Natural Capsules Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹141 Cr
- ROE
- -9.45%
- Price to sales
- 0.74
- Debt to equity
- 0.93
- 52W high / low
- ₹227 / ₹133
- Sales growth (5Y)
- 18.66%
- EBITDA margin
- -0.40%
- Net profit margin
- -13.19%
- Promoter holding
- 50.92%
- Sales (last year)
- ₹191 Cr
Incorporated in 1993, Natural Capsules manufactures Capsules and Steroidal APIs and their Intermediates and Derivatives[1]
Guidance scorecard · Q1 FY27 call
What Natural Capsules's management guided
and where it ranks in Pharmaceuticals & Biotechnology
RevenueQ2 FY26 call
0–10%- Capsule business topline expected to reach Rs. 235-240 crores with current and upcoming capacity expansions.
- Capsule segment growing consistently at about 6% annually in India and 4% internationally.
- HPMC capsule sales are targeted to increase, potentially raising EBITDA margins to 16%-18%, and eventually aiming for 20% with capacity utilization improvements.
- Exports and substitution of low-end customers with higher-value clients expected to drive revenue growth beyond industry average.
- API division aims for Rs. 40 crores revenue in FY’26 but is currently facing technical challenges limiting growth; potential to scale after resolving fermentation yield issues.
2 more points from Natural Capsules's call on revenue
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MarginsQ2 FY26 call
FlatSee what Natural Capsules said on margins — free account, 30 seconds.
CapexQ2 FY26 call
Planned- Natural Capsules is progressing confidently with its capital expenditure program.
- The new HPMC production line is on schedule for commissioning by the end of Q2 FY'26.
- This capacity addition aims to fulfill growing customer demand for different capsule sizes and increase export volumes once tariff issues clarify.
- The company plans to convert some gelatin capsule lines into HPMC lines if demand further increases.
- Competitors like ACG and Healsee Group are investing $100 million and $70 million respectively in US-based HPMC capsule plants, which will take time; by then, market demand is expected to rise.
2 more points from Natural Capsules's call on capex
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FundraisingQ2 FY26 call
See what Natural Capsules said on fundraising — free account, 30 seconds.
Order bookQ2 FY26 call
- There is discussion about demand and volume recovery, especially in the US and other international markets, with some slowdowns due to tariffs and regulatory issues.
- The Mexico export order is ongoing but volumes are below expectations.
- Distributors remain confident of demand recovery despite tariff challenges.
- The company is commissioning new HPMC lines to meet customer demand.
2 more points from Natural Capsules's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹480 Cr | 19.1 | |
| 2 | 40%+ | Up 0–2% | ₹212 Cr | 16.1 | |
| 3 | 40%+ | Flat | ₹17,925 Cr | — | |
| 4 | 40%+ | Flat | ₹5,223 Cr | 39.1 | |
| 5 | 40%+ | Flat | ₹4,268 Cr | — | |
| 6 | 40%+ | Flat | ₹40 Cr | — |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingFinancials of Natural Capsules
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Natural Capsules
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 37.62 | 37.70 | 37.52 | 39.98 | 40.22 | 39.18 | 41.22 | 43.83 | 44.97 | 45.20 | 45.80 | 37.75 | 58.45 |
| Expenses + | 31.85 | 31.74 | 32.40 | 35.26 | 36.11 | 34.81 | 36.72 | 39.56 | 40.58 | 44.88 | 46.69 | 40.07 | 57.12 |
| Operating Profit | 5.77 | 5.96 | 5.12 | 4.72 | 4.11 | 4.37 | 4.50 | 4.27 | 4.39 | 0.32 | -0.89 | -2.32 | 1.33 |
| OPM % | 15.34% | 15.81% | 13.65% | 11.81% | 10.22% | 11.15% | 10.92% | 9.74% | 9.76% | 0.71% | -1.94% | -6.15% | 2.28% |
