanced Sciences
- Special resolutions proposed re-appointment of MD Santosh Vora for a 5-year term and shifting the registered office
Valiant Laboratories' Board has approved an investment not exceeding ₹70 lakh to acquire up to 1.01% equity and 3.60% CCPS in AMPYR Renewable Energy Resources Twelve A Private Limited. The transaction is structured under a group captive open access arrangement to source solar power for its Tarapur manufacturing facility. AMPYR reported a turnover of ₹23.26 crore in FY26 following commercial operations starting in May 2025. The investment is minor, representing less than 0.03% of Valiant's TTM revenue of ₹237 crore, and is expected to be completed within 12 months.
- Investment of up to ₹70 lakh in cash to acquire shares in AMPYR Renewable Energy Resources Twelve A
- Acquisition entails up to 1.01% equity share capital and up to 3.60% compulsorily convertible preference shares (CCPS)
- Target entity operates a solar power project in Dhule, Maharashtra with FY26 turnover of ₹23.26 crore
- Procurement of solar power targeted for the company's Tarapur plant under a group captive open access model
- Transaction expected to be completed in one or more tranches within 12 months
India Ratings and Research (Ind-Ra) has assigned credit ratings to Valiant Laboratories Limited's bank loan facilities of INR 560 million (₹56 crore). The agency assigned a long-term rating of 'IND BBB' with a 'Stable' outlook and a short-term rating of 'IND A2'. The ₹56 crore rated bank facility represents approximately 23.6% of the company's TTM revenue of ₹237 crore.
- Rating agency: India Ratings and Research (Ind-Ra)
- Rated bank loan facilities amount: INR 560 million (₹56 crore)
- Ratings assigned: IND BBB/Stable (long-term) and IND A2 (short-term)
- Rated limit represents ~23.6% of FY26 TTM revenue of ₹237.46 crore
Valiant Laboratories Limited has dispatched letters to shareholders who had not registered their email addresses as of August 28, 2026, providing web-links to the FY 2025-26 Annual Report and AGM Notice pursuant to Regulation 36(1)(b) of SEBI LODR. The company's 5th Annual General Meeting is scheduled to be held on Monday, September 28, 2026, at 11:30 AM IST via Video Conferencing. This is a standard statutory compliance filing with no impact on business operations or financials.
- 5th Annual General Meeting scheduled for Monday, September 28, 2026, at 11:30 AM IST via Video Conferencing
- Letters dispatched on September 03, 2026, to members whose email IDs were unregistered as on August 28, 2026
- Web-links provided for accessing the FY 2025-26 Annual Report and AGM Notice on the company website and stock exchanges
Valiant Laboratories Limited has submitted the Notice of its 5th Annual General Meeting scheduled for September 28, 2026, along with its Annual Report for FY 2025-26. For FY26, the company highlighted standalone total revenue of Rs 21,704 Lakhs (Rs 217.04 Cr) and standalone PAT of Rs 555 Lakhs (Rs 5.55 Cr). Operationally, the company noted the commencement of commercial production at its wholly-owned subsidiary, Valiant Advanced Sciences Private Limited (VASPL), in November 2025. The filing is a statutory annual dispatch of meeting details to shareholders.
- 5th Annual General Meeting scheduled for Monday, September 28, 2026 at 11:30 AM IST via Video Conferencing.
- Standalone FY26 total revenue stood at Rs 21,704 Lakhs with EBITDA of Rs 1,007 Lakhs and PAT of Rs 555 Lakhs.
- Wholly owned subsidiary VASPL commenced commercial operations in November 2025.
- Notice and Annual Report dispatched electronically to members registered as of August 28, 2026.
Valiant Laboratories has approved a significant investment of up to ₹60 crore in its wholly-owned subsidiary, Valiant Advanced Sciences Private Limited (VASPL), via 1% Optionally Convertible Redeemable Preference Shares. This investment represents approximately 25.3% of the company's TTM revenue and is aimed at meeting working capital needs for VASPL, which saw its turnover grow from ₹2.02 lakh in FY25 to ₹41.65 crore in FY26. The board also approved the re-appointment of Managing Director Santosh Vora for a five-year term starting February 2027 and the shifting of the registered office to Tarapur, Maharashtra.
