Innova Captab Ltd (NSE: INNOVACAP) Q3 2026 Earnings Call dated Jan. 27, 2026
Corporate Participants:
Ayush Kumar Garg — Head, Investor Relations
Vinay Kumar Lohariwala — Managing Director
Lokesh Bhasin — Chief Financial Officer
Analysts:
Sudarshan Padmanabhan — Analyst
Nishita Shanklesha — Analyst
Gourav Bhama — Analyst
Avnish Burman — Analyst
Praveen — Analyst
Hitanshi Shah — Analyst
Ankit Gupta — Analyst
Abdulkader Puranwala — Analyst
Saket — Analyst
Sujal Jhanwar — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to Innova Captab Limited Q3 9M FY ’26 Earnings Conference Call. [Operator Instructions] Please note that this conference is being 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, Pari. Good afternoon, everyone, and thank you for joining us on our earnings call today to review the operational and financial performance for Q3 and nine months FY ’26. We have with us Mr. Vinay Lohariwala, Managing Director; Mr. Lokesh Bhasin, 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 Kumar Lohariwala — Managing Director
Thank you, Ayush. Good afternoon, everyone, and thank you for joining us on our earnings call today. I am thrilled to report that Innova Captab delivered a stellar quarter with revenue from operations surging to INR450 crores with a robust 42% year-on-year growth. This reflects, not just numbers, but the tangible result of our sharpened strategic focus, comprehensive product pipeline and unwavering operational discipline.
For nine months FY ’26, revenue from operations hit INR1,182 crores, up 27% year-on-year, powered by exceptional execution across both business verticals and our world-class manufacturing infrastructure that continue to set us apart from competitive landscape.
Profitability advanced hand-in-hand with scale, driven by operational efficiency and streamlined operations that unlock greater value at every step. This reflects our team’s disciplined execution and relentless focus on optimizing resource to deliver sustainable margin and 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 Kumar Lohariwala — Managing Director
Yeah. Thank you. The API prices are witnessing some stabilization, which directly supports this vertical. Branded Generics surged 79% year-on-year, driven by our bold push into high potential new domestic and international geographies, coupled with intensified penetration in established markets. This growth stems 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-the-art infrastructure and rigorous quality control that ensure seamless and reliable operations. These proven assets form the bedrock of our scale-up supporting both current demand and future growth trajectory with unmatched consistency. Recently, we further bolstered these capabilities with prestigious GMP certification. UK-MHRA approved our cephalosporin Baddi unit and PIC/s via SMDC Ukraine for all our Jammu blocks. These milestones open doors to regulated high-growth markets 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 marquee CDMO partner. Several others have also successfully completed audits validating stability data and other key parameters. We are optimizing about Jammu facility’s operational ramp-up ahead in the coming quarter.
Looking ahead, we, at Innova Captab, have put multiple high-impact levers in motion from capacity expansion to geographical diversification, ensuring sustained revenue acceleration and profitability gain. Our team remains fully committed to execute these with 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&D endeavors, driven strictly by our dedicated R&D center. Our achievement highlights our strategic agility and operational excellence aimed at a 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 the financial performance during the quarter and nine months FY ’26. 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 nine months FY ’26. Consolidated revenue reached INR450.3 crores, delivering robust 42.3% year-on-year growth, driven by strong demand across both CDMO and Branded Generics business areas. For nine months FY ’26, revenue stood at INR1,182.2 crores with a year-on-year growth of 27.3%, reflecting sustained momentum from our diversified portfolio and expanding market reach. Exports formed a healthy 35% of Q3 FY ’26 revenue mix and constituted 32% in nine months FY ’26, underscoring our strategic progress in global markets.
The CDMO business generated INR298.7 crores in Q3 FY ’26, up 29% year-on-year from INR231.6 crores. Our nine months FY ’26, CDMO revenue totaled INR813.9 crores, growing 18% Y-o-Y. Branded Generics shone brightly with INR151.6 crores in Q3 revenue, surging 79% year-on-year, fueled by aggressive geographic expansion, both domestic as well as international. For nine months FY ’26, this area delivered INR368.4 crores, up by 56% year-on-year.
EBITDA climbed to INR71.1 crores in quarter three FY ’26 from INR50.9 crores last year, a solid 39.6% year-on-year increase. Nine months FY ’26 EBITDA was INR183.7 crores, up 24.8% from INR147.1 crores with margin steady at 15.8% for the quarter and 15.5% over nine months, reflecting disciplined cost management.
