Innova Captab (INNOVACAP) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 consolidated revenue was ₹3,164.62 million and net income ₹342.04 million; 9M revenue was ₹9,289.35 million and net income ₹986.85 million.

• Q3 revenue rose 4.6% YoY and PAT 36.3%; 9M revenue increased 13.5% and PAT 50.5%.

• Kathua, Jammu began commercial production on January 14, 2025, adding a four-block facility to the manufacturing footprint.

Financial highlights

• Q3 EBITDA was ₹50.9 crore, up 8.5%; PAT was ₹34.2 crore, up 36.3%, while PBT reached ₹455.88 million versus ₹352.01 million YoY.

• 9M EBITDA was ₹147.1 crore, up 19.4%, and PAT was ₹98.7 crore, up 50.5%; PBT was ₹1,317.05 million versus ₹899.84 million.

• Consolidated finance costs were ₹1.66 million in Q3 and ₹4.53 million in 9M, versus ₹68.04 million and ₹206.43 million in the comparable periods.

• Standalone revenue was ₹2,485.25 million in Q3 and ₹7,155.39 million in 9M; standalone net income was ₹244.02 million and ₹723.45 million, respectively.

• Review conclusions on standalone and consolidated results were unmodified.

Outlook and guidance

• Jammu is expected to contribute ₹20–40 crore in Q4 FY25; FY26 incremental revenue guidance is ₹400–500 crore, including ₹50–60 crore of transferred business.

• Jammu revenue could reach ₹1,000 crore in 2–3 years; estimated potential is ₹1,500–1,600 crore at 70% utilization.

• Jammu qualifies for a 6% annual capital-interest subvention and a GST-linked incentive equal to 300% of eligible plant-and-machinery investment for up to 10 years.

• Growth priorities include deeper existing-customer relationships, complex formulations, R&D, regulated-market expansion, and selective acquisitions; FY26 consolidated revenue growth guidance was not provided.

• Sharon is expected to grow in the early teens with stable margins; consolidated margins may rise modestly as Jammu ramps up. Annual Jammu depreciation is estimated at ₹20–25 crore.