Madhavbaug correction shows Rs 7.35 crore subsidiary sales

Vaidya Sane Ayurved Laboratories Limited, which uses the Madhavbaug name, corrected its related-party disclosure on November 5, 2026, reporting Rs 7.35 crore of goods and services sales to subsidiary Dynamic Remedier Private Limited in the half year ended September 30, 2026. The company said an earlier upload contained incorrect details.

Why did Madhavbaug correct its related-party filing?

Madhavbaug said it had inadvertently uploaded incorrect details earlier and submitted the replacement on November 5, 2026 under Regulation 23(9) of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015. The corrected annexure covers consolidated related-party transactions from April 1, 2026 to September 30, 2026.

The announcement does not explain which fields were wrong in the initial upload, quantify the difference, or say that the transactions themselves changed. It does state that the revised filing presents the data in the format required by the applicable accounting standards. The schedule contains 49 line items and records transaction values, relationship classifications, and opening and closing balances.

The disclosed relationships include subsidiaries, directors, key management personnel, entities controlled by the promoter, relatives of key management personnel, and entities under the control of the same holding company. Transaction types include sales and purchases of goods or services, remuneration, rent, professional fees, expense reimbursement, loans, and interest on inter-corporate deposits (ICDs).

What sales did Madhavbaug report to subsidiaries?

Madhavbaug reported Rs 11.31 crore of sales of goods or services to three named subsidiaries in the September 2026 half year, led by Rs 7.35 crore to Dynamic Remedier Private Limited. It also recorded Rs 3.72 crore of sales to UV Ayurgen Private Limited and Rs 24.71 lakh to Aaharshastra Foodz Private Limited.

Dynamic Remedier’s closing balance was Rs 3.02 crore, compared with an opening balance of Rs 1.59 crore. UV Ayurgen’s closing balance was Rs 47.68 lakh, up from Rs 32.21 lakh, while Aaharshastra Foodz ended the period with Rs 3.09 lakh against a nil opening balance.

The subsidiary transactions should not be totalled again with reciprocal entries in the same schedule. Dynamic Remedier, for example, separately reports Rs 7.35 crore of sales to Madhavbaug, which reflects the same intercompany flow from the subsidiary’s side. The rows document related-party dealings rather than separate external revenue streams.

How do subsidiary sales compare with Madhavbaug revenue?

Madhavbaug’s Rs 7.35 crore sales to Dynamic Remedier were about 12.5% of consolidated revenue from operations of Rs 58.69 crore for the half year ended September 30, 2026. The Rs 11.31 crore reported across the three named subsidiaries was about 19.3% of that revenue, based on the corrected transaction values.

Revenue from operations rose by Rs 8.74 crore from Rs 49.94 crore in the half year ended September 30, 2025 to Rs 58.69 crore in the latest half year. Other income increased to Rs 1.93 crore from Rs 95.14 lakh, taking total income to Rs 60.61 crore from Rs 50.90 crore a year earlier.

The latest half-year revenue was also Rs 1.72 crore above Rs 56.96 crore in the half year ended March 31, 2026. Madhavbaug does not attribute the revenue increase to related-party sales, and the filing does not provide a bridge between those transactions and its hospital, sale-of-product, or unallocable reporting segments.

Which promoter-linked transactions did Madhavbaug disclose?

Madhavbaug reported Rs 3.47 crore of sales to two parties classified as entities controlled by the promoter: Rs 2.12 crore to Modomy Life Science Private Limited and Rs 1.35 crore to Vd Sane Ayurvedic Education and Agriculture Research Trust. The trust’s closing balance was Rs 4.61 crore, compared with Rs 4.98 crore at the beginning of the half year.

Modomy Life Science’s closing balance was Rs 5.55 lakh, down from Rs 5.94 lakh, and Madhavbaug separately reported Rs 6 lakh of rent involving that entity. Easy Ayurveda Private Limited, classified as a group company, accounted for Rs 14.72 lakh of interest, with its balance rising to Rs 76.39 lakh from Rs 46.94 lakh.

Madhavbaug also disclosed Rs 30 lakh of remuneration to managing director Dr. Rohit Madhav Sane, Rs 11.60 lakh of goods or services sales to him, and Rs 10.89 lakh of rent under another transaction category. The filing records Rs 23.07 lakh of remuneration to chief executive officer Ramakrishna D. for the same six-month period.

What balances and financing entries were reported?

Madhavbaug recorded a nil transaction value for a loan to subsidiary F-Health Accelerators Private Limited, but listed both the opening and closing balance at Rs 1.01 crore. This indicates that the corrected schedule reports an outstanding related-party loan without a reported movement between April 1 and September 30, 2026.

Aaharshastra Foodz reported Rs 97,000 of interest on an ICD involving Madhavbaug, with the related balance increasing to Rs 44.97 lakh from Rs 21.94 lakh. It also reported Rs 16.96 lakh of purchases from UV Ayurgen and a closing balance of Rs 12.10 lakh, showing trading and financing links among group companies.

Dynamic Remedier disclosed Rs 94.09 lakh of sales to Pararnath Healthcare OPC Private Limited, described as having control of the same holding company. Pararnath Healthcare reported the same Rs 94.09 lakh as purchases, while Dynamic Remedier’s closing balance with Pararnath Healthcare was Rs 41.26 lakh. These mirrored entries reinforce that related-party rows should not be aggregated across both sides of a transaction.

Conclusion

The corrected filing provides a fuller record of Madhavbaug’s intra-group and promoter-linked dealings for the half year ended September 30, 2026. The largest reported item was Rs 7.35 crore of sales to Dynamic Remedier, while sales to three named subsidiaries totalled Rs 11.31 crore against revenue from operations of Rs 58.69 crore. Sales to two promoter-controlled entities totalled Rs 3.47 crore.

The next disclosed matter to watch is utilisation of proceeds from the preferential warrant issue reported for the quarter ended September 30, 2026. Madhavbaug said Rs 15.76 crore raised through warrants was intended for general corporate purposes, working capital and capital expenditure, including a planned hospital at Kondhali; the filing says unutilised funds were temporarily parked in fixed deposits with Yes Bank.