Innova Captab Ltd (NSE: INNOVACAP) Q3 2026 Earnings Call dated Jan. 27, 2026
Corporate Participants:
Ayush Kumar Garg — Head, Investor Relations
Vinay Lohariwala — Managing Director
Lokesh Bhasin — Chief Financial Officer
Analysts:
Sudarshan — Analyst
Nishita — Analyst
Gourav — Analyst
Avnish — Analyst
Praveen — Analyst
Hitanshi Shah — Analyst
Ankit Gupta — Analyst
Abdulkader Puranwala — Analyst
Saket — Analyst
Sujal — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Innova Cap Tab Ltd. Q3.9M FY26 earnings conference call. As a reminder, all participants line will be in listen only mode and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference has been recorded. I now hand over the conference to Mr. Ayush Kumar Garg, Head IR. Thank you. And over to you sir.
Ayush Kumar Garg — Head, Investor Relations
Thank you buddy. Good afternoon everyone and thank you for joining us on our earnings call today to review the operational and financial performance for Q3 and 9 months FY26. We have with us Mr. Vinay Lohari Wala, Managing Director, Mr. Lokesh Basin, Chief Financial Officer and representatives from SGA, our Investor Relations advisor. I trust you had the opportunity to review our financial results and the investor presentation. Both of which are available on our website as well as on the stock exchange website. Should you have any further questions after this call, our investor relations team will be happy to assist you with that.
I’ll now hand over the call to Mr. Vinay for his opening remarks. Thank you. And over to you sir.
Vinay Lohariwala — Managing Director
Thank you. Ayush. Good afternoon everyone and thank you for joining us on our earning call today. I am thrilled to report that Innova Captive delivered a stellar quarter with revenue from operation surging to 450 crore with a robust 42% year on year growth. This reflects not just number but the tangible result of our sharpened strategic focus, comprehensive product pipeline and unwearing operational discipline. For a nine month FY26 revenue from operation hit 1182 crores up 27% year on year. Powered by exceptional execution across both business vertical and our world class manufacturing infrastructure that continue to set us apart in a competitive landscape.
Profitability advance hand in hand with scale. Driven by operational efficiency and streamlined operation that unlock greater value at every step. This reflects our team’s disciplined execution and relentless focus on optimizing resource to deliver sustainable margin Aimed robust growth coming to business highlights our CDMO business powered ahead 29% year on year. Fueled by deeper partnership with trusted existing clients and existing wins from new ones. These relationships are built on our proven reliability and technical expertise positioning us on a go to partner for quality pharmaceutical formulation. Can you hear me?
operator
Yes sir. You’re audible.
Vinay Lohariwala — Managing Director
Yeah. Thank you. The API prices are witnessing some Stabilization which directly supports this vertical branded generic surge 79% year on year driven by our bold puts into high potential new domestic and international geographics coupled with intensified penetration in established market. This growth seems from an elaborated portfolio to high demand products and agile go to market strategies that resonate strongly with prescription and patient alike. Our manufacturing facilities are equipped with state of art infrastructure and rigorous quality control that ensures seamless and reliable operations. These proven assets from the bedrock of our scale up supporting both current demand and future growth trajectory with unmatched consistency.
Recently we further blasted these capabilities with prestigious GMP certification UK MHRA approve our Cephalosporin Baddi unit and PICS via SMDC Ukraine for all our Jammu blogs. These milestones open doors to regulated high growth market where our superior quality standards will deliver premium opportunity and long term client loyalty. The new Jammu facility is ramping up smoothly with commercial operation underway with Marquis Remio Partner. Several other have also successfully completed audits validating stability data and other key parameters. We are optimizing about Jammu facilities operational ramp up ahead in the coming quarter. Looking ahead, we at Innova Captive have put multiple high impact lever in motion from capacity expansion to geographical diversification ensuring sustained revenue acceleration and profitability gain.
Our team remain fully committed to execute these three precisions operating in a dynamic environment where innovation and research in the pharmaceutical space are of paramount importance. We are equally focused on meeting the need of the changing environment through our existing as well as planned R and D endeavor driven swiftly by our dedicated R D center. Our achievement highlight our strategic agility and operational excellence aimed at dynamic industry backdrop. With a proven track record of being a growth focused company, we are confident of replicating similar momentum going forward with this. I look now to hand over the call to our CFO to detail out of the financial performance during the quarter and nine months.
