Natural Capsules Limited — Investor Meet, 19-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Natural Capsules faced a tough Q2 FY26. Revenue grew 1.33% QoQ to Rs. 45.80 Cr, but a net loss of Rs. 6.99 Cr and negative 1.93% EBITDA were reported due to external factors. The capsule business was hit by US tariffs, while API scale-up faced technical hurdles and tough Chinese competition. FY26 sales guidance is revised to ~Rs. 225 Cr. The new HPMC line is on schedule, and Chinese consultants are engaged for API issues. Management acknowledges challenges but remains focused on capacity, R&D, and export markets for long-term growth, expecting resolution of API issues in Q4.