Innova Captab Limited reported its highest-ever annual revenue for the financial year ended 31 March 2026. The Board of Directors approved the audited standalone and consolidated financial results at its meeting held on 07 May 2026, with statutory auditors issuing an unmodified opinion. The company subsequently made available the transcript of its earnings call with analysts and investors conducted on 08 May 2026, filed with exchanges on 14 May 2026.

Consolidated Financial Performance

The group reported a significant improvement in consolidated revenues for FY26. The following table summarises the key consolidated financial metrics:

On a consolidated basis, total income for FY26 stood at ₹16,374.38 million compared to ₹12,557.21 million in FY25. Cost of materials consumed for the full year was ₹10,054.63 million, while employee benefits expense stood at ₹1,672.04 million. Finance costs rose to ₹168.98 million in FY26 from ₹24.05 million in FY25. The group's basic and diluted earnings per share for FY26 stood at ₹24.63.

EBITDA and Profitability Highlights

For Q4 FY26, revenue from operations registered strong growth of 42.3% to ₹447.8 crores versus ₹314.7 crores in Q4 FY25. EBITDA grew 30.5% to ₹66.7 crores, with an EBITDA margin of 14.9%. Profit after tax for the quarter was ₹38.1 crores, registering growth of 28.8%.

For the full year FY26, revenue from operations cumulated to ₹1,630.0 crores versus ₹1,243.7 crores in FY25, clocking growth of 31.1%. EBITDA for FY26 stood at ₹250.3 crores versus ₹198.2 crores in FY25, growing at 26.3%, with an EBITDA margin of 15.4%. Full-year PAT came in at ₹140.9 crores with a PAT margin of 8.6%.

Management Commentary and Operational Highlights

Commenting on the performance, Mr. Vinay Lohariwala, Managing Director, stated that the company delivered its highest-ever annual revenue with a growth of 31% in FY26, driven by sustained momentum across the CDMO and Branded Generics businesses. The CDMO business reported revenue of ₹1,133 crores during FY26, reflecting a year-on-year growth of 24%, while the Branded Generics business delivered a strong growth of 51% during the year, with revenue coming in at ₹497 crores. The company operates five state-of-the-art manufacturing facilities accredited by leading global regulatory bodies including WHO-GMP, EU-GMP, UK-MHRA, and PIC/S, and provides pharmaceutical products to over 350 clients in India and key international markets. Exports contributed 31% to the overall revenue for the full year FY26, while exports for Q4 FY26 contributed 28%.

The following table summarises the key business segment metrics:

Jammu Facility and Regulatory Milestones

The Jammu (Kathua) facility completed its first full year of operations, achieving around ₹300 crores in revenue for FY26, with an exit quarterly run rate of ₹90 crores-plus. Management confirmed the facility is nearing EBITDA breakeven and is expected to turn EBITDA positive in the coming quarter. CFO Mr. Lokesh Bhasin noted that the ex-Jammu EBITDA margin of the business is approximately 18%. During the earnings call Q&A, management confirmed that the Jammu facility caters to both CDMO and Branded Generics business areas across all geographies, though a facility-wise revenue breakup was not disclosed. The company also received key certifications during the year, including UK-MHRA approval for its cephalosporin facility at Baddi and PIC/S certification through SMDC Ukraine for its Jammu blocks, supporting entry into regulated international markets including Canada, UK, Europe, and Australia.

Baddi Expansion and Capital Expenditure Plans

Management highlighted that the Baddi general block facilities are operating at higher utilisation, prompting the acquisition of a land parcel at Baddi for potential expansion of the general oral solid dosage portfolio. The proposed expansion covers general oral tablet, capsule, and oral liquid facilities and is intended to relieve capacity pressure on the existing Baddi portfolio. The overall capital outlay for the proposed expansion is anticipated to be in the range of ₹150 crores to ₹170 crores, spread across FY27 and FY28, with the revenue potential of the new block estimated at ₹450 crores to ₹500 crores at optimum utilisation. Management noted that any new greenfield project typically takes approximately 1.5 years before commercial production commences, meaning the associated depreciation and interest costs are expected to partly impact FY28 at the earliest. Sharon Bio, acquired over two years ago, reported revenue of around ₹240 crores for FY26, with a margin profile better than the company's average EBITDA margin, given its focus on export regulated markets.

Outlook and Dividend

Looking ahead, management expressed confidence in delivering 20%-plus revenue growth for FY27, with EBITDA growth expected to outperform revenue growth as the Jammu plant utilisation ramps up further, and PAT growth anticipated to outpace EBITDA growth given that depreciation and finance costs related to the Jammu facility are largely fixed and already reflected in the base. On the product pipeline, management indicated that the company is working on semaglutide in its R&D division, targeting a wave-2 market entry approach. The Board of Directors had approved an interim dividend of ₹2 per equity share (face value ₹10 per share) at its meeting held on 23 January 2026. The equity share capital remained unchanged at ₹572.25 million across all reported periods. The transcript of the earnings call held on 08 May 2026 has been made available on the company's website.

On April 3, 2026, innova captab Limited submitted a regulatory declaration to BSE Limited and the National Stock Exchange of India Limited, confirming that its promoters and Persons Acting in Concert (PACs) have not created any encumbrance on their equity shareholding during the financial year ended March 31, 2026. The declaration was made under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and was digitally signed by promoter Vinay Lohariwala on behalf of all promoters and PACs.

Regulatory Declaration Details

Vinay Lohariwala, acting as promoter of Innova Captab Limited, confirmed that neither he nor any other promoter or PAC has made any encumbrance — directly or indirectly — on the equity shares held by them during the financial year ended March 31, 2026. The declaration was addressed to BSE Limited, the National Stock Exchange of India Limited, and the Audit Committee of Innova Captab Limited. The filing was digitally signed on April 3, 2026, at 12:58:09 IST.

Promoters and Persons Acting in Concert

The declaration was accompanied by a list of promoters and PACs holding shares in the company. The following individuals are identified in the filing:

Filing Details

The declaration was submitted from the company's registered address at Plot No. 320, Industrial Area, Phase-1, Panchkula, Pin-134113, Haryana, India. The filing was made to both major Indian stock exchanges in compliance with the applicable SEBI regulatory framework governing substantial acquisition of shares and takeovers.