Ishita Drugs nears civil completion after Rs 4.88 crore spend

Ishita Drugs and Industries Limited said on 3 November 2026 that civil work in the current phase of its Revised Schedule M manufacturing-facility upgrade was nearing completion after nearly Rs 4.88 crore of spending on renovation and new blocks, while equipment deliveries and heating, ventilation and air-conditioning (HVAC) work were under way.

What is the status of Ishita Drugs' Revised Schedule M upgrade?

Ishita Drugs said civil work planned under the current phase was nearing completion as of its board-meeting disclosure on 3 November 2026. The stated work covers renovation of existing buildings and construction of new blocks at its manufacturing facility, and the board discussed the project while approving unaudited results for the quarter and half year ended 30 September 2026.

Deliveries of some equipment ordered in previous months had started by 3 November 2026, according to the Managing Director's update to the board. Multiple agencies were also working at the site on electrical, piping and HVAC installations, indicating that utility and equipment-related work remained in progress after the civil scope approached completion.

Ishita Drugs did not disclose a mechanical-completion date, commissioning date or a date for full Revised Schedule M compliance in its 3 November 2026 announcement. It also did not identify the equipment received, quantify individual electrical or HVAC packages, or state the remaining construction work required before the facility can be put into use.

How much has Ishita Drugs spent and borrowed for the project?

Ishita Drugs reported nearly Rs 4.88 crore spent to date towards renovation of existing buildings and construction of new blocks. It separately said that payments towards capital expenditure, made as advances and against invoices, totalled Rs 1.90 crore as of the 3 November 2026 update.

The announcement presents the nearly Rs 4.88 crore civil-spending figure and the Rs 1.90 crore capital-expenditure-payment figure separately. Ishita Drugs did not provide a reconciliation between the two amounts, split the civil expenditure between renovation and new construction, or disclose the value of equipment deliveries that had begun.

The company said the capital expenditure had been financed partly through a Rs 51.90 lakh term-loan disbursement from HDFC Bank, against a total sanctioned loan of Rs 9.75 crore. Ishita Drugs did not disclose the interest rate, repayment schedule, security, planned future drawdowns or the final cost of the Revised Schedule M upgrade.

How do Ishita Drugs' accounts reflect construction activity?

Ishita Drugs reported capital work-in-progress of Rs 2.86 crore at 30 September 2026, up from Rs 1.75 crore at 31 March 2026. Capital work-in-progress, the accounting category for assets under construction or preparation for use, therefore increased by Rs 1.11 crore during the six months ended 30 September 2026.

Property, plant and equipment was Rs 83.05 lakh at 30 September 2026, compared with Rs 88.28 lakh at 31 March 2026, while total assets increased to Rs 13.36 crore from Rs 12.60 crore. The rise in capital work-in-progress occurred alongside the disclosed construction and renovation programme, although the company did not assign the entire balance to the Revised Schedule M project.

The Rs 2.86 crore capital-work-in-progress balance at 30 September 2026 was below the nearly Rs 4.88 crore of project spending reported on 3 November 2026. Ishita Drugs did not explain this difference, so the filing does not establish how much reflects completed assets, payments recorded elsewhere, advances, or expenditure incurred after the 30 September reporting date.

What does the latest balance sheet show about funding?

Ishita Drugs reported total equity of Rs 11.96 crore at 30 September 2026, compared with Rs 11.57 crore at 31 March 2026, while total liabilities rose to Rs 1.40 crore from Rs 1.04 crore. Current liabilities increased to Rs 1.38 crore from Rs 98.85 lakh, including current provisions of Rs 50.84 lakh versus Rs 15.65 lakh at the prior year-end.

Non-current borrowings were Rs 51,000 at 30 September 2026, down from Rs 3.45 lakh at 31 March 2026, and current borrowings were nil compared with Rs 4.73 lakh. Those 30 September balance-sheet figures are not reconciled in the filing to the Rs 51.90 lakh HDFC Bank disbursement reported on 3 November 2026, and Ishita Drugs did not state whether that drawdown occurred before or after the balance-sheet date.

Cash and cash equivalents on the balance sheet were Rs 22.69 lakh at 30 September 2026, up from Rs 14.56 lakh at 31 March 2026. Bank balances other than cash and cash equivalents were Rs 2.41 crore, compared with Rs 2.56 crore at 31 March 2026, while the company gave no project-specific allocation of those balances.

What remains undisclosed about Ishita Drugs' compliance project?

Ishita Drugs has disclosed the construction stage, equipment deliveries, Rs 4.88 crore of spending and the Rs 9.75 crore HDFC Bank sanction, but it has not stated a total project budget. The 3 November 2026 filing also does not quantify the outstanding cost of electrical, piping, HVAC or equipment-installation work.

The company identifies pharmaceutical business as its single operating segment in the notes to its 30 September 2026 financial results. However, it did not disclose the expected production effect, capacity change, revenue impact or operating-cost implications of the Revised Schedule M upgrade for that segment.

Conclusion

Ishita Drugs has reported that its current civil phase is nearing completion after nearly Rs 4.88 crore of renovation and new-construction spending, with equipment arrivals and electrical, piping and HVAC work continuing. Its capital work-in-progress increased by Rs 1.11 crore over the six months ended 30 September 2026, though the filing does not reconcile that balance with the later project-spending disclosure.

The next disclosures to watch are further draws against the Rs 9.75 crore HDFC Bank sanction, progress on the remaining utility and installation work, and any stated commissioning or Revised Schedule M compliance date. Ishita Drugs has not disclosed the final project cost, completion timetable or remaining capital expenditure requirement.