Financial Analysis Summary: Fischer Medical Ventures Limited
Unaudited Standalone and Consolidated Financial Results for Q1 FY26 (Quarter ended 30 June 2025)
Date of Board Meeting & Filing: 14 August 2025
1. Auditor’s Note
- Standalone and Consolidated Results reviewed by M/s Bilimoria Mehta & Co., Chartered Accountants.
- No qualifications, concerns, or issues noted in the Independent Auditor’s Review Reports for both standalone and consolidated results.
- Auditor’s opinion: “Nothing has come to our attention that causes us to believe that the accompanying Statement... contains any material misstatement.”
- Conclusion: Clean review reports with no modifications or qualifications.
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 (31.03.2025) | Consolidated Q1 FY25 (30.06.2024) | Consolidated FY25 (31.03.2025) | Consolidated FY24 (31.03.2024) |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | ₹454.23 Lakhs | ₹521.97 Lakhs | - | ₹521.97 Lakhs | ₹1,152.83 Lakhs | ₹2,344.47 Lakhs | ₹4,917.42 Lakhs | ₹1,012.07 Lakhs | ₹11,069.87 Lakhs | ₹2,098.13 Lakhs |
| Other Income | ₹80.40 Lakhs | ₹64.94 Lakhs | ₹112.23 Lakhs | ₹345.70 Lakhs | ₹75.05 Lakhs | ₹746.64 Lakhs | ₹14.87 Lakhs | ₹74.17 Lakhs | ₹149.20 Lakhs | ₹50.11 Lakhs |
| Total Income (Revenue + Other Income) | ₹534.63 Lakhs | ₹586.90 Lakhs | ₹112.23 Lakhs | ₹867.67 Lakhs | ₹1,227.88 Lakhs | ₹3,091.11 Lakhs | ₹4,932.29 Lakhs | ₹1,086.25 Lakhs | ₹11,219.07 Lakhs | ₹2,148.25 Lakhs |
| Total Expenses | ₹556.19 Lakhs | ₹700.05 Lakhs | ₹11.28 Lakhs | ₹771.59 Lakhs | ₹1,174.01 Lakhs | ₹2,062.43 Lakhs | ₹4,740.75 Lakhs | ₹1,069.92 Lakhs | ₹10,948.15 Lakhs | ₹1,937.14 Lakhs |
| Profit / (Loss) Before Exceptional Items & Tax | (₹21.56 Lakhs) | (₹113.15 Lakhs) | ₹100.95 Lakhs | ₹96.08 Lakhs | ₹53.87 Lakhs | ₹1,028.68 Lakhs | ₹191.54 Lakhs | ₹16.32 Lakhs | ₹270.92 Lakhs | ₹211.11 Lakhs |
| Exceptional Items | Nil | Nil | Nil | Nil | Nil | (₹11.26 Lakhs) | (₹8.79 Lakhs) | (₹5.11 Lakhs) | (₹35.36 Lakhs) | Nil |
| Profit / (Loss) Before Tax | (₹21.56 Lakhs) | (₹113.15 Lakhs) | ₹100.95 Lakhs | ₹96.08 Lakhs | ₹53.87 Lakhs | ₹1,017.53 Lakhs | ₹181.22 Lakhs | ₹7.60 Lakhs | ₹222.27 Lakhs | ₹211.11 Lakhs |
| Tax Expense (Net) | (₹39.38 Lakhs) (Deferred Tax Asset) | ₹27.50 Lakhs (Deferred Tax Liability) | (₹0.01 Lakhs) (Deferred Tax Asset) | ₹27.64 Lakhs (Deferred Tax Liability) | (₹10.59 Lakhs) (Deferred Tax Asset) | (₹516.71 Lakhs) (Current & Deferred Tax Net) | (₹49.99 Lakhs) (Net) | (₹19.32 Lakhs) (Net) | (₹96.08 Lakhs) (Net) | (₹32.33 Lakhs) (Net) |
| Profit / (Loss) For The Period | (₹60.94 Lakhs) | (₹89.05 Lakhs) | ₹83.94 Lakhs | ₹66.32 Lakhs | ₹40.28 Lakhs | ₹500.82 Lakhs | ₹131.22 Lakhs | (₹11.71 Lakhs) | ₹120.79 Lakhs | ₹183.78 Lakhs |
Notes:
- EPS and margins are not explicitly provided in the filing.
