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TTK Healthcare Ltd

| Quarterly Financial Results Q3 FY 2025-26

BEARISH SENTIMENT

Report Source

⬤22nd Jan 26

Summary : TTK Healthcare reported increased revenue but significantly lower profit due to exceptional items from new Labour Codes and inventory write-offs, alongside board committee reconstitution.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of materials consumed for Q3 FY26: Rs. 5,138.18 lakhs.
  2. Purchase of Stock-in-trade for Q3 FY26: Rs. 5,395.58 lakhs.
  3. Changes in inventories for Q3 FY26: Rs. (772.24) lakhs.
  4. Employee benefits expense for Q3 FY26: Rs. 4,172.86 lakhs.
  5. Finance Costs for Q3 FY26: Rs. 68.32 lakhs.
  6. Depreciation and Amortization Expense for Q3 FY26: Rs. 222.15 lakhs.
  7. Other Expenses for Q3 FY26: Rs. 6,281.80 lakhs.
  8. Total Expenses for Q3 FY26: Rs. 20,506.65 lakhs.
  9. Total Revenue from Operations for Q3 FY26: Rs. 20,929.89 lakhs.
  10. Segment-wise revenue for Q3 FY26: Animal Welfare (Rs. 3,791.21 lakhs), Consumer Products (Rs. 5,541.05 lakhs), Medical Devices (Rs. 2,554.14 lakhs), Protective Devices (Rs. 5,398.58 lakhs), Foods (Rs. 3,633.80 lakhs), Others (Rs. 11.11 lakhs).
  11. Paid-up Equity Share Capital as of Dec 31, 2025: Rs. 1,413.03 lakhs.
  12. Other Equity as per Balance Sheet (FY25): Rs. 1,04,650.36 lakhs.
  13. Total Assets as of Dec 31, 2025: Rs. 1,31,265.03 lakhs.
  14. Total Liabilities as of Dec 31, 2025: Rs. 21,738.73 lakhs.
  15. Policy on Related Party Transactions amended in line with SEBI (LODR) (Fifth Amendment) Regulations, 2025.
  16. The Company does not have any Subsidiary / Associate / Joint Venture Company(ies) as on December 31, 2025, implying standalone results.

Corporate Overview

  1. India (Registered Office in Chennai)
  2. International (implied by export under USAID Program for Protective Devices)
  3. Write-off of Male Contraceptives inventory due to a 90-day pause on foreign development assistance and subsequent cancellation of Purchase Orders under the USAID Program.
  4. Incremental financial impact from the newly notified four Labour Codes, including Gratuity and Long-term Compensated Absences.
  5. Inability to reasonably estimate further potential impacts of Labour Codes due to absence of final Central and State Rules and regulatory clarifications.
  6. Protective Devices segment dependent on USAID Program, leading to inventory write-offs due to program changes.
  7. Animal Welfare: Products for Veterinary use.
  8. Consumer Products: Marketing and distribution of Woodward's Gripewater, EVA Range of Cosmetics, Good Home range of Scrubbers, Air Fresheners.
  9. Medical Devices: Artificial Heart Valves, Orthopaedic Implants.
  10. Protective Devices: Manufacturing and marketing of Male Contraceptives and other allied products.
  11. Foods: Manufacturing and marketing of Food Products.
  12. Others: Printing and Publishing of Maps and Atlases.
  13. Factual and formal, focused on regulatory compliance and financial disclosure.
  14. Veterinary sector
  15. General consumers (cosmetics, food, home products)
  16. Medical professionals (heart valves, implants)
  17. Government/NGOs (USAID program for contraceptives)
  18. Animal Welfare
  19. Consumer Products
  20. Medical Devices
  21. Protective Devices
  22. Foods
  23. Others

Risk Factors

  1. New Labour Codes create financial uncertainty.
  2. Inventory write-off due to program changes.
  3. Regulatory clarifications still indeterminate.
  4. Dependence on specific export programs.

Key Drivers

  1. Strong revenue growth across segments.
  2. Board committees reconstituted for governance.
  3. Enhanced compliance with SEBI regulations.
  4. Related party transaction policy updated.

Auditor’s Report

  1. Limited Review Report on unaudited financial results.
  2. Auditors do not express an audit opinion.
  3. No material misstatement or non-disclosure of required information found during the review.

Board Commentary

  1. Reconstitution of Audit Committee, Nomination and Remuneration Committee, and Risk Management Committee effective February 03, 2026.
  2. Mr N Ramesh Rajan concluded his second and final term as Independent Director.
  3. New members and positions appointed to the reconstituted committees.
  4. Financial impact from new Labour Codes, including Gratuity and Long-term Compensated Absences.
  5. Risk of inventory write-off due to program changes, as seen with Male Contraceptives for USAID.
  6. Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015 for disclosure of board meeting outcomes and financial results.
  7. Reconstitution of Board Committees in line with regulatory requirements.
  8. Amendments to the Policy on Related Party Transactions in line with SEBI (LODR) (Fifth Amendment) Regulations, 2025.
  9. Assessment of incremental impact from the Government of India's notified four Labour Codes.

Corporate Governance

  1. Amended Policy on Related Party Transactions to align with SEBI regulations.
  2. Audit Committee includes Independent Directors and an Additional Independent Director.
  3. Nomination and Remuneration Committee includes Independent Directors and an Additional Independent Director.
  4. Risk Management Committee includes Independent Directors and an Additional Independent Director.
  5. Audit Committee
  6. Nomination and Remuneration Committee
  7. Risk Management Committee

Management Discussion & Analysis

Performance Drivers

  1. Increased revenue from operations quarter-on-quarter and year-on-year.
  2. Significant decrease in profit after tax due to exceptional items.
  3. Exceptional items include a net charge from new Labour Codes and inventory write-offs.

Critical Risks

  1. Regulatory uncertainty and financial impact from the new Labour Codes.
  2. Dependence on specific programs (e.g., USAID) for certain product lines, leading to inventory write-offs.
TTK Healthcare Ltd (TTKHLTCARE) Quarterly Report Analysis & Insights | Dhanarthi