Walpar Nutritions Limited (WALPAR)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Walpar Nutritions' revenue was ₹42.3 Cr (+7.8% year on year, +15.9% on the previous half-year), and net profit ₹1.5 Cr (+7.9% year on year); the operating margin was 8.8%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹42.3 | +7.8% | +15.9% |
| Operating profit | ₹3.7 | +20.8% | +26.5% |
| Net profit | ₹1.5 | +7.9% | +0.0% |
| EPS (₹) | 1.26 | +13.5% | -8.0% |
| Operating margin | 8.8% | — | — |
📢 Recent Corporate Announcements
Walpar Nutritions Limited has announced the closure of its Register of Members and Share Transfer Books from September 16, 2026 to September 23, 2026 (both days inclusive) for its 6th Annual General Meeting. The cut-off date for determining shareholders eligible to receive the AGM notice was August 21, 2026. The cut-off date for e-voting participation has been set for September 16, 2026. This is a standard annual regulatory compliance filing.
- Book closure period set from September 16, 2026 to September 23, 2026 (both days inclusive)
- Cut-off date for sending AGM notice was August 21, 2026
- Cut-off date for AGM e-voting eligibility set for September 16, 2026
- Filing conducted for convening the company's 6th Annual General Meeting
Walpar Nutritions Limited has submitted its Annual Report for FY 2025-26 and scheduled its 6th Annual General Meeting (AGM) for September 23, 2026. Key agenda items include the adoption of FY26 financial statements, the re-appointment of statutory auditors M/s. A Y & Company for a second 5-year term, and director re-appointments. Financial disclosures reveal undisputed trade receivables of ₹2,345.43 Lakhs as of March 31, 2026, alongside an increase in the Debt-to-Equity ratio to 0.89 from 0.47 in the previous year.
- 6th Annual General Meeting scheduled for September 23, 2026, through video conferencing.
- Proposed re-appointment of M/s. A Y & Company as Statutory Auditors for a 5-year term.
- Undisputed trade receivables stood at ₹2,345.43 Lakhs as of March 31, 2026, up from ₹2,118.20 Lakhs in FY25.
- Debt-to-Equity ratio increased to 0.89 as of March 31, 2026, compared to 0.47 in FY25 due to higher borrowings.
Walpar Nutritions Limited held a board meeting on August 29, 2026, approving the re-appointment of four Non-Executive Independent Directors for a second 5-year term from December 16, 2026 to December 15, 2031. The board also approved the re-appointment of M/s. A Y & Company as Statutory Auditors for a 5-year term spanning FY 2026-27 to FY 2030-31. Additionally, approvals were granted for material related-party transactions with Walpar Wellness, Walpar Nutri Science, Steer Peau Dermo Cosmetique, and Pallota Nutritions. All appointments and approvals are subject to shareholder voting at the 6th Annual General Meeting scheduled for September 23, 2026.
- Re-appointment of 4 Independent Directors (Mr. Rupesh Shah, Mr. Jayshukh Detroja, Mr. Tapan Patel, Mr. Nehalkumar Shah) for a 5-year term from December 16, 2026 to December 15, 2031
- M/s. A Y & Company re-appointed as Statutory Auditors for 5 consecutive financial years (FY 2026-27 to FY 2030-31)
- Approved material related party transactions with four entities including Walpar Wellness and Walpar Nutri Science
- 6th Annual General Meeting scheduled for September 23, 2026 via Video Conferencing
Walpar Nutritions' board approved the appointment of M/s. A Y & Company, Chartered Accountants, as Statutory Auditors for a 5-year term from FY 2026-27 to FY 2030-31, subject to shareholder approval. The board also recommended the re-appointment of 4 Non-Executive Independent Directors for a second 5-year term starting December 16, 2026. Additionally, material related party transactions with four entities (including Walpar Wellness and Walpar Nutri Science) were approved ahead of the 6th Annual General Meeting scheduled for September 23, 2026.
