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1 — At a Glance
Two years ago this was a ₹4 crore company. In FY26 it reported ₹132.31 crore of sales. That is not a typo and it is not a rounding artifact — revenue multiplied roughly 31 times between FY24 and FY26, and the name on the door changed from Trimurthi Limited to Novelix Pharmaceuticals along the way.
The number that grew slower is profit margin. Operating profit for FY26 was about ₹3.5 crore on ₹132.31 crore of sales — an operating margin near 2.6%. Net profit landed at ₹2.56 crore, up from ₹0.08 crore a year earlier.
Then there is the line that refuses to match the mood: cash from operating activities was negative ₹22.39 crore for the year, even as the P&L printed a profit. The gap was filled by ₹26.39 crore of financing inflows — share issues and warrant conversions, of which there were several.
Receivables closed the year at ₹58.96 crore against ₹132.31 crore of sales — debtor days of 163. A business can report profit while its cash sits in someone else’s account; how long it stays there is a separate question. That tension is the entry.
2 — Introduction
Novelix is, on paper, a 1994-vintage listed company. In practice the entity that reports today is barely two years old. In FY25 a new promoter, Srinidhi Fine-Chemicals LLP, acquired the company through an open offer, the management changed, and the objects clause was rewritten to enter pharmaceutical bulk drugs (Active Pharmaceutical Ingredients), intermediates, and healthcare research and analytics. The name followed the pivot: Trimurthi became Novelix.
The FY26 audited results were approved by the board on 29 May 2026, signed off by statutory auditors CVS Balachandra Rao & Co with an unmodified opinion. The whole-time director on the filings is Venkateshwarlu Pulluru.
Since then the calendar has stayed busy. On 3 June 2026 the company signed an agreement with GMBU e.V. of Halle (Saale), Germany, to scale up Astaxanthin production commercially in Hyderabad after a pilot. A preferential issue of 12 lakh equity shares at ₹57 — raising ₹6.84 crore — was put to an EGM scheduled for 1 July 2026. And on 30 March 2026 a non-executive director, Jivamohan Divakar Valluri, resigned. For a company this size, the filing volume runs hot.
3 — Business Model: WTF Do They Even Do?
The stated business is the manufacture and trading of Active Pharmaceutical Ingredients and pharmaceutical intermediates, plus research and analytics. The audit notes are firmer than the marketing: the company reports a single business segment — pharmaceutical research, manufacturing and trading of bulk drugs — and says it is not currently carrying on activity in shares, foods, or finance.
That last clause matters, because history says otherwise. Trace the old revenue mix and this company has worn several hats. In FY21, trading in shares was 75% of revenue; in FY24, it was 91%. By FY25 the mix flipped to roughly 96% pharmaceuticals and 4% shares. So the “pharma company” label is genuine as of the latest year, but it is a recent coat of paint over a firm that spent years primarily trading securities.
The FY26 model, then, is a high-turnover bulk-drug trading and manufacturing operation: ₹132.31 crore of sales run through raw-material and stock-in-trade costs of a nearly identical size, leaving a thin operating sliver. Volume is enormous relative to the company’s past; the spread on that volume is what’s slender.
Does a business that swapped share-trading for drug-trading in 24 months have a moat, or just a new inventory list?
4 — Financials Overview
Figures are standalone, in ₹ crore. This is a quarterly result; the latest column is the March
