Innova Captab
Innova Captab
HealthcareKey Fundamentals
MicrocapPharmaceuticalsHealthcareTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company is expected to give good quarter
- Company has delivered good profit growth of 32.5% CAGR over last 5 years
Weaknesses
1- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoInnova Captab is a pharmaceutical CDMO with a market cap of ₹5,520 crore, trading at a PE of 39.3x. The company delivered 31% TTM revenue growth and 32.5% profit CAGR over 5 years, while operating margins remain in the 14-15% range with a significant capex cycle of ₹450+ crore underway for its Jammu facility expansion.
- Strong 5-year compounded sales CAGR of 32%, indicating consistent top-line momentum in the CDMO space
- TTM revenue growth of 31% YoY, with FY26 being the highest-ever annual performance
- 5-year profit CAGR of 32.5%, demonstrating sustained earnings compounding
- Q3 FY25 PAT jumped 36.3% YoY to ₹34.2 crore, driven by improving CDMO business mix
- Jammu facility with potential revenue capacity of ₹1,400-1,600 crore at optimal utilization, providing a long growth runway
- Operating margins improved from ~12% to ~14.8% over the last three years, showing gradual margin expansion
- Net profit grew from ₹64 crore to ₹141 crore over five years, a 2.2x increase indicating strong operating leverage
- CDMO sector tailwinds with domestic production capability and EU-GMP certified Baddi facility enabling export market access
- PE of 39.3x is elevated for a company with ROE of only 14-15%, implying rich valuation relative to capital efficiency
- TTM profit growth of only 9% versus 31% revenue growth signals significant margin compression or rising costs in recent quarters
- Depreciation surged from ₹15.96 crore to ₹45.18 crore, a 183% increase, as heavy capex begins weighing on profitability
- Company may be capitalizing interest costs, which flatters reported profits and understates true borrowing burden
- Interest expense volatility — ranging from ₹2.4 crore to ₹21.5 crore across years — suggests lumpy debt management
- Capex of ₹450+ crore is substantial relative to ₹5,520 crore market cap, creating execution risk if utilization ramps slowly
- Dividend yield of just 0.21% offers negligible income return, with capital allocation tilted entirely toward reinvestment
- 3-year ROE averaging 15% and declining to 14% in the last year suggests capital efficiency is under pressure during the expansion phase
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 101d ago- Strong 31% revenue growth FY26 Jun 4
Consolidated revenue rose 31.1% to ₹1,630.02 crore, EBITDA up 26.3% to ₹250.34 crore, and PAT grew 9.9% to ₹140.92 crore in FY26.
- Branded Generics surges 51.4% Jun 4
Branded Generics segment revenue surged 51.4% to ₹496.67 crore while CDMO grew 23.8% to ₹1,133.35 crore in FY26.
- 20%+ growth guidance for FY27 May 15
Management guided 20%-plus revenue growth for FY27 during the Q4 FY26 earnings call, with the Jammu facility achieving ~₹300 crores revenue.
- Exports rise to 23% of turnover Jun 4
Exports reached ₹2,976.77 million, representing 23% of total turnover in FY26, indicating improving geographic diversification.
- 22nd AGM scheduled June 29 Jun 4
AGM convened for June 29, 2026 via VC/OAVM with agenda including re-appointment of directors and auditors; e-voting from June 26–28.
- Auditor and director re-appointments May 25
Board approved re-appointment of statutory auditors B S R & Co. LLP for five years from FY27 and director Vinay Lohariwala for a second term effective March 2027.
- Investor conference attendance May 20
Innova Captab to attend 360 ONE Capital 16th Annual Global Investor Conference in Mumbai on May 27, 2026.
- Net zero target set for 2040 Jun 4
Company set net zero by 2040 target in its BRSR filing, confirmed full-year operations at Kathua facility and compliance with environmental regulations.
