Natural Capsules Limited has informed the Exchange about Investor Presentation
NATCAPSUQ · price
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Natural Capsules Limited reported its Q1FY26 (consolidated) results via investor presentation. Revenue rose 15.36% year-on-year to ₹45.20 crore, but profitability collapsed — EBITDA fell 92.7% YoY to just ₹0.32 crore, margins compressed sharply to 0.71% (down 1,044 bps YoY), and the company swung to a loss of ₹5.58 crore versus a profit of ₹0.60 crore a year ago. The weakness is largely attributed to expenses from the newly capitalised API facility (depreciation up 95% QoQ, finance costs up 54% QoQ). Management, however, guided for improvement: moderation in gelatin prices, strong HPMC enquiry pipeline driven by an 88% US duty on Chinese capsules, and plans to add two new HPMC production lines. The company is targeting cash breakeven at its API facility by end of FY26 and expects ~₹67 crore in PLI scheme incentives over six years.
Near-term pain is real — Q1 was the weakest quarter in years due to API facility costs hitting the P&L before revenues ramp up. However, shareholders should watch the next 2-3 quarters closely as management expects profitability to recover on easing raw material costs, HPMC capacity expansion, and gradual API revenue scaling. Stock is likely to remain volatile until API breakeven visibility improves.