Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Innova Captab Ltd (NSE: INNOVACAP) Q4 2026 Earnings Call dated May. 08, 2026
Corporate Participants:
Vinay Kumar Lohariwala — Managing Director
Lokesh Bhasin — Chief Financial Officer
Analysts:
Sudarshan Padmanabhan — Analyst
Ankit Shah — Analyst
Avnish Burman — Analyst
Unidentified Participant
Unidentified Participant
Unidentified Participant
Presentation:
Operator
Ladies and Gentlemen, good day and welcome to Innova CAPTAP Limited Q4NFI 26 on E Conference Call. This conference call may contain forward looking statements about the company which are based on beliefs, opinion and expectation of the company as on date of this call. These statements are not the guarantee of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant line will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes.
Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Today from the management side we have with us Mr. Vinay Lahorewala, Managing Director and Mr. Lokesh Versin, Chief Financial Officer and SGA Investor Relation Advisor. I now hand the conference over to Mr. Vinay Lahorewala, Managing Director of Innova Cap Tab Ltd. Thank you and over to you sir. So please unmute. Good morning
Vinay Kumar Lohariwala — Managing Director
Everyone. Good morning everyone and thank you for joining us today. We are pleased to present our operational and financial performance for Q4 and FY26. FY26 has been a defining year for Inova Captep as we achieved our highest ever annual performance reflecting the strength of our business model, execution capability and customer relationship on a full year basis. Revenue stood at INR 1630 crore resisting a healthy growth of 31% year on year while Q4 revenue come at INR 448 crore delivering a strong growth of 42% compared to the prosperity quarter last year.
The growth momentum was broad based supported by continued traction across both our CDMO and branded generic business. Over the last few years we have remained focused on expanding our product portfolio, strengthening customer partnership, enhancing manufacturing capability and improving operational efficiencies. The benefit of these initiatives are now increasingly visible in our overall performance. A key highlight during the year was the successful completion of the first full year of operation at our Katwa Jammu facility.
The ramp up was progress steadily and I would like to appreciate the effort of our team across the function for ensuring smooth execution while maintaining high standard of quality and compliance. Starting with the CDMA business, we continue to deepen our presence in the domestic pharmaceutical market by expanding our customer base to our 350 clients including several leading pharmaceutical companies in India. This reflect our continued emphasis on product development, customer centric innovation and long term partnership.
We sincerely thank our customers for their continued trust and confidence in our capability. The CD member business reported revenue of INR crore that is 1133 crore during FY26 reflecting a year on year growth of 24%. Going forward we see strong opportunity to further expand wallet share with existing customer while also adding new relationship across therapeutic category and dosage forms. Coming to our branded generic business, we delivered a strong growth of 51% during the year. The performance was driven by geographical expansion into high potential domestic and international market coupled with deeper penetration in our existing geographies.
Our manufacturing infrastructure continue to remain one of the core strength of the company. Over the years we have built advanced and technology driven facilities supported by automation, stringent quality system and globally compliant manufacturing practices. These capabilities provide us with scalability, consistency, flexibility and operational flexibility as we continue to grow the business. We also achieved important regulatory milestones during this year. Our Cephalosporin facility in Baddy received UK MHRA approval while our Jammu blocks received PIC certification through SMDC Ukraine.
These certifications will support our entry into regulated international market and strengthen our positioning as a quality focused pharmaceutical manufacturing partner. The Jammu Facility continue to business increasing progress with several marquee customers successful, completing audits and validating stability data along with other key parameter. We remain confident about the scale up of the facility and its contribution to grow over the coming years. Looking ahead with multiple growth levers in place, capacity ramp up, an expanding product portfolio, deeper market penetration and a strong R and D engine.
We are confident in our ability to deliver 20% plus revenue growth and create long term value for stakeholders with improving scale and operating deliveries. We expect EBITDA growth to outperform revenue growth as the Jammu plant utilization ramp up. Further PAT growth should outpace EBITDA growth added by the fact that the depletion and financial costs related to the Jammu Facility are largely fixed and already reflected in the base. Overall incremental growth should translate into much stronger profitability going forward.
We remain committed to executing our strategic roadmap with discipline and agility across both of our business area. With this, I would like to hand over the call to our CFO to detail out the financial performance during Q4 and FY26.
Lokesh Bhasin — Chief Financial Officer
Thank you sir and good morning everyone. I will now walk you through the financial highlights for quarter four and FY26.
Vinay Kumar Lohariwala — Managing Director
Consolidated revenue for the quarter came in at rupees 447.8 crores with a strong 42% year on year growth mainly driven by strong demand in both our business areas. Exports contributed 48% for quarter four reflecting our continued focus and progress in global markets. Our CDMO business revenue came in at rupees 314.8 crores up by 41% year on year. Mainly led by increased product portfolio, adding new customers and deepening our wallet share with existing customers. The branded generic business revenue stood at Rs.
133 crores. Growth of 46% on a year on year basis. Showcasing a pure testament to our distribution strategies. EBITDA for the quarter stood at rupees 66.7 crores with 31% increase and EBITDA margin of 14.9% mainly due to change in product mix. Profit after tax for the quarter came in at rupees 38.1 crores up 49% on year on year basis. FY26 Hilix consolidated revenue for the full year came in at Rs. 1630 crores with a growth of 31% on an year on year basis. Exports for the full year contributed 31% to the overall revenue.
