Innova Captab (INNOVACAP) Q4 25/26 earnings summary

Executive summary

• FY26 consolidated revenue reached ₹16,300.18m, up 31% YoY; EBITDA rose 26% to ₹250.3 crore and PAT increased 10% to ₹140.9 crore.

• Standalone FY26 revenue was ₹12,988.14m; net profit declined to ₹836.92m from ₹894.70m.

• Growth reflected CDMO and branded generics momentum, portfolio expansion and customer additions; Jammu completed its first full operating year.

• Management expects FY27 revenue growth above 20%, with EBITDA growth outpacing revenue as utilization and operating leverage improve.

Financial highlights

• Consolidated Q4 FY26 revenue was ₹4,478.02m, up 42% YoY; net profit was ₹380.83m versus ₹295.73m.

• Q4 EBITDA was ₹66.7 crore, up 31% YoY, with a 14.9% margin; PAT was ₹38.1 crore, up 29% YoY.

• FY26 EBITDA margin was 15.4%; PAT margin was 8.6%.

• Standalone Q4 revenue was ₹3,582.77m versus ₹2,425.22m; net profit was ₹211.62m versus ₹171.25m.

• FY26 EPS was ₹24.63 versus ₹22.41; consolidated PBT increased to ₹188.3 crore from ₹171.0 crore.

Outlook and guidance

• FY27 revenue growth is expected to exceed 20%; management also targets 20%+ volume growth and expects Jammu to contribute materially.

• EBITDA growth is expected to outpace revenue, with margin improvement dependent on product mix, geography and growth.

• Jammu is expected to reach EBITDA-positive status in coming quarters and cover capital costs as ramp-up continues.

• Jammu is targeted to ramp up over 2–3 years and reach optimum utilization in 5–6 years; overall utilization is expected to rise.

• Greenfield commercial production typically takes 1.5 years; depreciation and interest from planned investment may begin in or during FY28.