Innova Captab Ltd(INNOVACAP)

NSE: INNOVACAPBSE: 544067

₹ 996.55+1.22%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 5,703 crWebsite: www.innovacaptab.comUpdated: 24 Oct 2026

About

Innova Captab Ltd is an Indian pharmaceutical company operating across two segments: Contract Development and Manufacturing (CDMO) and Branded Generics, with a 3,300+ product portfolio serving 200+ clients across 30 international markets. The company reported consolidated revenue of ₹1,630 crores in FY26, up 31% year-on-year, its highest ever annual performance. It manufactures at facilities in Baddi, Dehradun, Taloja, and a greenfield plant in Kathua, Jammu commissioned in January 2025.^[1][2][3]

Business segments

CDMO segment: ₹1,133 crores in FY26, up 24% YoY; serves 350+ clients with formulation manufacturing across tablets, capsules, parenterals and respiratory products.^[1]
Branded Generics segment: ₹497 crores in FY26, up 51% YoY; driven by geographic expansion domestically and internationally via a hybrid distribution model.^[1]
In Q1 FY27, CDMO contributed ₹328.7 crores (+32% YoY) and Branded Generics ₹142.2 crores (+39% YoY) of consolidated revenue of ₹470.9 crores.^[4]

Products and portfolio

Portfolio spans 3,300+ products; therapy areas include general orals (tablets, capsules, liquids), cephalosporins, large-volume parenterals, and respiratory respules.^[2]
Subsidiary Sharon Bio-Medicine focuses on formulation exports to regulated markets (UK, Canada, Europe, Australia) and carries API expertise; generated ~₹240 crores revenue in FY26.^[1]
R&D centre in Baddi, Himachal Pradesh is DSIR-recognised, staffed by 40+ scientists, and works on immediate release, sustained release, nano-formulations and bioavailability enhancement.^[2]
Semaglutide development is ongoing - exhibit batches in preparation, targeting wave-2 market entry; no change in timeline as of Q1 FY27.^[4][1]

Manufacturing operations

Greenfield plant at Kathua, Jammu commissioned January 2025 with total investment of over ₹480 crores; adds large-volume parenterals and respiratory respule capacity.^[2]
Jammu plant annualised capacity utilisation was ~25 - 30% in Q1 FY27; management targets ₹1,400 crores peak revenue at 65 - 70% utilisation, expected by FY31.^[4]
Legacy facilities at Baddi, Dehradun and Taloja were running at 55 - 60% capacity utilisation as of Q3 FY26.^[5]
Baddi cephalosporin facility received UK-MHRA GMP compliance certification; all Jammu blocks received PIC/S certification via SMDC Ukraine, enabling regulated-market supply.^[1][5]

Key operating numbers

Consolidated revenue Q1 FY27: ₹470.9 crores, +34% YoY; volume growth was 20 - 22% with the balance from favourable mix and pricing.^[4]
Jammu plant revenue: ₹107 crores in Q1 FY27, up from ~₹90 crores in Q4 FY26 and ~₹89 crores in Q3 FY26; first full year FY26 total was ~₹300 crores.^[4][1]
EBITDA margin: 16.0% in Q1 FY27 vs 16.1% in Q1 FY26; the ex-Jammu legacy business runs at approximately 20% EBITDA margin.^[4]
Gross margin approximately 35.5% in Q1 FY27, down ~1 - 1.5% YoY; full-year FY27 gross margin guided at ~35.5% ±2%.^[4]
Net working capital days approximately 90 days (±10) as of Q1 FY27.^[4]
Export mix: 32% of consolidated revenue in Q1 FY27; was 35% in Q3 FY26 and 30% in H1 FY26.^[4][5][6]

Customers and distribution

CDMO client base expanded to 350+ as of FY26; clients include many of the largest companies in the Indian Pharmaceuticals Market.^[1][2]
Branded Generics distribution reaches 220,000+ pharmacies via 6,000+ distributors; international presence spans 30 markets as of FY25.^[2]
Sharon Bio-Medicine operates primarily in export regulated markets: Canada, UK, Europe and Australia.^[1]

Expansion and capex

Land acquired at Baddi (~₹20 crores) for a new general oral tablet/capsule/liquid block; construction capex estimated at ₹150 - 170 crores across FY27 and FY28, with revenue potential of ₹450 - 500 crores at optimum utilisation.^[1]
A new greenfield plot at Baddi is being planned on the same lines as previously discussed; management has not yet finalised it and will share a concrete proposal once firm.^[4]
Recurring maintenance capex guided at ₹20 - 25 crores per year; growth and debottlenecking capex guided at ₹20 - 30 crores per year for FY27 and FY28, excluding any new greenfield.^[4]

Recent developments

CARE Ratings upgraded Innova Captab's long-term bank facilities to CARE A+ (from CARE A) and short-term facilities to CARE A1+ (from CARE A1), as announced 29 September 2026.^[7]
Jammu plant crossed into positive EBITDA territory (₹1 - 1.5 crores) in Q1 FY27, ahead of the prior quarter's near-breakeven position.^[4]
R&D pipeline expanding into peptides, respules, BFS, beta-lactam, penems and off-patent complex products, as disclosed at the Q4 FY26 earnings call.^[1]

Market Cap

₹5,703 Cr

High / Low

₹1,350 / 608

Stock P/E

36.0

Price / Book

5.2

Book Value

₹189

EPS

₹25.0

No. of Shares

5.72 Cr

ROCE

15.1%

ROE

14.0%

OPM

12.5%

Debt / Equity

0.32

Sales

₹1,630 Cr

Net Profit

₹143 Cr

Promoter holding

50.9%

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