Natural Capsules Limited has informed the Exchange about Transcript
NATCAPSUQ · price
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Natural Capsules reported FY'25 revenue of Rs. 169.21 crores (up 8.87% YoY), but EBITDA fell 12% to Rs. 17.52 crores with margins contracting 246 bps to 10.35%, and PAT dropped nearly 89% to Rs. 0.62 crores. Q4 FY'25 revenue grew 11.81% YoY to Rs. 44.97 crores with PAT of Rs. 0.52 crores. Management highlighted a major opportunity from the US imposing an 88% duty on Chinese HPMC capsules versus 14% on Indian capsules, expecting HPMC revenue to triple from Rs. 9 crores to Rs. 27 crores in FY'26. The newly capitalized API facility is expected to generate Rs. 65 crores in FY'26 revenue with Rs. 9 crores in PLI incentives, but will add Rs. 2.3 crores/quarter in depreciation and Rs. 1.5 crores/quarter in interest. Capsule segment margins are guided to improve from 10.5% to 14%, with consolidated FY'26 revenue targeted at around Rs. 260 crores.
Mixed near-term outlook: sharp PAT decline in FY'25 and API segment drag (Chinese overcapacity, lower yields) may keep the stock under pressure, but a clear HPMC export tailwind from US anti-dumping duty, softening gelatin prices, and improving capsule margins could drive a recovery in FY'26 earnings. Shareholders should watch for HPMC ramp-up execution and API yield improvement as the key triggers for re-rating.