PAT stood at INR42.1 crores for quarter three FY ’26 and INR102.8 crores for nine months FY ’26, 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. [Operator Instructions] The first question is from the line of Sudarshan from ASK NDPMS. Please go ahead.
Sudarshan Padmanabhan
Thank you for taking my question and congrats on good set of numbers. Sir, my first question is on Jammu, if I can break it into two parts. One is how much in this quarter it’s contributing? I mean, if you can give some color quarter-on-quarter, how it has scaled up?
And second is in the context of the GST cut that happened earlier. I mean, now in the strategy B to maximize the utilization in Jammu much earlier to what it was, sir, earlier planned to basically capture the higher component of some GST, some color on that.
Lokesh Bhasin
Yeah. So this quarter, we have achieved a revenue of around INR89 crores from Jammu, which has increased from around INR60 crores previous quarter.
And regarding — can you please repeat your second question?
Sudarshan Padmanabhan
This was on account of the reimbursement that happened from the — on the Jammu facility. Now earlier because of the cut in the GST, the expectation was it was a little hazy, but the way that we can ramp it up faster, we will get better payback, right, on the Jammu facility. So I wanted to know whether now we have a plan with respect to how we are going to cap that.
Vinay Kumar Lohariwala
So as Lokesh has given the number that this quarter, we have closed INR89 crores. 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/s certification is already being done. Most of our 14 out of 15 clients 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 Padmanabhan
Sure, sir. And how do you see the scale up here, sir? I mean, in terms of utilization, say, in the next 18 months to 24 months?
Vinay Kumar Lohariwala
So as you know that the pharmaceutical require a full-fledged validation and audits are there. So we have started this Jammu facility in January ’25. 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 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 number. But in overall strategy, we can have the 20% plus growth for the next year.
Sudarshan Padmanabhan
Sure, sir. Sir, my second question is on the Branded Generics, which has again done very well, I mean, Q-on-Q and Y-o-Y. So if you can give some color with respect to, one, the sustainability of that? And how — is this contributed more by the domestic or are we seeing better traction happening from Sharon? So if you can give some color on how the mix is and the outlook on this?
Vinay Kumar 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 Branded Generics has fared well this quarter. This quarter, we have achieved around INR151.6 crores from Branded Generics, which is showing a growth of around 79%. As I submitted earlier, it has been possible 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.
Vinay Kumar Lohariwala
Yeah. So in this Branded Generics, 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 generics, Univentis is doing good vis-a-vis our Sharon’s and our Innova’s export business that is in our own brand is being classified in this category.
Sudarshan Padmanabhan
Sure. Thanks a lot.
Vinay Kumar Lohariwala
Yeah. Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Nishita from Sapphire Capital. Please go ahead.
Nishita Shanklesha
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 plants, if possible? Hello?
Lokesh Bhasin
Yeah, Nishita, we lost you for last five seconds. Can you please repeat?
Nishita Shanklesha
Yeah. Sure. So I just wanted to know the capacity utilization for all of our plants, if it’s possible? Current capacity [Speech Overlap]
Lokesh Bhasin
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 the next few years. And talking about our other facilities, which is our Baddi facilities as well as our formulation facility at Dehradun and Taloja, they range between a capacity utilization of 55% to 60% as of now.
Nishita Shanklesha
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 calls also, the optimum capacity — on an optimum capacity of, say, 65% to 75%. Jammu is having a potential to reach around INR1,400 crores plus when it will reach at a optimum capacity level. And see, in a normal CDMO 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 15% to 25% to grow in all these existing manufacturing capabilities.
Nishita Shanklesha
Right, right. Okay. And my next question is on — so it’s a clarification. Sir, you mentioned that we did INR89 crores of revenue from Jammu facility in Q3. So is that facility breakeven yet or how long is it is that facility going to take to breakeven?
Lokesh Bhasin
Yes. Nishita, it is nearing the breakeven at EBITDA level. And of course, at PAT — reaching a PAT breakeven, it takes certain quarters also. But we are very much sure that in the next year, as Vinay sir also submitted that in 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 Shanklesha
Okay. Understood. Understood. And my next question is, so we like had a very good growth in the past three quarters of FY ’26. So like do we see us reaching a 30% growth — overall 30% growth in FY ’26?
Lokesh Bhasin
So full year guidance, we’ll still like to refrain from giving as of now.
