Caprihans India Limited files SEBI insider trading disclosure for warrant conversion

Caprihans India Limited has filed comprehensive disclosures under SEBI (Prohibition of Insider Trading) Regulations, 2015, documenting the conversion of 6.30 lakh warrants into equity shares by promoter Bilcare Limited across two tranches in March 2026. The regulatory filings confirm the promoter company's shareholding increased from 55.99% to 57.81% following these conversions.

Warrant Conversion Details

Bilcare Limited exercised conversion rights for warrants in two separate tranches during March 2026. The first tranche involved conversion of 3.00 lakh warrants on March 20, 2026, followed by conversion of 3.30 lakh warrants on March 23, 2026.

Conversion Parameter: First Tranche Second Tranche Conversion Date: March 20, 2026 March 23, 2026 Warrants Converted: 3,00,000 3,30,000 Equity Shares Allotted: 3,00,000 3,30,000 Balance Warrants: 30,10,000 26,80,000

Shareholding Pattern Changes

The warrant conversions resulted in progressive increases in Bilcare Limited's shareholding in Caprihans India Limited. Prior to the conversions, Bilcare held 81,88,325 equity shares representing 55.99% of the total share capital.

Shareholding Timeline: Shares Held Percentage Before Conversion: 81,88,325 55.99% After First Tranche: 84,88,325 56.88% After Second Tranche: 88,18,325 57.81% Total Shares Acquired: 6,30,000 4.13%

Financial Impact and Valuation

The warrant conversions involved significant financial considerations with each warrant carrying a face value of ₹10 and premium of ₹190. The total transaction value for both tranches amounted to ₹12.60 crores.

Financial Details: First Tranche Second Tranche Transaction Value: ₹6.00 crores ₹6.60 crores Face Value Component: ₹30.00 lakh ₹33.00 lakh Premium Component: ₹5.70 crores ₹6.27 crores Total Investment: ₹6.00 crores ₹6.60 crores

Outstanding Warrant Position

Following the latest conversions, Bilcare Limited retains 26,80,000 convertible warrants in Caprihans India Limited. The company also holds 16,35,00,000 non-cumulative, non-participating redeemable preference shares.

Securities Portfolio: Current Holdings Equity Shares: 88,18,325 (57.81%) Remaining Warrants: 26,80,000 Preference Shares: 16,35,00,000 Warrant Conversion Price: ₹200 per warrant

Regulatory Compliance

Company Secretary Rajesh P. Likhite of Caprihans India Limited and Sagar R. Baheti of Bilcare Limited signed the SEBI insider trading disclosure documents. The filings were submitted to BSE Limited confirming compliance with insider trading regulations and providing detailed shareholding pattern changes following the preferential allotment of equity shares pursuant to warrant conversion.

Caprihans India Limited announced its Q3FY26 financial results through a board meeting outcome dated February 10, 2026, reporting continued losses amid challenging market conditions. The pharma packaging solutions company posted a net loss of ₹15.96 crores, showing improvement from the ₹18.51 crores loss recorded in the corresponding quarter of the previous year.

Financial Performance Overview

The company's standalone financial results revealed mixed performance indicators for Q3FY26. While the net loss narrowed compared to the previous year, revenue from operations declined significantly.

Metric: Q3FY26 Q3FY25 Change Revenue from Operations: ₹173.35 crores ₹191.03 crores -9.26% Net Loss: ₹15.96 crores ₹18.51 crores Improvement Total Income: ₹176.44 crores ₹194.55 crores -9.31% Total Expenses: ₹190.64 crores ₹214.48 crores -11.11% Earnings Per Share: ₹(10.92) ₹(14.09) Improvement

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, Caprihans India showed improved performance compared to the previous year. The company reported a net loss of ₹54.48 crores against ₹64.50 crores in the corresponding period of FY25.

Parameter: 9M FY26 9M FY25 Variance Revenue from Operations: ₹528.44 crores ₹565.11 crores -6.49% Net Loss: ₹54.48 crores ₹64.50 crores Reduced by ₹10.02 crores Earnings Per Share: ₹(37.26) ₹(49.11) Improvement

Consolidated Financial Performance

The consolidated results, which include subsidiary Bilcare Research GmbH, showed similar trends with a net loss of ₹15.60 crores for Q3FY26 compared to ₹18.56 crores in the previous year.

Consolidated Metric: Q3FY26 Q3FY25 Change Total Revenue from Operations: ₹175.31 crores ₹191.03 crores -8.23% Net Loss: ₹15.60 crores ₹18.56 crores Improvement Earnings Per Share: ₹(10.67) ₹(14.13) Improvement

Corporate Restructuring and Leadership Changes

The company's Board of Directors approved several significant corporate actions during their meeting held on February 10, 2026. The most notable decision involved the redemption of 2,80,50,000 preference shares valued at ₹28.05 crores, reducing the total outstanding preference shares from 16,66,50,000 to 13,86,00,000 shares.

In terms of leadership transitions, Mr. Guman Mal Jain resigned from his position as Chief Financial Officer effective February 10, 2026, citing personal reasons. The Board appointed Mr. Pritam Paul as the new CFO effective February 11, 2026, in addition to his existing role as Business Head – Flexible PVC.

Leadership Change: Details Outgoing CFO: Mr. Guman Mal Jain (resigned Feb 10, 2026) Incoming CFO: Mr. Pritam Paul (appointed Feb 11, 2026) New Independent Director: Mr. Sanjeev D. Tole (appointed Feb 10, 2026) CFO Experience: 30+ years in Finance, Accounts, Treasury

Board Composition Enhancement

The company strengthened its board composition with the appointment of Mr. Sanjeev D. Tole as Additional Independent Director effective February 10, 2026. Mr. Tole brings over 50 years of experience in corporate governance, Company Law, and regulatory compliances, having served in senior positions across various organizations.

Exceptional Items Impact

The company recorded exceptional expenses of ₹1.72 crores in Q3FY26, primarily related to the impact of new Labour Codes notified by the Government of India in November 2025. These codes consolidated 29 existing labour laws and resulted in incremental gratuity provisions due to changes in wage definitions.

Operational Highlights

Caprihans India continues to focus on its core business of pharma packaging solutions, operating as a single reportable segment. The company maintains its registered office at Shiroli, Rajgurunagar, Pune, and operates with a paid-up equity share capital of ₹14.62 crores as of December 31, 2025. The financial results were reviewed by the Audit Committee and approved by the Board of Directors, with statutory auditors providing their limited review report on the unaudited financial statements.

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