Innova Captab (INNOVACAP) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 consolidated revenue from operations was ₹4,708.52 million, up 34% YoY; EBITDA was ₹75.1 Cr, up 32.7%, and PAT was ₹441.26 million, up 42.3%.

• Growth across CDMO and branded generics was supported by customer additions, steady orders and Jammu facility ramp-up.

• FY27 revenue growth guidance remains 30%, with profitability growth expected to outpace revenue growth.

Financial highlights

• Consolidated total income was ₹4,728.59 million versus ₹3,560.25 million YoY; consolidated PBT was ₹589.85 million versus ₹426.77 million.

• EBITDA margin was 16.0% versus 16.1%; PAT margin was 9.4% versus 8.8%, and EPS was ₹7.71 versus ₹5.42.

• Gross margin was ~31%; management expects the FY level to remain within plus or minus 2% of that level.

• Exports contributed 32% of revenue; volume growth was cited at 22.32% at the overall manufacturing-capacity level.

Outlook and guidance

• FY27 volume growth is expected to exceed 20%, with pricing held constant for that measure; organic growth is expected at 20%, with Jammu ramp-up an additional driver.

• Normalized EBITDA margin guidance is 15%–16%, plus or minus 2%; management noted margins vary with mix and seasonality.

• Jammu utilization is estimated at 45%–50% annualized; optimum revenue is ₹1,400 Cr at 65%–70% utilization.

• Additional market approvals may arrive by FY-end; management expects Jammu revenue could then exceed ₹1,000 Cr as customer, country and product onboarding progresses.

• Jammu ramp-up is projected over 2–3 years, with further progression toward optimal utilization over 5–6 years; current capacity is expected to meet demand as utilization rises.