Natural Capsules Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 25 Aug 2026 | Pharmaceuticals & Biotechnology | Market Cap: ₹158 Cr
Capsules Business: - Gelatin capsules revenue forecast for FY27: ~Rs. EBITDA margins saw a COVID-driven surge up to ~20-22% during FY21-FY23 but have declined to ~12-13% currently as supply chain normalizes. - HPMC capsule margins (~18% EBITDA) are higher than gelatin (~12-13%), and scaling HPMC volumes is expected to improve overall margins by ~200 basis points. - FY27 revenue targets: Capsule sales Rs.
From Natural Capsules's Q4 FY26 earnings-call transcript · updated 25 Aug 2026.
Price
₹167
Market Cap
₹158 Cr
How does Natural Capsules rank in Pharmaceuticals & Biotechnology?
Compare Natural Capsules against every Pharmaceuticals & Biotechnology company this quarter on revenue, margins and earnings-call signals.
Natural Capsules — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹58 Cr, net profit ₹-5 Cr.
Full financials →📊 Revenue & Sales Performance
- →Capsules Business:
- → - Gelatin capsules revenue forecast for FY27: ~Rs. 170 crores.
- → - HPMC capsules revenue expected to start second half of FY27, projected around Rs. 20 crores.
- → - Focus on optimizing utilization at Bangalore and Puducherry plants and shifting product mix towards regulated markets.
- →API Business:
- → - Domestic API sales expected ~Rs. 70 crores in FY27.
- → - Targeting Rs. 250 crore revenue from API in 2-3 years with additional capacity and clean rooms.
- → - Commercial API sales started in Q4 FY26; margins currently low but expected to improve with further certifications (WHO GMP by Q2 FY27, USFDA by Q3/Q4 FY27).
- →Fermbox Collaboration:
- → - Expected to enhance fermentation block utilization and create incremental revenue.
- →Overall:
- → - Consolidated revenue target for FY27: Rs. 274 crores.
- → - EBITDA expected to improve with better customer mix and regulatory approvals.
- → - Growth supported by new product lines, market expansions (Europe, US), and technology partnerships.
📈 Profitability & Margins
- →EBITDA margins saw a COVID-driven surge up to ~20-22% during FY21-FY23 but have declined to ~12-13% currently as supply chain normalizes.
- →HPMC capsule margins (~18% EBITDA) are higher than gelatin (~12-13%), and scaling HPMC volumes is expected to improve overall margins by ~200 basis points.
- →FY27 revenue targets: Capsule sales Rs. 190 crores (Gelatin Rs.170 cr, HPMC Rs.20 cr), API Rs.70 cr, contract manufacturing Rs.14 cr.
- →API segment currently low margin or negative EBITDA but expected to improve with regulatory approvals and better customer base; fermentation collaboration to add revenue.
- →FY27 EBITDA for capsules expected to improve given product mix shift and optimizing plant utilization.
- →Overall profitability at consolidated level aimed to be restored in FY27, after losses in FY26 driven by API pre-commercial costs and plant disruptions.
- →EPS and net profits expected to improve as revenue scale-up from HPMC and API segments materialize over next 2-3 years.
🏗️ Capital Expenditure Plans
💰 Fundraising & Capital Structure
- →Natural Capsules is exploring various fundraising options due to ongoing liquidity pressures.
- →They have applied for government funding under the RDI scheme to BIRAC as a deep tech pharma API company.
- →The company expects to contribute an equal amount of funding from their side, potentially in the form of equity.
- →Preferential allotment involving promoters' participation and a rights issue are possibilities.
- →The promoter group currently does not intend to significantly dilute their overall holding.
- →There was no mention of immediate plans to raise debt, but discussions on fundraising options imply debt could be considered as part of overall strategy.
📋 Order Book & Pipeline
- →Natural Capsules currently has an order book with a backlog of approximately 36 days for all types of capsules.
- →The backlog indicates steady demand and ongoing business operations despite market challenges.
- →For the HPMC capsules segment, the company is aggressively working to get approvals, particularly in the US market, to start and expand business.
- →The order book demonstrates active market engagement, with dedicated teams managing gelatin and HPMC capsules.
- →No explicit mention of pending orders beyond the 36-day backlog is given, but the company's focus on increasing utilization and regulatory approvals suggests planned growth in pending and future orders.
Key Metrics
Frequently Asked Questions
What were Natural Capsules Q4 FY26 results?
Capsules Business: - Gelatin capsules revenue forecast for FY27: ~Rs. EBITDA margins saw a COVID-driven surge up to ~20-22% during FY21-FY23 but have declined to ~12-13% currently as supply chain normalizes. - HPMC capsule margins (~18% EBITDA) are higher than gelatin (~12-13%), and scaling HPMC volumes is expected to improve overall margins by ~200 basis points. - FY27 revenue targets: Capsule sales Rs.
What is Natural Capsules share price analysis?
Natural Capsules currently shows a neutral. The stock trades at a P/E of N/A with a market cap of ₹158 Cr. Investors should review the full earnings analysis for detailed insights.
Is Natural Capsules planning capital expenditure?
Additional investment of Rs.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.