Innova Captab Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Innova Captab Ltd filed with BSE on 14 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Innova Captab reported Q1 FY27 consolidated revenue of Rs 470.9 crore, up 34% year-on-year, with EBITDA growth of 33% and PAT growth of 42%. Growth was driven by both the CDMO business, which grew 32% to Rs 328.7 crore, and the branded generic business, which grew 39% to Rs 142.2 crore. Management said the Jammu facility contributed Rs 107 crore of revenue this quarter and posted a positive EBITDA for the first time.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated revenue: INR470.9 crores (Q1 FY27)
p. 4
“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.”
Lokesh Bhasin, page 4 of the filed PDF · View the filing
CDMO business revenue: INR328.7 crores (Q1 FY27)
p. 4
“Our CDMO business reported revenue of INR328.7 crores, growing by 32% year-on-year.”
Lokesh Bhasin, page 4 of the filed PDF · View the filing
Branded generic business revenue: INR142.2 crores (Q1 FY27)
p. 4
“Our branded generic business recorded revenue of INR142.2 crores, representing a growth of 39% year-on-year, supported by continued traction across our key markets.”
Lokesh Bhasin, page 4 of the filed PDF · View the filing
EBITDA: INR75.1 crores (Q1 FY27)
p. 5
“On the profitability side, EBITDA for the quarter stood at INR75.1 crores, a growth of 33% year-on-year with a margin of 16%.”
Lokesh Bhasin, page 5 of the filed PDF · View the filing
Profit after tax: INR44.1 crores (Q1 FY27)
p. 5
“Profit after tax for the quarter came in at INR44.1 crores, reflecting a growth of 42% year-on-year.”
Lokesh Bhasin, page 5 of the filed PDF · View the filing
Export contribution to revenue: 32% (Q1 FY27)
p. 4
“Exports contributed 32% of our revenue during this quarter, reflecting the continued progress we are making in expanding our presence across international markets.”
Lokesh Bhasin, page 4 of the filed PDF · View the filing
Jammu facility revenue: INR107 crores (Q1 FY27)
p. 6
“So, this quarter we have achieved a revenue of around INR107 crores from Jammu.”
Lokesh Bhasin, page 6 of the filed PDF · View the filing
Jammu facility revenue: INR90 crores (Q4 FY26)
p. 6
“Around INR90 crores.”
Lokesh Bhasin, page 6 of the filed PDF · View the filing
Jammu EBITDA: INR1 crores to INR1.5 crores (Q1 FY27)
p. 8
“Yes, so we are pleased to inform that this quarter we have posted a positive EBITDA for Jammu to the tune of INR1 crores to INR1.5 crores.”
Lokesh Bhasin, page 8 of the filed PDF · View the filing
Gross margin: 35.5% (Q1 FY27)
p. 8
“So as of now, we have posted a gross margin of around 35.5%.”
Lokesh Bhasin, page 8 of the filed PDF · View the filing
Jammu capacity utilization: 25% to 30% (Q1 FY27, annualized)
p. 5
“So, Jammu plant has just started ramping up. So, if I see this quarter at an annualized basis, we are looking at a capacity utilization of around 25% to 30% on an annualized basis, based on the performance of this particular quarter.”
Lokesh Bhasin, page 5 of the filed PDF · View the filing
Domestic vs export revenue split: 70% domestic, 30% export
p. 5
“So, at an overall level, while break up -- further breakup at a business area wise, we normally do not track, but at an overall business overall consolidated revenue basis, our domestic business is around 70%, export business is around 30%.”
Lokesh Bhasin, page 5 of the filed PDF · View the filing
R&D spend as percentage of revenue: 0.7% to 1%
p. 6
“So, our overall R&D spends range between around 0.7% to 1% of our total revenue in general.”
Lokesh Bhasin, page 6 of the filed PDF · View the filing
Cash conversion cycle: 90 days, plus-minus 10 days
p. 6
“And as of now, we are maintaining our expected cash conversion cycle of 90 days, plus-minus 10 days for our entire group level.”
Lokesh Bhasin, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 20% revenue growth · FY27
stated firmly by Vinay Lohariwala
p. 3
“provides further confidence in our ability to deliver on our guidance of 20% revenue growth and profitability outpace revenue for FY27.”
Vinay Lohariwala, page 3 of the filed PDF · View the filing
Volume growth — north of 20% · FY27
stated firmly by Lokesh Bhasin
p. 9
“So as of now, we are maintaining that we are growing north of 20% on volume. And we would like to maintain that we are very much confident that we should be growing on a 20% plus volume growth in coming period also.”
Lokesh Bhasin, page 9 of the filed PDF · View the filing
EBITDA margin — 15% to 16%, plus-minus 2%
stated firmly by Vinay Lohariwala
p. 10
“So, for margin guidance, we always maintain that 15% to 16% plus-minus 2%.”
Vinay Lohariwala, page 10 of the filed PDF · View the filing
EBITDA margin post Jammu ramp-up — 17% to 18%
stated conditionally by Vinay Lohariwala
p. 13
“So multiple times we have covered that our normalized margin let do not take that 20%, let take it in a band of 17% to 18%, right?”
Vinay Lohariwala, page 13 of the filed PDF · View the filing
Jammu plant peak revenue — INR1,400 crores
stated as an aspiration by Lokesh Bhasin
p. 13
“INR1,400 crores. that is an optimum revenue that we anticipate at a utilization of 65% to 70%.”
Lokesh Bhasin, page 13 of the filed PDF · View the filing
Growth capex — INR20 crores to INR30 crores · FY27 and FY28
stated firmly by Lokesh Bhasin
p. 11
“And growth capex when I say growth capex it would be only for my existing capability augmentation or certain debottleneck it should be in the range of same range around INR20 crores to INR30 crores.”
