Relic Technologies Limited (to be renamed **Truhealthy Sciences Limited**) is a Mumbai-based integrated financial services firm currently undergoing a high-stakes strategic transformation. Established in **1991**, the company is a member of the **National Stock Exchange (NSE)** and has historically focused on **Corporate & Institutional share broking**. As of **2025**, the company is aggressively pivoting its business model toward the **Pharmaceutical and Wellness** sectors through inorganic growth and capital restructuring. --- ### **The Strategic Pivot: Transition to Pharma & Wellness** The company is executing a fundamental shift from its legacy brokerage operations to the dealing of pharma and wellness products. This transition is characterized by several key corporate actions: * **Inorganic Growth:** In **March 2025**, the company completed the acquisition of a **69.50%** equity stake in **Truhealthy Wellness Private Limited**, marking its formal entry into the wellness space. * **Corporate Rebranding:** The Board has approved a name change to **'Truhealthy Sciences Limited'**. While the **Main Object Clause** of the Memorandum of Association (MOA) has already been altered, the name change is deferred pending **BSE** criteria regarding the commencement of new business revenue. * **Subsidiary Rationalization:** To streamline operations, the company approved the voluntary striking off of **Relic Pharma Limited** (a non-operative wholly-owned subsidiary) in **November 2025**. * **Talent Alignment:** The **Employees Stock Option Scheme 2025 (ESOP Scheme)** was approved to incentivize and retain personnel during this growth phase. --- ### **Capital Structure & Fundraising Dynamics** To fund its expansion, acquisitions, and working capital needs, Relic Technologies has significantly expanded its financial headroom and equity base. **Financial Limits & Authorizations:** | Metric | Previous Limit | Current/Approved Limit | | :--- | :--- | :--- | | **Authorized Share Capital** | **Rs. 5.00 Crore** | **Rs. 10.00 Crore** | | **Borrowing Limits (Section 180(1)(c))** | - | **Rs. 100 Crore** | | **Investment/Loan Limits (Section 186)** | **Rs. 3.33 Crore** | **Rs. 100 Crore** | **Equity Issuances (2025):** * **Preferential Allotment:** Issued **15,50,000** equity shares at **Rs. 85** per share (including a **Rs. 75** premium) to non-promoters, raising **Rs. 13.17 Crore**. * **Warrant Conversion:** Issued **4,41,164** fully convertible warrants at **Rs. 85**. As of **December 2025**, these were fully converted into equity shares following the receipt of the final **75%** consideration (**Rs. 2.81 Crore**). * **Paid-up Capital:** As of **December 31, 2025**, the paid-up capital stands at **Rs. 5,59,11,640**, comprising **55,91,640 equity shares** of **Rs. 10 each**. --- ### **Legacy Operations: Institutional Share Broking** Despite the pivot, the company’s current revenue remains tied to its **single primary business segment**: **Share Broking**. * **Client Focus:** Operations are geared toward high-volume **Institutional and Corporate clients**. * **Revenue Model:** Primarily driven by **Brokerage Income** from capital market activities and equity investments. * **Asset Management:** The company utilizes specific estimated useful lives for its tangible assets that deviate from standard Schedule II guidelines: | Asset Category | Estimated Useful Life (Years) | | :--- | :--- | | **Non-factory Building** | **58.25** | | **Factory Building** | **28.50** | | **Plant & Machinery (General)** | **18 to 20** | | **Furniture and Fixtures** | **15** | | **Office Equipment** | **13.50** | | **Vehicles** | **10** | --- ### **Financial Performance & Shareholding** The company is currently prioritizing capital preservation over shareholder payouts to fund its new trajectory. **Audited Financial Summary:** | Metric | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | | **Total Turnover** | **Rs. 164.43 lacs** | **Rs. 156.61 lacs** | | **Net Profit / (Loss) After Tax** | **(Rs. 87.03 lacs)** | *Not Disclosed* | | **Dividend Recommended** | **Nil** | **Nil** | **Promoter Activity (December 2025 Warrant Conversion):** * **ENAI Trading and Investment Pvt Ltd:** Acquired **39,384 shares** (**0.76%** stake). * **Mr. Kunal Narendra Gandhi:** Acquired **36,280 shares** (**0.70%** stake). * **Mrs. Nehal Narendra Gandhi:** Acquired **30,500 shares** (**0.59%** stake). --- ### **Risk Profile & Regulatory Challenges** The transition phase has introduced significant operational and compliance-related risks that investors must monitor. **1. Regulatory & Compliance Discrepancies:** * **Auditor Resignation:** In **July 2025**, the Statutory Auditors resigned, citing an inability to scale their professional staff to match the company’s rapid expansion plans and an *inter se* change in promoters. * **Legal Proceedings:** Active prosecutions exist against company officers under **Sections 383A(1A), 629A, and 299(4)** of the Companies Act 1956, currently pending in the **37th Court, Esplanade, Mumbai**. * **Administrative Lapses:** The **Ministry of Corporate Affairs (MCA)** portal does not reflect the **Satisfaction of Charges** for certain loans, despite the company claiming full repayment. **2. Operational Risks:** * **Licensing Dependency:** Revenue generation from the pharma sector is strictly contingent upon obtaining necessary licenses from sectoral regulators. * **Concentration Risk:** Until the pharma business is operational, the company remains 100% sensitive to Indian capital market volatility. * **Impairment:** A significant impairment provision of **Rs. 2.32 Crore** was recognized in **July 2025** regarding goodwill from investments. **3. Macroeconomic Pressures:** * The company identifies **inflationary pressures**, **global economic developments**, and **fluctuating demand** as primary threats to its legacy brokerage volumes and the successful launch of its wellness product line.