INNOVACAP

Innova Captab share price & financials

Price
₹949.55
Market cap
₹6.8k Cr
Sector
Healthcare
Calls analysed
7
Latest concall · Q1 FY27 · call held 12 Aug 2026

Innova Captab Limited Q1 FY27

Revenue ₹470.9 cr +34%EBITDA ₹75.1 cr +33%EBITDA Margin 16% PAT ₹44.1 cr +42%

What went well

  • Strong year-on-year growth of 34% in revenue and 33% in EBITDA for Q1 FY27.
  • Consolidated revenue reached INR470.9 crores, driven by both CDMO and branded generic segments.
  • CDMO business reported INR328.7 crores revenue, growing 32% YoY, supported by expanding product portfolio and customer engagement.

What to watch

  • Gross margin saw a slight year-on-year dip of 1% to 1.5%, attributed to the overall business mix.
  • Overall other expenses increased, though management stated it was commensurate with operations and not materially significant.
Read the full call →

What Innova Captab Limited does

Innova Captab is a pharmaceutical company running a dual business model: manufacturing formulations on contract for other pharma companies (CDMO) and selling its own branded generic medicines through a domestic and export distribution network. It also produces active pharmaceutical ingredients (APIs) and offers dosage forms spanning tablets, capsules, liquid orals, ointments, dry syrups, dry powder injectables and parenterals. Its Kathua (Jammu) facility, commercialised in January 2025, added blow-fill-seal parenterals and respiratory respules to its capability base. Revenue is generated both from long-term CDMO manufacturing contracts with pharma clients globally and from direct sale of its own branded generic products.

Segments

  • CDMO Services and Products
  • Branded Generics
Manufacturing blocks
9
Manufacturing units/facilities
5 (Baddi x2, Dehradun, Taloja, Kathua-Jammu)
CDMO customers
350+
Product portfolio
4,200+
Export presence
60+ countries
Domestic distribution touchpoints (pharmacies)
2,50,000+
Founded 2006Headquarters Panchkula, Haryana (registered office: Navi Mumbai, Maharashtra)Employees 3,300 (FY26 (year ended 31 Mar ) Company website

Guidance record · Q4 FY26

what the last two calls moved 13 tracked 3 delivered 2 missed 8 open
  • Jammu Facility Revenue FY26 delivered, diluted said Q3 FY25 Promised: ₹400-500 crores Q4 FY26: Achieved ₹300 crores in FY26 revenue, exceeding the revised guidance of ₹270-280 crores, but missing the original ₹400-500 crores target.
  • Jammu Plant EBITDA Break-even Sales Level missed said Q4 FY25 Promised: INR50 crores to INR55 crores in quarterly sales Q4 FY26: With Q4 revenue over ₹90 crores, management stated the plant was 'nearing EBITDA' and would be positive in Q1 FY27, confirming the breakeven level is significantly higher than the guided ₹50-65 crores.
  • Overall Revenue Growth CAGR (3 years) revised down said Q4 FY25 Promised: 25% revenue growth over the next 3 years Q4 FY26: FY26 revenue growth was 31% YoY. Management reiterated guidance for '20% plus revenue growth' for the future.

All 13 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 33.8%, net profit up 41.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue318 316 315 352 380 +19%450 +42%448 +42%471 +34%
EBITDA50 47 48 52 52 +4%69 +47%65 +35%73 +40%
Net profit35 34 30 31 30 −14%42 +24%38 +27%44 +42%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +31.4% 1Y

₹0.8k₹1.0k₹1.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 27 Jan 2026Q4 FY26 — 8 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹872.9 on 10 Sept 2025 → ₹1,147.2. High ₹1,188.7 (9 Sept 2026), low ₹644.75 (19 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
−0.7%
12 Aug
Q4 FY26
+1.4%
8 May
Q3 FY26
+3.4%
27 Jan
Q2 FY26
−3.5%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 22.8% a year over 2 years, FY24 to FY26. Operating margin held at 14.6%.

Year endingFY24FY25FY26
Revenue₹1.1k Cr₹1.2k Cr₹1.6k Cr
Operating profit₹154 Cr₹187 Cr₹238 Cr
Operating margin14.2%15.0%14.6%
Interest₹22 Cr₹2 Cr₹18 Cr
Depreciation₹16 Cr₹25 Cr₹44 Cr
Net profit₹95 Cr₹128 Cr₹141 Cr
Net margin8.8%10.3%8.7%
Cash from operations₹146 Cr₹64 Cr₹117 Cr
Free cash flow₹-141 Cr₹-108 Cr₹55 Cr
ROCE19.0%15.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹12 Cr₹12 Cr₹48 Cr₹57 Cr₹57 Cr₹57 Cr
Reserves₹133 Cr₹197 Cr₹229 Cr₹774 Cr₹964 Cr₹1.0k Cr
Borrowings₹46 Cr₹199 Cr₹237 Cr₹245 Cr₹336 Cr₹344 Cr
Other liabilities₹179 Cr₹167 Cr₹191 Cr₹240 Cr₹335 Cr₹401 Cr
Total liabilities₹370 Cr₹575 Cr₹704 Cr₹1.3k Cr₹1.7k Cr₹1.8k Cr
Fixed assets₹79 Cr₹183 Cr₹183 Cr₹358 Cr₹847 Cr₹842 Cr
Capital work in progress₹7 Cr₹0 Cr₹22 Cr₹341 Cr₹7 Cr₹16 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹41 Cr
Other assets₹283 Cr₹392 Cr₹500 Cr₹617 Cr₹838 Cr₹938 Cr
Total assets₹370 Cr₹575 Cr₹704 Cr₹1.3k Cr₹1.7k Cr₹1.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −0.36 pp while DIIs added +0.25 pp. The shareholder count shrank 13% to 35,881.

Promoters
50.9%
FIIs
0.3%
DIIs
19.9%
Public
28.8%

Since Jun 2025

  • Public −0.36 pp
  • DIIs +0.25 pp
  • FIIs +0.11 pp

How it drifted, 11 quarters

Over this window DIIs went from 10.3% to 19.9% — +9.6 pp.

Dec '23Mar '25Jun '26

Ownership split by quarter, oldest first. Dec '23: Promoters 50.9%, FIIs 3.6%, DIIs 10.3%, Public 35.2%.Mar '24: Promoters 50.9%, FIIs 1.9%, DIIs 20.8%, Public 26.4%.Jun '24: Promoters 50.9%, FIIs 1.2%, DIIs 21.2%, Public 26.7%.Sep '24: Promoters 50.9%, FIIs 1.0%, DIIs 20.6%, Public 27.5%.Dec '24: Promoters 50.9%, FIIs 0.7%, DIIs 20.0%, Public 28.4%.Mar '25: Promoters 50.9%, FIIs 0.3%, DIIs 19.8%, Public 29.0%.Jun '25: Promoters 50.9%, FIIs 0.2%, DIIs 19.7%, Public 29.2%.Sep '25: Promoters 50.9%, FIIs 0.1%, DIIs 20.2%, Public 28.9%.Dec '25: Promoters 50.9%, FIIs 0.1%, DIIs 20.2%, Public 28.8%.Mar '26: Promoters 50.9%, FIIs 0.2%, DIIs 20.1%, Public 28.7%.Jun '26: Promoters 50.9%, FIIs 0.3%, DIIs 19.9%, Public 28.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Innova Captab Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Manoj Lohariwala 29.07%unchanged
Vinay Kumar Lohariwala 21.81%unchanged
Gian Parkash Aggarwal 10.80%unchanged
Archit Aggarwal 8.74%unchanged
Kotak Mahindra Trustee Co Ltd A/C Kotak Multicap F Mutual fund3.64%unchanged
Canara Robeco Mutual Fund A/C Canara Robeco Conser Mutual fund3.61%unchanged
Clarus Capital I VC / PE3.58%+0.71 pp
360 One Special Opportunities Fund - Series 9 Mutual fund2.05%unchanged
360 One Special Opportunities Fund - Series 10 Mutual fund1.82%unchanged
Veena Devi 1.75%unchanged
SBI Life Insurance Co. Ltd Insurer1.45%+0.23 pp
Invesco India Small Cap Fund Mutual fund1.24%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Expensive

To justify its price of ₹1147, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~17%. At that growth it is worth ₹697 — downside of 39%.

Growth the price implies
27.3% a year
for 7 years, fading to 4%
It has actually compounded at
21.8% a year
net profit, FY24–FY26 · EPS 17.5%
The gap
0.1 pp
-39% downside if it only repeats history
Price today ₹1,147.2 Value at the reference growth ₹697.11

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Innova Captab Limited

Guides on how to read this kind of business and the numbers that matter.