Natural Capsules first-half profit rises 67% to Rs 8.92 crore

Natural Capsules Limited reported standalone net profit of Rs 8.92 crore for the six months ended September 30, 2026, up 67% from Rs 5.33 crore a year earlier, while revenue from operations rose 2% to Rs 90.50 crore. Lower total expenses and higher other income accompanied the increase in profit.

How did Natural Capsules perform in the first half?

Natural Capsules increased standalone profit after tax to Rs 8.92 crore in the six months ended September 30, 2026, from Rs 5.33 crore in the corresponding six months a year earlier. Profit before tax rose to Rs 12.00 crore from Rs 7.18 crore, while basic earnings per share increased to Rs 8.59 from Rs 5.16.

Revenue from operations was Rs 90.50 crore, compared with Rs 88.82 crore a year earlier. Total income, which includes other income, grew to Rs 95.18 crore from Rs 92.24 crore, a Rs 2.94 crore increase that exceeded the Rs 1.68 crore rise in operating revenue.

Natural Capsules recorded no exceptional income or expense in either first-half period. Total comprehensive income was Rs 8.92 crore for the latest half year because the standalone statement reported no other comprehensive income for the period, compared with Rs 5.33 crore a year earlier.

What drove Natural Capsules' profit increase?

Natural Capsules' profit increase reflected total expenses falling to Rs 83.18 crore from Rs 85.07 crore even as total income rose to Rs 95.18 crore. The difference between income and expenses was Rs 12.00 crore before tax, compared with Rs 7.18 crore in the prior-year half.

Other income rose to Rs 4.67 crore from Rs 3.42 crore, contributing Rs 1.25 crore of the Rs 2.94 crore increase in total income. Revenue from operations represented Rs 90.50 crore of the latest total income, while other income accounted for Rs 4.67 crore.

The expense mix was uneven in the six months ended September 30, 2026. Material consumption increased to Rs 45.67 crore from Rs 44.92 crore, finance costs rose to Rs 2.98 crore from Rs 2.81 crore, and depreciation increased to Rs 4.22 crore from Rs 4.01 crore. Other expenses were nearly unchanged at Rs 25.67 crore versus Rs 25.70 crore, while the stock-in-trade movement was a Rs 2.45 crore decrease versus a Rs 31.51 lakh increase in the previous first half.

Tax expense rose to Rs 3.08 crore from Rs 1.84 crore as profit before tax increased. After the higher tax charge, net profit increased by Rs 3.59 crore, compared with the Rs 1.68 crore increase in revenue from operations.

How did Natural Capsules' September quarter compare with June?

Natural Capsules earned Rs 4.88 crore in the quarter ended September 30, 2026, compared with Rs 4.04 crore in the quarter ended June 30, 2026. Revenue from operations increased to Rs 47.48 crore from Rs 43.02 crore, and profit before tax rose to Rs 6.34 crore from Rs 5.66 crore.

Quarterly total income was Rs 49.85 crore in September, up from Rs 45.33 crore in June. Total expenses rose to Rs 43.51 crore from Rs 39.67 crore over the same comparison, but the Rs 4.52 crore increase in income exceeded the Rs 3.84 crore increase in expenses.

Natural Capsules reported basic earnings per share of Rs 4.71 in the September quarter, versus Rs 3.89 in the June quarter. Paid-up equity share capital was Rs 10.41 crore at September 30, 2026, unchanged from June 30, 2026, and each equity share had a face value of Rs 10.

What changed in Natural Capsules' standalone balance sheet?

Natural Capsules reported standalone trade receivables of Rs 58.07 crore at September 30, 2026, down from Rs 59.26 crore at March 31, 2026. Inventories were Rs 20.37 crore versus Rs 20.30 crore, while other current assets increased to Rs 13.80 crore from Rs 9.65 crore.

Cash and cash equivalents were Rs 39.36 lakh at September 30, compared with Rs 21.56 lakh at March 31. Non-current loans shown in the standalone balance sheet increased to Rs 106.21 crore from Rs 89.49 crore, whereas investments were unchanged at Rs 22.74 crore.

Natural Capsules' total equity increased to Rs 188.66 crore at September 30 from Rs 179.71 crore at March 31. Non-current borrowings rose to Rs 20.79 crore from Rs 17.98 crore, and current borrowings rose to Rs 40.64 crore from Rs 40.15 crore; current liabilities increased to Rs 56.86 crore from Rs 51.60 crore.

What did the review and filing say about Natural Capsules' results?

Natural Capsules said its audit committee reviewed, and its board approved, the standalone results for the quarter and six months ended September 30, 2026, on November 13, 2026. The statutory auditors issued an unmodified conclusion on the standalone financial results following a limited review.

The auditor said a review is substantially less extensive than an audit and does not provide assurance that all matters that could be identified in an audit would be identified. The standalone results were prepared under Indian Accounting Standard 34, Interim Financial Reporting, and were filed under Regulation 33 of the Securities and Exchange Board of India listing regulations.

Natural Capsules reported one investor complaint received and one resolved during the quarter ended September 30, 2026, leaving no complaints pending at period end. The filing also said prior-period figures had been regrouped where necessary.

Conclusion

Natural Capsules' first-half results show profit growth that outpaced the 2% increase in operating revenue. Total expenses declined by Rs 1.89 crore and other income rose by Rs 1.25 crore, helping profit before tax increase to Rs 12.00 crore and net profit reach Rs 8.92 crore in the six months ended September 30, 2026.

The filing gives no management revenue target, earnings forecast or scheduled corporate event after the November 13, 2026 board approval. A subsequent disclosure will be relevant for changes in operating revenue, expenses and the balance-sheet positions that included Rs 106.21 crore of non-current loans and Rs 40.64 crore of current borrowings at September 30, 2026.