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)
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,41,471 | 36.5 | 5.26 | 23.7 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,47,033 | 84.6 | 14.74 | 63.7 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,68,062 | 79.3 | 9.56 | 41.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,11,686 | 24.9 | 3.78 | 14.5 | 17.3 | 18.0 | 12.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 3 Sept 2026 · 22nd AGM notice on 30 September 2026; revised FY26 financials | compliance | minimal | — | — |
| 3 Sept 2026 · Outcome of Board Meeting held on September 03, 2026 | board shareholder meetings | low | — | — |
| 23 Aug 2026 · Revised FY26 financial results published in newspapers | compliance | minimal | — | — |
| 22 Aug 2026 · Board approves 22nd AGM notice for FY ending March 2026 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Brownfield expansion at Baddi plant approved; FY26 results revised | capex operations | high | — | — |
| 21 Aug 2026 · Revised FY26 results: revenue up 31 percent, PAT up 12.5 percent; Baddi expansion approved | results | high | — | — |
| 18 Aug 2026 · Board to revise FY26 results on Aug 21 over errors found | board shareholder meetings | low | — | — |
| 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 |
| 25.2 |
| CIPLA LTD | 1,10,352 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| LAURUS LABS LIMITED | 1,06,375 | 97.2 | 19.59 | 59.3 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 97,319 | 30.1 | 2.55 | 13.1 | 10.9 | 13.0 | 12.1 | 15.0 |
| AUROBINDO PHARMA LTD | 96,656 | 26.3 | 2.55 | 13.4 | 9.2 | 12.6 | 6.3 | 23.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 42.9 | 28.9 | 118 of 169 | 30% |
| P/B | 6.0 | 3.3 | 128 of 163 | 22% |
| ROCE | 14.0 | 10.8 | 71 of 183 | 62% |
| ROE | 12.9 | 10.4 | 62 of 171 | 64% |
| Debt / Equity | 0.3 | 0.1 | 120 of 171 | 30% |
| 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 | 6598 | 839 | 52 of 182 | 72% |
| 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 |
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