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Innova Captab registered a revenue growth of 34 percent YoY to Rs 471 crore

ICICIdirect Research 12 Aug 2026 DISCLAIMER

News: Innova Captab registered a revenue growth of ~34% YoY to ₹471 crore driven by 39% YoY growth in Branded Generics to ₹142 crore and 32% growth in CDMO business to ₹329 crore. Gross profit grew ~28% YoY but GPM contracted 175 bps due to higher raw material costs. Absolute EBITDA grew 40% YoY to ₹73.1 crore with margins of 15.5% up 71 bps YoY. PAT grew 42% to ₹44.1 crore with 9.4% PAT margins up 55 bps YoY.

View: For the quarter , the strong performance in the CDMO business was supported by client traction & continued business momentum while strength in Branded generics was due to expanding market reach, deeper penetration across existing markets and continued traction across the portfolio. Our broader thesis of ramp-up in the capacity utilisation in Jammu plant to 40-50% in the next 2-3 years, along with tailwinds from the new schedule M norms regarding quality, safety, hygiene and documentation are playing out well. We await for further commentary from the management in the earnings call.

Impact: Positive

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