API price volatility
API prices have stabilized quarter-on-quarter but remain uncertain; year-on-year prices are still negative, and future trends are unpredictable.
INNOVACAP / Q3-FY26 / risks
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Innova Captab · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Margin pressure from future growth investments
Management indicated that future growth strategies may put pressure on P&L, potentially offsetting margin gains from Jammu.
Volume growth moderation in CDMO ex-Jammu
Ex-Jammu CDMO volume growth was only 6-10% YoY, with revenue growth driven mainly by product mix rather than volume.