- Approved investment of up to ₹60 crore in subsidiary VASPL, representing ~25.3% of TTM revenue
- VASPL turnover surged to ₹41.65 crore in FY26 from just ₹0.48 lakh in FY24
- Re-appointment of MD Santosh Vora for a 5-year term effective February 06, 2027
- Registered office shifting to Tarapur to align with manufacturing operations
- VASPL net worth stood at ₹156.18 crore as of March 31, 2026
Valiant Laboratories has approved a significant investment of up to ₹60 crore in its wholly-owned subsidiary, Valiant Advanced Sciences Private Limited (VASPL), via 1% Optionally Convertible Redeemable Preference Shares. This investment represents approximately 18.8% of the company's net worth and is intended to fund working capital and general corporate purposes for VASPL, which saw its turnover jump to ₹41.65 crore in FY26. The board also confirmed the re-appointment of Managing Director Santosh Vora for a five-year term starting February 2027, ensuring leadership continuity. Additionally, the company is shifting its registered office to its manufacturing base in Tarapur to streamline operations.
- Approved investment of up to ₹60 Crore in subsidiary VASPL, representing ~14% of the company's current market capitalization.
- VASPL turnover grew significantly to ₹41.65 Crore in FY 2025-26 from just ₹2.02 Lakh in the previous year.
- Managing Director Santosh Vora re-appointed for a 5-year term effective February 6, 2027.
- Registered office shifting to MIDC Tarapur, Boisar, aligning corporate location with the primary manufacturing facility.
- New corporate office to be opened in Vikhroli, Mumbai, for administrative and management functions.
Valiant Laboratories has approved an additional investment of up to ₹60 Crore in its wholly-owned subsidiary, Valiant Advanced Sciences Private Limited (VASPL), via 1% Optionally Convertible Redeemable Preference Shares. This investment, intended for working capital and general corporate purposes, is significant as it represents approximately 25% of the company's TTM revenue. The board also approved the re-appointment of Mr. Santosh Vora as Managing Director for a five-year term starting February 2027. Additionally, the company is shifting its registered office to Tarapur, Maharashtra, to align with its manufacturing base.
- Approved investment of up to ₹60 Crore in subsidiary VASPL, representing ~14% of the company's market capitalization.
- VASPL turnover showed rapid growth, reaching ₹41.65 Crore in FY26 from just ₹0.48 Lakh in FY24.
- Managing Director Santosh Vora re-appointed for a 5-year term effective February 6, 2027.
- Registered office shifting to Tarapur, Maharashtra, where the company's primary manufacturing facility is located.
- VASPL net worth stood at ₹156.18 Crore as of March 31, 2026.
Valiant Laboratories has approved a significant investment of up to ₹60 crore in its wholly-owned subsidiary, Valiant Advanced Sciences Private Limited (VASPL), via 1% Optionally Convertible Redeemable Preference Shares. This investment represents approximately 25.3% of the company's TTM revenue and is intended to fund working capital and strengthen VASPL's capital base. The board also approved the re-appointment of Mr. Santosh Vora as Managing Director for a five-year term starting February 2027. Additionally, the company is shifting its registered office to Tarapur and opening a new corporate office in Vikhroli, Mumbai.
- Approved investment of up to ₹60 crore in subsidiary VASPL, equivalent to ~25.3% of TTM revenue.
- VASPL reported a significant revenue jump to ₹41.65 crore in FY26 from just ₹2.02 lakh in FY25.
- Managing Director Santosh Vora re-appointed for a 5-year term effective February 6, 2027.
- Registered office shifting to Tarapur, Maharashtra, to align with manufacturing location.
- VASPL net worth stood at ₹156.18 crore as of March 31, 2026.