Lokesh Bhasin, page 11 of the filed PDF · View the filing
Maintenance capex — INR20 crores to INR25 crores · FY27 and FY28
stated firmly by Lokesh Bhasin
p. 11
“Yes. So, my general maintenance capex will be in range of INR20 crores to INR25 crores.”
Lokesh Bhasin, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Around 25-30% on an annualized basis this quarter.
Answered by Lokesh Bhasin
Asked by Achal Maheshwari: What is the current capacity utilization for the Jammu facility?
p. 5
“So, Jammu plant has just started ramping up. So, if I see this quarter at an annualized basis, we are looking at a capacity utilization of around 25% to 30% on an annualized basis, based on the performance of this particular quarter.”
Lokesh Bhasin, page 5 of the filed PDF · View the filing
North of 3x at an optimum level.
Answered by Lokesh Bhasin
Asked by Achal Maheshwari: What asset turns are expected from the Jammu plant?
p. 5
“So, at an optimum level, we expect that the asset turn from this plant would be north of 3x.”
Lokesh Bhasin, page 5 of the filed PDF · View the filing
No, the ramp-up is pacing as expected, with Q1 seasonally weaker and pickup expected from Q2.
Answered by Lokesh Bhasin
Asked by Deepak Ajmera: Is the ramp-up at Jammu slow?
p. 6
“No, sir. So, Jammu, Jammu ramp-up is pacing up the way we expected. So, we should also consider that normally quarter one, there is a seasonal impact of the entire year.”
Lokesh Bhasin, page 6 of the filed PDF · View the filing
No, the branded generic business is treated as a normal CDMO customer and products are transferred at arm's length.
Answered by Lokesh Bhasin
Asked by Pavithra Jaivant: Is there a conflict of interest between the CDMO and branded generic businesses?
p. 7
“So, from that particular viewpoint, there is no, I would say, additional treatment or any special treatment for our branded generic business.”
Lokesh Bhasin, page 7 of the filed PDF · View the filing
The dip is minor and due to business mix; full year margin should stay in the same range plus/minus 2%.
Answered by Lokesh Bhasin
Asked by Vedant Nilekar: Why did gross margin dip year-on-year and what is the outlook for the full year?
p. 8
“Yes, it should, it should. So as of now, we have posted a gross margin of around 35.5%. So, our overall at a full year level, this should maintain between this range plus minus 2%.”
Lokesh Bhasin, page 8 of the filed PDF · View the filing
Volume growth was 20-22% overall, and 12-14% excluding Jammu.
Answered by Lokesh Bhasin
Asked by Ankit Shah: What was the volume versus realization split in the 34% revenue growth, and volume growth excluding Jammu?
p. 8
“So, volume growth, at overall level on a revenue basis, if I break this growth into two parts, volume is around 20% to 22% growth year-on-year at an overall manufacturing capability level.”
Lokesh Bhasin, page 8 of the filed PDF · View the filing
Management said 20% is a high expectation and 17-18% is a fairer number once Jammu matures.
Answered by Vinay Lohariwala
Asked by Pritesh Chheda: With ex-Jammu margins at 20%, where will overall margin head as new plants come up?
p. 10
“So, if once the Jammu margin is maturing and the new factor in capex, right, can have the 1% or 2% drag, right. So, assuming 20% is very high expectation. I think it 17%, 18% is the fair number.”
Vinay Lohariwala, page 10 of the filed PDF · View the filing
Jammu margin will align with base business margin profile once it crosses breakeven, which management said has already occurred.
Answered by Vinay Lohariwala
Asked by Sudarshan: What margin profile is expected for the Jammu plant as it ramps up?
p. 13
“So, Jammu margin profile will be in line with the base business margin profile once it will cross the breakeven line that is already done.”
Vinay Lohariwala, page 13 of the filed PDF · View the filing
Product approvals from different markets are expected by the end of the financial year, after which ramp-up should become clearer.
Answered by Vinay Lohariwala
Asked by Siddhant Mantri: What visibility and timeline exists for Jammu reaching optimum utilization?
p. 14
“So once that all come then the formula one plus one 11 works, right? So that is how we can cross the INR1,000 crores revenue mark from the Jammu.”
Vinay Lohariwala, page 14 of the filed PDF · View the filing
Prices moved toward the increase side, and the company's pass-through model allows it to pass pricing to customers.
Answered by Vinay Lohariwala
Asked by Siddhant Mantri: Has there been any pricing pressure this quarter?
p. 15
“So, this quarter the price is which toward increase side.”
Vinay Lohariwala, page 15 of the filed PDF · View the filing
Risks flagged
Macro and geopolitical factors could affect business mix tailwinds
p. 9
“But since there are other macro political and geopolitical reasons which keep on changing. So, we will evolve as and when these things unfolds.”
Lokesh Bhasin, page 9 of the filed PDF · View the filing
Rising logistics costs contributing to other expenses
p. 8
“And yes, as far as that conflict is concerned there was slightly increase in logistics cost which has been duly factored in our overall with the period of time and in overall revenue scenario also.”
Lokesh Bhasin, page 8 of the filed PDF · View the filing
Seasonal impact affecting quarterly performance including Sharon business
p. 12
“So there has been a seasonal impact on Sharon's performance and on a full year level, we expect that it will be continue to growing as our expectation our organic business.”
Lokesh Bhasin, page 12 of the filed PDF · View the filing
Execution challenges in achieving 20% plus growth
p. 15
“That's why I am saying that it is, it is not the easy job that the company can grow 20% freely, easily. So, challenges will be there, but we need to, our team need to overcome from all these challenges and to prove ourselves that we can grow at 20%, 25%.”
Vinay Lohariwala, page 15 of the filed PDF · View the filing
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