Natural Capsules Q1FY27 Results: Revenue at ₹48.71 Cr, PAT at ₹(5.74) Cr
Natural Capsules Limited reported Q1FY27 consolidated results with revenue at ₹48.71 crore (down 17% Q-o-Q, up 8% Y-o-Y). PAT was a loss of ₹5.74 crore (up 15% Q-o-Q). EBITDA margin improved to 2.30% (up 159 BPS Y-o-Y). Management cited ERP disruption and inventory deferral impacts. HPMC segment faced US market challenges, leading to line conversions.
The results show year-on-year revenue growth in the capsules business, but a net loss and a sequential decline in revenue indicate some headwinds. Strategic shifts in the HPMC segment and challenges in the API business also suggest a moderate impact on future performance.
The results show a mixed performance with year-on-year revenue growth but a significant quarter-on-quarter decline. While EBITDA margins improved year-on-year, the company reported a net loss after tax. Management commentary highlights operational strengths but also acknowledges challenges and disruptions.
Natural Capsules Limited announced its Unaudited Consolidated & Standalone Financial Results for the quarter ended June 30, 2026. The company reported revenues of ₹48.71 crore, a decrease of 17% quarter-on-quarter (Q-o-Q) but an increase of 8% year-on-year (Y-o-Y). EBITDA stood at ₹1.12 crore, down 16% Q-o-Q and up 251% Y-o-Y. The EBITDA margin was 2.30%, an improvement of 2 basis points Q-o-Q and 159 basis points Y-o-Y. Profit After Tax (PAT) was a loss of ₹5.74 crore, a 15% increase Q-o-Q, and a 3% increase Y-o-Y. Earnings Per Share (EPS) was ₹(5.55), a 15% increase Q-o-Q and a 3% increase Y-o-Y.
Management commentary highlighted that Q1FY27 was a strong operational quarter for the capsules business, with sustained demand and improved realisations. The reported numbers were impacted by the dispatch of deferred inventory in the previous quarter and a brief disruption due to a new ERP system implementation, which pushed sales into Q2. The depreciation of the rupee provided a tailwind to export realisations. For the HPMC segment, erratic demand in the US market and uncertainty around duty structures led to the pragmatic decision to temporarily convert HPMC lines to gelatine lines to optimize capacity.
The API business presented a mixed picture due to geopolitical uncertainty and currency fluctuations impacting African exports. However, the company made progress with the commencement of the first batch under its contract manufacturing agreement with Fermbox Bio and a new agreement with a Mumbai-based client. Technical advancements include successful completion of prednisolone synthesis and transition of a fermentation step to an enzymatic route. The WHO GMP application process has been initiated, with an expected audit by the end of Q2FY27. A Chief Operating Officer for the API business has been appointed.
The company is confident of sustained performance in the capsules business and is prioritizing scaling API volumes, sustaining capsule profitability, and progressing regulatory milestones.
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