Natural Capsules Q4FY26: Revenue Jumps 55% QoQ to ₹58.45 Cr, PAT at ₹4.98 Cr
Natural Capsules Limited reported Q4FY26 consolidated revenue of ₹58.45 Cr, up 55% QoQ. PAT was ₹4.98 Cr, up 30% QoQ but down 1,056% YoY. Standalone capsules business contributed ₹36 Cr. Subsidiary signed a manufacturing agreement with Fermbox Bio. Commercial API sales commenced in Q4FY26.
The strong QoQ revenue growth and diversification into API manufacturing with a new collaboration are significant developments. However, the substantial YoY decline in PAT and EPS temper the overall impact.
The company reported significant QoQ revenue growth and commencement of commercial sales in the API segment, along with strategic collaborations, indicating positive operational developments.
Natural Capsules Limited has announced its Audited Standalone & Consolidated Financial Results for the quarter and year ended March 31, 2026. For the fourth quarter of FY26, the company reported consolidated revenues of ₹58.45 crore, marking a significant 55% increase quarter-on-quarter (QoQ). EBITDA for the quarter stood at ₹1.33 crore, showing a 157% QoQ growth, although it decreased by 70% year-on-year (YoY). EBITDA margins were reported at 2.28% for the quarter. Profit After Tax (PAT) for Q4FY26 was ₹4.98 crore, a 30% increase QoQ, but a substantial 1,056% decrease YoY. Earnings Per Share (EPS) also saw a 30% QoQ increase to ₹4.82, while declining 3,808% YoY.
On a standalone basis, the capsules business contributed approximately ₹36 crore in sales, driven by the dispatch of goods deferred in the prior quarter due to a plant shutdown. The company expects revenue from its new incremental HPMC line for double-zero capsules to commence from the second half of the current financial year, subject to US market client approval. For FY27, the focus will be on optimal capacity utilization and improving operational efficiency.
The company also made progress on its API side, with commercial sales commencing in Q4FY26. Its subsidiary, Natural Biogenex Private Limited, entered into definitive Framework and Contract Manufacturing Agreements with Fermbox Bio Private Limited. This collaboration involves Fermbox Bio providing fermentation technology and equipment at the Tumkur facility, while Natural Biogenex handles licensed manufacturing, quality assurance, and regulatory compliance. This is expected to enhance fermentation asset utilization, create a new revenue stream, and strengthen CDMO capabilities.
Management commentary highlights that Q4FY26 was operationally strong, with the dispatch of deferred goods being the primary driver for revenue and profitability growth. The new HPMC line is expected to boost profitability from H2FY27. The API business commenced commercial sales in Q4FY26, with a focus on gradual volume growth. The collaboration with Fermbox Bio aims to improve utilization of fermentation assets and strengthen CDMO capabilities. While the current API margins are lower, the company is seeking regulatory clearances for higher profitability. For FY27, the company plans to scale up API operations and enhance profitability in the capsules business.
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