Vista Pharmaceuticals Ltd

Financial snapshot

• Revenue from operations in Q1 FY27: Nil; Q1 FY26: 151.88 Lakhs.
• Net loss for Q1 FY27: 98.59 Lakhs; Q1 FY26: 129.04 Lakhs.
• Basic and diluted EPS: (0.16) per share in Q1 FY27.
• Debt facilities classified as NPA; working capital frozen.
• Convertible warrants issued: 10,243,998; 25% upfront paid: 307.50 Lakhs.

Liquidity & going concern

• Current liabilities exceed current assets by 183.32 Lakhs.
• Management pursuing debt restructuring; secured financial undertaking to meet obligations.
• Company continuing as going concern per management.

Operations & capital structure

• Operations limited to single segment: Manufacturing of Pharmaceutical Products.
• Cash losses incurred in the current quarter.

Meeting Details

• Date: 14 August 2026
• Time: Not disclosed
• Location: Registered office of Vista Pharmaceuticals Limited

Key Agenda Items

• Unaudited financial results for the quarter ended 30 June 2026
• Limited Review Report for the quarter ended 30 June 2026

Other Notes

• No additional notes disclosed.

Dematerialisation status

• Dematerialisation requests processed; securities mutilated and cancelled after verification.
• Depository name substituted as registered owner within the prescribed time.
• Dematerialised securities listed on the stock exchanges where the original issues are listed.
• Actions completed within 15 days of receipt of certificate from the registrar.

Board outcome

• 📍 Board approved audited standalone results for quarter and year ended 31 March 2026.
• 📍 Board approved unmodified auditor opinion for FY26.
• 📍 LMN & Co. appointed internal auditors for FY27.

FY26 financials

• 📊 Revenue from operations fell to ₹539.95 lakh from ₹1,007.46 lakh.
• 📊 Total income declined to ₹571.52 lakh from ₹1,051.52 lakh.
• 📊 Loss before tax widened to ₹1,615.11 lakh from ₹528.99 lakh.
• 📊 Net loss rose to ₹1,206.12 lakh from ₹464.81 lakh.
• 📊 Other expenses increased to ₹1,259.48 lakh from ₹375.30 lakh.
• 📊 Finance costs rose to ₹110.10 lakh from ₹79.79 lakh.
• 📊 Basic and diluted EPS were both negative ₹1.96.

Q4 FY26

• 📊 Revenue from operations was ₹241.82 lakh versus ₹323.00 lakh a year earlier.
• 📊 Total income was ₹245.10 lakh versus ₹337.06 lakh a year earlier.
• 📊 Loss before tax was ₹776.88 lakh versus ₹106.21 lakh a year earlier.
• 📊 Net loss was ₹586.29 lakh versus ₹149.57 lakh a year earlier.

Cash flow and balance sheet

• 📊 Operating cash outflow was ₹440.09 lakh in FY26.
• 🧱 Capex on fixed assets, including CWIP, was ₹76.21 lakh.
• 📊 Cash and bank balances ended at ₹10.70 lakh.
• 📊 Trade receivables fell to ₹220.05 lakh from ₹1,015.16 lakh.
• 📊 Inventories rose to ₹1,100.93 lakh from ₹822.01 lakh.
• 📊 Total equity stood at ₹3,644.08 lakh, down from ₹4,542.25 lakh.

Working capital and liabilities

• ⚠️ Company reported negative working capital of ₹1,318.6 lakh.
• ⚠️ Statutory dues outstanding included TDS, PF, ESI, professional tax and income tax.
• ⚠️ Company disclosed defaults in loan repayments.
• ⚠️ Continuing employee benefit contribution defaults were disclosed.

Going concern and impairment

• ⚠️ Financial statements were prepared on a going concern basis despite material uncertainty.
• ⚠️ Company cited five consecutive years of losses and Bank of Baroda term-loan defaults.
• ⚠️ Trade receivables impairment allowance of ₹821.74 lakh was recognized.
• ⚠️ Receivables were written off after management concluded recovery was not reasonably certain.

Capital structure

• 📊 Company issued 1,02,49,998 convertible share warrants during the year.
• 📊 25% upfront consideration of ₹307.51 lakh was received against warrants.
• 📊 Balance warrant consideration of about ₹922.50 lakh remains receivable on exercise.

Business and operations

• Pharmaceutical manufacturing is the company’s only operating segment.
• The company holds valid drug manufacturing licences.
• CWIP of ₹1,061.21 lakh relates to the pharmaceutical R&D pipeline.

Auditor

• 📍 Statutory auditors issued an unmodified opinion on FY26 audited results.