Nishita Shanklesha
Okay. Okay. Understood. Understood. And sir, again, a clarification you mentioned to a previous participant that in FY ’27, we expect a 20% growth. That 20% growth is in the Jammu facility specifically or overall 20% growth?
Vinay Kumar Lohariwala
This is overall 20%.
Nishita Shanklesha
Okay. Okay. Understood. Thank you so much.
Operator
Thank you. [Operator Instructions] The next question is from the line of Gourav from JM Financial. Please go ahead.
Gourav Bhama
Hi, sir. Good morning. Am I audible?
Operator
Yes, you’re audible.
Vinay Kumar Lohariwala
Yes, sir.
Gourav Bhama
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 Generics business? [Speech Overlap]
Lokesh Bhasin
Yes. So basically, as we said that Branded Generics business growth has been contributed by both domestic as well as international level. And yes, our international geographical presence is increasing as is evident from our overall export to the revenue mix. It has increased around 35% for this quarter and 32% for nine months ended December ’25.
Gourav Bhama
So what was the parallel number for, let’s say, 3Q FY ’25, 35%?
Lokesh Bhasin
Q3 ’25 was around 25%, 27%.
Gourav Bhama
25%, 27%, right? Okay?
Lokesh Bhasin
Yes.
Gourav Bhama
And sir, in terms of any guidance for the fourth quarter? How should we look at the fourth quarter in terms of [Speech Overlap]
Lokesh Bhasin
So as of now, we are very much hopeful depending upon the seasonal cycles. We are still looking at a number, but we would like not to give any comp guidance as of now.
Gourav Bhama
Understood. That’s all from my side. Thank you.
Vinay Kumar Lohariwala
Thank you.
Operator
Thank you. The next question is from the line of Avnish from Vaikarya. Please go ahead.
Avnish Burman
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 INR89 crores have come from Jammu and it’s nearly breakeven. If I look at the results on an ex Jammu basis and if I remove, let’s say, INR89 crores from the INR450 crores of revenue that you booked, the ex Jammu revenue of INR361 crores will 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 an ex Jammu basis to increase so much? Hello?
Lokesh Bhasin
Thank you, Avnishji. You catch the right thing. And I covered this in my opening remarks that we are at the EBITDA ex Jammu whatever the EBITDA contribution or PAT contribution is coming is from the ex Jammu. Jammu is not yet participated in EBITDA or PAT margin. Even the PAT margin is negative because of the project cost depreciation and all that, right? So there is a substantial improvement if you see, you calculated the number correctly, there is 18%, 19% EBITDA margin ex the — if we see the ex Jammu. So this is overall good performance across the category, better price realization, support from the API and overall the exports, Sharon, our trade generics business, so every one is contributed in a positive manner. Similarly, if you see the ex Jammu number, that is a substantial improvement in that also.
So if you see that last quarter, we are somewhere at INR380 crores. And this quarter, we are at INR450 crores. So even in the PAT margin, the INR17 crores sales improved contributed to the almost INR12 crores in the PAT margin. Similarly, when we improved the performance by 10% to 20%, there is a substantial gain in the EBITDA margins. If you see the growth conversion that is approximately 32%, 33% of the — on average basis, material margin is like 30% to 33%. But once the performance of the business, let’s say, optimize and give in a better territory, then it results in a better EBITDA margin because like electricity or workman cost, all are the constant.
Avnish Burman
Understood.
Lokesh Bhasin
So that is the one [Speech Overlap]. Yeah. From the operational leverage, we are getting the benefit. Better price realization is the second one.
Avnish Burman
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?
Vinay Kumar Lohariwala
So, I’ll let Lokesh give you the [Speech Overlap]
Lokesh Bhasin
Yeah. So Avnish, if I say on a year-on-year basis, our volume growth is around 6% to 10%. Rest is all change in product/sales mix. And quarter-on-quarter, there is not much change in volume, but the growth has been contributed mainly due to change in product and sales mix.
Avnish Burman
Okay. Last question was on the API prices. I think Vinayji 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 — clearcut, we are even losing on the price front.
Avnish Burman
Understood. Okay. Okay. Yeah. Thank you. I’ll get back in the queue. Thanks.
Vinay Kumar Lohariwala
Thanks.
Operator
Thank you. The next question is from the line of Praveen [Phonetic] from Avendus Spark Institutional Equity. Please go ahead.
Praveen
My question was also in the lines of API prices. So this stabilization of API prices, are we seeing it [Indecipherable].
