Financial Analysis Summary: Fischer Medical Ventures Limited
Unaudited Financial Results for Quarter Ended 30 June 2025 (Q1 FY26)
Date of Filing: 14 August 2025
1. Auditor’s Note
- Type: Limited Review Reports by M/s Bilimoria Mehta & Co., Chartered Accountants
- Conclusion:
- No qualifications, concerns, or issues noted.
- Auditor’s opinion is unmodified.
- The review was conducted as per applicable standards (SRE 2410).
- Consolidated results include subsidiaries and associates; reliance placed on other auditors’ reports for foreign subsidiaries.
- Actionable Insight: Auditor’s report is clean; no red flags on financial statements.
2. Financial Performance
| Metric | Standalone Q1 FY26 (30.06.2025) | Standalone Q4 FY25 (31.03.2025) | Standalone Q1 FY25 (30.06.2024) | Standalone FY25 (31.03.2025) | Standalone FY24 (31.03.2024) | Consolidated Q1 FY26 (30.06.2025) | Consolidated Q4 FY25 (31.12.2024) | Consolidated Q1 FY25 (30.06.2024) | Consolidated FY25 (31.03.2025) | Consolidated FY24 (31.03.2024) |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations (Rs. Lakhs) | 454.23 | 521.97 | - | 521.97 | 1,152.83 | 2,344.47 | 4,917.42 | 1,012.07 | 11,069.87 | 2,098.13 |
| Other Income (Rs. Lakhs) | 80.40 | 64.94 | 112.23 | 345.70 | 75.05 | 746.64 | 14.87 | 74.17 | 149.20 | 50.11 |
| Total Income (Rs. Lakhs) | 534.63 | 586.90 | 112.23 | 867.67 | 1,227.88 | 3,091.11 | 4,932.29 | 1,086.25 | 11,219.07 | 2,148.25 |
| Total Expenses (Rs. Lakhs) | 556.19 | 700.05 | 11.28 | 771.59 | 1,174.01 | 2,062.43 | 4,740.75 | 1,069.92 | 10,948.15 | 1,937.14 |
| Profit/(Loss) Before Tax (Rs. Lakhs) | (21.56) | (113.15) | 100.95 | 96.08 | 53.87 | 1,017.53 | 181.22 | 7.60 | 222.27 | 211.11 |
| Tax Expense (Net) (Rs. Lakhs) | (39.38) | 24.10* | (17.01) | 22.24* | (14.19) | (516.71) | (49.99) | (19.32) | (101.48) | (27.33) |
| Net Profit/(Loss) (Rs. Lakhs) | (60.94) | (89.05) | 83.94 | 66.32 | 40.28 | 500.82 | 131.22 | (11.71) | 120.79 | 183.78 |
*Tax expense = Current Tax + Deferred Tax + Tax pertaining to previous year (where applicable)
EPS: Not explicitly provided in the filing.
Margins:
- Standalone Q1 FY26:
- Operating margin (PBT/Revenue from Operations): (21.56 / 454.23) = -4.75%
- Net margin: (60.94 loss) / 454.23 = -13.42%
- Consolidated Q1 FY26:
- Operating margin: 1,017.53 / 2,344.47 = 43.4%
- Net margin: 500.82 / 2,344.47 = 21.36%
Observations:
- Standalone operations reported a loss in Q1 FY26, continuing from a loss in Q4 FY25.
- Consolidated results show strong profitability in Q1 FY26 with significant improvement over prior quarters and years.
- Revenue from operations on consolidated basis has more than doubled from Q1 FY25 to Q1 FY26.
- Other income on consolidated basis is significantly higher in Q1 FY26 compared to prior periods.
- Finance costs on standalone Q1 FY26 are substantially higher (130.88 lakhs) compared to previous quarters, impacting profitability.
- Employee benefits expense on consolidated basis increased sharply in Q1 FY26 compared to prior quarters.
3. Detailed Notes / Management Commentary
- No explicit management commentary or explanatory notes included in the filing.
- No changes in accounting policies or material adjustments mentioned.
- No caveats or qualifications in auditor’s report.
- No specific commentary on financial services metrics such as AUM, NPAs, slippages, etc., as the company operates in medical ventures sector.
- The filing mentions resignation of an Independent Director (Dr. Jacob Thomas) effective 14 August 2025 due to personal reasons, with no material impact on company operations.
- No mention of discontinued operations or exceptional items affecting standalone results; consolidated results include some exceptional items (loss of Rs. 11.26 lakhs in Q1 FY26).
4. Segment Information
- No detailed segment-wise financials provided in the filing.
- However, the consolidated results include multiple subsidiaries and associates across geographies (India, Singapore, Philippines, Malaysia).
- Subsidiaries include Time Medical International Ventures (India), Flynncare HealthCare Innovations Pvt Ltd, Wondertech Medical Solutions Pvt Ltd, Fischer Hospitality Sdn. Bdn., FMV International Ventures PTE Ltd, FMV HealthCare PTE Ltd, FMV Global Innovation PTE Ltd, among others.
- Associates include Blusim tech Pte Ltd and The Therapy Platform Pte Ltd (both Singapore-based).
- No revenue or profit split by segment or geography disclosed.
5. Capex, Projects, and Corporate Activity
- No explicit information on capital expenditure (planned or executed) in the filing.
- No mention of ongoing or planned projects.
- No disclosures on writedowns, writebacks, impairments, or provisions.
- No acquisitions, disposals, divestitures, or mergers reported in this filing.
- No restructuring efforts or cost-cutting measures disclosed.
- Board approved appointment of M/s Nuren Lodaya & Associates as Scrutinizer for upcoming AGM.
- Resignation of Independent Director noted; no other corporate governance changes mentioned.
6. Standalone vs Consolidated
- Both standalone and consolidated unaudited financial results for Q1 FY26 and comparative periods are provided.
- Standalone results show losses; consolidated results show strong profitability.
- Consolidated results include subsidiaries and associates as listed in Annexure-1.
- Auditor’s reports cover both standalone and consolidated results with unmodified opinions.
Summary for Investment Analysis Team
| Aspect | Key Points |
|---|---|
| Auditor’s Note | Clean review reports with no qualifications or concerns. |
| Standalone Financials | Loss of Rs. 60.94 lakhs in Q1 FY26 vs profit in Q1 FY25; revenue Rs. 454.23 lakhs. |
| Consolidated Financials | Profit of Rs. 500.82 lakhs in Q1 FY26 vs loss Rs. 11.71 lakhs in Q1 FY25; revenue Rs. 2,344.47 lakhs. |
| Margins | Standalone negative margins; consolidated operating margin ~43%, net margin ~21% in Q1 FY26. |
| Expenses | Standalone finance costs spiked in Q1 FY26; consolidated employee expenses increased. |
| Corporate Actions | Resignation of Independent Director; appointment of Scrutinizer for AGM. |
| Segment/Geography | No detailed segment data; multiple subsidiaries and associates across India and SE Asia. |
| Capex/Projects | No disclosures on capex, projects, or restructuring. |
| Accounting Policies | No changes or material adjustments reported. |
Recommendation:
- Monitor standalone losses and rising finance costs for potential liquidity or operational concerns.
- Consolidated profitability and revenue growth are strong, driven by subsidiaries and associates.
- Lack of segment data limits granular analysis; further disclosures may be needed.
- No auditor concerns; governance changes appear routine.
- Await AGM disclosures and management commentary for outlook and strategic updates.
End of Analysis