Caprihans India Ltd (509486)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Caprihans India's revenue was ₹221 Cr (+21.7% year on year, +20.9% on the previous quarter), and net profit ₹6.2 Cr (against a loss a year earlier); the operating margin was 15.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹221 | +21.7% | +20.9% |
| Operating profit | ₹33.8 | +263.7% | +88.5% |
| Net profit | ₹6.2 | from loss | -11.6% |
| EPS (₹) | 3.77 | from loss | -14.7% |
| Operating margin | 15.3% | — | — |
📢 Recent Corporate Announcements
Caprihans India Limited released its 80th AGM voting results, where public shareholders rejected three key resolutions requiring disinterested voting. Specifically, Resolution 8 (material related-party transactions and loans/guarantees with promoter entity Bilcare Limited for FY 2026-27) was defeated, with 57.74% of polled votes against. Additionally, Resolutions 6 and 7 regarding remuneration hikes for relatives of the CMD were rejected with identical 57.74% dissent. Routine resolutions, including adoption of FY26 financials and reappointment/remuneration of executive directors, were passed.
- Resolution 8 on material related-party transactions and loans/guarantees with Bilcare Limited failed with 57.7419% votes against.
- Resolutions 6 and 7 to increase remuneration of President Shreyans Bhandari and VP Ruchi Bhandari were rejected (57.7419% against).
- Resolutions 1 to 5, including audited FY26 financials and remuneration of CMD Ankita J. Kariya, passed with 99.5892% approval.
- A total of 82,46,993 votes were polled across resolutions, representing 56.3937% of outstanding shares.
Infomerics has upgraded Caprihans India's long-term rating to IVR BB+/Stable from IVR BB/Stable, driven by a sharp recovery in operating margins. The company reported a significant EBITDA margin expansion to 16.76% in Q1FY27, up from 5.70% in FY26, following a strategic shift toward high-margin exports and captive consumption of base films. While debt levels remain elevated at ₹624.24 Cr (approximately 1.55x net worth), the upgrade reflects improved cash flow visibility and the successful prepayment of ₹57.50 Cr in debt using asset sale proceeds. The outlook remains stable based on expanding international pharmaceutical packaging market presence.
- Long-term credit rating upgraded to IVR BB+/Stable and short-term rating to IVR A4+
- EBITDA margins improved to 16.76% in Q1FY27 from a low of 0.81% in Q2FY26
- Total rated bank loan facilities enhanced to ₹624.24 Cr from ₹610.63 Cr
- Prepaid ₹57.50 Cr of loan obligations for FY26 and H1FY27 using Thane factory sale proceeds
- Annual manufacturing capacity confirmed at 62,880 tons across three Maharashtra plants
Caprihans India reported a significant turnaround in Q1 FY27, posting a Net Profit of Rs 7.01 Cr against a loss of Rs 17.65 Cr in the year-ago period. Revenue from operations grew 22% YoY to Rs 216.96 Cr, driven by its pharma packaging segment. The company strengthened its capital base by receiving Rs 25.58 Cr from the conversion of 17.05 lakh warrants, though it forfeited Rs 1.58 Cr from unexercised warrants. Additionally, the Chairman of the Audit Committee, Mr. Avinash S. Joshi, resigned effective August 10, 2026, citing personal reasons.
- Turnaround to Net Profit of Rs 7.01 Cr in Q1 FY27 from a loss of Rs 17.65 Cr in Q1 FY26.
- Revenue from operations increased 22% YoY to Rs 216.96 Cr compared to Rs 177.85 Cr.
- Inflow of Rs 25.58 Cr received as 75% payment for the conversion of 17,05,000 warrants.
- Recognized Rs 21.03 Cr in revaluation reserve following a fresh valuation of Property, Plant & Equipment as of April 1, 2026.
- Forfeiture of Rs 1.58 Cr from 3,15,000 unexercised warrants transferred to capital reserve.
