• The company is engaged in providing diagnostic and related healthcare tests and services.
• The company posted inconsistency in its top and bottom lines for the reported periods.
• Surprisingly, it has not given any financial data for any period of FY26.
• The company has defaulted on employee benefits statutory payments.
• Though the RI is at par, it appears fully priced and its recent financial performance does not support the pricing.
• Only well-informed/cash surplus/risk savvy investors may park moderate funds for medium term.
PREFACE:
This Right Issue is opening for subscription on February 04, 2026, and its Latter of Offer is dated January 20, 2026, but the same was made available on designated exchange domain only on the previous eve, i.e., on Tuesday February 03, 2026. This indicates the style of maintaining of compliance by the company. Should one support such company?
ABOUT COMPANY:
Dr Lalchandani Labs Ltd. (DLLL) is engaged in the business of providing diagnostic and related healthcare tests and services through its network of pathology laboratories and diagnostic centres, primarily in Delhi/NCR. The company offers a comprehensive range of pathology, radiology and allied diagnostic services used in core testing, patient diagnosis and the prevention, monitoring and treatment of diseases and other health conditions.
Over the years, the Company has developed into a NABL accredited diagnostic service provider with self-sufficient laboratories and multiple collection centres, supported by fully automatic machines and robust quality control systems.
Its customer base primarily comprises individual patients, hospitals and other healthcare providers, diagnostic service providers lacking similar breadth of testing, corporate clients and institutions. DLLL focuses on delivering quality, reliable and timely diagnostic services, supported by experienced pathologists, trained technicians and quality managers, and by maintaining rigorous documentation, control checks and quality logs in line with NABL standards.
The offer document is silent on its employees’ strength and has also defaulted on ESI payments of employees.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 4332000 equity shares of Rs. 10 each at a par value to mobilize Rs. 43.32 cr. The RI opens for subscription on February 04, 2026, and will close on February 20, 2026. The company is offering RI in the ratio of 1 for 1 to its eligible stakeholders as of the record date of January 27, 2026. The company is asking for full payment on application for the number of shares applied. Post allotment, RI shares will be listed on BSE SME. The company is spending Rs. 0.22 cr. for this RI process, and from the net proceeds, it will utilize Rs. 1.11 cr. for adjustment of unsecured loans from promoters, Rs. 1.27 cr. for working capital, Rs. 0.65 cr. repayment of certain borrowings, and Rs. 1.08 cr. for general corporate purposes. The market lot for this issue will be 4000 shares.
The RI is solely lead managed by the company itself., and Cameo Corporate Services Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 4.33 cr. will stand enhanced to Rs. 8.67 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 8.67 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit/ -(loss), of Rs. 5.05 cr. / Rs. 0.62 cr. (FY24), Rs. 4.46 cr. / Rs. 0.40 cr. (FY25). For the financial information given on page no. 57 of the offer document, there appears to be an error as the company has shown loss of Rs. 0.57 cr. before tax and extraordinary items, and net profit of Rs. 0.62 cr. after tax and extraordinary items. The offer document is missing financial statement for FY26 H1 ended on September 30, 2025.
Its NAV as of September 30, 2025 stands at Rs. 23.43 per share.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 541299 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 20.90 on January 23, 2026, and opened on an ex-right basis at Rs. 15.39 on January 27, 2026. Since then, it has marked a high/low of Rs. 17.99 / Rs. 15.19. The scrip last closed at Rs. 16.71as of February 02, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 21.21 / Rs. 7.24. The counter is currently under ASM ST: Stage 1.
The promoters’ holding has declined to 31.15% for quarter ended September 30, 2025 against 57.18% for quarter ended September 30, 2024. The counter is well managed to keep it above RI price to tempt investors.
Review By Dilip Davda on February 3, 2026
Dilip Davda is a veteran financial journalist associated with the Indian stock market since 1978. He has been contributing to print and electronic media on capital markets, insurance, and finance since 1985.
He is widely recognized for reviewing public issues and non-convertible debentures (NCDs) in the primary market. Drawing on over three decades of market experience and close interaction with merchant bankers, his reviews focus on detailed fundamental and financial analysis of companies, with a special emphasis on SME public issues.
Dilip Davda
SEBI Registered Research Analyst – Mumbai
Registration No.: INH000003127 (Perpetual)
Email: dilip_davda@rediffmail.com
Disclaimer: The information provided herein is solely for educational and informational purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. Readers are advised to consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. The author does not intend to invest in the securities discussed.