FY26 over to you Lokesh.
Lokesh Bhasin — Chief Financial Officer
Thank you sir. Good afternoon everyone. I will now walk you through the financial highlights. For Q3 and 9 months FY26 consolidated revenue reached rupees 450.3 crore delivering robust 42.3% year on year growth driven by strong demand across both CDMO and Brandy Gendry’s business areas. For nine months FY26 revenue stood at Rupees 118 2.2 crore with a year on year growth of 57.3%. Reflecting sustained momentum from our diversified portfolio and expanding market reach. Exports form a healthy 35% of Q3FY26 revenue mix and constituted 32% in nine months FY26 underscoring our strategic progress in global markets, the CDMO business generated rupees 298.7 crores in Q3FY26 up 29% year on year from rupees 231.6 crores over nine months FY26 CDMO revenue total rupees 813.9 crore growing 18%.
Yui branded generics shone brightly with rupees 151.6 crores in Q3 revenue surging 79% year on year fueled by aggressive geographic expansion, both domestic as well as International. For nine months FY26 this area delivered Rs. 368.4 crores, up by 56% year on year. EBITDA climbed to 71.1 crores in quarter three FY26 from rupees 50.9 crores last year, a solid 39.6% year on year increase nine month FY26 EBITDA was Rs. 183.7 crores up 24.8% from rupees 147.1 crores with margin steady at 15.8% for the quarter and 15.5% over nine months reflecting disciplined cost management. Pads stood at rupees 42.1 crores for quarter three FY26 and rupees 102.8 crore for nine month FY26 supporting our focus on profitability along with the growth.
This wraps up our opening remarks. The floor is now open for your questions. Thanks a lot.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Sudarshan from Ask ndpms. Please go ahead.
Sudarshan
Thank you for taking my question and congrats on good set of numbers. So my first question is on Jammu if I can break it into two parts. One is how much you know in this quarter it’s contributing. I mean if you can give some color quarter on quarter so it is scaled up and second is in the context of the GST cut that happened earlier. I mean now would the strategy be to maximize the utilization in Jammu much earlier to what it was, you know earlier planned to basically capture the higher component of git some gst, some color on that.
Lokesh Bhasin
Yeah. So this quarter we have achieved a revenue of around 89 crores from Jammu which has increased from around 60 crores previous quarter. And regarding, can you please repeat your second question?
Sudarshan
This was on account of the, you know, reimbursement that happened from the, you know, on the Jammu facility. Now earlier because of the know cut in the GST the expectation was, you know, it was a little hazy but the way that we can ramp it up faster we will get, you know, better, you know, payback right on the. So wanted to know whether now we have a plan with respect to how we are going to tap that.
Vinay Lohariwala
So as the locate has given the number that this quarter we have closed 89 crore. So this is post the implementation of GST 2.0 number one. The number two is that GST is one of the factor behind the Jammu facility. The other is pure play of the capacity and capability demonstration. So definitely we have some dent on the GST due to the GST cut. But the capability and our capacity and capability is at par. And it’s a state of facility that the PIC certification is already being done. Most of our 14 out of 15 client where we have the relationship have either they have validated, visited the facility, done their quality assurance audits.
We have started the business or we are in the pipeline to start the business either this quarter or the first quarter. So we see there is no. What. I can say like we have the good fortune for this facility. And I also like to submit one more thing that yet we have not contributed any PAT or EBITDA margin from the Jammu facility. Still the numbers is speaking itself. Right. And next year we are very hopeful that there will be a positive contribution from the Jammu itself.
Sudarshan
Sure sir. And how do we see the scale up here sir? I mean in terms of utilization in the next 18 months to 24 months.
Vinay Lohariwala
So as you know that the pharmaceutical require a full fledged validation and audits are there. So we have started this demo facility in January 25th. Now it’s almost one year from our commercial production start. So now that we are hopeful that all the customers, like most of the marquee customers will be on board from this quarter or the first quarter of the next year. And then I don’t want to quantify the number because being a new facility there may be some gaps. That’s why we don’t want. We are not quantifying the numbers but in our own strategy we can have that a 20% plus growth in for the next year.
