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Revenue
₹600 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Where this quarter sits.
Quarter read
What the record says.
Caplin Point delivered a strong FY26 with revenue doubling over five years to ₹2,300 crore and liquid assets tripling to ₹2,726 crore. PAT grew 20% ahead of revenue growth of 13%, reflecting operating leverage. The US subsidiary (CSL) posted EBITDA margins of 30% for FY26, with own-label revenue nearing ₹100 crore in its first full year. Management guided for 25-30% growth in CSL next year and aims to double own-label sales to ~₹200 crore. Key drivers include 17 injectable lines coming online over 2-3 years, expansion in Latin America (Chile, Mexico), and a strong pipeline of 60 ANDAs. Risks include execution delays in capacity expansion and potential margin pressure from input cost inflation, though management believes its anti-fragile inventory model mitigates disruptions.
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Guidance to track
- Management expects the US subsidiary (CSL) to grow 25-30% in the coming year, driven by existing products and new launches.
- Aim to double own-label revenue from ~₹100 crore to ~₹200 crore in the next fiscal year.
- Remaining capex of about ₹500 crore to be spent on injectable plant phase 3, oral solids/derma facility, and oncology API plant.
- Company plans to have 17 injectable lines for US and regulated markets, with most machines imported from Germany and Italy.
Risks flagged
- Receivable days rose to ~136 days (11 days due to forex revaluation), partly from a large El Salvador tender. Management expects normalization by Q2 FY27.
- US tariffs on Chinese APIs and raw materials could increase COGS. Management noted highest impact product saw <2% COGS increase, but broader escalation remains a risk.
- Large capex program (₹500 crore residual) and new injectable lines may face delays or regulatory hurdles, impacting growth timelines.
Key quotes
- The best is yet to come maybe the best will come after two to three years.
- We are not seeing a dearth of orders. In fact, we have an order book that's full for another 6 months almost.
- Our anti-fragile model has really helped us for the best fundamentals even in rough markets of lifetime in the last five years.
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