Innova Captab Limited (NSE: INNOVACAP/BSE: 544067), is a leading integrated pharmaceutical company with a comprehensive business model spanning the entire value chain, including research and development, manufacturing, and marketing. The company serves as a preferred CDMO partner for prominent global pharmaceutical companies while maintaining a robust branded generics business in over 60 countries.
Q3 & 9M FY26 Earnings Highlights
The company delivered a stellar financial performance for the period.
- Revenue from Operations: Surged by 42% YoY in Q3 FY26 to ₹450.3 crore and 27% YoY for 9M FY26 to ₹1,182.2 crore.
- EBITDA: Grew by 40% YoY to ₹71.1 crore in Q3 FY26, with margins at 15.8%.
- Profit After Tax (PAT): Increased by 23% YoY to ₹42.1 crore for the quarter.
Profitability metrics remained healthy despite expansion costs. EBITDA for Q3 FY26 rose 39.6% YoY to ₹71.1 crore (15.8% margin), while 9M FY26 EBITDA reached ₹183.7 crore, growing 24.8%. Profit After Tax (PAT) for the quarter stood at ₹42.1 crore (+23.2% YoY), bringing the 9M FY26 PAT to ₹102.8 crore, a 4.2% increase from the prior year.
Segment Performance Update
The company’s growth was driven by diversified performance across its core segments.
- CDMO Services: Revenue for this segment grew 29% YoY in Q3 FY26 to ₹298.7 crore and 18% in 9M FY26 to ₹813.9 crore. This was fueled by deeper engagement with its base of 300+ global customers.
- Branded Generics: This vertical saw sharp growth of 79% in Q3 FY26 (₹151.6 crore) and 56% in 9M FY26 (₹368.4 crore), driven by expanded footprints in India and international markets.
- Export Mix: International contributions accounted for 35% of total revenue in Q3 FY26 and 32% across the 9M FY26 period.
Management Commentary
Managing Director, Vinay Lohariwala attributed the results to “disciplined execution” and robust output across all manufacturing facilities. A major highlight was the receipt of GMP Compliance certifications from UK-MHRA for the Baddi facility and PIC/s (SMDC, Ukraine) for the Jammu facility, which management views as a testament to their adherence to global quality standards.
Management provided clear guidance for its Jammu Plant, which was commercialized in January 2025. ICL expects to ramp up capacity utilization at this state-of-the-art facility to optimum levels over the next 5-6 years. Furthermore, the company aims to unlock long-term synergies through the integration of Sharon Bio Medicine Ltd, particularly in Formulation and API offerings.
Broader Industry Trends
The pharmaceutical industry is seeing a shift toward integrated players who can offer high-quality, affordable solutions at scale. Innova Captab is positioning itself to benefit from this by expanding its R&D capabilities and leveraging the “New Central Sector Scheme” for industrial development in Jammu & Kashmir, which provides GST-linked incentives and capital interest subventions.
Key Takeaway
Innova Captab’s Q3 and 9M FY26 performance reflects a successful transition into a high-growth phase. With the commercialization of the Jammu facility and a growing global footprint, the company is well-positioned to maintain consistent, high-quality growth while creating significant long-term stakeholder value.