Innova Captab (INNOVACAP) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 consolidated revenue rose 19.5% YoY to ₹351.5 crore and EBITDA increased 27.7% to ₹56.6 crore; PAT grew 5.2% to ₹31.0 crore.

• Operations were reorganized into CDMO and Branded Generics verticals to align reporting with operating models and strategic priorities.

Financial highlights

• Consolidated revenue from operations was ₹3,515.42 million versus ₹2,942.70 million in Q1 FY25; profit before tax was ₹426.77 million versus ₹393.08 million.

• Consolidated profit for the period was ₹310.15 million versus ₹294.77 million; standalone revenue rose to ₹2,869.79 million while standalone profit declined to ₹202.95 million from ₹223.36 million.

• EBITDA margin expanded to 16.1% from 15.1%; PAT margin was 8.8% versus 10.0%, amid higher depreciation and finance expenses.

• Consolidated EPS was ₹5.42 versus ₹5.15; standalone EPS was ₹3.55 versus ₹3.90.

Outlook and guidance

• Jammu client onboarding is expected to accelerate in Q3 and Q4; reaching ₹100 crore quarterly revenue is a priority, with PAT break-even expected at ₹100–105 crore quarterly revenue.

• Management expects quarter-on-quarter utilization growth and Jammu to become PAT-positive by year-end; optimum utilization is targeted in 5–6 years.

• Jammu operations are expected to ramp up over 2–3 years; strategic priorities include adding clients and products and entering additional export markets.

• Branded Generics is expected to maintain healthy growth across domestic and international markets; the full-year growth rate remains under evaluation.