NATCAPSUQNSENatural Capsules LimitedMediumNeutral
Announced Thu, 28 May · 21:49 IST

Natural Capsules Limited has informed the Exchange about Investor Presentation

Mgmt Guided Margin PressureInvestor Communications View source PDF

NATCAPSUQ · price

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Price reaction · full curve 14 horizons · vs prior close
-7.1%1-day move
₹169.99
prior close
₹160.00
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AI summary

Natural Capsules Limited reported Q4FY26 consolidated revenue of Rs 58.45 Crores (up 55% QoQ and 30% YoY), driven by dispatch of goods deferred from prior quarter due to Puducherry plant shutdown. However, Q4 EBITDA was only Rs 1.33 Crores (down 70% YoY) with EBITDA margins at 2.28%. For FY26 full year, the company posted revenue of Rs 187.20 Crores (up 11%) but reported significant losses: EBITDA of negative Rs 1.56 Crores versus positive Rs 17.52 Crores in FY25, and PAT of negative Rs 24.66 Crores versus positive Rs 0.62 Crores in FY25. The company stated its new HPMC line for double-zero capsules is ready with revenue expected from H2 FY27 pending US client approvals. Commercial sales in the API segment commenced in Q4FY26 through its subsidiary Natural Biogenex, which also signed Framework and Contract Manufacturing Agreements with Fermbox Bio for fermentation-based CDMO services at the Tumkur facility. Management expects FY27 to be a stable year for the capsules business while focusing on scaling the API operations.

Likely market impact

Natural Capsules is facing severe profitability deterioration with FY26 EBITDA margins negative at 0.83% versus 10.35% in FY25, primarily due to API segment ramp-up costs and one-time plant shutdown impacts. While the company projects stability in FY27, the new API business carries a lower margin profile and regulatory approvals for higher-margin markets are still pending, suggesting continued margin pressure in the near term despite revenue growth.