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Evexia Lifecare Ltd

EVEXIA

BSE

₹2.11-4.52%19 Oct 2026

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Trading

Evexia Lifecare Ltd

EVEXIA

BSE

₹2.11

-4.52%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

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.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹466Cr

Close Price

₹2.10

Industry

Trading

Price To Earnings

50.00

Price To Sales

3.93

Revenue

₹119Cr

Rev Gr TTM

Revenue Growth TTM

26.08%

PAT Gr TTM

PAT Growth TTM

-7.00%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	11	7	25	21	27	22	24	22	26	25	37	31
Growth YoY Revenue Growth YoY%	-14.2	-63.6	-0.2	51.4	150.8	221.5	-4.5	4.0	-3.7	16.3	55.8	39.8
Expenses ExpensesCr	12	7	22	21	26	22	22	21	26	25	36	30
Operating Profit Operating ProfitCr	-1	0	3	0	1	0	1	1	0	0	1	1
OPM OPM%	-12.8	0.0	12.3	1.4	4.1	0.8	5.5	4.8	0.4	1.0	3.0	1.7
Other Income Other IncomeCr	0	0	1	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	-2	0	3	0	1	0	0	1	1	0	1	1
Tax TaxCr	0	0	1	0	0	0	0	0	0	0	0	0
PAT PATCr	-2	0	3	0	1	0	0	1	0	0	1	0
Growth YoY PAT Growth YoY%	-675.9	-104.7	428.9	9.1	156.3	340.0	-88.6	162.5	-60.6	141.7	151.6	-33.3
NPM NPM%	-15.7	-0.7	11.0	1.1	3.5	0.6	1.3	2.9	1.4	1.1	2.1	1.4
EPS EPS₹	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	11	7	25	21	27	22	24	22	26	25	37	31
Growth YoY Revenue Growth YoY%	-14.2	-63.6	-0.2	51.4	150.8	221.5	-4.5	4.0	-3.7	16.3	55.8	39.8
Expenses ExpensesCr	12	7	22	21	26	22	22	21	26	25	36	30
Operating Profit Operating ProfitCr	-1	0	3	0	1	0	1	1	0	0	1	1
OPM OPM%	-12.8	0.0	12.3	1.4	4.1	0.8	5.5	4.8	0.4	1.0	3.0	1.7
Other Income Other IncomeCr	0	0	1	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	-2	0	3	0	1	0	0	1	1	0	1	1
Tax TaxCr	0	0	1	0	0	0	0	0	0	0	0	0
PAT PATCr	-2	0	3	0	1	0	0	1	0	0	1	0
Growth YoY PAT Growth YoY%	-675.9	-104.7	428.9	9.1	156.3	340.0	-88.6	162.5	-60.6	141.7	151.6	-33.3
NPM NPM%	-15.7	-0.7	11.0	1.1	3.5	0.6	1.3	2.9	1.4	1.1	2.1	1.4
EPS EPS₹	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	34	178	74	105	100	107	76	70	56	87	110	119
Growth Revenue Growth%	5,379.0	422.7	-58.3	42.3	-5.0	6.4	-29.2	-7.9	-19.1	53.9	27.3	26.1
Expenses ExpensesCr	34	176	74	106	107	179	73	69	54	85	107	117
Operating Profit Operating ProfitCr	0	1	0	-1	-6	-72	2	1	2	2	3	2
OPM OPM%	-0.3	0.7	-0.5	-0.8	-6.3	-67.7	3.2	0.8	3.5	1.9	2.6	1.7
Other Income Other IncomeCr	1	0	1	3	12	74	0	2	1	0	0	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	1	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	1	1
PBT PBTCr	0	1	1	2	5	2	2	2	2	1	2	2
Tax TaxCr	0	0	0	1	1	1	1	1	1	1	1	1
PAT PATCr	0	1	0	2	3	1	1	1	1	0	2	2
Growth PAT Growth%	54.1	444.6	-46.1	224.1	121.7	-63.0	-32.8	-22.7	106.5	-70.2	295.1	-7.0
NPM NPM%	0.5	0.5	0.7	1.5	3.5	1.2	1.1	1.0	2.5	0.5	1.5	1.6
EPS EPS₹	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0	0.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	34	178	74	105	100	107	76	70	56	87	110	119
Growth Revenue Growth%	5,379.0	422.7	-58.3	42.3	-5.0	6.4	-29.2	-7.9	-19.1	53.9	27.3	26.1
Expenses ExpensesCr	34	176	74	106	107	179	73	69	54	85	107	117
Operating Profit Operating ProfitCr	0	1	0	-1	-6	-72	2	1	2	2	3	2
OPM OPM%	-0.3	0.7	-0.5	-0.8	-6.3	-67.7	3.2	0.8	3.5	1.9	2.6	1.7
Other Income Other IncomeCr	1	0	1	3	12	74	0	2	1	0	0	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	1	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	1	1
PBT PBTCr	0	1	1	2	5	2	2	2	2	1	2	2
Tax TaxCr	0	0	0	1	1	1	1	1	1	1	1	1
PAT PATCr	0	1	0	2	3	1	1	1	1	0	2	2
Growth PAT Growth%	54.1	444.6	-46.1	224.1	121.7	-63.0	-32.8	-22.7	106.5	-70.2	295.1	-7.0
NPM NPM%	0.5	0.5	0.7	1.5	3.5	1.2	1.1	1.0	2.5	0.5	1.5	1.6
EPS EPS₹	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0	0.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital Equity CapitalCr	62	62	62	62	62	62	62	66	71	188	188
Reserves ReservesCr	3	4	11	13	16	18	19	24	59	250	357
Current Liabilities Current LiabilitiesCr	37	38	15	48	61	52	32	47	43	79	65
Non Current Liabilities Non Current LiabilitiesCr	10	115	120	102	85	10	15	711	710	375	1,222
Total Liabilities Total LiabilitiesCr	112	219	208	224	224	142	127	848	883	920	1,853
Current Assets Current AssetsCr	61	161	72	88	129	109	70	87	97	118	114
Non Current Assets Non Current AssetsCr	50	58	136	137	95	33	57	761	786	802	1,739
Total Assets Total AssetsCr	112	219	208	224	224	142	127	848	883	920	1,853