- Revenue from operations for standalone Q1 FY25 is not provided (marked as "-").
- Consolidated revenue and profit show significant growth YoY and QoQ, driven by subsidiaries and associates.
- Standalone results show a loss for Q1 FY26 and Q4 FY25, with a profit in Q1 FY25 and FY25.
- Tax expense includes significant deferred tax assets in Q1 FY26 standalone and consolidated results.
- Exceptional items are only present in consolidated results (losses of ₹11.26 Lakhs in Q1 FY26).
3. Detailed Notes / Management Commentary
- No explicit management commentary or explanatory notes on financial results 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 (AUM, NPAs, slippages) as the company operates in medical ventures sector.
4. Segment Information
- No detailed segment-wise financials disclosed in this filing.
- However, Annexure-1 lists subsidiaries and associates across geographies (India, Philippines, Singapore, Malaysia) and business lines (medical ventures, healthcare innovations, hospitality).
- Consolidated results include contributions from these subsidiaries and associates.
5. Capex, Projects, and Corporate Activity
- No explicit information on capital expenditure or ongoing/planned projects in this filing.
- No mention of writedowns, writebacks, impairments, or provisions beyond exceptional items in consolidated results.
- Corporate activity:
- Resignation of Independent Director Dr. Jacob Thomas effective 14 August 2025 (no material reasons other than personal).
- Appointment of M/s Nuren Lodaya & Associates as Secretarial Auditors for five years from 32nd AGM.
- No acquisitions, disposals, mergers, or restructuring efforts disclosed in this filing.
6. Standalone vs Consolidated
- Both Standalone and Consolidated financial results are provided and reviewed.
- Consolidated results show significantly higher revenue and profit, reflecting the group’s subsidiaries and associates.
- Auditor’s reports cover both standalone and consolidated results with clean opinions.
Summary for Investment Analysis Team
| Aspect | Key Points |
|---|---|
| Auditor’s Note | Clean review reports for standalone and consolidated results; no qualifications or issues. |
| Financial Performance | - Standalone Q1 FY26 loss of ₹60.94 Lakhs vs Q1 FY25 profit ₹83.94 Lakhs. |
| - Consolidated Q1 FY26 profit ₹500.82 Lakhs, up from loss of ₹11.71 Lakhs in Q1 FY25. | |
| - Consolidated revenue growth strong YoY and QoQ; standalone revenue declined QoQ. | |
| - Exceptional items impact consolidated results marginally. | |
| - Tax expenses include significant deferred tax assets in Q1 FY26. | |
| Management Commentary | None provided; no changes in accounting policies or material adjustments disclosed. |
| Segment Information | Not detailed; group includes multiple subsidiaries and associates across geographies. |
| Capex & Corporate Activity | No capex or project details; director resignation and secretarial auditor appointment noted. |
| Standalone vs Consolidated | Both provided; consolidated results significantly stronger reflecting group operations. |
Actionable Insights:
- Monitor standalone performance as it shows losses in recent quarters despite consolidated profitability.
- Consolidated growth driven by subsidiaries and associates is encouraging; further segment disclosures would aid deeper analysis.
- No auditor concerns; financials prepared under Ind AS 34 and comply with SEBI regulations.
- Corporate governance update with director resignation noted; no impact expected on operations.
- Lack of commentary on capex or strategic initiatives suggests no major changes or investments announced this quarter.
Prepared based strictly on the disclosed filing dated 14 August 2025.