Innova Captab (INNOVACAP) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue was INR 1,243.676 crore and net profit INR 128.258 crore, versus INR 1,081.305 crore and INR 94.345 crore in FY24.

• Growth was supported by portfolio expansion, deeper CDMO partnerships and broader domestic and international reach.

• Kathua began commercial production in January 2025 and contributed INR 36 crore of Q4 revenue.

Financial highlights

• Q4 FY25 consolidated revenue was INR 314.741 crore versus INR 262.634 crore YoY; EBITDA was INR 51.1 crore and net profit INR 29.573 crore.

• FY25 EBITDA rose 19% to INR 198.2 crore and PAT 36% to INR 128.3 crore; EPS was INR 22.41 versus INR 18.66.

• Standalone FY25 revenue was INR 958.061 crore and net profit INR 89.470 crore, versus INR 864.929 crore and INR 68.161 crore in FY24.

• FY25 revenue mix was CDMO 53%, Domestic Generics 18%, International Branded Generics 13% and Sharon 16%.

Outlook and guidance

• FY26 Kathua revenue guidance remains INR 400 crore, including estimated GST benefits of INR 30–35 crore; EBITDA neutrality is expected at sales of INR 50–55 crore.

• Existing facilities are expected to grow in the early teens in FY26; long-term revenue CAGR guidance is 25% over three years.

• Kathua is expected to ramp up over 2–3 years, with optimum utilization targeted in 5–6 years.

• Margins are expected to improve through operating leverage, GST benefits, efficiency, scale and new products; no exact margin target was given.

• Sharon plans to add customers and products, grow existing-customer wallet share and revive prior regulated-market business; benefits are expected over coming quarters and years.