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital Equity CapitalCr	62	62	62	62	62	62	62	66	71	188	188
Reserves ReservesCr	3	4	11	13	16	18	19	24	59	250	357
Current Liabilities Current LiabilitiesCr	37	38	15	48	61	52	32	47	43	79	65
Non Current Liabilities Non Current LiabilitiesCr	10	115	120	102	85	10	15	711	710	375	1,222
Total Liabilities Total LiabilitiesCr	112	219	208	224	224	142	127	848	883	920	1,853
Current Assets Current AssetsCr	61	161	72	88	129	109	70	87	97	118	114
Non Current Assets Non Current AssetsCr	50	58	136	137	95	33	57	761	786	802	1,739
Total Assets Total AssetsCr	112	219	208	224	224	142	127	848	883	920	1,853

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	11	-116	-12	0	-3	2	-6	-3	17	-2	-23
Investing Cash Flow Investing Cash FlowCr	2	1	-6	0	1	-2	8	-697	-17	-18	53
Financing Cash Flow Financing Cash FlowCr	-12	113	18	0	2	1	-1	699	1	20	-28
Net Cash Flow Net Cash FlowCr	1	-2	0	0	0	0	1	-1	0	0	2
Free Cash Flow Free Cash FlowCr	11	-116	-18	0	-3	2	-8	-6	17
CFO To PAT CFO To PAT%	6,596.1	-12,962.6	-2,433.6	-16.7	-74.4	133.0	-665.9	-471.8	1,236.2	-551.2	-1,449.4
CFO To EBITDA CFO To EBITDA%	-11,085.1	-9,145.2	3,305.9	29.3	40.9	-2.4	-237.4	-538.5	871.6	-140.4	-818.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	11	-116	-12	0	-3	2	-6	-3	17	-2	-23
Investing Cash Flow Investing Cash FlowCr	2	1	-6	0	1	-2	8	-697	-17	-18	53
Financing Cash Flow Financing Cash FlowCr	-12	113	18	0	2	1	-1	699	1	20	-28
Net Cash Flow Net Cash FlowCr	1	-2	0	0	0	0	1	-1	0	0	2
Free Cash Flow Free Cash FlowCr	11	-116	-18	0	-3	2	-8	-6	17
CFO To PAT CFO To PAT%	6,596.1	-12,962.6	-2,433.6	-16.7	-74.4	133.0	-665.9	-471.8	1,236.2	-551.2	-1,449.4
CFO To EBITDA CFO To EBITDA%	-11,085.1	-9,145.2	3,305.9	29.3	40.9	-2.4	-237.4	-538.5	871.6	-140.4	-818.1

