Innova Captab Ltd
INNOVACAP NSE
Innova Captab Ltd
HealthcareNSE: INNOVACAP BSE: 544067 Pharmaceuticals
Key Fundamentals
MicrocapPharmaceuticalsHealthcareMarket Cap
₹6,042 Cr
Volatility
Moderate
P/E Ratio
38.76
EBITDA
₹250 Cr
Return on Equity
12.92%
Debt to Equity
0.32
Book Value
₹190.61
EPS
₹18.56
52W High
₹1,120
52W Low
₹622
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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50 extracted metrics + investor summaries across FY19–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
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
Revenue Growth
30.40% ↗
Net Income Growth
9.82% ↘
Cash Flow Change
82.52% ↗
ROE
-3.37% ↘
ROCE
8.14% ↘
EBITDA Margin (Avg.)
-3.11% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 18d agoAI opinion · based on fundamentals
Risk medium
Innova 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.
Bull Case 8
- 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
Bear Case 8
- 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 75d ago Positives 4
- 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.
Neutral 4
- 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
| 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
| 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
| 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
| 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
| 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% |
Documents
1
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
8 May - Audio recording of 8 May 2026 earnings call for Q4 and FY2026 results uploaded. 8 May - Audio recording of 8 May 2026 earnings call for Q4 and FY2026 results uploaded.
2
Announcement under Regulation 30 (LODR)-Newspaper Publication
8 May - Board of the Company at its meeting held on Thursday, 7th May, 2026, has approved the Audited (Standalone and Consolidated) Financial result of the Company … 8 May - Board of the Company at its meeting held on Thursday, 7th May, 2026, has approved the Audited (Standalone and Consolidated) Financial result of the Company …
3
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
30 Apr - The Company has scheduled meet of Analysts/ Investors (Participants) to discuss the Audited Financial Results for the quarter and financial year ended 31st March, 2026, … 30 Apr - The Company has scheduled meet of Analysts/ Investors (Participants) to discuss the Audited Financial Results for the quarter and financial year ended 31st March, 2026, …
4
Board Meeting Outcome for Outcome Of The Board Meeting Held Today I.E. 07Th May, 2026
10h - Board approved FY26 audited standalone and consolidated results; consolidated profit ₹1,409.17 million, standalone ₹836.92 million. 10h - Board approved FY26 audited standalone and consolidated results; consolidated profit ₹1,409.17 million, standalone ₹836.92 million.
5
Outcome Of The Board Meeting Held Today I.E. 07Th May, 2026
7 May - Board approved FY26 audited standalone and consolidated results; auditors issued unmodified opinion; related-party policy amended. 7 May - Board approved FY26 audited standalone and consolidated results; auditors issued unmodified opinion; related-party policy amended.
Frequently Asked Questions about Innova Captab Ltd
What does Innova Captab Ltd do?
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]
Where is Innova Captab Ltd (INNOVACAP) listed?
Innova Captab Ltd is listed on the Indian stock exchanges. It is listed on NSE: INNOVACAP and BSE: 544067. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Innova Captab Ltd belong to?
Innova Captab Ltd operates in the Healthcare sector within the Pharmaceuticals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Innova Captab Ltd?
Innova Captab Ltd has a market capitalisation of approximately ₹6041.52 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Innova Captab Ltd?
The Price-to-Earnings (PE) ratio of Innova Captab Ltd is 38.76. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Innova Captab Ltd?
Over the past 52 weeks, Innova Captab Ltd has traded between a low of ₹622 and a high of ₹1,120. This range helps investors understand the stock's price volatility and recent trading levels.
Does Innova Captab Ltd pay dividends?
Yes, Innova Captab Ltd has a dividend yield of 0.19%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Innova Captab Ltd?
Innova Captab Ltd has a Return on Equity (ROE) of 12.92%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Innova Captab Ltd on Tapetide?
On Tapetide, you can view Innova Captab Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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]