Caprihans India reported a significant turnaround in Q1 FY27 (ending June 2026), posting a Profit Before Tax (PBT) of Rs 7.01 Cr compared to a loss of Rs 17.65 Cr in the same quarter last year. Revenue from operations grew 22% YoY to Rs 216.96 Cr, driven by improved performance in its pharma packaging segment. Alongside results, the company announced the resignation of Mr. Avinash S. Joshi, Independent Director and Chairman of the Audit Committee, effective August 10, 2026. The company also strengthened its balance sheet by forfeiting Rs 1.58 Cr from unexercised warrants and adding Rs 21.03 Cr to reserves through asset revaluation.
- Revenue from operations rose 22% YoY to Rs 216.96 Cr in Q1 FY27 from Rs 177.85 Cr in Q1 FY26.
- Turned around to a PBT of Rs 7.01 Cr from a substantial loss of Rs 17.65 Cr in the previous year's corresponding quarter.
- Forfeited Rs 1.58 Cr from 3,15,000 share warrants not exercised within the 18-month window, boosting capital reserves.
- Recognized a revaluation gain of Rs 21.03 Cr in the revaluation reserve following an independent PPE valuation on April 1, 2026.
- Redeemed 2,55,75,500 0.1% Redeemable Preference Shares (RPS) of Rs 10 each previously issued to Bilcare Limited.
Caprihans India reported a significant turnaround in Q1 FY27, posting a standalone net profit of ₹7.01 Cr compared to a loss of ₹17.65 Cr in the same quarter last year. Total revenue from operations grew 21% YoY to ₹220.16 Cr, driven by its pharma packaging solutions segment. The company strengthened its capital base by receiving ₹25.58 Cr from warrant conversions and recognizing a ₹21.03 Cr revaluation gain on its assets. However, finance costs remain high at ₹18.67 Cr, nearly triple the quarterly profit.
- Standalone Revenue from Operations rose 21% YoY to ₹220.16 Cr from ₹181.89 Cr.
- Turned profitable with a Net Profit of ₹7.01 Cr vs a Net Loss of ₹17.65 Cr in Q1 FY26.
- Raised ₹25.58 Cr through the conversion of 17,05,000 warrants at ₹200 per share.
- Redeemed 2,55,75,500 preference shares of ₹10 each previously issued to Bilcare Limited.
- Recognized ₹21.03 Cr in revaluation reserve following a fresh valuation of Property, Plant & Equipment.
Caprihans India has scheduled a board meeting for August 10, 2026, to consider and approve unaudited financial results for the quarter ended June 30, 2026. The company is coming off a challenging FY26 where it reported a total net loss of ₹48 crore on revenue of ₹710 crore. However, the most recent quarter (March 2026) showed a turnaround with a profit of ₹6.31 crore, making the upcoming Q1 results critical to determine if this recovery is sustainable. The trading window for insiders remains closed until August 12, 2026.
- Board meeting scheduled for August 10, 2026, to review Q1 FY27 performance
- Trading window closed from July 1, 2026, until 48 hours after results (August 12, 2026)
- Company reported a TTM net loss of ₹48 crore against a revenue of ₹710 crore
- March 2026 quarter showed a recovery with a PAT of ₹6.31 crore compared to a loss of ₹15.96 crore in Dec 2025
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: Pharma packaging solutions. Total operating revenue and other income grew by 6.82% YoY, reaching INR 752 Cr in FY25 compared to INR 704 Cr in FY24.
Geographic Revenue Split
Export revenue grew by 11.40%, increasing from INR 193 Cr to INR 215 Cr, now contributing approximately 28.59% of total revenue. The remaining 71.41% is primarily derived from the domestic Indian market.
Profitability Margins
Profitability has been under pressure with net losses reported in FY24 and 9M FY25. Return on Equity (ROE) deteriorated by 35.06%, moving from -10.58% to -14.29% due to margin erosion caused by USD appreciation.
EBITDA Margin
Return on Capital Employed (ROCE) saw a significant decline of 78.32%, dropping from 3.39% in the previous year to 0.74% in FY25, primarily impacted by Redeemable Preference Shares (RPS) redemption and margin compression.