Valiant Laboratories reported a massive turnaround in Q1 FY27, with consolidated revenue reaching Rs 115.29 Cr, a 146% increase from Rs 46.82 Cr in Q1 FY26. Net profit surged to Rs 21.10 Cr, a significant jump from the Rs 1.82 Cr reported in the same quarter last year and the Rs 1.76 Cr in the preceding quarter. This single quarter's profit is substantially higher than the company's entire TTM loss of Rs 3 Cr. The growth appears driven by its subsidiary, which contributed almost the entirety of the consolidated income and profit.
- Revenue from operations grew 146% YoY to Rs 115.29 Cr from Rs 46.82 Cr.
- Net profit surged to Rs 21.10 Cr, representing a 1,059% increase over Q1 FY26.
- Quarterly EPS improved to Rs 3.89 from Rs 0.42 in the year-ago period.
- Subsidiary performance was the primary driver, contributing Rs 115.29 Cr to total income.
- Total expenses stood at Rs 89.95 Cr, with material costs accounting for approximately 54% of total income, down from historical levels of 83%.
Valiant Laboratories Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that no requests for dematerialization, mutilation, or cancellation of securities were received during the quarter ended June 30, 2026. This confirms that all securities of the company are currently held in dematerialized form. This is a standard administrative filing with no impact on business operations or financials.
- Zero requests received for dematerialization or rematerialization during the quarter ended June 30, 2026
- 100% of the company's securities are confirmed to be held in dematerialized form
- Compliance certificate issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
- Filing dated July 13, 2026, following the RTA confirmation on July 08, 2026
Valiant Laboratories Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is standard procedure ahead of the declaration of financial results for the quarter ending June 30, 2026. The restriction applies to all directors, promoters, and designated persons of the company. The trading window will reopen 48 hours after the financial results are officially declared to the exchanges.
- Trading window closure effective from July 1, 2026
- Closure is for the purpose of declaring financial results for the quarter ended June 30, 2026
- Window remains closed until 48 hours after the financial results are announced
- Restriction applies to Directors, Promoters, Promoter Group, and Designated Persons
Valiant Laboratories Limited has responded to a clarification request from the National Stock Exchange regarding its financial results for the quarter and year ended March 31, 2025. The company explained that its Statutory Auditor, Raman S. Shah & Co., inadvertently omitted a mandatory note required under SEBI Master Circular guidelines. This note clarifies that the Q4 figures are balancing figures between the audited full-year results and the audited year-to-date figures for the first nine months. The company has now provided the missing text and confirmed it will be included in all future filings.
- NSE sought clarification on July 1, 2025, regarding Regulation 33 of SEBI LODR Regulations.
- Statutory Auditor Raman S. Shah & Co. missed a mandatory disclosure note in the FY25 audit report.
- The missing note confirms Q4 FY25 results are balancing figures between full-year and 9-month audited data.
- The company has rectified the omission and committed to compliance in all future stock exchange filings.
Valiant Laboratories has provided clarifications to the NSE regarding its FY26 financial results, addressing missing segment disclosures and auditor notes. The company clarified that its operations, including its subsidiary's production of raw materials, form a single integrated business segment. Financially, the company achieved a significant turnaround, reporting a standalone net profit of ₹554.82 Lakhs in FY26 compared to a loss of ₹215.02 Lakhs in FY25. Revenue from operations also grew by 62.7% year-on-year to ₹21,704.25 Lakhs.
- Standalone Revenue from Operations increased 62.7% YoY to ₹21,704.25 Lakhs in FY26.
- Company turned profitable with a Net Profit of ₹554.82 Lakhs in FY26 versus a loss of ₹215.02 Lakhs in FY25.
- Q4 FY26 Standalone Revenue reached ₹6,530.34 Lakhs compared to ₹5,777.00 Lakhs in the same quarter last year.
- Clarified that the group operates as a single business segment under Ind AS 108 due to integrated manufacturing.
- Revised Auditor's Report issued to include the mandatory balancing figure note for the final quarter.
