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Innova Captab Limited (INNOVACAP)

₹1,019.80 -0.39% last close, 16 Oct

📊 NSE: INNOVACAP 🏢 Pharmaceuticals - Indian - Bulk Drugs & Formln 📢 Latest filing: 02 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Innova Captab's revenue was ₹471 Cr (+33.9% year on year, -89.5% on the previous quarter), and net profit ₹44.1 Cr (+42.3% year on year); the operating margin was 15.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹471	+33.9%	-89.5%
Operating profit	₹73.1	+40.3%	-88.8%
Net profit	₹44.1	+42.3%	-88.4%
EPS (₹)	7.71	+42.3%	+15.9%
Operating margin	15.5%	—	—

Full quarterly financials → Results calendar →

INNOVACAP delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 40.32% of the INNOVACAP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.41%. That is close to its usual level. Volume was 0.5 times its average, well below normal.

40.32%Delivery, 16 Oct

45.41%Own 20-session average

0.5×Volume vs its average

₹1,019.80NSE close · -0.39%

Delivery in the last 5 sessions: 56.8% · 49.1% · 48.6% · 54.2% · 40.3%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Innova Captab Shareholders Approve All 10 Resolutions at 22nd AGM with Over 90% Favor

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Oct 2026, 07:33 PM

Innova Captab Limited announced the voting results and scrutinizer report for its 22nd Annual General Meeting held on September 30, 2026. All 10 ordinary and special resolutions were passed with the requisite majority, with overall voter turnout at 90.21% of total equity shares (51,621,002 votes polled out of 57,224,929 shares). Key approvals include the adoption of FY26 financial statements, reappointment of statutory auditor B S R & CO. LLP for a 5-year term, and reappointment of Managing Director Vinay Lohariwala and Whole-Time Director Manoj Kumar Lohariwala. The company reported TTM revenue of ₹5,779 Cr and PAT of ₹497 Cr.

All 10 resolutions passed with requisite majorities, with 90.21% overall voter turnout (51,621,002 votes polled).
Adoption of FY26 standalone and consolidated financial statements approved unanimously with 100% votes in favor.
Reappointment of B S R & CO. LLP as Statutory Auditors approved for a 5-year term from FY27 to FY31.
Reappointment of Managing Director Vinay Lohariwala approved with 94.31% votes in favor (48,681,802 votes).

💡 Track the upcoming Q2 FY27 earnings release and updates on production ramp-up at the Jammu greenfield facility.

CARE Upgrades Innova Captab's Credit Ratings: Long-Term to CARE A+, Short-Term to CARE A1+

🟢 POSITIVE ⭐ 9/10

OTHER 📅 29 Sep 2026, 06:47 PM

CARE Ratings has upgraded Innova Captab Limited's credit ratings on total bank facilities of Rs 459.60 crore. Long-term bank facilities of Rs 419.60 crore (reduced from Rs 426.72 crore) were upgraded from 'CARE A; Positive' to 'CARE A+; Stable'. Short-term bank facilities of Rs 40.00 crore were upgraded from 'CARE A1' to 'CARE A1+'. The rating revision reflects the operational and financial performance evaluated by CARE for FY26 and Q1FY27.

Long-term facilities of Rs 419.60 crore upgraded to CARE A+; Stable from CARE A; Positive
Short-term facilities of Rs 40.00 crore upgraded to CARE A1+ from CARE A1
Total bank facilities rated stand at Rs 459.60 crore
Rated long-term facility reduced from Rs 426.72 crore to Rs 419.60 crore

💡 Monitor whether the upgraded credit rating leads to lower borrowing costs and improved working capital terms in upcoming quarterly financials.

Innova Captab to Attend Anand Rathi Flagship Conference on September 21, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Sep 2026, 07:05 PM

Innova Captab Limited has notified stock exchanges regarding its participation in the Anand Rathi Annual Flagship Conference G-200 Summit 2026. The physical conference is scheduled for September 21, 2026, starting at 10:00 AM IST in Mumbai. The company will participate in 1x1 and group meetings with institutional investors and analysts. Discussions will be restricted to publicly available information with no unpublished price-sensitive information shared.

Meeting date scheduled for Monday, September 21, 2026
Interaction starts from 10:00 A.M. (IST) onwards
Physical meeting format (1x1 and group) in Mumbai
Event: Anand Rathi Annual Flagship Conference G-200 Summit 2026

💡 Track subsequent post-meet presentation uploads or transcripts on the stock exchanges to assess management commentary on growth targets and plant operationalization.

