General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1 — At a Glance
A company that sells gripe water, condoms, papad, heart valves and cattle feed supplements out of the same distribution pipe reported ₹258 crore of quarterly revenue, its largest quarterly figure in the series. Operating profit came in at ₹15 crore against ₹3 crore in the same quarter last year, when the operating margin sat at 1.2% — a level ICRA attributed to higher brand promotion and discount spending in consumer products and protective devices.
Net profit was ₹21 crore, up 63.7% year-on-year, and EPS was ₹15.06 against ₹9.20.
Then there is the July 23 agreement: EVA and Good Home — deodorants and air fresheners, two of the brands the Consumer Products segment is built on — sold to Wipro Enterprises for ₹256 crore plus GST. The net book value of the related assets as at June 30, 2026 was ₹70.48 lakh. Closing is expected by September 30, 2026, so none of it touches this quarter’s numbers.
Also in the quarter: inventory written off in FY25 came back to life. Male contraceptives worth ₹5.86 crore had been written down entirely after USAID’s stop-work order cancelled the purchase orders. This quarter the company received fresh orders of ₹5.45 crore for that same inventory and invoiced ₹5.10 crore of it to USAID for ₹7.02 crore, booked in revenue.
Somewhere in Chennai, an inventory ledger is having the strangest year of its life.
2 — Introduction
TTK Healthcare Limited commenced operations in 1958 as a pharmaceutical company and has spent the decades since diversifying away from that description. It is part of the TT Krishnamachari Group, a conglomerate whose flagship, TTK Prestige, is one of India’s leading kitchen appliance companies.
The defining event of the recent past is FY23’s sale of the entire Human Pharma Division to BSV Pharma Private Ltd for ₹805 crore. That transaction reshaped the balance sheet: as at June 30, 2025 the company held unencumbered cash and bank balances of ₹927.0 crore, which ICRA notes largely comprises the divestment proceeds, parked as bank fixed deposits. ICRA states it will continue to monitor the company’s business plans, including the proposed application of these funds.
The promoters attempted to leave the market entirely. In April they announced an intention to delist roughly 3.6 million equity shares from BSE and NSE. The offer failed; the 90% of paid-up capital threshold mandated by the Delisting Regulations was not met.
FY26 brought two deaths in the promoter group. T T Venkatesh died on September 17, 2025, holding 14,000 shares (0.1%) and a 14% partnership interest in the promoter firm. T T Jagannathan died on October 9, 2025, holding 7,59,298 shares (5.37%) and a 3% partnership interest. Both were disclosed to the exchanges under Regulations 30 and 31A.
In March 2025, S Kalyanaraman was redesignated MD & CEO. T T Raghunathan signs the results as Executive Chairman.
And in July 2026, two consumer brands went to Wipro.
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3 — Business Model: WTF Do They Even Do?
The FY25 segmental split reads like a shopping list assembled by five different people: male contraceptives ~26%, food products ~17%, animal welfare ~16%, ayurvedic preparations ~12%, medical devices ~11%, home care ~9%, cosmetics and deodorant ~9%.
Consumer Products. Woodward’s Gripe Water — marketed in India since 1928, one of the oldest FMCG brands anywhere on earth, market leader in the Indian colic market — sits alongside Eva deodorants, Good Home air fresheners and Skore. In FY25 Woodward’s saw a sharp decline in volumes, especially in the southern market, and the company said it would refresh the brand identity in FY26, including a new logo. Eva grew ~5% and signed Rashmika Mandanna as brand ambassador. Good Home grew 15% on new launches. Eva and Good Home are the two now sold to Wipro.
Protective Devices. Skore, plus MsChief, plus Love Depot, a digital-first pleasure products platform. Manufacturing in Tamil Nadu and Puducherry.
Foods. India’s largest manufacturer of extruded products — papad — sold as ‘Fryums’, with capacity of 21,000 tonnes and B2B and export customers.
Animal Welfare. Feed supplements, fertility inducers, antibiotics,