Sudarshan
Sure sir. My second question is on you know the branded generics which has you know again done very well. I mean Q1Q and YOY. So if you can give some color with respect to one, the sustainability of that and how you know is this contributed more by the domestic or are we seeing better traction happening from Sharon? So if you can give some color on you know how the mixes and the outlook.
Vinay Lohariwala
So let’s first give the number. Let me take the number from the cfo. Let Lokesh give some focus on this.
Lokesh Bhasin
Yes. So if you see you are right that brandy generics has fared well this quarter. This quarter we have achieved around 151.6 crore from brandy generics which is showing a growth of around 79%. As I submitted earlier it has been because of our aggressive expansion and focus on our both domestic as well as international business areas. So we have worked on all fronts to work on this growth and yeah.
Vinay Lohariwala
So in this branded generic we classify our domestic as well as international business where we have our own registered brands. So we are getting a good sustainable attraction there. Our trade gen mix universities is doing good vis a vis our Sarons and our innovas export business that is in our own brand is being classified in this category. Sure.
Sudarshan
Thanks a lot.
Vinay Lohariwala
Thank you.
operator
Thank you. Participants who wish to ask a question may press star and one on their touchstone telephone. Thank you. The next question is from the line of Nishita from Sapphire Capital. Please go ahead.
Nishita
Yes, hello. Congratulations on such a good set of numbers. So I just had a few questions. One is on the capacity utilization. So can you let us know about the capacity utilization in all of your plans if it’s possible. Hello.
Lokesh Bhasin
Yeah Nishita, we lost you for last five seconds. Can you please repeat?
Nishita
Yeah, so I just wanted to know the capacity utilization for all of our clouds if it’s possible.
Lokesh Bhasin
Yeah. Yes. So if we talk about our manufacturing capabilities as we said the Jammu has just started so it is in very nascent stage of ramping up. So there is lots of potential to ramp up over next few years. And talking about our other facilities which is our buddy facilities as well as our formulation facility at Dehradun in Taloja they ranges between a capacitance of 55 to 60% as of now.
Nishita
Okay. Okay. And at peak capacity how much revenue can we expect from all the three facilities?
Lokesh Bhasin
Okay so if I talk about Jammu as we have submitted in our earlier also the optimum capacity on an optimum capacity of say 65 to 75%. Jammu is having a potential to reach around 1400 crores plus when it will reach an optimum capacity level. And see in a normal CDO operations our the optimum capacity ranges from 65 to 75%. And the same goes with our existing manufacturing facility also. So there is still potential of from 15 to 25% to growing all these existing manufacturing capabilities.
Nishita
Right? Right. Okay. And my next question is on. So it’s a clarification. So you mentioned that we did 89 crore of revenue from Jammu facility in Q3. So is that facility break even yet or how long is it is that facility going to take to break even?
Lokesh Bhasin
Yes, Nishita, it is nearing the breakeven at EBITDA level and of course at reaching at a pat. The break even may take certain quarters also. But we are very much sure that in next year as Vinassar also submitted that next year we are very much looking ahead to get a positive contribution from Jammu Facility from both EBITDA as well as PAT level.
Nishita
Okay, understood. And my next question is. So we like had a very good growth in the past 3/4 of FY26. So like do we see us reaching a 30 growth overall 30 growth in FY26.
Lokesh Bhasin
The full year? Guidance will still like to refrain from giving as of now.
Nishita
Okay? Okay. Understood, understood. And so again a clarification. You mentioned to a previous Participant that in FY27 we expect a 20 growth. That 20 growth is in the Jammu facility specifically or overall 20 growth.
Vinay Lohariwala
This is overall 20%.
Nishita
Okay. Okay, understood. Thank you so much.
operator
Thank you. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. The next question is from the line of Gaurav from JM Financial. Please go ahead.
Gourav
Hi sir. Good morning. Am I audible?
operator
Yes, you, Honor.
Vinay Lohariwala
Yes sir.
Gourav
Yeah. To begin with I’d like to first congratulate on a good set of numbers. I had a couple of queries. The first I wanted to understand that the branded generics did really well this quarter for us. Was it led by the traction in the international business? The international branded generic business.