| Other Income + | 0.21 | 0.17 | 0.35 | 0.50 | 0.92 | 0.18 | 0.11 | 0.11 | 0.30 | 0.36 | 0.16 | 0.45 | 0.76 |
| Interest | 1.12 | 1.33 | 1.16 | 1.24 | 1.40 | 1.49 | 1.65 | 1.54 | 1.64 | 2.53 | 2.68 | 2.85 | 2.89 |
| Depreciation | 1.87 | 2.11 | 2.17 | 2.19 | 2.20 | 2.28 | 2.35 | 2.33 | 2.16 | 4.21 | 4.29 | 4.36 | 4.28 |
| Profit before tax | 2.99 | 2.69 | 2.14 | 1.79 | 1.43 | 0.78 | 0.61 | 0.51 | 0.89 | -6.06 | -7.70 | -9.08 | -5.08 |
| Tax % | 40.13% | 32.34% | 27.10% | 32.96% | 32.17% | 21.79% | 201.64% | 78.43% | 41.57% | -8.09% | -9.09% | -21.70% | -1.97% |
| Net Profit + | 1.79 | 1.82 | 1.56 | 1.21 | 0.97 | 0.60 | -0.61 | 0.11 | 0.52 | -5.58 | -6.99 | -7.12 | -4.98 |
| EPS in Rs | 1.94 | 1.96 | 1.68 | 1.30 | 1.04 | 0.64 | -0.60 | 0.11 | 0.35 | -5.40 | -6.76 | -4.77 | -3.32 |
Financials of Natural Capsules
Profit & Loss
Annual income statement trend
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales + | 55 | 60 | 62 | 80 | 135 | 170 | 155 | 169 | 187 |
| Expenses + | 49 | 55 | 56 | 68 | 110 | 135 | 134 | 151 | 189 |
| Operating Profit | 6 | 5 | 5 | 11 | 26 | 35 | 20 | 18 | -2 |
| OPM % | 10% | 8% | 9% | 14% | 19% | 21% | 13% | 10% | -1% |
| Other Income + | 1 | 1 | 1 | 3 | 1 | 1 | 2 | 1 | 2 |
| Interest | 0 | 1 | 1 | 1 | 2 | 4 | 5 | 7 | 11 |
| Depreciation | 4 | 3 | 4 | 4 | 5 | 7 | 9 | 9 | 17 |
| Profit before tax | 2 | 2 | 1 | 9 | 19 | 25 | 8 | 3 | -28 |
| Tax % | 34% | 7% | 38% | 24% | 28% | 26% | 31% | 78% | -12% |
| Net Profit + | 1 | 2 | 1 | 7 | 14 | 18 | 6 | 1 | -25 |
| EPS in Rs | 1.19 | 2.06 | 0.92 | 7.43 | 14.96 | 20.02 | 5.95 | 0.60 | -16.44 |
| Dividend Payout % | 56% | 32% | 43% | 9% | 5% | 5% | 0% | 0% | 0% |
Financials of Natural Capsules
Balance Sheet
Capital structure and asset base
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 | 7 | 9 | 9 | 10 | 10 |
| Reserves | 48 | 49 | 49 | 56 | 76 | 114 | 194 | 223 | 224 |
| Borrowings + | 0 | 5 | 6 | 10 | 53 | 97 | 109 | 105 | 115 |
| Other Liabilities + | 19 | 14 | 14 | 26 | 29 | 70 | 64 | 81 | 74 |
| Total Liabilities | 73 | 75 | 76 | 99 | 165 | 290 | 377 | 419 | 424 |
| Fixed Assets + | 22 | 24 | 24 | 38 | 66 | 97 | 103 | 284 | 274 |
| CWIP | 1 | 2 | 2 | 7 | 20 | 88 | 144 | 0 | 4 |
| Investments | 5 | 5 | 6 | 0 | 0 | 0 | 3 | 3 | 3 |
| Other Assets + | 45 | 43 | 45 | 54 | 79 | 105 | 127 | 133 | 143 |
| Total Assets | 73 | 75 | 76 | 99 | 165 | 290 | 377 | 419 | 424 |
Financials of Natural Capsules
Cash Flows
Operating, investing and financing cash movement
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 5 | 2 | 7 | 6 | -1 | 17 | -8 | 27 | |
| Cash from Investing Activity + | -1 | -7 | -6 | -9 | -46 | -105 | -73 | -44 | |
| Cash from Financing Activity + | -4 | 4 | -1 | 3 | 48 | 87 | 82 | 16 | |
| Net Cash Flow | 0 | -1 | 0 | -0 | 1 | 0 | 1 | -2 | |
| Free Cash Flow | 4 | -5 | 2 | -11 | -47 | -88 | -79 | -18 | |
| CFO/OP | 97% | 57% | 144% | 72% | 17% | 64% | -32% | 162% |
Financials of Natural Capsules
Ratios
Working capital efficiency and return ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 208 | 197 | 180 | 123 | 71 | 112 | 129 | 134 | 139 |
| Inventory Days | 149 | 87 | 89 | 82 | 34 | 45 | 88 | 109 | 94 |
| Days Payable | 185 | 114 | 91 | 157 | 98 | 127 | 141 | 166 | 197 |
| Cash Conversion Cycle | 172 | 170 | 179 | 48 | 7 | 30 | 76 | 78 | 36 |
| Working Capital Days | 186 | 143 | 121 | 75 | 73 | 61 | 80 | 53 | -1 |
| ROCE % | 5% | 4% | 11% | 21% | 15% | 5% | 3% | -5% |
Guidance history
How Natural Capsules's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY26 call → | 0–10% | Flat | Planned | — | — |
| Q4 FY25 call → | 10–20% | Up 2%+ | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Natural Capsules's management said in earlier quarters
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