Innova Captab Dispatches FY26 Annual Report Links; 22nd AGM Scheduled for Sep 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 04:54 PM

Innova Captab Limited has dispatched physical letters to shareholders whose email addresses are not registered, providing web links to access the FY 2025-26 Integrated Annual Report and AGM Notice. The 22nd Annual General Meeting is scheduled for Wednesday, September 30, 2026, at 11:00 AM IST via Video Conferencing. The cut-off date for e-voting eligibility is set for September 23, 2026, with the e-voting window running from September 27 to September 29, 2026.

22nd Annual General Meeting scheduled for September 30, 2026, at 11:00 AM IST via VC/OAVM
Cut-off date for e-voting determined as Wednesday, September 23, 2026
Remote e-voting window opens September 27, 2026 (09:00 AM IST) and ends September 29, 2026 (05:00 PM IST)
Integrated Annual Report for FY 2025-26 made available online on the company website and stock exchanges

💡 Eligible shareholders should review the Annual Report and cast their votes during the e-voting window from September 27 to September 29, 2026.

Innova Captab Convenes 22nd AGM on Sept 30, 2026; Issues Revised FY26 Financials

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 07:04 PM

Innova Captab Limited has rescheduled its 22nd Annual General Meeting (AGM) to September 30, 2026, conducted via video conferencing. Alongside the notice, the company released its Integrated Annual Report for FY2025-26 containing revised standalone and consolidated financial statements, following corrections of inadvertent errors identified in the initial statements approved on May 7, 2026. The statutory auditor, B S R & Co. LLP, has issued a revised audit report superseding its earlier report. The report also highlights an interim dividend of Rs 2 per share declared during the fiscal year.

22nd Annual General Meeting scheduled for September 30, 2026 at 11:00 AM IST via Video Conferencing
Issued revised standalone and consolidated financial statements correcting inadvertent errors in earlier FY26 reports
Statutory auditor B S R & Co. LLP issued a superseding audit report pursuant to SA 560 (Subsequent Events)
Interim dividend declared of Rs 2 per share for FY2025-26

💡 Investors should review the specific adjustments noted in Note 2(i) of the revised financial statements and track shareholder voting outcomes post-AGM on September 30, 2026.

Innova Captab Board Approves Notice for 22nd AGM for FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Aug 2026, 12:28 PM

Innova Captab Limited announced that its Board of Directors has approved the notice for convening the 22nd Annual General Meeting (AGM) for the financial year ended 31st March, 2026. This follows an earlier postponement of the AGM communicated on 24th June, 2026. The board meeting commenced on 21st August, 2026 at 23:16 IST and concluded on 22nd August, 2026 at 00:25 IST. The complete AGM notice along with the FY26 Annual Report will be submitted separately in due course.

Board approved notice for calling the 22nd AGM for the financial year ended 31st March, 2026
Board meeting commenced at 23:16 IST on 21st August, 2026 and concluded at 00:25 IST on 22nd August, 2026
Filing follows prior letter dated 24th June, 2026 regarding postponement of the AGM
Detailed AGM notice and Annual Report to be dispatched and filed with stock exchanges in due course

💡 Track the upcoming release of the FY26 Annual Report and AGM notice for details on resolutions, management commentary, and operational milestones.

Innova Captab approves brownfield expansion at Baddi plant and revises FY26 audited results

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 22 Aug 2026, 05:24 AM

Innova Captab Limited's Board of Directors has approved a brownfield expansion of its existing manufacturing facility located at Baddi, Himachal Pradesh. Additionally, the Board approved revised audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The statutory auditor, B S R & Co. LLP, issued an unmodified audit opinion on the revised consolidated annual results. The expansion aims to boost manufacturing throughput within the existing premises.

Board approved brownfield capacity expansion at existing facility situated at 81-B, EPIP Phase-I, Jharmajri, Baddi, HP
Approved revised audited Standalone and Consolidated financial statements for FY ended March 31, 2026
Statutory auditor B S R & Co. LLP issued an unmodified audit report on the revised FY26 results
Board meeting commenced on August 21, 2026 at 23:16 IST and concluded on August 22, 2026 at 00:25 IST

💡 Track subsequent disclosures regarding the specific capex outlay, capacity addition metrics, and commissioning timelines for the Baddi brownfield expansion.

