Innova Captab Ltd — Q4 FY26

Innova Captab delivered a strong Q4 FY26 with revenue of INR 448 cr (+42% YoY) and full-year revenue of INR 1,630 cr (+31% YoY), driven by broad-based growth across CDMO (+24% to INR 1,133 cr) and branded generics (+51% to INR 497 cr). The Jammu facility contributed ~INR 300 cr in FY26 and is nearing breakeven, with management expecting margin expansion as utilization ramps. EBITDA margin for FY26 was 15.4%, down ~60bps YoY due to product mix, but management guided for EBITDA growth to outpace revenue growth in FY27. PAT grew 10% to INR 140.9 cr, with depreciation and interest costs largely fixed. Key risks include raw material price volatility from geopolitical tensions and potential margin pressure from new capex at Baddi. Overall, the company is well-positioned to sustain 20%+ revenue growth with improving profitability.