NSE: INNOVACAP · BSE: 544067 · ISIN INE0DUT01020
Innova Captab Limited stock analysis
Innova Captab Limited ranks #838 in the TickerSutra evidence-ranked universe with a score of 59/100 and 91% data confidence. The latest captured fundamentals show ROCE of 15.0%, quarterly sales growth of 33.9% and quarterly profit growth of 42.3%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- 20.7% three-year sales CAGR
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹801cr | ₹96cr | ₹64cr | 12.0% |
| 2023 | ₹926cr | ₹114cr | ₹68cr | 12.0% |
| 2024 | ₹1,081cr | ₹154cr | ₹94cr | 14.0% |
| 2025 | ₹1,244cr | ₹186cr | ₹128cr | 15.0% |
| 2026 | ₹1,630cr | ₹243cr | ₹141cr | 15.0% |
| TTM | ₹1,749cr | ₹259cr | ₹154cr | 15.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
Consolidated revenue for the quarter stood at INR470.9 crores, registering a strong 34% year - on-year growth supported by strong demand across both our business areas. Exports contributed 32% of our revenue during this quarter, reflecting the continued progress we are making in expanding our presence across international markets. Our CDMO business reported revenue of INR328.7 crores, growing by 32% year-on-year.
I will now walk you through the financial highlights for Q1 FY27. Our Q1 performance reaffirms the growth trajectory and we remain confident of delivering on our stated growth objectives. With healthy demand across our businesses and continued execution focus, we believe the momentum is sustainable in the future also.
Would it be fair to assume that given that we are a cost -plus model, and even the fact that we are achieving an 18% margin. That's largely because exports business of ours is a higher margin business and because of increasing contribution from it, our margins are seeing higher than other CDMO players out there. Would that be a fair assumption sir?
So, it is augmented by let's say multiple domestic marquee customers, then our presence in the ROW market, regulated market. So once the onboarding of the customer and let's say the product as well, right, customer's audit, country's audit one by one it is cleared then the dossier approvals or the product approvals is being done, then the how the business grow at a steady state. So initially we have started this faci
So, this too already explained by the Lokesh. And whenever there will be a greenfield project expansion, we will definitely inform the street. Pritesh Chheda: Thank you very much sir.
Lokesh Bhasin: So, as I submitted that out of my revenue growth of 33%, 34%, 20%, 22% comes from volume growth and my existing capabilities have also contributed to that growth. So, it's a combination of my getting optimizing my resources and getting a beneficiary of crossing that operating leverage at the same time ramping up of Jammu has also been contribution to overall scenario, but you are talking about ex-Jammu
So initially we have started this facility in the January last year, we have our team have done a wonderful job. A lot of audit is already being done, the plant has been fixed up approved now the last year, right, and adding the flavour of the different ROW countries over and above that, right, and we are expecting that in by the end of this financial year we may have the product approval from the different market al
Pritesh Chheda: Your ex-Jammu margin is 20% today, so should the overall company level margin should move eventually towards 18% to 20% number? Vinay Lohariwala: So, for margin guidance, we always maintain that 15% to 16% plus -minus 2%. So that because of the growth engine as well as the other things.
Lokesh Bhasin: Can you please repeat your question Siddhant? Siddhant Mantri: Sir, any pricing pressure have we seen on the API side or in any of our products in this quarter? Vinay Lohariwala: So, this quarter the price is which toward increase side.
And yes, since we maintain a cost-plus model and transference of our API prices to customers, there may be certain element of that addition also, but not to that material level. So, given the gross margins have expanded, would it be fair to assume there have been some positive impact of API price increases on our margins this quarter? Vinay Lohariwala: So, API price is basically generally a pass through, right?
Lokesh Bhasin: So, see, as far as our Jammu ramp-up is concerned, the initial working capital has already been built up and factored in our initial ramping days previous year itself. And as of now, we are maintaining our expected cash conversion cycle of 90 days, plus -minus 10 days for our entire group level. And one more question, like how many new products or formulations were commercialized in the first quarter a
MANAGEMENT PROMISE LEDGER
Quantified statements on the clock
“Pritesh Chheda: Your ex-Jammu margin is 20% today, so should the overall company level margin should move eventually towards 18% to 20% number? Vinay Lohariwala: So, for margin guidance, we always maintain that 15% to 16% plus -minus 2%. So that because of the growth engine as well as the other things.”
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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