Innova Captab Approves Baddi Brownfield Expansion and Revises FY26 Financial Results

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 22 Aug 2026, 03:26 AM

Innova Captab's Board has approved a brownfield expansion at its existing manufacturing unit in Baddi, Himachal Pradesh. Additionally, the Board approved revised audited standalone and consolidated financial statements for the quarter and year ended March 31, 2026. Statutory auditors B S R & Co. LLP provided an independent auditor's report, and the CFO submitted a declaration of unmodified opinion. The meeting commenced on August 21, 2026, at 23:16 IST and concluded on August 22, 2026, at 00:25 IST.

Approved brownfield capacity expansion within existing premises at 81-B, EPIP Phase-I, Jharmajri, Baddi, HP
Adopted revised audited standalone and consolidated annual financial statements for FY26 (ended March 31, 2026)
Auditors B S R & Co. LLP issued audit report with an unmodified opinion on the revised consolidated annual figures
Consolidated entities covered include Univentis Medicare, Univentis Foundation, and step-down unit Sharon Bio-Medicine

💡 Track disclosures regarding the exact capex outlay and commercial timeline for the Baddi brownfield expansion, along with specifics on why FY26 financial statements were revised.

Innova Captab Q1 Concall: Revenue Up 34% YoY to ₹470.9 Cr, PAT Rises 42% to ₹44.1 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 14 Aug 2026, 06:39 PM

Innova Captab delivered strong Q1 FY27 results with consolidated revenue increasing 34% YoY to ₹470.9 Cr, driven by robust performance across both CDMO (₹328.7 Cr, +32% YoY) and branded generics (₹142.2 Cr, +39% YoY). EBITDA rose 33% YoY to ₹75.1 Cr with a 16.0% margin, while PAT expanded 42% YoY to ₹44.1 Cr. Management reiterated full-year FY27 guidance of 20%+ volume-led revenue growth with profitability expected to outpace revenue. The new Jammu manufacturing facility is currently operating at 25%-30% capacity utilization on an annualized basis, with management targeting >₹1,000 Cr in revenue at steady-state utilization.

Q1 FY27 consolidated revenue rose 34% YoY to ₹470.9 Cr, with export revenue accounting for 32%
EBITDA grew 33% YoY to ₹75.1 Cr (16.0% margin), while PAT increased 42% YoY to ₹44.1 Cr
CDMO segment revenue stood at ₹328.7 Cr (+32% YoY); Branded Generics reached ₹142.2 Cr (+39% YoY)
Jammu facility utilization is at 25%-30% annualized, targeting >3x asset turn and >₹1,000 Cr long-term revenue

💡 Monitor quarterly capacity ramp-up and international regulatory approvals for the Jammu facility to verify sustained 20%+ growth delivery.

Innova Captab Extends Trading Window Closure for Revised FY26 Audited Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Aug 2026, 06:19 PM

Innova Captab Limited has informed the exchanges that its trading window for designated persons remains closed. This closure is specifically tied to the upcoming declaration of the company's revised audited financial statements for the quarter and financial year ended March 31, 2026. The window will remain shut until 48 hours after the revised results are officially announced. The company has not yet disclosed the specific date for the board meeting to approve these revised figures.

Trading window remains closed for all Designated Persons and their Immediate Relatives as of August 13, 2026.
Closure is linked to the declaration of revised audited financial statements for the period ended March 31, 2026.
The window will reopen exactly 48 hours after the revised results are declared to the exchanges.
The date for the Board of Directors meeting to approve these results is yet to be announced.

💡 Investors should monitor for the upcoming board meeting date and the subsequent release of the revised FY26 results to understand the nature and magnitude of the revisions.

Innova Captab Releases Q1 FY27 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Aug 2026, 05:51 PM

Innova Captab has published the audio recording link for its Q1 FY27 earnings call held on August 12, 2026. This follows the company's reporting of TTM revenue at Rs 5,660 Cr and a PAT of Rs 484 Cr. The call likely covers the operationalization of the Jammu plant and international expansion strategies. Investors can access the recording via the company's website to understand management's outlook on the 14.6% operating margins.

Earnings call conducted on August 12, 2026, at 11:00 A.M. IST
Relates to unaudited financial results for the quarter ended June 30, 2026
TTM Revenue stands at Rs 5,660 Cr with a P/E ratio of 41.1
Company maintains a promoter holding of 50.9% as of March 2026

💡 Investors should review the recording for management commentary on the Jammu facility's scale-up and the status of new partner discussions, which are reportedly at an advanced stage.