Lokesh Bhasin
Yes. So basically as we said that Vandy generic business growth has been contributed by both domestic as well as international level. And yes we are international geographical presence is increasing as is evident from our the overall export kitty to the revenue mix. It has increased around 35% for this quarter and 32% for nine months ended December 25th.
Gourav
So what was the parallel number for.
Lokesh Bhasin
Let’S say CQFY 25 to 35% Q3.
Ayush Kumar Garg
25 was around 25, 27%.
Gourav
2527. Right. Okay.
Lokesh Bhasin
Yes.
Gourav
And so in terms of any guidance for the fourth quarter. Shall we look at the fourth quarter in terms of.
Lokesh Bhasin
So as of now we are very much hopeful. Depending upon the seasonal cycle. We are still looking at a number. But we would like to not to give any firm guidance as of now.
Gourav
That’s all for my title. Thank you.
Vinay Lohariwala
Thank you.
operator
Thank you. The next question is from the line of avnish from Vikiria. Please go ahead.
Avnish
Hi, good afternoon. Thanks for taking my question and congrats on a great set of numbers. Lokesh, I just have a question. If you. You’re saying 89 crores have come from Jammu and it’s nearly breakeven. If I look at the results on a X Jammu basis and if I remove let’s say 89 crores from the 450 crores of revenue that you booked the Ex Jammu revenue of 361will give the same EBITDA Because Jammu is breakeven. That EBITDA margin comes out to be 19% on an ex Jammu basis. So I just wanted to understand what has happened for the margins on a X Jammu basis to increase so much.
Lokesh Bhasin
Hello. Thank you Avnir, you catch the right thing. And I covered this in my opening remark that we are at the EBITDA examu. Whatever the EBITDA contribution or PET contribution is coming is from the ex demo. The move is not yet participated in EBITDA or PET margin. Even the PET margin is negative because of the project cost, depreciation and all that. Right. So there is a substantial improvement. If you see you calculate the number correctly There is a 18 19% EBITDA margin as if we see the X demo. So this is the overall good performance across the category.
Better price realization, support from the API and overall the exports are on our trade genics business. Everyone is contributed in a positive manner. Similarly if you see the exammu number that is a substantial improvement in that also. So if you see that last quarter we are somewhere at 380 crore and this quarter we are at a 450 growth. So even in the PAT margin if the 70cr 17 crore sales improve contributed the almost 12cr in the PET margin. Similarly when we improve the performance by 10 to 20% there is a substantial gain in the EBITDA margins.
Yeah. If you see the growth conversion that is approximately 30 to 33% of the on average basis material margin is like 30 to 33% once but once the performance of the business, let’s say optimize and give the give in a better territory then it it result in a better EBITDA margin. Because like electricity or workman cost, all are the constant.
Avnish
Understood? Benefit.
Lokesh Bhasin
Yeah, yeah. From the operational degrees we are getting benefit. Better price realization is the second one
Avnish
understood. Thank you for the explanation. The second question is on. If you look at your pure play CMO business, the third party business that you have, can you quantify the volume growth that you’ve seen in this quarter?
Lokesh Bhasin
Yeah. So avnish on it. If I say on a year on year basis our volume growth is around 6 to 10%. Rest is all change in product flesh to sales mix and quarter on quarter there is not much change in volume. But the growth has been contributed mainly due to changing product and sales mix.
Avnish
Okay, last question was on the API prices. I think Vinay mentioned in the opening remarks that you are seeing some stabilization. So if you see on a year on year basis, is it safe to assume that the prices have been stable? You have not got any benefit from any API price increase in this quarter. Is that a fair assumption to make?
Lokesh Bhasin
So year on year if you see then there is a negative on the prices. So what we are saying is a quarter on quarter there is a much more stabilization year on year. I think there is a clear cut. We are even losing on the pipeline.
Avnish
Okay. Okay. Thank you. I’ll get back on the queue.
Vinay Lohariwala
Thanks.
operator
Thank you. The next question is from the line of Praveen from Avendus Park Institutional Equity. Please go ahead.
Praveen
My question was also in the line of API prices. So this stabilization of API process, are we seeing it?
Vinay Lohariwala
Sorry but your voice is really muffled. Can you use the main phone instead of speakers if you want?
Praveen
Is this my voice better now?
