Overview

Detailed Summary

Natural Capsules Limited is an established Indian manufacturer of hard capsule shells (gelatin and HPMC), a pioneer of vegetarian capsules in India, and is expanding into steroidal API manufacturing through its subsidiary Natural Biogenex Private Limited, operating two manufacturing plants in Bengaluru and Puducherry and a greenfield API site in Tumkur.
Financials show acute short‑term stress: Q3FY26 consolidated revenue of ₹37.75 crore (down 14% YoY) and a PAT loss of ₹7.12 crore, driven by a temporary regulatory shutdown at the Puducherry unit, delayed API fermentation scale up and higher depreciation and finance costs, all of which weighed on margins and cash generation.
Strategically significant de‑risking comes from three PLI approvals for niche fermentation‑based steroidal APIs and an expected cumulative incentive of ~₹67 crore over six years, which materially improves the payback profile of the Tumkur API capex and underpins the company’s stated intent to substitute imports for domestic demand.
Operational outlook has visible catalysts: the Puducherry plant is operational after regulatory actions were resolved, US tariffs on HPMC capsules have eased restoring export visibility, and management expects shipment spillovers and improved utilisation to drive a meaningful performance rebound in Q4FY26.
Natural Capsules Limited retains strong customer relationships (294 customers, 86% repeat business FY25) and diversified export footprint across 28 countries with heavy exposure to Africa (45.6%) and meaningful North American exposure (21.5%), giving both durability and regional concentration risks to monitor.

Sector: Pharmaceuticals & Biotechnology
Industry: Pharmaceuticals
Market Cap: 159 Cr
Volatility: Low Risk
P/E Ratio: -8.3
Industry P/E: 35.0
PEG Ratio: —
P/B Ratio: 0.8
52W High: 296.40
52W Low: 137.50

Sales CAGR

1Y: 8.87%
3Y: 7.53%
5Y: 22.23%
10Y: 11.70%

Profit CAGR

1Y: -88.83%
3Y: -21.65%
5Y: 50.91%
10Y: 4.97%

ROE

TTM: -4.87%
3Y: 7.98%
5Y: 9.63%
10Y: 7.53%

ROCE

TTM: -1.11%
3Y: 11.86%
5Y: 13.59%
10Y: 10.99%

Technicals

‌

Forecasts

Peers

Healthcare Healthcare Pharmaceuticals

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PARNAXLAB		141.50	176 Cr	14.05	1.96	0.00	12.26	12.71	6.01
QUESTLAB		115.10	175 Cr	12.81	1.95	0.00	12.05	12.15	10.18
PANCHSHEEL		104.25	172 Cr	13.98	1.25	0.61	8.89	11.28	7.21
NATCAPSUQ		153.00	171 Cr	-8.94	0.76	0.00	-4.87	-1.11	-4.56
KIMIABL		37.89	168 Cr	18.56	14.50	0.00	70.62	33.57	8.92
SANJIVIN		164.50	163 Cr	24.39	3.39	0.00	13.87	16.29	7.62
CORALAB		448.00	163 Cr	11.68	0.77	0.00	8.14	10.97	6.01
Median: 7 Co.	—	141.50	171 Cr	13.98	1.95	0.00	12.05	12.15	7.21

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	38	40	40	39	41	44	45	45	46	38
Expenses	32	35	36	35	37	40	41	45	47	40
Operating Profit	5.13	4.72	4.11	4.36	4.50	4.27	4.39	0.31	-0.89	-2.32
OPM %	13.67	11.81	10.22	11.13	10.92	9.74	9.76	0.69	-1.94	-6.15
Other Income	0.35	0.50	0.92	0.18	0.11	0.11	0.30	0.36	0.16	0.45
Interest	1.16	1.24	1.40	1.49	1.65	1.54	1.64	2.53	2.68	2.85
Depreciation	2.17	2.19	2.20	2.28	2.35	2.33	2.16	4.21	4.29	4.36
Profit Before Tax	2.14	1.79	1.43	0.78	0.62	0.50	0.89	-6.06	-7.69	-9.08
Tax %	27.10	32.40	32.17	23.08	198.39	80.00	41.57	7.92	9.23	21.70
Net Profit	1.56	1.21	0.97	0.60	-0.61	0.11	0.52	-5.58	-6.99	-7.12
EPS in Rs	1.50	1.16	1.18	0.59	-0.59	0.10	0.13	-5.38	-6.73	-6.82

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	55	60	62	80	135	172	155	169	175
Expenses	49	55	56	69	110	137	136	152	162
Operating Profit	5.41	4.90	5.31	11	25	35	20	18	13
OPM %	9.88	8.19	8.62	13.74	18.79	20.33	12.81	10.35	7.69
Other Income	0.81	0.74	0.95	2.91	1.01	0.57	1.94	0.70	0.88
Interest	0.21	0.37	0.77	0.37	1.96	3.41	5.13	6.31	7.36
Depreciation	4.33	3.20	4.12	4.31	5.04	7.21	8.67	9.12	11
Profit Before Tax	1.68	2.07	1.37	9.16	19	25	8.05	2.79	-4.05
Tax %	33.95	7.16	37.44	24.50	28.23	26.19	31.03	77.88	-37.28
Net Profit	1.11	1.92	0.86	6.91	14	18	5.55	0.62	-5.56
EPS in Rs	—	1.85	0.85	6.61	16.10	19.63	5.61	0.22	-18.80
Dividend Payout %	56.18	32.47	43.48	13.66	5.11	5.04	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	6.23	6.23	6.23	6.23	7.01	9.28	9.33	10
Reserves	48	49	49	56	76	114	194	223
Borrowings	0.00	5.41	6.26	10	53	97	109	105
Other Liabilities	17	12	13	25	29	69	64	81
Total Liabilities	71	73	75	97	164	289	377	419
Fixed Assets	22	24	24	38	66	97	103	284
CWIP	1.03	2.45	2.11	6.98	20	88	144	0.00
Investments	5.07	5.07	5.57	0.00	0.04	0.00	2.73	2.73
Other Assets	43	41	43	52	78	104	127	133
Total Assets	71	73	75	97	164	289	377	419

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	5.35	2.10	7.20	5.79	-0.52	17	-8.35	27
Cash from Investing Activity	-0.93	-7.06	-5.74	-8.54	-46	-105	-73	-44
Cash from Financing Activity	-3.93	4.28	-1.19	2.52	48	87	82	16
Net Cash Flow	0.49	-0.68	0.27	-0.23	1.30	0.08	0.78	-1.57

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Nov 2024	Dec 2024	Feb 2025	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	56.56%	56.56%	56.56%	51.60%	51.14%	51.14%	51.14%	51.21%	51.26%	51.26%	51.26%	51.04%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	1.31%	1.31%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	42.13%	42.13%	43.26%	48.40%	48.86%	48.86%	48.86%	48.79%	48.74%	48.74%	48.74%	48.96%
Total Shareholders	11,399	10,954	10,514	9,862	9,726	9,661	9,552	9,425	9,311	9,573	9,075	8,850

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan