NATCAPSUQ

Natural Capsules financials

Market cap
₹198 Cr
Sector
Healthcare
Calls analysed
3
Latest concall · Q4 FY26 · call held 03 Jun 2026

Natural Capsules Q4 FY26

FY26 Revenue ₹187.2 cr +11%FY26 EBITDA Margin -0.83%

What went well

  • Q4 FY26 consolidated revenue from operations of Rs. 58.45 crores, reflecting growth of 55% on a quarter-on-quarter basis and 30% on year-on-year basis.
  • EBITDA for Q4 FY26 recovered to Rs. 1.33 crores, an improvement of 157% over Q3 FY26.
  • Full financial year FY26 consolidated revenue grew 11% year-on-year to Rs. 187.20 crores from Rs. 169.21 crores in FY25.

What to watch

  • EBITDA for the full year FY26 was a loss of Rs. 1.56 crores at a margin of negative 0.83%, a deterioration of 1,119 basis points from FY25.
  • Net loss for FY26 was Rs. 24.66 crores.
Read the full call →

What Natural Capsules Limited does

Natural Capsules Limited manufactures hard capsule shells — hard gelatin capsules and HPMC (vegetarian) capsules along with specialty variants (shiny, sweet, fast-release, SLS-free, preservative-free, TSE-free) — supplying pharmaceutical and nutraceutical companies domestically and in 28 countries. It pioneered vegetarian capsule manufacturing in India and is the country's second-largest gelatin capsule producer. Through its subsidiary Natural Biogenex Private Limited, it has entered active pharmaceutical ingredient (API) manufacturing, producing steroidal APIs — Prednisolone, Betamethasone, Dexamethasone, Hydrocortisone and their derivative salts — using in-house fermentation and synthesis technology at a new greenfield facility in Tumkur, near Bengaluru.

Segments

  • Capsules
  • API (Active Pharmaceutical Ingredients)
Manufacturing facilities
2 for capsules (Bengaluru & Pondicherry) + 1 for API (Tumkur, near Bengaluru)
Installed capsule capacity
20.25 BCPA (Billion Capsules per Annum) as at FY26, up from 19.50 BCPA in FY25
New HPMC line capacity addition
New HPMC line commissioned in FY26, expanding capacity toward 25 billion capsules/annum, ready for double-zero capsule production
Capacity utilisation
94.21% (FY25)
Export reach
28 countries across 5 continents
Planned API capacity (Tumkur)
Dexamethasone 10 MT, Betamethasone 12 MT, Prednisolone 15 MT
Founded 1993Headquarters Bengaluru, Karnataka, IndiaEmployees 615 (FY26) Company website

Guidance record · Q4 FY26

what the last two calls moved 14 tracked 3 delivered 4 missed 7 open
  • Total Debt Position delivered said Q4 FY25 Promised: Maintain around ₹102 crores Q4 FY26: Management guided for debt to remain around ₹100-110 crores in FY27, implying the FY26 closing level is within this range.
  • Consolidated Revenue missed said Q4 FY25 Promised: ₹260 crores (later clarified as ₹270-280 crores) Q4 FY26: FY26 revenue came in at ₹187.2 crores, significantly missing the revised guidance of ₹225 crores.
  • API Commercial Production Ramp-up delayed said Q4 FY25 Promised: Meaningful pickup in sales from end of Q2 FY26 Q4 FY26: Commercial API sales commenced in Q4 FY26, missing the revised Q3 timeline.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 7.8%, net profit down 3.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue41 44 45 45 46 +11%38 −14%58 +30%49 +8%
EBITDA5 4 4 0 -1 −120%-2 −154%1 −70%1 +250%
Net profit-1 0 1 -6 -7 −1046%-7 −6573%-5 −1058%-6 −3%
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 −3.2% 1Y

₹150₹200₹250Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025Q4 FY26 — 3 Jun 2026

1Y: ₹195.63 on 10 Sept 2025 → ₹189.39. High ₹276.93 (29 Sept 2025), low ₹140.04 (20 Jul 2026).