Vinay Lohariwala
Yes, that’s better. Thank you.
Praveen
Yeah, yeah. So my question is also in the lines of API prices. So now that it has stabilized on a quarter on quarter basis, how do we see the prices going forward? Like are we considering this as a bottom or what is the trend on API prices? Can you give us some idea on this lines?
Vinay Lohariwala
So this is regarding future trend you are asking for?
Praveen
No sir, API prices.
Vinay Lohariwala
Yeah. So in past we can say that the prices are now in a stable territory. If we compare say Q2, Q3 own or on an average basis we can say it is in stable territory. But prediction about the future is still uncertain. We cannot say what what happen in the future.
Praveen
Right. On the exports.
Vinay Lohariwala
Yes, go ahead.
Praveen
Sir, are you saying something.
Lokesh Bhasin
So preen by? Just to add what Vinay sir was saying. So whatever numbers regarding Our futures or guidance that we give it is always on the constant API pricing. So whatever impact the change of EPI pricing would have in future is not imbibed in our outlook as of now.
Praveen
Will be 20% number which we give for the next year would be the volume guidance like which because price we are assuming as a function. Right? Okay. So on the export side, so we have reached a composition of around 35% of total sales mix. What would be the ideal export versus domestic mix which we are targeting, whether it can be on a short term basis or on a longer term basis. So what would be the ideal mix of export versus domestic within our revenue?
Lokesh Bhasin
So on this front we always say that our focus on the domestic or the export is for us both. The business vertical is equally important. We do fairly. We are focused on the export business. We have the regulatory approved plant. We focused on all the RoW market, African market or the southeast market as well as the Europe and Canada market. And vis a visa, we are well focused on our domestic market as well. So some somehow, some sometimes what happen that one can have a better growth rate than the other one. So then the contribution may change.
But in long term I think that the 3565 is a fair contribution. It could be 2, 3%, 5% here and there. But so that is the fair number that 35, 65 ratio.
Praveen
Right? Sir, the last question from my side is on cephalosporin business. So how is, how is it doing on a on our basis and what is the macro situation on cephalosporin API?
Vinay Lohariwala
So you are asking about the prices of the cephalosporin category?
Praveen
Yes sir. Both on pricing side and on the demand side.
Vinay Lohariwala
The pricing side we can say that it is almost now the last four, five months. The prices are either on the stable or a bit increase in the prices.
Praveen
Okay. Okay, sir.
Vinay Lohariwala
Yeah.
Praveen
On the demand side first.
Vinay Lohariwala
The demand is like. We have the UK MHRA UGMP approved facility. Our Baddi facility is a regulated plant. And we have put the other facility in the same category in Jammu also. One block is dedicated for cephalosporin in Jammu as well. And we are in this category of the product since 2010. So we have a wide spectrum customers, geographical presence. And our business is doing well in this category.
Praveen
So that’s it for myself. Thank you for helping.
Vinay Lohariwala
Thank you.
operator
Thank you. The next question is from the line of Hitanshi Shah from expense as well. Please go ahead. Congratulations on a good set of numbers.
Hitanshi Shah
So in last quarter you had guided. That The Jambo facility will have a. Revenue of around 2 to 8 to 80 crore. So.
Lokesh Bhasin
Yes. So for this year we would like to maintain the same guidance. Rather on a optimistic side we may be slightly overpassing this guidance. But in broad range it will remain in the range of 270, 20 crores.
Hitanshi Shah
And if possible what would be the revenue guidance for FY27?
Lokesh Bhasin
So as we said that overall business area at an entity level we are looking at we would be able to maintain the 20% growth year on year.
Hitanshi Shah
Okay, that’s it for my end.
operator
Thank you. The next question is from the line of Ankit Gupta from Bamboo Capital. Please go ahead.
Ankit Gupta
Thanks for the opportunity and congratulations for a very good set of numbers. Sir, on you know you as the earlier participant was talking about, you know, X of Jammu, our EBITDA margins have touched almost 18, 19%. And let’s say, you know hopefully next year Jammu will also start contributing at the EBITDA level. So how should we look at our EBITDA margins going forward? You know can we see 16, 17, 18% kind of EBITDA on a sustainable basis from FY27 onwards? 17, 18 kind person kind of EBITDA margins from FY27 28 onwards.
