**(Formerly Kavit Industries Limited)** Evexia Lifecare Limited is an Indian diversified conglomerate undergoing a radical strategic pivot. Historically rooted in **edible oil manufacturing** and **chemical trading**, the company is aggressively transitioning into a multi-sector holding company with interests spanning **Pharmaceutical Intermediates**, **Electric Vehicle (EV) Ecosystems**, **Life Sciences**, and **Global Multi-Commodity Trading**. The company is currently characterized by a high-growth acquisition strategy funded through complex financial instruments, set against a backdrop of significant regulatory challenges and auditor qualifications. --- ### **Core Business Verticals & Revenue Drivers** Evexia operates through a decentralized structure with several key operational hubs, primarily centered in **Gujarat** and **Maharashtra**. * **Chemical & Pharma Trading:** The primary revenue engine, focused on the procurement and distribution of industrial and pharmaceutical chemicals. Operations are concentrated in the **Mumbai** hub to service the drug manufacturing corridor. * **Pharmaceutical Manufacturing & R&D:** * Manufacturing of the intermediate **ISOMETA** at the **Vadodara** facility. * Maintenance of an in-house R&D laboratory for product development. * Construction of **two new plants** for pharmaceutical intermediates is currently underway. * **Plastic Reprocessing & Industrial Materials:** * Operates a plant in **Vadodara** with a capacity of **500 tonnes per month**. * Produces reprocessed plastic granules for the **Halol** industrial area. * Recently entered the **'Master Batch'** segment with a new dedicated plant in **Vadodara** (Initial investment: **₹50 Lakhs**). * **Edible Oils:** Legacy business involving the refining and distribution of edible/non-edible oils and oil cakes. Note: This segment has seen operational suspensions in certain subsidiary units. * **Petrochemicals:** Established **Atreya Petrochem** in August 2023 to trade in **Lubricant Oil**. --- ### **Strategic Pivot: The Electric Vehicle (EV) Ecosystem** A central pillar of Evexia’s future strategy is the establishment of a comprehensive automotive and EV infrastructure division. The company has amended its Memorandum of Association to authorize the following: * **Vehicle Manufacturing:** Assembly and distribution of **Electric Vehicles (EVs)**, **hybrid vehicles**, and conventional ICE vehicles across **2-wheelers**, **3-wheelers**, and **commercial segments**. * **Infrastructure & Services:** * Development of **charging stations** and **battery swapping stations**. * **Retrofitting services** to convert internal combustion engine vehicles into electric variants. * Leasing, renting, and fleet management consultancy. * **Component Distribution:** Trading in batteries, spare parts, and specialized EV accessories. --- ### **Subsidiary Portfolio & Global Expansion** Evexia manages a diverse range of unlisted subsidiaries and associates, many of which were acquired to fast-track entry into healthcare and international trade. | Entity Name | Holding | Principal Business | | :--- | :---: | :--- | | **Kavit Edible Oil Limited** | **80%** | Edible oil refining (Currently suspended) | | **Vittal's MediCare Pvt Ltd** | **51%** | Diagnostic centers and healthcare services | | **Revin Labs Private Limited** | **80%** | Chemical and biological testing services | | **Diponed Research International** | **65%** | Drug discovery and contract research | | **Diponed Bio Private Limited** | **65%** | Regenerative medicine and tissue engineering | | **Evexia Lifecare Africa Ltd** | **100%** | UK-based hub for African market expansion | | **Kavit Trading Pvt Ltd** | **70%** | LPO/BPO services and gold trading | | **Heemsol Energy System Pvt Ltd** | **Associate** | Renewable energy solutions | **International Footprint:** The company recently acquired a **51% stake** in a **UAE-based SPV (comprising 10 LLCs)** for **₹190 Crore** to facilitate global multi-commodity trading in minerals, agricultural products, and consumer goods. --- ### **Financial Performance & Capital Structure** The company has seen a massive surge in top-line revenue, though profitability remains under pressure due to expansion costs and accounting adjustments. #### **FY 2024-25 Financial Summary (Audited)** | Metric (₹ in Crore) | Consolidated (2025) | Consolidated (2024) | Growth (%) | | :--- | :---: | :---: | :---: | | **Revenue from Operations** | **110.48** | **56.29** | **+96.28%** | | **EBITDA** | **4.22** | **2.84** | **+48.59%** | | **Profit After Tax (PAT)** | **0.93** | **1.38** | **-32.61%** | #### **Capital Raising & Restructuring** * **FCCB Issuance:** In Feb 2023, the company issued **1,000 Foreign Currency Convertible Bonds** totaling **USD 100 Million** (raised **USD 85 Million** at a **15% discount**). As of late 2024, **504 bonds** remain outstanding with a redemption date of **February 03, 2028**. * **Equity Expansion:** Paid-up capital rose from **₹70.80 Crore** to **₹187.73 Crore** in FY25 due to bond conversions. * **Stock Split:** Completed a **1:2 sub-division** in May 2022 (**₹2** to **₹1** face value). * **Promoter Holding:** Following reclassification in August 2025, the promoter group holds **3.36%**, while public holding stands at **96.64%**. --- ### **Manufacturing Infrastructure** * **Location:** Primary facilities are located at **Village-Tundav, Savli, Vadodara, Gujarat**. * **Capacity:** Includes a **60,000 sq. ft.** main shade and two **10,000 sq. ft.** shades for plastic reprocessing. * **Operational Efficiency:** Recent focus on upgrading machinery to reduce **operating costs and wastages**. The company currently reports **NIL** foreign exchange earnings and outgo. --- ### **Critical Risk Factors & Auditor Concerns** Investors should note significant "Qualified" and "Adverse" opinions from statutory auditors regarding the company's financial health and internal controls. #### **1. Financial & Accounting Risks** * **Credit Risk:** No **Expected Credit Loss (ECL)** assessment performed for **₹31.76 Crore** in loans and **₹41.65 Crore** in trade receivables (some aged over 3 years). * **FCCB Misstatement:** Failure to restate FCCB liabilities as per **Ind AS 21/109** has led to inflated profit reporting. Correct restatement would have significantly lowered reported PAT. * **Liquidity:** Trade payables of **₹54.47 Crore** are supported by a cash balance of only **₹2.92 Lakh** (as of March 2025). * **Inter-corporate Loans:** **₹41.57 Crore** in interest-free loans granted to associates without stipulated repayment terms or proper shareholder approval. #### **2. Governance & Regulatory Risks** * **Board Non-compliance:** Failure to appoint a **Woman Director** and frequent resignations of the **Company Secretary**. * **Promoter Dematerialization:** **100%** of promoter holdings are not yet in demat form, violating **SEBI Regulation 31(2)**. * **Internal Controls:** Absence of a formal **Internal Audit System** (Section 138) and deficiencies in the **Structured Digital Database (SDD)** for insider trading. * **Auditor Resignation:** The statutory auditor resigned in **November 2024**, citing inadequate support staff for the company's expansion scale. #### **3. Operational Risks** * **Subsidiary Viability:** **Kavit Edible Oil Limited** has a **negative net worth** and suspended operations, leading to "substantial doubt" regarding its status as a going concern. * **Market Competition:** High pressure from unorganized players in the chemical and plastic sectors. * **Technology Cycle:** The EV sector requires continuous high-capital investment to keep pace with evolving technology.