Qualiance ended FY26 with Rs 3.76 crore due from Badani

Qualiance ended the year on March 31, 2026 with Rs 3.76 crore due from promoter-director Vipul Badani, after advancing Rs 3.84 crore during the year and receiving Rs 2.60 crore of repayments. The company recorded Rs 30.15 lakh of interest income, while describing outstanding related-party balances as unsecured.

How did Qualiance end FY26 with Rs 3.76 crore due from Badani?

Qualiance’s related-party schedule shows that Vipul Badani was a promoter and director from August 24, 2006, and that the company advanced Rs 3.84 crore to him during the year ended March 31, 2026. The closing balance was shown as Rs 3.76 crore due from Vipul Badani, compared with Rs 2.21 crore due from him at March 31, 2025. The disclosure does not state the loan’s purpose, maturity date, security, repayment schedule or contractual interest rate.

The schedule uses a “Cr/(Dr.)” presentation for Vipul Badani’s opening and closing loan balances, with negative figures in FY26 and FY25. Read with the line item describing a loan given by the company, the negative Rs 3.76 crore FY26 balance represents a receivable for Qualiance rather than a liability owed by Qualiance. The company states that all outstanding related-party balances at the reporting date were unsecured, with no guarantees provided or received for related-party receivables or payables.

The FY26 closing balance follows the disclosed movement during the year. Qualiance began with Rs 2.21 crore due from Vipul Badani, advanced Rs 3.84 crore, received Rs 2.60 crore in repayments and recorded Rs 30.15 lakh of interest income. On those entries, the company reported a Rs 3.76 crore receivable at March 31, 2026.

How did the Vipul Badani loan change across three years?

Qualiance’s balance with Vipul Badani changed from a creditor position at March 31, 2024 to a receivable in the following two reporting periods. The March 31, 2024 closing balance was Rs 1.22 crore under the company’s credit and debit convention, while the March 31, 2025 balance became Rs 2.21 crore due from Vipul Badani. By March 31, 2026, the receivable had increased by Rs 1.55 crore to Rs 3.76 crore.

The FY25 movement included Rs 1.34 crore described as loans given by Qualiance and Rs 4.73 crore of repayments. The FY24 schedule instead included Rs 4.10 crore of loans given, Rs 7.28 crore of repayments and Rs 5.04 crore adjusted against a right-issue subscription. Qualiance’s restated ratios state that it issued 84 lakh equity shares through a rights issue on February 16, 2024, with subscription amounts adjusted against outstanding loans from directors.

No right-issue subscription adjustment was recorded for Vipul Badani in FY25 or FY26. This matters because the FY24 movement partly reflected an equity-subscription adjustment, whereas the FY26 movement comprised the opening receivable, further lending, repayment and interest income. The source does not disclose whether any subsequent repayment occurred after March 31, 2026.

What did Qualiance earn and pay in transactions with Vipul Badani?

Qualiance recorded Rs 30.15 lakh of interest income on loans given to Vipul Badani in FY26, up from Rs 3.82 lakh in FY25; no interest income was shown for FY24. The FY26 interest income equalled about 8.0% of the March 31, 2026 closing receivable when measured against the Rs 3.76 crore balance. That calculation does not establish an annual interest rate because Qualiance did not disclose the accrual period, rate or compounding terms.

The related-party schedule also records Rs 42 lakh of director remuneration and Rs 46.40 lakh of expense reimbursements for Vipul Badani in FY26. Director remuneration was Rs 24 lakh in both FY25 and FY24, while reimbursements were Rs 63.63 lakh in FY25 and Rs 41.68 lakh in FY24. At March 31, 2026, Rs 1.87 lakh of reimbursement expense remained payable.

Qualiance states that director remuneration and salary in the related-party schedule exclude provisions for gratuity, which are actuarially determined for employees including directors and key management personnel. The schedule also excludes the company’s provident-fund and other-fund contributions for directors and key management personnel. As a result, the Rs 42 lakh remuneration line is not a complete measure of all employment-related costs associated with Vipul Badani.

How concentrated were Qualiance’s related-party loan receivables?

Qualiance’s disclosed related-party loan receivables at March 31, 2026 were concentrated in Vipul Badani. The schedule showed Rs 3.76 crore due from Vipul Badani and Rs 3.50 lakh due from Saira Tabrez Khan, who became chief financial officer on November 1, 2025. Loans to several other directors or relatives listed in the schedule were shown as repaid, with no closing receivable.

Vipul Badani represented about 99.1% of the Rs 3.79 crore total disclosed related-party loan receivables at March 31, 2026. The Rs 3.50 lakh due from Saira Tabrez Khan arose from a FY26 advance of the same amount, with no repayment recorded by the reporting date. This comparison excludes the Rs 12.85 lakh closing creditor balance reported with Krupa Rajesh Badani because it was not an amount due to Qualiance.

Qualiance says other related-party transactions were made on terms equivalent to arm’s-length transactions, meaning terms comparable with transactions between independent parties. It also says it recorded no impairment of related-party receivables at reporting dates after assessing the financial position of the related party and the relevant market. The disclosure adds that there were no commitments with related parties and that management identified the related-party list relied on by the auditor.

How does the Vipul Badani receivable compare with Qualiance’s borrowings?

Qualiance reported Rs 28.50 crore of total debt at March 31, 2026, comprising Rs 22.62 crore of current borrowings and Rs 5.88 crore of non-current borrowings including current maturities. The Rs 3.76 crore receivable from Vipul Badani was about 13.2% of total debt, based on those reported balances. The company’s total debt-to-equity ratio was 1.15 times at March 31, 2026, down from 2.15 times at March 31, 2025.

Finance cost was Rs 3.75 crore in FY26, including Rs 3.27 crore of interest on loans, Rs 24.53 lakh of interest on advance-tax shortfall and Rs 15.70 lakh of other borrowing costs. Qualiance did not allocate its finance cost to individual facilities or compare the cost of its borrowing with the yield on the Vipul Badani receivable. The company also stated that bank and financial-institution borrowings were not used for purposes other than those for which they were obtained during the restatement period.

Qualiance reported a current ratio of 1.64 times at March 31, 2026, compared with 1.61 times in FY25 and 1.30 times in FY24. The company defines the current ratio as current assets divided by current liabilities. Restated profit after tax rose to Rs 11.87 crore in FY26 from Rs 4.90 crore in FY25, while net worth reached Rs 24.74 crore, but neither measure supplies a maturity date or security for the Rs 3.76 crore receivable.

Conclusion

Qualiance was a net lender to Vipul Badani at March 31, 2026, with Rs 3.84 crore advanced during FY26 and a Rs 3.76 crore year-end receivable after repayments and interest income. The balance accounted for about 99.1% of disclosed related-party loan receivables and existed alongside Rs 28.50 crore of reported total debt.

The next material item to watch is any disclosed repayment, further advance, impairment charge or loan-term disclosure for the unsecured Rs 3.76 crore receivable after March 31, 2026. Qualiance disclosed no maturity date, collateral, repayment plan or related-party commitment for the balance, leaving its subsequent movement unresolved.