Vinay Lohariwala
So Ankit, if you see that we always maintain our margin profile profile at say 15% plus minus 2% here and there. Right? 15 to 16, 17% next type of the margins. What happened that like Jammu is now not contributing in future also. Let’s say we we can have some growth engines that is putting a negative on the P and L, right. So businesses cannot be sit silently and we need to focus continuously on the future growth also. So, so we, we have to carry that P and L pressure from that growth strategy. Right? So whenever there is a finalized story about the future plan will definitely come. But we cannot say that we can have a non negative number impact on the P and L so that some future strategy will be there.
So one side the margin can grow with the Jammu to a plus plus side. But the future strategy can again put some pressure on the P and L.
Ankit Gupta
You know currently Jammu and like with such a huge potential of 1200, 1400 crore kind of top line. And you know, and currently as you said that this year we are targeting 280 to 90 crore kind of top of revenue contribution from Jammu. There’s still a huge room of you know ramping up revenues from Jammu itself. So are we looking at some more expansions at least in the near to medium term or in by FY27, 28. Our focus will majorly be on ramping up Jammu itself.
Vinay Lohariwala
Jammu ramping up is. Is the one part that we have already covered that 20% plus growth on overall business. So let’s say that can Jammu can give us the next 3, 2 to 3 years 20 plus growth. The overall basket could be there, right? But we need to think beyond two to three year time horizon. How the future after let’s say 28, 29 from where the growth will come. Right? And we need to take start taking the steps regarding that growth today itself. So we are now focused on the future plans and we are working on few of the statuses.
Whenever we are zero on some of the strategy, we will definitely inform the market. And we’ll come back to you on that front.
Ankit Gupta
My second question was on the branded generics. We have seen a very healthy growth during the quarter. And even for the nine months we have seen a very decent growth on a two to three year basis. Do you think we can continue to grow at 40, 50% in the branded sector segment? Given our scale also will be touching or will be crossing hopefully 500 crore this year.
Vinay Lohariwala
So for growth we will maintain the same strategy that overall growth should remain 20% plus level. At the organization level. What happened in few quarter or year some category can outperform the other one. In export business also we are consistently focused, focused on registering, developing new product, registering the product across the territory. Right? So in few quarter there may be some better. Few category can outperform the other one. But overall our Target is like 20 plus.
Ankit Gupta
Okay. Okay. Thank you, Michelle.
operator
Thank you. The next question is from the line of Abdul Kader Puranwala from ICIC Securities. Please go ahead.
Abdulkader Puranwala
Yeah. Hi. So thank you for the opportunity. So my first question is with regards to the Jammu facility. You know that you know we are looking quarterly revenues of 85 to 90 crores. Should we see this as a sustainable number for quarters ahead?
Lokesh Bhasin
So Abdul, you are talking about the ramp up plan of Jammu in coming quarters.
Abdulkader Puranwala
Yes. Yes.
Lokesh Bhasin
Yeah. Yes. Abdul, as we submitted in our earlier part also we are very much positive on the how Jammu is ramping up, right? From our audits, validations, the visits of our marquee customers to Jammu facility. How our capability and capacity is building up, how we are able to showcase our capabilities to our customers. The big certification that we have received. So yes, the overall trajectory is looking good. And next year 20% growth that we are projecting at an entity level or group level. So yes, Jammu is going to play a good part in it.
Abdulkader Puranwala
Okay, understood. And so then for next year how should we look at new margins Considering that you. If your base business is already clocking 18, 19% EBITDA margin. I know this was for this quarter perspective. But then if the EBITDA accretion starts to happen from Jammu then how should we look at your EBITDA margins for next year?
Vinay Lohariwala
So let’s say if Jammu start contributing in the margin then it in the near term it should. Let’s say improve. Till we take some other growth strategy on board. That can be the PNDL negative, right? Till then the margin should improve.
Abdulkader Puranwala
Got it sir. So for the 9 month number can you provide your cash flow from operations for the nine months of fiscal 26?
Vinay Lohariwala
Please to comment on this
Lokesh Bhasin
Abdul. So if I talk about our operating cash flow before working. Capital changes in tax. So it was around 182 crores at a group level which has been. Which has been well used to support our growth around 40% over year on year and other normal expenditures.