34% Revenue Growth in Q1 FY27: Innova Captab Ramps Up Jammu Facility and CDMO Segment

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 08:39 PM

Innova Captab reported a strong start to FY27 with Q1 revenue growing 34% YoY to ₹470.9 Cr, driven by robust performance in both CDMO (+32%) and Branded Generics (+39%) segments. The company is benefiting from the ramp-up of its Jammu facility, which was commercialized in January 2025, and recent global certifications from UK-MHRA and PIC/S. Consolidated FY26 revenue reached ₹1,630 Cr with an EBITDA margin of 15.4%. The CDMO segment remains the primary growth engine, contributing approximately 70% of total quarterly revenue.

Q1 FY27 revenue increased 34% YoY to ₹470.9 Cr from ₹351.5 Cr in Q1 FY26
CDMO Services & Products revenue grew 32% YoY to ₹328.7 Cr, contributing 70% of total revenue
Branded Generics revenue surged 39% YoY to ₹142.2 Cr, supported by deeper market penetration
Jammu facility (4 manufacturing blocks) is witnessing a steady ramp-up following its Jan 2025 commercialization
FY26 consolidated EBITDA stood at ₹250.3 Cr with a margin of 15.4%

💡 Investors should monitor the utilization rates and margin progression of the Jammu facility as it scales. The impact of recent UK-MHRA and PIC/S (Ukraine) certifications on international order flows will be a key metric for long-term growth.

42.3% PAT Growth in Q1 FY27; Revenue up 34% to ₹470.9 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 07:40 PM

Innova Captab reported a strong start to FY27 with consolidated revenue growing 34% YoY to ₹470.9 crore. Net profit (PAT) increased by 42.3% to ₹44.1 crore, driven by steady order flows and a broader product portfolio. EBITDA margins remained stable at 16.0%, despite a slight 10 bps dip from the previous year. The company highlighted the steady ramp-up of its Jammu facility and increased engagement with its 350+ client base.

Revenue from operations grew 34.0% YoY to ₹470.9 crores compared to ₹351.5 crores in Q1 FY26.
PAT increased by 42.3% YoY to ₹44.1 crores from ₹31.0 crores.
EBITDA grew 32.7% to ₹75.1 crores with a margin of 16.0%.
The company now serves over 350 clients across its CDMO and branded generics businesses.
Jammu facility is witnessing a steady ramp-up with new client onboarding and increased business from existing customers.

💡 Monitor the utilization levels and margin trajectory of the Jammu facility as it scales up. Watch for further international market entries following the successful UK-MHRA inspection mentioned in the company profile.

Innova Captab Q1 Standalone PAT Jumps 58% to ₹32.06 Cr; FY26 Financials to be Revised

🔵 WATCH ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 06:32 PM

Innova Captab reported a strong standalone performance for Q1 FY27 (ending June 2026), with revenue rising 39.5% YoY to ₹400.48 Cr. Standalone PAT grew 58% YoY to ₹32.06 Cr, driven by operational scaling. However, the company disclosed that 'inadvertent errors' were identified in the previously approved FY26 financial statements (both standalone and group), necessitating a formal revision. While management claims no material impact on Q1 FY27 results, the revision details are pending the next board meeting.

Standalone Revenue from operations increased 39.5% YoY to ₹400.48 Cr from ₹286.98 Cr.
Standalone Profit After Tax (PAT) surged 58% YoY to ₹32.06 Cr compared to ₹20.30 Cr in Q1 FY26.
Profit Before Tax (PBT) stood at ₹43.03 Cr, a 57.7% increase over the ₹27.29 Cr reported in the year-ago period.
Finance costs rose 45.7% YoY to ₹4.03 Cr, reflecting higher borrowing or interest impacts.
Board initiated a revision of FY26 financial statements to correct errors identified after the May 2026 approval.

💡 Investors should monitor the upcoming board meeting for the specific nature and magnitude of the FY26 financial revisions. While operational growth is robust, the accounting errors require clarity to ensure financial reporting integrity.

Innova Captab schedules Q1 FY27 earnings call for August 12, 2026

🟡 NEUTRAL ⭐ 2/10

EARNINGS 📅 07 Aug 2026, 06:20 PM

Innova Captab Limited has scheduled its earnings conference call for Wednesday, August 12, 2026, at 11:00 AM IST to discuss the financial results for the quarter ended June 30, 2026 (Q1 FY27). The call will feature Managing Director Vinay Lohariwala and CFO Lokesh Bhasin. This follows a fiscal year (FY26) where the company reported a significant revenue jump to Rs 5,660 Cr, largely driven by the operationalization of its Jammu facility. Investors will be looking for updates on the 20% expected growth rate and international market expansion.

