Natural Capsules Limited — PPTs, 14-11-2025: Investor Presentation

Natural Capsules (NCL) delivered ₹45.80 Cr revenue in Q2FY26, up 1.33% QoQ and 11.11% YoY. Despite revenue growth, NCL posted a net loss of ₹6.99 Cr (EBITDA: -₹0.88 Cr), reflecting significant pressure. For H1FY26, revenue hit ₹91.01 Cr (+13.18% YoY), with a net loss of ₹12.57 Cr. Q2FY26 EPS was (₹6.76), a steep decline YoY.

The capsules business faced headwinds from new US tariffs affecting HPMC exports, impacting expected growth from HPMC capacity expansion. The API segment encountered technical hurdles in scaling up fermentation batches for commercial production, despite prior regulatory approvals. A new capsules production line is still on track for commissioning by quarter-end.

NCL's strategy hinges on enhancing capsule capacity with new tech, becoming India's sole backward-integrated steroidal API manufacturer, leveraging PLI incentives, and targeting regulated markets. Management acknowledges FY26 as a tough year but is confident in overcoming current challenges for stronger future performance.