Lords Mark Industries Ltd

Appointment details

• Ms. Foram Bhuva appointed as Whole-Time Company Secretary and Compliance Officer.
• Effective from 14 October 2026.
• Reason: Appointment to fill Company Secretary and Compliance Officer roles.
• ICSI Associate Member (Membership No. A60689) with 7.5+ years' experience in corporate secretarial and SEBI governance.
• No relationships with directors or promoters disclosed.
• Designated as KMP and authorised for Compliance Officer duties.

agm details

• AGM held on 30 September 2026, 11:30 AM–12:10 PM, via VC/OAVM.

key resolutions

• Item 1 (Ordinary): Adopt audited financial statements for year ended 31 March 2026.
• Item 2 (Ordinary): Re-appoint Manav K. Teli as Director.
• Item 3 (Ordinary): Appoint Sanjeev S. Gupta & Associates as Statutory Auditors for five years.
• Item 4 (Special): Appoint Geeta Serwani as Secretarial Auditor for five years.
• Item 5 (Special): Appoint Shweta Dilip Mehta as independent director for five years.
• Item 6 (Special): Appoint Govind Singh Bhati as independent director for five years.
• Item 7 (Special): Appoint Vinod Tiwari as independent director for five years.
• Item 8 (Special): Appoint Pooja Vijay Gohil as independent director for five years.
• Item 9 (Special): Ratify remuneration of Cost Auditors for FY 2026-27.
• Item 10 (Special): Approve borrowing powers up to ₹1,000 crore.
• Item 11 (Special): Approve loans/guarantees/securities up to ₹50 crore.
• Item 12 (Special): Approve loans/guarantees/securities/investments up to ₹250 crore.
• Item 13 (Special): Approve related party transactions with subsidiaries and associates.

voting results

• Voting results not disclosed; to be announced within 48 hours.

director changes

• Re-appoint Manav K. Teli as Director.
• Appoint Shweta Dilip Mehta as independent director for five years.
• Appoint Govind Singh Bhati as independent director for five years.
• Appoint Vinod Tiwari as independent director for five years.
• Appoint Pooja Vijay Gohil as independent director for five years.

auditor appointments

• Statutory Auditor appointed: Sanjeev S. Gupta & Associates for five-year term.
• Secretarial Auditor appointed: Geeta Serwani for five-year term.
• Cost Auditor remuneration ratified for FY 2026-27: Raj Kaushik & Associates.

related party approvals

• Approval under Section 188 for related party transactions with subsidiaries and associates.

other material approvals

• Borrowing powers up to ₹1,000 crore.
• Loans/guarantees/securities up to ₹50 crore.
• Loans/guarantees/securities/investments up to ₹250 crore.

Lords Mark Industries Ltd - Trading Window Closure for the Second Quarter Ending 30.09.2026 from 1 October 2026 until 48 hours after the declaration of UN-Audited Financial Results for the quarter ending 30 September 2026 becomes generally public information

Regulatory milestone

• MHRA registration secured for Renalyx haemodialysis system; Renalyx Health Systems Pvt. Ltd named as manufacturer.
• System registered for institutional and home use under GMDN Code 58131.
• Exports to UK and allied markets to commence from early January 2027.
• Registration does not constitute accreditation; MHRA confirms regulatory status separate from certification.
• UK expansion will explore both equipment sales and potential own dialysis centres.
• The registration aligns with India's global med-tech push and India-UK Free Trade Agreement context.

Update overview

• Final clinical trial stage approved; target regulatory clearances and commercial launch by April 2027.
• AI-powered radiation-free wearable breast cancer screening tech advancing to global final trials.
• Collaboration with C-MET for commercialization and scale manufacturing/distribution.
• Phase 2 cancer-detection trials to start January 2027 in India, USA, Europe, UK.
• India CDSCO approval in process; pursuing US FDA and EU CE regulatory pathways.
• Commercial placement targeted by April 2027, contingent on successful trials and approvals.

Disposal details

• Target Company: Lords Mark Industries Limited.
• Disclosing Party: Sachidanand Hariram Upadhyay, promoter.
• Transaction Type: Disposal of equity shares via open market.
• Pre-Transaction Holding: 330,796,229 shares (77.54%).
• Sold 10,356,983 shares (2.43%), open market on 18/09/2026.
• Post-Transaction Holding: 320,439,246 shares (75.11%).
• Date of Transaction: 18/09/2026.
• Share capital before/after: Rs. 426,62,22,170 (42,66,22,217 shares).
• Total diluted capital after: Rs. 426,62,22,170 (42,66,22,217 shares).

