Innova Captab Limited — Investor Meet, 13-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Innova Captab reported strong Q2 FY26 revenues of INR 380 Cr (+19.5% YoY) and H1 FY26 revenues of INR 732 Cr (+19.5% YoY). Q2 EBITDA grew 8% YoY to INR 56.1 Cr, with margins around 15%, and PAT margins at 8%. Exports contributed 30%. CDMO business grew 15% in Q2, while Branded Generics accelerated 31% in Q2 and 43% in H1.

This growth came despite declining API prices, now showing stabilization. Operational strength was highlighted by successful inspections of the Baddi Cephalosporin plant (UK-MHRA) and Jammu facility (Ukraine SMDC). Client audits for the new Jammu plant are complete, with commercial operations starting.

Management is optimistic for H2, backed by a strong order book. The company targets 20%+ annual growth to double its top line in 3-4 years. The Jammu facility (INR 480+ Cr invested) is projected for over INR 1,400 Cr peak annual revenue. While GST incentives at Jammu reduced from 12% to 5%, management plans pricing adjustments to sustain 15% long-term margins. Working capital, increased to support growth, is expected to normalize. Sentiment is confident about future growth.