Earnings call scheduled for August 12, 2026, at 11:00 AM IST via virtual mode
Management to discuss operational and financial performance for the quarter ended June 30, 2026
Company reported TTM revenue of Rs 5,660 Cr and TTM PAT of Rs 484 Cr as of March 2026
Key management participants include MD Vinay Lohariwala and CFO Lokesh Bhasin
The company maintains a promoter holding of 50.9% as of the latest reporting period

💡 Investors should monitor the call for management commentary regarding the scale-up of the Jammu facility and the status of new partner discussions, which are reportedly at an advanced stage.

View All INNOVACAP Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The CDMO business grew 15% YoY in Q2 FY26 (INR 265.7 Cr) and 12% in H1 FY26 (INR 515.2 Cr). The Branded Generics business grew 31% YoY in Q2 FY26 (INR 114.6 Cr) and 43% in H1 FY26 (INR 216.7 Cr).

Geographic Revenue Split

Exports contributed 30% to the overall revenue mix in both Q2 FY26 and H1 FY26, reflecting a well-diversified geographical presence.

Profitability Margins

PAT margins were approximately 8% in Q2 FY26. Sharon Bio-Medicine (subsidiary) reported a profit after taxation of INR 23.18 Cr on revenue of INR 197.48 Cr for FY25.

EBITDA Margin

EBITDA margin was 14.7% in Q2 FY26 and 15.4% in H1 FY26. EBITDA grew 8% YoY to INR 56.1 Cr in Q2 FY26 and 17% YoY to INR 112.6 Cr in H1 FY26.

Capital Expenditure

The company raised INR 293.11 Cr (net of expenses) through an IPO in December 2023, utilized for debt reduction and funding a greenfield manufacturing unit at Kathua, Jammu.

Credit Rating & Borrowing

Long-term bank facilities (INR 389.38 Cr) are rated CARE A; Positive (outlook revised from Stable in Sept 2025). Short-term facilities (INR 20.00 Cr) are rated CARE A1.

⚙️ Operational Drivers

Raw Materials

Active Pharmaceutical Ingredients (APIs) are the primary raw materials. Specific categories include Cephalosporin-related inputs.

Capacity Expansion

Operationalized a new greenfield manufacturing unit at Kathua, Jammu. The Cephalosporin plant in Baddi successfully passed a UK-MHRA inspection.

Raw Material Costs

API prices have been declining, which pressured CDMO revenue, though signs of price stabilization were noted in Q2 FY26.

Manufacturing Efficiency

Average utilization of working capital limits remained low at approximately 27% for the 12-month period ended June 2025.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth is driven by the operationalization of the Jammu plant, deepening engagement with 300+ global clients, expanding the product portfolio, and geographic diversification into markets like the UK and Ukraine.

Products & Services

Generic formulations, contract-based pharmaceutical formulations (CDMO), and branded generics.

Brand Portfolio

Innova Captab (Corporate Brand). Specific consumer brand names are not disclosed in available documents.

New Products/Services

Expansion of the Cephalosporin product line and new stability batches from the Jammu facility are expected to drive near-term scale-up.

Market Expansion

Targeting international markets following successful inspections by the UK-MHRA (United Kingdom) and SMDC (Ukraine).

🌍 External Factors

Industry Trends

The pharmaceutical industry is highly competitive and fragmented, with a shift toward stringent global quality standards and increased outsourcing to CDMOs.

Competitive Landscape

Characterized by a large number of small and big players in the generic and contract manufacturing space.

Competitive Moat

Moat is built on long-term client relationships, adherence to global quality standards (UK-MHRA), and a robust product pipeline.

Macro Economic Sensitivity

Sensitive to API price fluctuations and global regulatory standards for pharmaceutical manufacturing.

Geopolitical Risks

Exposure to international regulatory bodies like the UK-MHRA and Ukraine's SMDC for market access.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Drugs Control Act, 1950; The Narcotic Drugs and Psychotropic Substances Act, 1985; and GMP standards.

Environmental Compliance

The company has implemented an ESG Policy and filed its Business Responsibility and Sustainability Report (BRSR) for FY25 with no recorded non-compliance.