TL;DR: Innova Captab delivered a strong FY26 with 31% revenue growth driven by both CDMO and a surging Branded Generics segment. Margins expanded at EBITDA level though PAT growth was more modest at 9.9%. No material headwinds are visible in recent filings. With 20%+ growth guidance for FY27 and rising export contribution, the momentum appears intact and improving.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 233 | 283 | 302 | 263 | 294 | 318 | 316 | 315 | 352 | 380 | 450 | 448 | 471 |
| Expenses | 202 | 242 | 258 | 225 | 252 | 268 | 270 | 267 | 299 | 329 | 381 | 383 | 398 |
| Operating Profit | 31 | 40 | 45 | 38 | 42 | 50 | 47 | 48 | 52 | 52 | 69 | 65 | 73 |
| OPM % | 13% | 14% | 15% | 14% | 14% | 16% | 15% | 15% | 15% | 14% | 15% | 15% | 16% |
| Other Income | 1 | 3 | 2 | 6 | 2 | 2 | 4 | 3 | 4 | 4 | 2 | 2 | 2 |
| Interest | 5 | 9 | 7 | 1 | 0 | 0 | 0 | 2 | 3 | 6 | 4 | 5 | 4 |
| Depreciation | 3 | 5 | 5 | 3 | 5 | 5 | 5 | 10 | 11 | 11 | 11 | 11 | 12 |
| PBT | 25 | 30 | 35 | 40 | 39 | 47 | 46 | 39 | 43 | 39 | 56 | 51 | 59 |
| Tax % | 28% | 24% | 29% | 27% | 25% | 25% | 25% | 25% | 27% | 24% | 24% | 25% | 25% |
| Net Profit | 18 | 23 | 25 | 29 | 29 | 35 | 34 | 30 | 31 | 30 | 42 | 38 | 44 |
| EPS in Rs | 3.66 | 4.77 | 4.39 | 5.02 | 5.15 | 6.12 | 5.98 | 5.17 | 5.42 | 5.18 | 7.37 | 6.65 | 7.71 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 356 | 373 | 411 | 801 | 926 | 1,081 | 1,244 | 1,630 | 1,749 |
| Expenses | 315 | 322 | 356 | 704 | 813 | 927 | 1,057 | 1,387 | 1,490 |
| Operating Profit | 41 | 51 | 54 | 96 | 114 | 154 | 186 | 243 | 259 |
| OPM % | 11% | 14% | 13% | 12% | 12% | 14% | 15% | 15% | 15% |
| Other Income | 0 | 1 | 1 | 3 | 9 | 12 | 12 | 7 | 9 |
| Interest | 6 | 5 | 4 | 6 | 20 | 21 | 2 | 17 | 18 |
| Depreciation | 11 | 10 | 6 | 8 | 11 | 16 | 25 | 45 | 46 |
| PBT | 25 | 38 | 46 | 86 | 92 | 130 | 171 | 188 | 205 |
| Tax % | 20% | 26% | 26% | 25% | 26% | 27% | 25% | 25% | — |
| Net Profit | 20 | 28 | 34 | 64 | 68 | 94 | 128 | 141 | 154 |
| EPS in Rs | 166 | 232 | 288 | 533 | 14.16 | 16.49 | 22.41 | 24.63 | 26.91 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 8% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 48 | 57 | 57 | 57 |
| Reserves | 70 | 98 | 133 | 197 | 229 | 774 | 902 | 1,034 |
| Borrowings | 72 | 54 | 46 | 199 | 237 | 245 | 338 | 344 |
| Other Liabilities | 68 | 81 | 179 | 167 | 191 | 240 | 271 | 401 |
| Total Liabilities | 223 | 245 | 370 | 575 | 704 | 1,316 | 1,568 | 1,836 |
| Fixed Assets | 78 | 73 | 79 | 183 | 183 | 358 | 830 | 842 |
| CWIP | 0 | 0 | 7 | 0 | 22 | 341 | 23 | 16 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41 |
| Other Assets | 144 | 172 | 283 | 392 | 500 | 617 | 716 | 938 |
| Total Assets | 223 | 245 | 370 | 575 | 704 | 1,316 | 1,568 | 1,836 |
Cash Flow
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | 19 | 31 | 42 | 59 | 67 | 146 | 64 | 117 |
| Investing | -9 | -6 | -20 | -188 | -91 | -499 | -152 | -107 |
| Financing | -9 | -23 | -19 | 125 | 27 | 361 | 92 | -22 |
| Net Cash Flow | 1 | 1 | 3 | -5 | 3 | 8 | 4 | -12 |
| Free Cash Flow | 11 | 27 | 23 | -21 | -11 | -141 | -108 | 55 |
| CFO/OP | 68 | 79 | 101 | 83 | 76 | 113 | 47 | 59 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 93 | 85 | 123 | 97 | 104 | 97 | 97 | 98 |
| Inventory Days | 50 | 84 | 107 | 76 | 77 | 91 | 119 | 125 |
| Days Payable | 80 | 92 | 132 | 86 | 105 | 113 | 115 | 141 |
| Cash Conversion Cycle | 64 | 77 | 99 | 87 | 77 | 75 | 101 | 82 |
| Working Capital Days | 30 | 45 | 39 | 37 | 58 | 77 | 81 | 86 |
| ROCE % | — | 26% | 28% | 31% | 24% | 19% | 15% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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66 extracted metrics + investor summaries across FY19–FY26.
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Company Information
Incorporated in January 2005, Innova Captab Ltd is a pharmaceutical company is an integrated pharmaceutical company in India with a presence across the pharmaceutical value chain.[1]
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