Evexia Lifecare is a shape-shifting Indian enterprise that has reinvented itself more than once - from petrochemicals to edible oils, then to chemical trading, and now into a sprawling web of healthcare, life sciences, and diagnostic businesses stitched together through acquisitions. Originally incorporated as Atreya Petrochem Limited and later known as Kavit Industries, the company was renamed Evexia Lifecare in December 2020 to signal its pivot toward pharmaceuticals, a sector that already generated more than half its revenue. The recurring pattern is opportunistic diversification: the company repeatedly states it is "exploring possibilities of undertaking trading business and commission-based activities," and it builds its portfolio by acquiring controlling stakes in small, often early-stage companies, funding them with quasi-capital, and operating them under a lean structure that once had just two permanent employees. # Business segments Four engines at different stages - a legacy trading and manufacturing core, a diagnostic-centre chain built through acquisitions in India and abroad, a cluster of early-stage life-science research bets, and a small solar-energy stake - each added with the cash flows and paper of the one before. ## 1. Chemical and pharmaceutical trading: the revenue backbone **The company earns its keep by buying and selling industrial chemicals, pharma ingredients, edible oils, and agricultural products - a low-cost trading operation that runs on customer orders rather than inventory speculation.** - **Buys only to fill orders** - the chemical trading business purchases goods based on confirmed customer orders, keeping working capital light and reducing the risk of holding unsold stock. - **Pharma chemicals are the mainstay** - the company has traded pharma chemicals used in drugs for over a decade and has historically claimed to be the largest player in this specific segment of chemical trading. - **Revenue recognised on delivery** - for all goods trading, including edible oil and agricultural products, the company books revenue at the point control passes to the customer, generally when the goods are delivered. - **A single operating segment** - the company does not break out performance by product line; all trading and manufacturing activities are reported as one segment, so the precise contribution of chemicals versus edible oils is not publicly split. ## 2. Diagnostic centres and pathology labs: the healthcare platform **Evexia has assembled a chain of diagnostic centres and medical clinics by buying controlling stakes in existing operators in India and the UAE, then using a UK subsidiary to target Africa.** - **Bought, not built** - on 6 October 2024, the company executed a term sheet to acquire a 51% stake in Vittal's MediCare Private Limited, an Indian diagnostic-centre operator, for Rs. 35 crore in cash. - **A bridge into the Gulf** - the wholly-owned UK subsidiary, Evexia Lifecare Africa Limited, signed a term sheet to invest INR 190 crore into a UAE SPV that holds 10 medical centres in Dubai, giving Evexia a 51% share. - **Full-spectrum clinics** - the 10 UAE entities operate departments covering general medicine, cardiology, gynecology, orthopaedics, dermatology, dentistry, ophthalmology, physiotherapy, pharmacy, and home healthcare, among others. - **Africa is the stated destination** - the UK subsidiary was incorporated in November 2022 with the explicit object of setting up a chain of pathology labs to build better healthcare infrastructure in African countries. ## 3. Regenerative medicine and contract research: the science bets **The company has taken 65% stakes in two tiny research outfits - one in regenerative medicine, the other in drug discovery - and promised them up to Rs. 35 crore in convertible quasi-capital, making these early-stage options rather than operating businesses.** - **Two entities, one playbook** - in November 2024, Evexia acquired 65% of Diponed Bio (regenerative medicine and tissue engineering) and 65% of Diponed Research International (drug discovery, formulations, and contract research services) for Rs. 1.86 lakh each, subscribing to fresh equity at face value. - **Funding is the real commitment** - the company agreed to provide up to Rs. 20 crore to Diponed Bio and up to Rs. 15 crore to Diponed Research International as non-interest bearing quasi-capital, convertible to equity, released in tranches as needed. - **Board control without full ownership** - each entity's board has six directors: three nominated by Evexia, two by existing shareholders, and one independent director, giving Evexia control while retaining founder involvement. ## 4. Edible oil: the suspended legacy **The "KAVIT" edible-oil brand was once the company's consumer-facing identity and a household name in Gujarat, but manufacturing stopped in 2019 and the subsidiary now carries negative net worth.** - **A brand that was built** - KAVIT was positioned as a balanced cooking oil, sold in multiple variants, and supported by in-house manufacturing of tins, bottles, and jars. - **Manufacturing suspended since March 2019** - the subsidiary Kavit Edible Oil Limited, in which Evexia holds 80%, suspended its manufacturing operations in March 2019 and had negative net worth as of March 2024. - **Trading may continue** - the company's FY23 annual report still described its single business segment as "trading of edible oil, agricultural products, and chemical products," suggesting some edible-oil trading persists even without manufacturing. - **Exposure remains on the books** - Evexia carried Rs. 119.22 lakh in exposure to Kavit Edible Oil through equity investment and unsecured loans as of FY24. # Group structure and partners **Evexia operates through a web of subsidiaries and associate entities that have been acquired, incorporated, and occasionally sold as the business focus shifts, with promoter entities now subscribing to warrants and the company raising foreign currency bonds.** - **Promoters are also business partners** - promoter entities Raghuvir International Private Limited and Shree Saibaba Exim Private Limited, both engaged in export, import, and trading, were allotted 24 crore convertible warrants in November 2024 at Rs. 3.60 each, which on full conversion would give them 10.98% and 8.85% of the company respectively. - **Promoter reclassification is underway** - in August 2025, BSE approved reclassifying three individual promoters to the public category, reducing the promoter group holding from 3.49% to 3.36%, while an earlier application for five other promoters was withdrawn. - **Subsidiaries span the portfolio** - the group includes Kavit Trading (70%, business process outsourcing and bullion trading), Revin Labs (80%, pharmaceutical analytical testing, acquired April 2024 for Rs. 44.80 crore), Vittal's MediCare (51%, diagnostics, acquired October 2024 for Rs. 35 crore), Diponed Bio and Diponed Research International (65% each, life sciences research), Kavit Edible Oil (80%, manufacturing suspended), and Evexia Lifecare Africa Limited (100%, UK-incorporated for African pathology labs). - **Subsidiaries have been sold to family** - in July 2021, the board sold Kavit Hospitality and Kavit Infra Projects to Mr. Kavit Thakkar, son of the promoter, for Rs. 60,000 and Rs. 80,000 respectively, removing them from the group. - **Foreign currency bonds fund the expansion** - the company issued FCCBs listed on the AFRINEX Exchange in Mauritius and appointed a lead arranger to procure subscribers, receiving USD 100 million toward the subscription amount; during FY25, 370 FCCBs were converted into over 4.35 crore equity shares.