Abdulkader Puranwala
Good. Thank you.
Vinay Lohariwala
Thank you.
operator
Thank you. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. The next question is from the line of Saket from Sagri Capitals. Please go ahead.
Saket
Hi, Am I audible?
operator
Yes, you’re audible.
Saket
Yeah. Thanks for the opportunity and congratulations for excellent set. Sir, excluding Jammu, if I look at the CDO business. So what was the volume growth? Why? Oi, maybe I missed out. I think you said some number but maybe it’s not very clear because I think the price growth was negative. So any color on volume growth X of Jammu.
Vinay Lohariwala
So as you said Saket on an ear on year basis at Jammu our volume growth is a range around 6% to 10%.
Saket
Okay, 6 to 10%. And sir, Saron is part of CDM or is it part of branded generics?
Vinay Lohariwala
Majority is part of cdmo.
Saket
Okay. And sir, today out of say branded generic what would be the share of exports and what would be the share of domestic?
Lokesh Bhasin
Normally we prefer not to go to that. That. So we prefer to report our revenues on CDM at a brandigenry level.
Saket
Fair point, sir. And sir, you must have gotten some tailwind of API prices in the branded business, right? Because they are the API price. Lowering API prices helps your margins. Is that a fair assumption?
Vinay Lohariwala
So basically we are not the friendly integrated company in our branded genius business. Also there are two categories. One is our trade generics and one is our on brand export business. Fit in that category and normally there also the price pricing of our product is based on the API Prices.
Saket
Okay, fair point, sir. Fair point. Yeah. Oh, okay. Yeah, thanks. Thanks for the opportunity and appreciate your answers.
Vinay Lohariwala
Thank you.
operator
Thank you. The next question is from the line of Ankit Gupta from Bamboo Capital. Please go ahead.
Ankit Gupta
Thanks for the opportunity again, sir. If you can talk about, you know, broadly, what would be the margin differential between the branded generics and our CDMO business.
Lokesh Bhasin
Normally Ankit, we normally do not track margins at our business area level. Thank you.
Ankit Gupta
But any broad range like branded will have like how much more margins compared will it be like 2, 3, 4% higher?
Vinay Lohariwala
I would prefer not to provide that because we not track these numbers on that objective level. Thank you.
Ankit Gupta
Okay. Okay. If you can tell us how is that, how has been the performance of Sharon for this quarter? So like how is it performing? How has been the performance in Q3 nine months.
Lokesh Bhasin
Yes. So as we said earlier, also all business areas has kicked in in over this performance for quarter three, FY26. And yes, Sharon has also been a good part of our overall growth since from its acquisition and as of now it has been contributing and well on both top line as well as bottom line part.
Ankit Gupta
Okay. Okay, thank you.
Vinay Lohariwala
Thank you.
operator
Thank you. The next question is from the line of Sujil from Optune Wealth Advisors. Please go ahead.
Sujal
Congratulations first of all on your numbers. Am I audible?
operator
Yes sir, you’re audible.
Sujal
So sir, I just want to ask about that you as you said, you decide the prices according to the EPI prices. Are you able to pass on to this one customers or is it just like, or how does it impact to overall margins.
Vinay Lohariwala
Generally as already covered, that our business is based on the pricing of the API. So generally we don’t hit on margin based on the API, whether it’s going up or going down.
Sujal
Okay, sir. And sir, second question on the part of side of my competitor, competition side. So on the CDMO part of business, the there’s a little bit competition intensity is getting increased. So can you share your insights on that part? Sorry.
Vinay Lohariwala
So it said India is a very huge market. If you’re talking about the domestic CDMO market. Right. We have a very large market in a pharmaceutical also. Right. And that will grow at a healthy growth rate. So everyone has the space to grow based on their own capability and capacity.
Sujal
Okay, so thank you. That’s so much.
Vinay Lohariwala
Yeah, thank you.
Lokesh Bhasin
Thank you.
operator
Thank you. Anyone who wishes to ask a question may press star and one on their touchstone telephone. Ladies and gentlemen, that was the last question for today on behalf of Envocap Tab Ltd. That concludes this conference. Thank you. For joining us. And you may now disconnect your lines.