Ayush Kumar Garg
Praveen, sorry, but — Praveen, your voice is really muffled. Can you use the main phone instead of speakers if you want?
Praveen
Is this my — is my voice better now?
Ayush Kumar Garg
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 of API 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 line?
Vinay Kumar Lohariwala
So this is regarding future trend you are asking for?
Praveen
No sir, API prices.
Vinay Kumar Lohariwala
Yeah. So in past, we can say that the prices are now in a stable territory if we compare, say, Q2, Q3 on an average basis, we can say it is in stable territory. But prediction about the future is still uncertain. We cannot say what happened in the future.
Praveen
Right, sir. Right. On the exports [Speech Overlap]
Vinay Kumar Lohariwala
Yes, go ahead.
Praveen
Sir, are you saying or he’s saying something or did I interrupt?
Vinay Kumar Lohariwala
So, Praveen bhai, just to add what Vinay sir was saying, so whatever numbers regarding our future or guidance that we give, it is always on the constant API pricing. So whatever impact the change of API pricing would have in future is not imbibed in our outlook as of now.
Praveen
So the 20% number, which we gave for the next year would be the volume guidance like because price we are assuming as a function, right, sir? Okay, sir. 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?
Vinay Kumar Lohariwala
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-vis our — we are well focused on our domestic market as well. So somehow sometimes what happens 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 35-65 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. Sir, the last question from my side is on cephalosporin business. So how is it doing on our basis? And what is the macro situation on cephalosporin API, sir?
Vinay Kumar 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 Kumar Lohariwala
So 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. On the demand side, sir?
Vinay Kumar Lohariwala
So demand is like we have the UK-MHRA, EU-GMP 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
Okay, sir. Sir, that’s it for myself. Thank you so much.
Vinay Kumar Lohariwala
Thank you.
Operator
Thank you. The next question is from the line of Hitanshi Shah from Equentis Wealth. Please go ahead.
Hitanshi Shah
Congratulations on a good set of numbers. Sir, in last quarter, you had guided that the Jammu facility will have a revenue of around INR280 crores. So are you on track towards that?
Lokesh Bhasin
Yes. So, Hitanshi, for this year, we would like to maintain the same guidance. Rather, on an optimistic side, we may be slightly overpassing this guidance. But in broad range, it will remain in the range of INR270 crores to INR280 crores.
Hitanshi Shah
And if possible, what would be the revenue guidance for FY ’27?
Lokesh Bhasin
So like we said that on an 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, sir. 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 — as the earlier participant was talking about ex of Jammu, our EBITDA margins have touched almost 18%, 19%. And let’s say, hopefully, next year, Jammu will also start contributing at the EBITDA level. So how should we look at our EBITDA margins going forward? Can we see 16%, 17%, 18% kind of EBITDA on a sustainable basis from FY ’27 onwards, 17%, 18% kind of EBITDA margins from FY ’27, ’28 onwards?
Lokesh Bhasin
So, Ankit, if you see that we always maintain our margin profile at, say, 15% plus/minus 2% here and there, right, 15% to 16%, 17% type of the margin. What happens that like Jammu is now not contributing in future also, let’s say, we can have some growth engines that is putting a negative on the P&L, right? So businesses cannot be sit silently and we need to focus continuously on the future growth also. So we have to carry that P&L pressure from that growth strategy, right?
So whenever there is a finalized story about the future plan, we will definitely come. But we cannot say that we can have a non-negative number impact on the P&L. So that some future strategy will be there. So one side, the margin can grow with the Jammu plus, plus side, but the future strategy can again put some pressure on the P&L.
Ankit Gupta
But sir, currently, Jammu and like with such a huge potential of INR1,200 crores, INR1,400 crores kind of top line. And currently, as you have said that this year, we’re targeting INR280 crores to INR290 crores kind of revenue contribution from Jammu. There’s still a huge room of ramping up revenues from Jammu itself. So are we looking at some more expansions at least in the near- to medium-term or by FY ’27-’28, our focus will majorly be on ramping up Jammu itself?
Vinay Kumar Lohariwala
Jammu ramping up 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 three — two to three 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 a few of the strategies. 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
Sure, sure. And sir, 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 segment, given our scale also will be touching or will be crossing hopefully INR500 crores this year?
Vinay Kumar 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 a few quarters or years, some category can outperform the other one. In export business also, we are consistently focused on registering, developing new products, registering the product across the territory, right? So in a few quarters, there may be some better — a few category can outperform the other one. But overall, our target is like 20% plus.