Capital Expenditure
The company is actively investing in new coating technologies to reduce material weight and improve barrier performance; however, specific historical and planned INR Cr values for CapEx were not disclosed in the available documents.
Credit Rating & Borrowing
The company faces credit challenges with CARE Ratings downgrading long-term facilities to 'CARE B+; Stable; ISSUER NOT COOPERATING'. Infomerics assigned a rating of 'IVR BB/ Stable' for bank facilities totaling INR 610.63 Cr.
Operational Drivers
Raw Materials
Key raw materials include Polyvinyl Chloride (PVC) resins, PVDC films, and Aluminum foils, which are critical for manufacturing pharmaceutical solid dosage packaging.
Import Sources
While specific countries are not listed, the company reports significant margin erosion due to USD appreciation, indicating a high reliance on imported raw materials or USD-linked pricing.
Capacity Expansion
Current installed capacity is not specified in MT; however, the company employs 540 permanent staff and is shifting strategy toward increasing in-house consumption of base films to reduce costs.
Raw Material Costs
Raw material costs are subject to high volatility; the company manages this through long-term supplier contracts and strategic inventory management to mitigate price spikes.
Manufacturing Efficiency
The company is leveraging R&D to develop complex formulations for moisture-sensitive APIs and biologics to improve value-add per unit.
Strategic Growth
Expected Growth Rate
8%
Growth Strategy
Growth will be driven by expanding into export markets (which grew 11.4% recently), increasing in-house consumption of base films to improve margins, and investing in advanced coating technologies for high-barrier pharma applications like biologics.
Products & Services
Polyvinyl chloride (PVC) films, PVDC films, and aluminium foils used for packaging solid dosage pharmaceutical products.
Brand Portfolio
Caprihans (The company also operates under the Bilcare group umbrella as per document headers).
New Products/Services
New coating technologies aimed at reducing material weight while maintaining barrier performance for moisture-sensitive APIs.
Market Expansion
Targeting increased penetration in regulated global pharmaceutical markets to leverage the 8% industry CAGR.
Strategic Alliances
The company operates within a consortium of lenders for its INR 610.63 Cr debt facilities.
External Factors
Industry Trends
The Indian pharma packaging market is valued at USD 2.2 billion (2024) and is growing at 8% CAGR. Trends include a shift toward track-and-trace serialization, anti-counterfeit printing, and sustainable, low-weight materials.
Competitive Landscape
The company competes in the specialized pharma packaging sector against domestic and international film manufacturers.
Competitive Moat
Moat is built on long-standing expertise in PVC/PVDC films and established relationships with global pharma majors. Sustainability is supported by high regulatory barriers in pharma-grade packaging.
Macro Economic Sensitivity
Highly sensitive to currency fluctuations (USD/INR) and global pharmaceutical outsourcing trends.
Consumer Behavior
Increased demand for patient-centric packaging, including QR code-enabled information and improved adherence features.
Geopolitical Risks
Exposure to international packaging regulations and global distribution timelines for pharma products.
Regulatory & Governance
Industry Regulations
Compliance with international packaging standards, tamper-evidence requirements, and track-and-trace serialization for pharmaceutical supply chains.
Environmental Compliance
Increasing investment in sustainable technology to comply with evolving international environmental legislation.
Legal Contingencies
The company has contingent liabilities (claims against the company not acknowledged as debt) amounting to INR 49.49 Cr.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'Issuer Not Cooperating' status with CARE Ratings, which may impact future borrowing costs, and the continued impact of USD volatility on margins.
Geographic Concentration Risk
28.59% of revenue is from exports, providing some geographic diversification, though the majority remains domestic.
Third Party Dependencies
Dependency on a consortium of banks for working capital and term loans totaling over INR 600 Cr.
Technology Obsolescence Risk
Risk of shift away from PVC-based materials; mitigated by investing in new coating technologies and sustainable alternatives.
Credit & Counterparty Risk
Trade receivables turnover improved to 5.56x, indicating better realization and reduced counterparty credit risk.