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	53	165	98	254	515	909	178	108	173	490		466
Price To Earnings Price To Earnings	287.7	190.0	198.1	164.2	148.4	698.8	192.0	163.0	122.5	1,195.1		50.0
Price To Sales Price To Sales	1.6	0.9	1.3	2.4	5.1	8.5	2.4	1.6	3.1	5.7		3.9
Price To Book Price To Book	0.8	2.5	1.5	3.8	7.2	12.5	2.4	1.3	1.4	1.1		0.8
EV To EBITDA EV To EBITDA	-626.2	131.9	-291.6	-287.7	-82.7	-12.7	75.5	1,391.1	439.8	540.7		855.5
Profitability Ratios Profitability Ratios
GPM GPM%	0.8	1.1	3.5	0.9	1.9	3.4	6.2	5.5	9.9
OPM OPM%	-0.3	0.7	-0.5	-0.8	-6.3	-67.7	3.2	0.8	3.5	1.9	2.6	1.7
NPM NPM%	0.5	0.5	0.7	1.5	3.5	1.2	1.1	1.0	2.5	0.5	1.5	1.6
ROCE ROCE%	0.4	2.0	0.9	2.9	6.0	2.2	2.6	0.3	0.3	0.2		0.1
ROE ROE%	0.3	1.4	0.7	2.1	4.4	1.6	1.1	0.7	1.1	0.1		0.3
ROA ROA%	0.1	0.4	0.2	0.7	1.6	0.9	0.7	0.1	0.2	0.0		0.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	53	165	98	254	515	909	178	108	173	490		466
Price To Earnings Price To Earnings	287.7	190.0	198.1	164.2	148.4	698.8	192.0	163.0	122.5	1,195.1		50.0
Price To Sales Price To Sales	1.6	0.9	1.3	2.4	5.1	8.5	2.4	1.6	3.1	5.7		3.9
Price To Book Price To Book	0.8	2.5	1.5	3.8	7.2	12.5	2.4	1.3	1.4	1.1		0.8
EV To EBITDA EV To EBITDA	-626.2	131.9	-291.6	-287.7	-82.7	-12.7	75.5	1,391.1	439.8	540.7		855.5
Profitability Ratios Profitability Ratios
GPM GPM%	0.8	1.1	3.5	0.9	1.9	3.4	6.2	5.5	9.9
OPM OPM%	-0.3	0.7	-0.5	-0.8	-6.3	-67.7	3.2	0.8	3.5	1.9	2.6	1.7
NPM NPM%	0.5	0.5	0.7	1.5	3.5	1.2	1.1	1.0	2.5	0.5	1.5	1.6
ROCE ROCE%	0.4	2.0	0.9	2.9	6.0	2.2	2.6	0.3	0.3	0.2		0.1
ROE ROE%	0.3	1.4	0.7	2.1	4.4	1.6	1.1	0.7	1.1	0.1		0.3
ROA ROA%	0.1	0.4	0.2	0.7	1.6	0.9	0.7	0.1	0.2	0.0		0.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SUSAN	HPTL	RIDDHI	EVEXIA	ARVAYA	JKIPL	RECODE
Market CapitalizationMkt CapCr	505	500	499	466	465	455	447
Close PriceClose₹	248.50	420.00	700.00	2.10	96.90	118.61	420.00
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	27.70	19.64		50.00	510.00	46.33
Price To SalesPS	1.88	0.21	2.92	3.93	51.08	1.25	5.59
RevenueRevenueCr	269	2,392	171	119	9	365	80
Revenue Growth TTMRev Gr TTM%		49.8%	-38.0%	26.1%		-3.8%	67.3%
PAT Growth TTMPAT Gr TTM%		102.6%	38.4%	-7.0%		-60.7%	259.8%

	SUSAN	HPTL	RIDDHI	EVEXIA	ARVAYA	JKIPL	RECODE
Market CapitalizationMkt CapCr	505	500	499	466	465	455	447
Close PriceClose₹	248.50	420.00	700.00	2.10	96.90	118.61	420.00
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	27.70	19.64		50.00	510.00	46.33
Price To SalesPS	1.88	0.21	2.92	3.93	51.08	1.25	5.59
RevenueRevenueCr	269	2,392	171	119	9	365	80
Revenue Growth TTMRev Gr TTM%		49.8%	-38.0%	26.1%		-3.8%	67.3%
PAT Growth TTMPAT Gr TTM%		102.6%	38.4%	-7.0%		-60.7%	259.8%

FY2026

FY2024

FY2023

FY2021

FY2020

FY2026

Jun 26