Natural Capsules Limited confirmed that its promoters and persons acting in concert (PAC) did not create any encumbrance on their shares during the financial year ended March 31, 2026. The disclosure, submitted to BSE Limited and National Stock Exchange of India Limited, covers all promoters and PACs, stating no direct or indirect encumbrances were made other than those previously disclosed. This compliance filing was made under Regulation 30 and 31 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The filing details the shareholding structure as of March 31, 2026. The promoters and promoter group collectively hold 53,01,248 shares, representing 51.04% of the company's diluted share capital. The disclosure includes individual holdings of 21 named entities, ranging from individuals like Sunil Laxminarayan Mundra to corporate entities such as Tajos Investments Private Limited.

Shareholding Details

The following table outlines the holdings of the promoters and promoter group as of the specified date:

Regulatory Compliance

The filing confirms that voting rights other than by shares, warrants, convertible securities, and any other instruments entitling the holder to receive shares were nil. The disclosure was signed by Sunil L Mundra, Promoter and Managing Director, and Pranjal Deshmukh, Company Secretary and Compliance Officer. The document was submitted to the exchanges on April 07, 2026.

Natural Capsules Limited reported a consolidated net loss of ₹24.66 crores for the financial year ended March 31, 2026, on revenue from operations of ₹187.20 crores. The company attributed the loss to operational disruptions at its Puducherry plant and pre-commercial costs at its API manufacturing subsidiary. Management has provided guidance for FY27, targeting a consolidated revenue of ₹274 crores and a return to profitability at the consolidated level.

Financial Performance for FY26

For the full year FY26, consolidated revenue grew 11% year-on-year to ₹187.20 crores from ₹169.21 crores in FY25. However, profitability declined significantly. EBITDA was a loss of ₹1.56 crores, a decrease of 1,119 basis points compared to the previous year. Finance costs rose to ₹10.95 crores, and depreciation increased to ₹17.14 crores, resulting in a profit before tax loss of ₹27.92 crores. Total equity stood at ₹234.72 crores, while operating cash flow was positive at ₹10.92 crores.

In Q4 FY26, the company reported revenue of ₹58.45 crores, reflecting growth of 55% on a quarter-on-quarter basis and 30% on a year-on-year basis. EBITDA for the quarter recovered to ₹1.33 crores with margins at 2.28%, an improvement of 844 basis points sequentially. The loss after tax for the quarter was ₹4.98 crores.

Operational Updates and Guidance

The capsules business faced disruptions due to the temporary shutdown of the Puducherry plant, though deferred dispatches were cleared in Q4 FY26. The new HPMC line, increasing installed capacity to 25 billion capsules per annum, is ready for double zero capsule production, with revenue expected to commence in the second half of FY27 pending US market approvals.

Commercial API sales commenced at the Tumkur facility in Q4 FY26. The company executed a framework and contract manufacturing agreement with Fermbox Bio Private Limited to utilize spare fermentation capacity. For FY27, management provided the following revenue guidance:

Strategic Outlook

Management stated that restoring profitability is the primary financial target for FY27. The company is exploring fundraising options, including potential preferential allotments or rights issues, to support its balance sheet. Regulatory approvals, including WHO GMP and USFDA, are in progress and are expected to drive margin improvements in the API segment over the next 24 months.