Amanta Healthcare Ltd Forensic Report - SOIC x StockScans Report

as of Aug 2026

Amanta Healthcare's FY2025-26 record carries a clean audit opinion and a simple corporate structure, but the year brought a contradiction between the annual report and AGM notice on related party deals, and a major debt refinancing that has reshaped the balance sheet. The MD's pay is set to rise 33% while his oversight powers expand, and the auditor could not verify two elements of the electronic books.

Key findings

  1. Annual report states no material related party transactions, yet the AGM notice discloses a 1.02 crore land purchase from the MD and a 44-month vehicle lease with him Major - The FY2025-26 Annual Report states "no material RPTs not in ordinary course/not at arm's length; hence no Form AOC-2 details furnished," yet the AGM notice's Form AOC-2 discloses two related party transactions with Bhavesh Girishbhai Patel (Chairman & Managing Director): a land purchase of ₹102.46 Lakhs approved by the Board on 11/11/2025, and a 44-month vehicle lease valued at ₹28.80 lakhs with an advance of ₹14.40 lakhs. A joint unsecured term loan of ₹18.75 crore with the director has a company portion of ₹17.92 crore (outstanding ₹15.51 crore as at 31 March 2026), secured by the director's personal residential property, with the company paying the bank on his behalf.
  2. Managing Director's remuneration is being raised 33% to ₹1.6 crore p.a. while his board and audit committee powers increase Major - Shri Bhavesh Girishbhai Patel's remuneration is proposed to rise from ₹1.2 crore p.a. to up to ₹1.6 crore p.a. effective 1st April 2026, with the Board stating the existing upper limit "may not be sufficient enough" for the balance of his term. He was appointed to the Audit Committee on 11.11.2025, making the MD a member of the committee that oversees financial reporting. His cousin, Shri Nimesh P Patel, serves as a Non-Executive Director, and the MD holds 63,32,179 shares (16.31%) of the company.
  3. Debt is being refinanced and restructured across multiple new facilities with layered security, while reported gearing has fallen from 3.43x to 1.06x Major - Gearing improved from 3.43x in FY23 to 1.06x in FY26, with Debt Service Coverage Ratio of 1.01x in FY26. New facilities include a ₹26.34 crore term loan secured by personal guarantees and a solar plant, a ₹100.08 crore refinancing of NCDs with call/put options, and a ₹35 crore refinancing loan with covenants next tested at Mar 31, 2027. Security includes a pledge of 22.87% promoter shareholding and personal guarantees of Mr. & Mrs. Patel. Crisil upgraded the long-term rating to 'Crisil BBB/Stable' on February 16, 2026, citing networth rising from ₹96 crore to ₹211 crore backed by IPO equity funds of around ₹126 crore.
  4. Clean audit opinions, but the auditor flags an unverifiable daily backup of electronic books and an unverified database-layer audit trail Minor - Price Waterhouse Chartered Accountants LLP issued an unqualified opinion on the standalone financial statements as at March 31, 2026, with no Key Audit Matters described. The auditor reported a Section 143(3)(b) exception: proper books were kept, EXCEPT it was unable to verify whether backup of electronic books was maintained on a daily basis on servers physically located in India during FY2025-26. The auditor also could not verify whether the audit trail was maintained at the database layer to capture direct data changes, though no tampering was noticed.
  5. IPO proceeds dominate the balance sheet and fund a capex ramp, while operating cash flow runs 3-4x PAT Minor - Operating cash flow exceeded PAT in each of the last four years: CFO/PAT was 3.26x in FY26 (CFO ₹48.45cr vs PAT ₹14.88cr) and 4.44x in FY25 (CFO ₹46.62cr vs PAT ₹10.50cr). The IPO of 10,000,000 equity shares at ₹126 per share raised ₹126 crore, listed on September 09, 2025, with ₹52.47 crore of unutilised proceeds at FY26 year-end, of which ₹27.87 crore was in current accounts and ₹14.88 crore in fixed deposits. Capex spend is projected at ₹130 crore in FY26P versus ₹10 crore in FY25, with borrowing costs of ₹2.41 crore capitalised into CWIP for the first time (FY25: Nil).
  6. FY26 profit includes a ₹3 crore exceptional charge and a ₹17.19 crore IPO cost routed through securities premium Minor - FY26 standalone financials report exceptional items of ₹3 crore (nil in prior years), while PAT was ₹15 crore versus ₹11 crore in FY25. IPO-related expenses of ₹17.19 crore (net of GST) for new shares were adjusted against securities premium, while ₹2.63 crore for listing of existing shares was recognised in the Statement of Profit and Loss as an exceptional item. The CFO stated total depreciation will increase by ₹6 crores annually versus FY26, including SteriPort Line 3, SVP and solar plant.
  7. Auditor fees rose to ₹55.48 lakhs while IPO-related payments to the auditor fell from ₹90 lakhs to ₹15 lakhs Minor - Total fees paid to the Statutory Auditors for FY2025-26 were ₹55.48 lakhs, with no services availed from the network firm and no subsidiary as on the report date. Auditor remuneration excludes ₹15 lakhs for IPO-related services, down from ₹90 lakhs excluded in FY2024-25. The audit report was signed by Devang Mehta, Partner, at Ahmedabad on May 19, 2026.
  8. Revenue is spread across a broad customer base with no single customer exceeding 10%, and receivables days have improved Clean - The company reports a single operating segment, "Manufacturing and sale of pharmaceutical products including contract manufacturing services", and states that no customer or group of customers contributes 10% or more of total revenue. Receivables days improved from 66.55 in FY25 to 54.58 in FY26, while revenue grew from ₹275 crore to ₹288 crore.
  9. Company operates as a standalone entity with no subsidiaries, JVs, associates, or CICs Clean - Amanta Healthcare states it has no Subsidiary, Joint Venture or Associate Company as of FY2025-26. CARO clause xxi confirms the Company has no subsidiaries/JVs/associates and does not prepare consolidated financial statements. The Company is not a Core Investment Company as defined by RBI regulations.

What to watch

Bottom line: This is an audited, cash-generative business with a clean opinion, diversified revenue, and a simple corporate structure. The risk sits in governance and leverage: the MD's pay and oversight powers are rising together, related party deals appear in the AGM notice but not the annual report, and a wave of refinancing has layered security while reported gearing fell sharply. Watch the shareholder votes at the AGM scheduled for 16th September 2026, and whether the export obligation and covenant tests resolve cleanly.