Operational update

• Phase I expansion at Silvassa completed ahead of December 2026 schedule.
• SKU portfolio expanded from 36 to 54 SKUs, adding 18 new products.
• New production line to commence commercial operations from October 11, 2026.
• Existing 36 surgical/orthopedic SKUs have US FDA approval; 18 new SKUs are under FDA review.
• FDA clearance for new SKUs anticipated before December 2026.
• Expansion strengthens manufacturing capabilities and expands domestic and international market reach.

Business overview

• Group comprises healthcare, diagnostics, Renalyx dialysis, lighting/renewables, and other ventures.
• Strategy emphasizes in-house manufacturing, IP-led solutions, and government partnerships for scale.
• Vision 2030 targets US/EU/GCC expansion; 2,000 pathology labs and 1,000 Renal Care Units by 2028.

Operational highlights

• Order book ~₹2,000 Cr; pipeline ~₹3,000+ Cr from GoI programmes and PSUs.
• Renalyx scale-up to 3,236 units by FY29 (1,266 FY27).
• First US order ~US$1m for RPM and AI EWS; compliance aligned to global standards.
• Collaborations: IIT Bombay, BARC, C-MET; reverse merger listing; MedTech/IVD demerger roadmap.

Financial performance

• FY25 revenue ₹710 Cr; FY29E ₹2,638 Cr; CAGR ~25%.
• EBITDA ₹81 Cr FY25; ₹398 Cr FY29E; margins 11.4% to 15.1%.
• Adj. PAT ₹46 Cr FY25; ₹273 Cr FY29E.
• Diluted EPS ₹1.07 FY25; ₹6.36 FY29E.
• Debt/Equity 0.38x (FY26) to 0.02x (FY29E); net debt ₹231 Cr FY27E to ₹3 Cr FY29E.
• Total EV FY29 ₹7,383 Cr; per-share value ₹172.

Strategic priorities & outlook

• Priorities: accelerate healthcare and renewable growth; US/EU/GCC expansion.
• Demerger plan: MedTech/IVD demerger; FPO in FY27-28; NSE/NSE-linked growth.
• Outlook: ~25% revenue CAGR FY26–FY29 with margin expansion.

Risks & governance

• Regulatory approvals timelines; mitigated by in-house regulatory team.
• Execution/scale-up risk; mitigated by phased capex and experienced team.
• PSU receivables risk; mitigated by diversified client base and export/private mix.
• Competitive intensity; mitigated by cost leadership and exclusive IP.

Leadership & governance

• Founder & MD: Sachidanand Upadhyay.
• Independent directors; governance framework; BSE listing via reverse merger; demerger plan.

Business overview

• Two core sectors: renewable energy and med-tech (IVD and devices).
• Plans to carve Lords Med for MedTech focus.
• Listed via reverse merger; 25+ year corporate legacy.

Key operational highlights

• UK and Switzerland subsidiaries established; first US export order.
• Sickle cell device: 15-minute test, 99.6% accuracy; CDSCO approvals.
• Renalytics AI-powered dialysis; Dozee monitoring; exclusive Indian distributor for Dozee.
• CAR-T therapy in late-stage discussions; oncodiagnoscope development with BARC.
• 50 dialysis centers planned by Mar-27; 15 active; 500+ confirmed orders.

Financial performance

• FY27 revenue guidance 1550 crores; EBITDA 21%; PAT 13.25%.
• IVD/MedTech revenue about 825 crores; Renewable energy about 725 crores.
• IVD/MedTech EBITDA about 23.65%; PAT about 15.46%; Dialysis EBITDA 24.5%; PAT 14.28%.
• Net debt/EBITDA at 1.2x in FY26; down from 6.7x.
• US order ~US$1 million; Renalyx 60 crores; Dozee 5 crores (FY27).

Capital structure & liquidity

• Promoter stake targeted at 75%; 3–5% dilution; 3% OFS; 2% preference/equity.
• Receivables around 450 crores; six-month balance sheet post-merger.

Strategic priorities & outlook

• Expand MedTech with in-house manufacturing; CE certification; pursuing US FDA approvals.
• Global footprint: UK/Switzerland; SAARC expansion.
• MedTech to contribute majority revenue; export target 10% by Jun-27.
• Capex plan: ~300 crores; Lucknow facility capex 300–350 crores.
• Invest in R&D; multiple new products and pipeline.

Risks & governance

• MPS compliance risk; promoter dilution planned.
• Regulatory approvals for new devices and cancer therapies; timelines uncertain.

Investor Call Update

• Conference call conducted on 10 September 2026 at 04:00 p.m. IST to discuss business progress.
• Audio and video recording uploaded to the company's website.
• Recording accessible on the investor relations page; link provided in filing.