- Re-appointed M/s. A Y & Company as Statutory Auditors for a 5-year tenure spanning FY 2026-27 to FY 2030-31
- Re-appointed 4 Independent Directors for a second 5-year term effective December 16, 2026 to December 15, 2031
- Approved material Related Party Transactions with 4 entities: Walpar Wellness, Walpar Nutri Science, Steer Peau Dermo Cosmetique, and Pallota Nutritions
- Scheduled 6th Annual General Meeting for Wednesday, September 23, 2026 via Video Conferencing
Walpar Nutritions' Board approved the re-appointment of M/s. A Y & Company as Statutory Auditors for a 5-year term from FY 2026-27 to FY 2030-31. The Board also approved second 5-year terms for four Non-Executive Independent Directors starting December 16, 2026. Additionally, material related-party transactions with four entities (including Walpar Wellness and Walpar Nutri Science) were approved subject to shareholder voting at the 6th AGM on September 23, 2026.
- Re-appointed M/s. A Y & Company as Statutory Auditors for 5 consecutive financial years (FY 2026-27 to FY 2030-31)
- Approved re-appointment of 4 Independent Directors for a second 5-year term commencing December 16, 2026
- Recommended material related-party transactions with 4 entities including Walpar Wellness and Walpar Nutri Science
- Scheduled 6th Annual General Meeting for September 23, 2026 at 03:00 PM via Video Conference
Walpar Nutritions' Board has approved the reappointment of Statutory Auditors M/s. A Y & Company for a 5-year term from FY 2026-27 to FY 2030-31, subject to shareholder approval. The Board also reappointed four Non-Executive Independent Directors for a second consecutive 5-year term starting December 16, 2026. Additionally, material related-party transactions with four entities (including Walpar Wellness and Walpar Nutri Science) were cleared for shareholder voting at the 6th AGM scheduled for September 23, 2026.
- Reappointed M/s. A Y & Company as Statutory Auditors for a 5-year term (FY 2026-27 to FY 2030-31)
- Reappointed 4 Independent Directors for a second 5-year term from 16th December 2026 to 15th December 2031
- Cleared material Related Party Transactions with 4 entities including key group firms Walpar Wellness and Walpar Nutri Science
- Scheduled the 6th Annual General Meeting for Wednesday, 23rd September, 2026 via Video Conferencing
Walpar Nutritions has informed the exchange that mandatory Corporate Governance provisions under SEBI (LODR) Regulations are not applicable to it for the quarter ended June 30, 2026. This exemption is standard for companies listed on SME Exchanges or those with a net worth below Rs 25 Cr and paid-up capital below Rs 10 Cr. As of the latest financial data, Walpar's net worth is Rs 17 Cr, which is well within the exemption limits. This filing is a routine administrative procedure and does not impact the company's operational or financial standing.
- Exemption applies to the quarter ended 30th June, 2026, as per Regulation 15 of SEBI LODR.
- Company qualifies for exemption as it is listed on the SME Exchange (NSE Emerge).
- Exemption covers key regulations including 17 to 27, which relate to board composition and committee meetings.
- Company's current net worth of Rs 17 Cr is below the Rs 25 Cr threshold for mandatory compliance.
Financial Performance
Revenue Growth by Segment
The company operates in a single primary segment: Manufacturing and Trading of Pharmaceutical, Nutraceutical, Herbal, and Ayurvedic Commodities. While total consolidated revenue is not explicitly summed, the two subsidiaries (Walpar Wellness and Walpar Nutri Science) contributed INR 1,746.13 Lakhs in revenue for the half-year ended September 30, 2025.
Geographic Revenue Split
Not disclosed in available documents. Operations are centered in Gandhinagar, Gujarat, with the registered office and manufacturing base located in Village Khatraj.
Profitability Margins
Standalone net profit margin for H1 FY26 was approximately 80.8% of Profit Before Tax (INR 99.90 Lakhs profit on INR 123.66 Lakhs PBT). However, standalone profit for the period declined by 10.47% YoY, dropping from INR 111.58 Lakhs in H1 FY25 to INR 99.90 Lakhs in H1 FY26.
EBITDA Margin
Standalone Profit Before Tax (PBT) margin was impacted by a finance cost of INR 1.22 Lakhs and depreciation of INR 23.55 Lakhs. PBT stood at INR 123.66 Lakhs for H1 FY26, a decrease of 10.3% from INR 137.89 Lakhs in H1 FY25.
Capital Expenditure
Not explicitly disclosed as a planned figure; however, consolidated non-current assets increased from INR 1,293.47 Lakhs in March 2025 to INR 1,403.56 Lakhs by September 2025, representing an investment of INR 110.09 Lakhs (8.5% increase) in long-term infrastructure and investments.