How the price took the results

close before → close after

Q4 FY26
−1.3%
3 Jun
Q2 FY26
−5.0%
17 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 2.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to -0.8%.

Year endingFY23FY24FY25FY26
Revenue₹172 Cr₹155 Cr₹169 Cr₹187 Cr
Operating profit₹34 Cr₹20 Cr₹18 Cr₹-2 Cr
Operating margin19.8%12.8%10.4%-0.8%
Interest₹3 Cr₹5 Cr₹6 Cr₹11 Cr
Depreciation₹7 Cr₹9 Cr₹9 Cr₹17 Cr
Net profit₹18 Cr₹6 Cr₹1 Cr₹-25 Cr
Net margin10.2%3.6%0.4%-13.2%
Cash from operations₹17 Cr₹-8 Cr₹27 Cr₹11 Cr
Free cash flow₹-88 Cr₹-79 Cr₹-18 Cr₹-1 Cr
ROCE15.0%5.0%3.0%-5.0%
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₹6 Cr₹7 Cr₹9 Cr₹9 Cr₹10 Cr₹10 Cr
Reserves₹56 Cr₹76 Cr₹114 Cr₹194 Cr₹235 Cr₹165 Cr
Borrowings₹10 Cr₹53 Cr₹97 Cr₹109 Cr₹112 Cr₹162 Cr
Other liabilities₹27 Cr₹29 Cr₹70 Cr₹64 Cr₹62 Cr₹87 Cr
Total liabilities₹99 Cr₹165 Cr₹290 Cr₹377 Cr₹420 Cr₹424 Cr
Fixed assets₹38 Cr₹66 Cr₹97 Cr₹103 Cr₹281 Cr₹274 Cr
Capital work in progress₹7 Cr₹20 Cr₹88 Cr₹144 Cr₹1 Cr₹4 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹3 Cr₹3 Cr₹3 Cr
Other assets₹54 Cr₹79 Cr₹105 Cr₹127 Cr₹135 Cr₹143 Cr
Total assets₹99 Cr₹165 Cr₹290 Cr₹377 Cr₹420 Cr₹424 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, promoters trimmed −0.34 pp while the public added +0.34 pp. The shareholder count shrank 6% to 8,756.

Promoters
50.9%
Public
49.1%

Since Jun 2025

  • Promoters −0.34 pp
  • Public +0.34 pp
  • DIIs 0.00 pp

How it drifted, 12 quarters

Over this window the public went from 42.1% to 49.1% — +7.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 56.6%, DIIs 1.3%, Public 42.1%.Dec '23: Promoters 56.6%, DIIs 1.3%, Public 42.1%.Mar '24: Promoters 56.6%, DIIs 1.3%, Public 42.1%.Jun '24: Promoters 56.6%, DIIs 0.2%, Public 43.3%.Sep '24: Promoters 51.6%, Public 48.4%.Dec '24: Promoters 51.1%, Public 48.9%.Mar '25: Promoters 51.2%, Public 48.8%.Jun '25: Promoters 51.3%, Public 48.8%.Sep '25: Promoters 51.3%, Public 48.7%.Dec '25: Promoters 51.3%, Public 48.7%.Mar '26: Promoters 51.0%, Public 49.0%.Jun '26: Promoters 50.9%, Public 49.1%.

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 1 holder 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 Natural Capsules Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Tajos Investments Private Limited 12.04%unchanged
Nandi Synthetics Pvt Ltd 8.83%unchanged
Sunil Laxminaryan Mundra 5.79%unchanged
Sushil Kumar Mundra 4.89%unchanged
Indra Mundra 3.76%unchanged
Sangeetha S . 3.14%unchanged
Ms. Jyoti Mundra 2.95%unchanged
Tarinika Management Llp 2.74%−0.53 pp
Sharada Mundra 2.55%unchanged
Laxminarayan Moondra 2.31%unchanged
Radha S Mundra 2.30%unchanged
Satyanarayan Mundra 1.78%unchanged

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.

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Natural Capsules Limited

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