Ankit Gupta
Sure. Sure. Okay. Okay. Thank you and wish you all the best, sir.
Operator
Thank you. The next question is from the line of Abdulkader Puranwala from ICICI Securities. Please go ahead.
Abdulkader Puranwala
Yeah. Hi. So thank you for the opportunity. Sir, my first question is with regards to the Jammu facility that we are clocking quarterly revenues of INR85 crores to INR90 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 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 PIC/s 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 rather Group level. So yes, Jammu is going to playing a good part in it.
Abdulkader Puranwala
Okay. Okay. Understood. And sir, then for next year, how should we look at your margins considering that 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 Kumar Lohariwala
So let’s say, if Jammu starts contributing in the margin, then in the near-term, it should, let’s say, improve. Till we take some other growth strategy on board that can be the P&L negative, right, till then the margin should improve.
Abdulkader Puranwala
Got it, sir. So for the nine-month number, can you provide your cash flow from operations for the nine months of fiscal ’26?
Vinay Kumar Lohariwala
I’ll let Lokesh, to comment on this.
Lokesh Bhasin
Yes. Abdul, so if I talk about our operating cash flow before working capital changes and tax, so it was around INR182 crores at a Group level, which has been well used to support our growth around 40% over year-on-year and other normal expenditures.
Abdulkader Puranwala
Good. Thank you.
Lokesh Bhasin
Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Saket from Sagari Capital [Phonetic]. Please go ahead.
Saket
Hi. Am I audible?
Operator
Yes, you’re audible.
Saket
Yeah. Thanks for the opportunity and congratulations for an excellent set. Sir, excluding Jammu, if I look at the CDMO business, so what was the volume growth Y-o-Y? 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 the volume growth ex of Jammu?
Lokesh Bhasin
So as you said, Saket, on a year-on-year basis ex Jammu, our volume growth in the range of around 6% to 10%.
Saket
Okay. 6% to 10%. And sir, Sharon is part of CDMO or is it part of Branded Generics?
Lokesh Bhasin
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?
Vinay Kumar Lohariwala
So normally, we prefer not to go to that. So we prefer to report our revenues on CDMO and the Branded Generic level.
Saket
Fair point, sir. And sir, you must have gotten some tailwind of API prices in the Branded business, right? Because there, the API prices — lowering API prices helps your margins. Is that a fair assumption?
Vinay Kumar Lohariwala
So basically, we are not the frontly integrated company. In our Branded Generics business also, there are two categories. One is our trade generics and one is our own brand export business sit in that category. And normally, there also the pricing of our product is based on the API prices.
Saket
Okay. Fair point, sir. Fair point.
Vinay Kumar Lohariwala
Yeah.
Saket
Okay. Yeah, thanks, sir. Thanks for the opportunity and appreciate your answers.
Vinay Kumar 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 broadly what would be the margin differential between the Branded Generics and our CDMO business?
Lokesh Bhasin
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?
Lokesh Bhasin
I would prefer not to provide it because we do not track these numbers on that objective level. Thank you.
Ankit Gupta
Okay. Okay. And sir, on Sharon, 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 and nine months?
Lokesh Bhasin
Yes. So as we said earlier also, all business areas has kicked in, in this performance for quarter three FY ’26. 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 Kumar Lohariwala
Thank you.
Operator
Thank you. The next question is from the line of Sujal from Opportune Wealth Advisors. Please go ahead.
Sujal Jhanwar
Congratulations, first of all, on your numbers. Am I audible?
Operator
Yes, sir, you’re audible.
Sujal Jhanwar
So sir, I just want to ask about that you — as you said, you decide the prices according to the API prices. Are you able to pass on to just one customers or is it just like — or how does it impact to overall margins?
Vinay Kumar Lohariwala
So 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 Jhanwar
Okay, sir. And sir, second question on the part of side of — competition side. So on the CDMO part of business, there’s a little bit competition intensity is getting increased. So can you share your insights on that part side?
Vinay Kumar Lohariwala
So it’s a — India is a very huge market, if you’re talking about the domestic CDMO market, right? We have a very large market in 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 Jhanwar
Okay, sir. Thank you. Thanks so much.
Vinay Kumar Lohariwala
Thank you. Thank you.
Operator
Thank you. [Operator Instructions] Ladies and gentlemen, that was the last question for today.
[Operator Closing Remarks]