Credit Rating & Borrowing
The company incurred finance costs of INR 30.25 Lakhs on a consolidated basis for H1 FY26, compared to INR 25.70 Lakhs in the previous period, representing a 17.7% increase in interest-related outflows.
Operational Drivers
Raw Materials
Specific raw materials include Pharmaceutical active ingredients, Nutraceutical compounds, Herbal extracts, and Ayurvedic base commodities, which constitute the bulk of the manufacturing cost structure.
Key Suppliers
Key internal suppliers include Walpar Wellness Private Limited (INR 365.27 Lakhs in purchases) and Walpar Nutri Science Private Limited (INR 47.19 Lakhs in purchases).
Capacity Expansion
Not disclosed in available documents; however, the company cited 'Business operation and expansion' as the primary rationale for related party loans and transactions totaling over INR 900 Lakhs in sales and purchases.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company maintains high inventory levels of INR 1,301.32 Lakhs (Consolidated) to support its manufacturing and trading operations.
Strategic Growth
Growth Strategy
Growth is driven by scaling the operations of subsidiaries Walpar Wellness and Walpar Nutri Science, which together generated INR 1,746.13 Lakhs in revenue. The strategy involves leveraging related party transactions for business expansion and maintaining a high volume of trade receivables (INR 2,524.12 Lakhs) to capture market share through credit-based sales.
Products & Services
Pharmaceutical tablets/capsules, Nutraceutical supplements, Herbal formulations, and Ayurvedic wellness products.
Brand Portfolio
Walpar, Walpar Wellness, Walpar Nutri Science.
Market Expansion
Expansion is focused on the domestic Indian market, specifically through the Gandhinagar manufacturing hub and subsidiary networks.
Strategic Alliances
Associate relationship with Pallota Nutritions Pvt. Ltd. and subsidiary relationships with Walpar Wellness and Walpar Nutri Science.
External Factors
Industry Trends
The industry is shifting toward preventive healthcare and natural wellness (Ayurvedic/Herbal), which aligns with the company's single-segment focus. The market is growing but faces increased regulatory scrutiny regarding manufacturing standards.
Competitive Landscape
Operates in a fragmented market with competition from both large pharmaceutical firms and specialized herbal/ayurvedic players.
Competitive Moat
The company's moat is built on its integrated manufacturing capabilities across four specialized healthcare categories. However, the lack of proprietary brand data in the documents suggests the moat is currently based on manufacturing scale and B2B relationships rather than consumer brand loyalty.
Macro Economic Sensitivity
Highly sensitive to healthcare spending and consumer discretionary income for nutraceutical and herbal products.
Consumer Behavior
Increasing consumer preference for herbal and ayurvedic alternatives over traditional pharmaceuticals is a primary demand driver.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and specific manufacturing standards for Pharmaceutical, Nutraceutical, and Ayurvedic commodities. The company underwent a Secretarial Audit for FY 2024-25 to ensure compliance.
Taxation Policy Impact
The effective tax rate for the standalone entity was approximately 19.2% for H1 FY26 (INR 23.76 Lakhs tax on INR 123.66 Lakhs PBT).
Legal Contingencies
The company reported zero investor complaints received or pending as of September 30, 2025. No major pending court cases or litigation values were disclosed in the provided snippets.
Risk Analysis
Key Uncertainties
The primary uncertainty is the high level of trade receivables (INR 2,524.12 Lakhs), which grew 19.1% in six months. If these are not realized, it could lead to a liquidity crisis, as evidenced by the net decrease in cash and cash equivalents of INR 111.34 Lakhs.
Geographic Concentration Risk
Operations are heavily concentrated in Gujarat, India.
Third Party Dependencies
High dependency on the Managing Director and CFO (Kalpesh and Sejal Ladhawala) for both governance and financial support (INR 20 Lakhs loan from Director).
Technology Obsolescence Risk
Risk is moderate as manufacturing processes for herbal and ayurvedic products are relatively stable, but pharmaceutical segments require ongoing tech upgrades.
Credit & Counterparty Risk
Significant credit exposure with trade receivables making up nearly half of the balance sheet (46.8%), indicating high counterparty risk from distributors or B2B clients.
