Natural Capsules
Natural Capsules Q4 FY26 earnings call: Revenue & Margins
Q4 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
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.
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.
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Profitability & Margins
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Capital Expenditure Plans
- Additional investment of Rs. 25-30 crores planned to add and ready two more clean rooms for API manufacturing to achieve the Rs. 250 crore revenue target (Page 15).
- Basic infrastructure for clean rooms is already made; completion and commissioning remain (Page 15).
- Application submitted under government RDI scheme to BIRAC to seek funding as a deep tech pharma API company; expecting matched equity contribution, possibly via preferential allotment or rights issue (Page 7).
- Promoter group currently prefers minimal equity dilution (Page 7).
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Top-ranked in Pharmaceuticals & Biotechnology
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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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.
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Natural Capsules — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹58 Cr, net loss ₹5 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Natural Capsules's management said in earlier quarters
Others in Pharmaceuticals & Biotechnology this season
- Balaxi Pharma (Q4 FY26)
Q4 FY26 consolidated revenue: ₹70.71 crore, down 7.3% YoY from ₹76.27 crore in Q4 FY25 (Page 22). Key investor presentation takeaways from Balaxi Pharma's Q4 FY
- Accretion Pha. (Q4 FY26)
45.89 crore, up 18.24% YoY (Page 28). Key investor presentation takeaways from Accretion Pharmaceuticals Ltd's Q4 FY26 investor presentation — and how it ranks
- Gujarat Themis Biosyn Ltd (Q4 FY26)
. Key investor presentation takeaways from Gujarat Themis Biosyn Ltd's Q4 FY26 investor presentation — and how it ranks against sector peers.
- Aptus Pharma (Q4 FY26)
The investor presentation reports quarterly revenue of ₹40.36 crore for Q4 FY2026. Key concall takeaways from Aptus Pharma Ltd's Q4 FY26 earnings call — and…
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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 the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.