Caplin Point H1 FY27 revenue rises 19% to Rs 1,307 crore

Caplin Point Laboratories Limited reported total revenue of Rs 1,307.04 crore for H1 FY27, up 19.1% year on year, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 19.8% to Rs 503.50 crore. Profit after tax increased 16.2% to Rs 361.44 crore in the half year ended September 30, 2026.

How did Caplin Point perform in H1 FY27?

Caplin Point increased revenue from operations by 18.8% to Rs 1,240.20 crore in H1 FY27 from Rs 1,044.26 crore in H1 FY26. Other income rose to Rs 66.84 crore from Rs 53.51 crore, taking total revenue to Rs 1,307.04 crore from Rs 1,097.77 crore. The consolidated results were approved by the board on November 12, 2026.

Caplin Point’s EBITDA increased to Rs 503.50 crore from Rs 420.40 crore, while profit before tax rose 18.8% to Rs 458.05 crore from Rs 385.46 crore. Profit after tax grew more slowly than revenue, reaching Rs 361.44 crore against Rs 310.99 crore. Basic earnings per share, not annualised, rose to Rs 46.71 from Rs 40.42.

Did Caplin Point maintain margins in H1 FY27?

Caplin Point maintained an EBITDA margin of 38.5% in H1 FY27, compared with 38.3% in H1 FY26. Gross margin was 61.0%, marginally below 61.2% a year earlier, while profit-before-tax margin was 35.0% against 35.1%. Profit-after-tax margin declined to 27.7% from 28.3%.

Caplin Point’s expense growth varied across cost lines during the half year. Purchases of traded goods increased to Rs 346.67 crore from Rs 235.18 crore, while materials consumed rose to Rs 213.21 crore from Rs 165.85 crore. Employee benefits increased to Rs 114.62 crore from Rs 92.08 crore, depreciation and amortisation reached Rs 45.11 crore from Rs 34.69 crore, and other expenses rose to Rs 205.01 crore from Rs 179.71 crore.

The second-quarter pattern differed slightly from the half-year comparison. Q2 FY27 gross margin improved to 62.1% from 60.6% in Q2 FY26, but EBITDA margin was 38.7%, compared with 38.9% a year earlier. Q2 total revenue rose 17.5% to Rs 663.13 crore and profit after tax increased 13.8% to Rs 182.35 crore.

Which markets contributed to Caplin Point’s revenue growth?

Caplin Point’s Rest of the World segment generated Rs 976.19 crore of H1 FY27 revenue, up 17.5% from Rs 830.61 crore in H1 FY26. The USA segment grew faster, with revenue rising 23.6% to Rs 264.01 crore from Rs 213.65 crore. Together, the two geographical segments accounted for the Rs 1,240.20 crore of revenue from operations.

Caplin Point reported a Rest of the World segment result of Rs 341.62 crore for H1 FY27, compared with Rs 307.56 crore a year earlier. The USA segment result increased to Rs 49.59 crore from Rs 24.39 crore. Unallocated income was Rs 66.84 crore, up from Rs 53.51 crore, and total consolidated profit before tax was Rs 458.05 crore.

Caplin Point said emerging markets, comprising Latin America and Africa, represented about 79% of H1 FY27 geographical revenue, with the US contributing about 21%. It separately reported US market total revenue of Rs 271 crore, up 22.8% year on year. Caplin Steriles Limited’s H1 FY27 revenue mix was about 82% product supply and 18% milestone and profit share.

What changed in Caplin Point’s cash flow and working capital?

Caplin Point generated Rs 205.25 crore of operating cash flow in H1 FY27, down from Rs 253.74 crore in H1 FY26, despite profit before tax increasing by Rs 72.59 crore. Inventory absorbed Rs 115.17 crore of cash, compared with a Rs 9.94 crore release in the previous half year. Trade receivables absorbed Rs 71.17 crore, against Rs 55.24 crore in H1 FY26.

Caplin Point reported free cash flow of Rs 70 crore after capital expenditure of Rs 135 crore in H1 FY27, compared with Rs 160 crore after Rs 94 crore of capital expenditure a year earlier. Net cash used in investing activities was Rs 152.07 crore, versus Rs 299.09 crore in H1 FY26. Cash and cash equivalents were Rs 86.62 crore at September 30, 2026, compared with Rs 94.18 crore at March 31, 2026.

Caplin Point’s consolidated inventory increased to Rs 544.03 crore at September 30, 2026 from Rs 428.86 crore at March 31, 2026. Trade receivables rose to Rs 889.39 crore from Rs 825.81 crore, and the company reported receivables of 129 days. It said 45% of inventory was held in warehouses close to customers, 18% was in transit and 37% was in India.

What projects does Caplin Point plan to complete next?

Caplin Point has allocated a capital-expenditure budget of more than Rs 1,000 crore for investment projects, with around 50% nearing completion. Management said the projects are expected to be completed over the next two years and fully commercialised within one year of investment completion. The company said it plans to fund the programme through internal accruals and remain net cash positive.

Caplin Point targets completion of its Thervoy oncology active pharmaceutical ingredient facility in calendar year 2027. Its Puducherry oral solid dosage and dermatology facility is targeted for Q1 FY28, while the COL injectable facility at Gummidipoondi is targeted for Q2 FY28. The COL-II site is planned to house five injectable, ophthalmic and blow-fill-seal lines, with provision for three additional lines.

Caplin Point said its Visakhapatnam general active pharmaceutical ingredient unit had received a commercial licence and made its first commercial supply to the parent company. Management expects the first drug master files from that site within FY27. Caplin Steriles Limited has launched 40 products in the US and plans 10 additional US launches in FY28, alongside filings of more than 60 products in non-US markets over the next 18 months.

Conclusion

Caplin Point delivered high-teens growth in H1 FY27 revenue, EBITDA and profit, with total revenue reaching Rs 1,307.04 crore and EBITDA reaching Rs 503.50 crore. The Rest of the World remained the larger revenue segment, while the USA segment expanded faster. EBITDA margin increased by 0.2 percentage points, but operating cash flow fell as inventory and receivables absorbed more cash.

The next disclosed milestones are first drug master file filings from the Visakhapatnam unit within FY27, completion of the Thervoy oncology active pharmaceutical ingredient facility in calendar year 2027, and commissioning targets for the Puducherry and Gummidipoondi facilities in Q1 FY28 and Q2 FY28. Management’s ability to complete the more than Rs 1,000 crore capital programme through internal accruals is also a stated plan to watch.