Valiant Laboratories Limited has received a GST order confirming a tax demand of ₹18 Lakhs and an equivalent penalty of ₹18 Lakhs for the period April 2023 to March 2024. The demand is specifically related to Corporate Guarantees. Importantly, the adjudicating authority dropped much larger previous allegations regarding ₹2.85 Crore in ineligible Input Tax Credit on IPO expenses and a ₹9.31 Crore turnover mismatch. The company is currently evaluating legal options, including an appeal.
- Confirmed GST demand of ₹18 Lakhs and a penalty of ₹18 Lakhs regarding Corporate Guarantees.
- The authority dropped significant allegations of ₹2.85 Crore related to ineligible ITC on IPO expenses.
- A turnover mismatch allegation of approximately ₹9.31 Crore for FY 2021-22 was also dismissed.
- The order was issued by the Office of the Joint Commissioner, CGST & C. Ex., Navi Mumbai Commissionerate.
- The company is considering filing an appeal against the confirmed demand and penalty.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for the half-year ended September 30, 2025, grew by 130.47% YoY to INR 9,302.52 Lakhs from INR 4,036.33 Lakhs, primarily driven by the Paracetamol API segment.
Profitability Margins
Net Profit Margin (Consolidated) for the 6 months ended September 30, 2025, was 2.17% (INR 202.10 Lakhs profit), a significant recovery from a negative margin in the previous year's corresponding period (INR 525.01 Lakhs loss).
EBITDA Margin
Operating Profit Margin was reported at 1.97% for the period ending September 30, 2025, reflecting tight core profitability due to high material costs.
Capital Expenditure
Capital expenditure for the 6 months ended September 30, 2025, included INR 1,904.24 Lakhs for the purchase of property, plant, and equipment, including capital advances.
Credit Rating & Borrowing
The credit rating was downgraded to 'CRISIL BB+/Stable Issuer not cooperating' from 'CRISIL BBB/Negative'. Finance costs for the 6 months ended September 30, 2025, were INR 20.92 Lakhs.
Operational Drivers
Raw Materials
Specific chemical names are not disclosed, but 'Cost of Materials Consumed' represents 83.66% of total revenue (INR 7,783.16 Lakhs).
Capacity Expansion
The company utilized proceeds from a Rights Issue (July 2025) for business objects; current manufacturing is concentrated at the Tarapur, Maharashtra facility.
Raw Material Costs
Raw material costs reached INR 7,783.16 Lakhs for the 6 months ended September 30, 2025, representing 83.66% of revenue, up from 90.06% in the previous year's corresponding period.
Strategic Growth
Growth Strategy
Growth is targeted through the utilization of Rights Issue proceeds (July 2025) to fund business objects and leveraging its established 1980 foundation in specialized Paracetamol API manufacturing.
Products & Services
Paracetamol (Active Pharmaceutical Ingredient).
Brand Portfolio
Valiant Laboratories.
Strategic Alliances
The company operates through its subsidiary, Valiant Advanced Sciences Private Limited.
External Factors
Industry Trends
The API industry is seeing a shift towards domestic manufacturing in India; Valiant is positioned as a Paracetamol specialist with a long-standing facility in Tarapur, Maharashtra.
Competitive Moat
Durable advantage stems from a long-standing operational history since 1980 and specialized manufacturing scale in Paracetamol API, which is a high-volume essential medicine.
Regulatory & Governance
Industry Regulations
Operations are subject to pharmaceutical manufacturing standards for APIs and SEBI Regulation 29 (Listing Obligations).
Taxation Policy Impact
The effective tax rate for the 6 months ended September 30, 2025, was approximately 36.8% (INR 117.99 Lakhs tax on INR 320.09 Lakhs PBT).
Legal Contingencies
Fines were imposed by BSE and NSE for non-compliance with Regulation 29 of SEBI (LODR) Regulations, 2015, as noted in the November 2025 board comments.
Risk Analysis
Key Uncertainties
High raw material cost concentration (83.66% of revenue) and regulatory compliance risks are the primary business uncertainties.
Geographic Concentration Risk
100% of manufacturing operations are concentrated in Tarapur, Maharashtra, creating regional risk.
Third Party Dependencies
High dependency on material suppliers due to the high proportion of material costs in the total cost structure (83.66%).
