NSE: INNOVACAP · BSE: 544067
INNOVA CAPTAB LIMITED
Operates a pharmaceutical business with two reported segments: CDMO (Contract Development and Manufacturing Organization) at INR 1,133 cr in FY26 (+24% YoY), and Branded Generics at INR 497 cr (+51% YoY). CDMO serves 350+ domestic clients including leading Indian pharma companies, manufacturing drug products to partner specifications. Branded Generics sells branded drug formulations, with a 70% domestic / 30-35% export mix. The Jammu facility completed its first full year with ~INR 300 cr revenue and reached EBITDA breakeven in Q4, exiting at an INR 90 cr+ per quarter run rate. A new Baddi block for general oral solid/liquid capacity requires INR 150-170 cr capex over FY27-FY28, with potential INR 450-500 cr revenue at optimum levels. Materials at 61.7% of revenue are the dominant input cost. Exports contributed 31% of total revenue; UK-MHRA approval for the Baddi cephalosporin facility and PIC/S certification for Jammu blocks open access to regulated international markets. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. CDMO (Contract Development and Manufacturing Organization), Branded Generics. Pharmaceutical manufacturer spanning contract CDMO and own-branded generics, asset-heavy with multi-site plants (Baddi, Jammu, Sharon Bio)
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,081 | 1,244 | 1,630 |
| EBITDA (ex other income) | 154 | 186 | 243 |
| margin % | 14.3 | 15.0 | 14.9 |
| Owners' profit | 0 | 0 | 0 |
| EPS, as reported (₹) | 18.66 | 22.41 | 24.63 |
| ROE % · ROCE % | 11.4 · 14.3 | 13.4 · 14.1 | 12.9 · 15.3 |
| Debt / equity (x) | 0.29 | 0.35 | 0.32 |
| Cash from operations | 146 | 64 | 117 |
| Capex | (287) | (172) | (68) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 318 | 316 | 315 | 352 | 380 | 450 | 448 | 471 |
| Profit before tax | 47 | 46 | 39 | 43 | 39 | 56 | 51 | 59 |
| Net profit | 35 | 34 | 30 | 31 | 30 | 42 | 38 | 44 |
| EPS (₹) | 6.12 | 5.97 | 5.17 | 5.42 | 5.18 | 7.37 | 6.65 | 7.71 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.7 | 30.1 | 105 of 158 | 34% |
| P/B | 5.6 | 3.0 | 126 of 163 | 23% |
| ROCE | 14.0 | 10.8 | 71 of 183 | 62% |
| ROE | 12.9 | 9.8 | 58 of 166 | 66% |
| Debt / Equity | 0.3 | 0.2 | 115 of 166 | 31% |
| EBITDA margin | 16.0 | 17.5 | 88 of 165 | 47% |
| Revenue growth | 33.9 | 16.3 | 40 of 161 | 76% |
| Profit growth | 42.3 | 30.9 | 72 of 158 | 55% |
| Market cap | 6120 | 810 | 52 of 181 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Innova Captab files quarterly demat compliance certificate | compliance | minimal | — | — |
| 5 Oct 2026 · Non-promoter group trims stake by 18 lakh shares at Innova Captab | ownership changes | high | — | — |
| 2 Oct 2026 · AGM 2026 voting results: All 10 resolutions passed, board and KMPs re-appointed | compliance | minimal | — | — |
| 30 Sept 2026 · 22nd AGM held; revised FY26 results and director re-appointments put to vote | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Credit rating upgraded by CARE Ratings | credit debt | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 FY26 results | compliance | minimal | — | — |
| 15 Sept 2026 · Innova Captab to attend Anand Rathi G-200 Summit 2026 on 21 September | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Newspaper publication of 22nd AGM notice - Innova Captab | compliance | minimal | — | — |
| 5 Sept 2026 · 22nd AGM notice and FY26 annual report sent to shareholders | general | low | — | — |
| 4 Sept 2026 · Innova Captab fixes 22nd AGM on Sept 30, 2026; files annual report | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.