TDMO business revenue stood at 1,133 crores with a growth of 24%. The ended journey business showed robust growth of 51% and came in at Rs. 497 crores. EBITDA for the full year came in at rupees 250.3 crores as against rupees 198.2 crores last year. Operating margins for FY26 came in at 15.4%. Profit after tax stood at Rs. 140.9 crores with a growth of 10% on an year on year basis. Our balance sheet continues to demonstrate strong resilience reflecting the effects of strategic decisions undertaken over the past few years that are now translating into tangible execution on the ground.
With disciplined capital allocation, a prudent leverage profile and sustained investment in capacity and capabilities, we have built a solid financial foundation to support our growth ambitions. As these initiatives continue to scale and deliver operating leverage, we are confident of our future growth in the coming years. With this, I would like to conclude our opening remarks and open the floor for question and answer. Thank you.
Operator
Thank you so much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star N1 on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Our first question come from the line of Anubhav from Recent Capital. Please go ahead,
Lokesh Bhasin — Chief Financial Officer
Sir. Thanks for the opportunity. My first question is can you provide a bit of the PGMO segment revenue growth into volume and realization growth both for FY26 and current quarter.
Vinay Kumar Lohariwala — Managing Director
So long our volume growth is at an entry level and and rather more of a facility level. So often if you see just a. So on a year on year basis our Bazi facility IPL grew by around 35%. And it was mainly through Jammu facility which has just ramped up for the full year. And talking about our Bhagi facility, the growth has mainly come through volumes.
Questions and Answers:
Lokesh Bhasin
Okay Anshar, are you witnessing like a spike in API sizes and like how will that impact our revenue growth in the PDMO segment going forward?
Vinay Kumar Lohariwala
So basically you are talking about increase in API passes and its impact on our revenue model. Right?
Lokesh Bhasin
On our CDMO revenue will be able to because of the Middle east situation are we witnessing spiking EPI prices? And I understand it’s a cost plus model but going forward will we be able to pass it on completely?
Vinay Kumar Lohariwala
So yes. So due to this going on conflict there is certain uptick in prices of our raw materials and major ingredients. You rightly said our cost, our pricing with CDMO’s customers on cost plus basis. So largely those increase has been passed to our customers.
Lokesh Bhasin
Answer the sequential acceleration in revenue growth in second half and even Q4 the growth is higher than 2,3. Is it mainly driven by the ramp up in the Jammu
Vinay Kumar Lohariwala
Facility? If I talk about. If we talk about Overall growth in Q4 as well as full year. Yes, one of the major contributor is our ramp up of our Jammu facility. But having said that each and every business area as well as our capability across group has contributed to this overall growth.
Lokesh Bhasin
Ankar, for the branded generic segment, do you provide a hint of that between domestic branded and it’s
Sudarshan Padmanabhan
Good
Lokesh Bhasin
Branded. Since
Vinay Kumar Lohariwala
Normally we do not track over geography based business that is in a serial level. But roughly it is in the range of 70% domestic and 30, 35% exports.
Lokesh Bhasin
And between the two which segment is like like driving the very like good growth for this overall business? Can you provide some color to that?
Vinay Kumar Lohariwala
Yes, as we submitted, while majority of our business area business comes from our CDMO business area. But the growth which is coming is coming from all business area and at the same time is infused by each and every manufacturing capability that we are having.
Lokesh Bhasin
And sir, a final question before I get back in the queue. Sir, how are you witnessing the schedule and implementation? Like it’s been a while now. So like do you see like crackdown on like facilities which are not compliant and is it like helping our growth? Can you Give some color that.
Vinay Kumar Lohariwala
So ScheduleM is now effective across the country and it is better that we comment on our capability. Overall facilities are well compliant with the local regulation as well as the international regulation. We have the approvals like if you see in the last year also we have received MHRA certification, we have the EUGMP certification and then we have the PIC certification. So we have the international as well as the local compliance plants. And definitely those who are complying will be in an advantage space that I can say.
Operator
Thank you ladies and gentlemen. Anyone who wishes to ask a question press star and one our first question come from Next question come from the line of Sudarshan Padamabhan from Ask Investment Managers. Please go ahead.
Sudarshan Padmanabhan
Yeah, thank you for taking my question and congrats on great set of number. You know, with all the global issues happening, you know how is the availability of raw materials? Do we have any issues in the supply chain that we have seen which we you know are trying to address. Can you give some color on you know, the availability of material?
Vinay Kumar Lohariwala
So Darshanji, as far as the availability is concerned there is no such problem or what should I say. So prices are going up, that is the one thing. But availability is not, not at all a concern. So nothing is in salty or the other way around. What we can say there are two things. One is the demand side and one is the supply side. So as if you compare with the COVID situation. In Covid situation there is a demand side disruption also right this time demand is increasing at a normal growth rate or normal pace.
There are some disruption on the supply side. So that basically on the prices rather than availability of the material largely.
Sudarshan Padmanabhan
And sir, you know coming to you know the subparts of the business. I mean I’m just trying to gauge the you know, the extent of operating leverage that can happen. If I look at the utilization across plant. I mean Jammu facility is at sub 10%. Then you have the other facilities which are 75%. And also if I look at you know share on which again can be a huge positive delta both on sales and margin. So while EBITDA would grow faster than your top line. I mean should we see what is the kind of margin expansion?
Should we see because across the board when I look at it it looks like it is all pointing out to sustained margin expansion over the next.
Vinay Kumar Lohariwala
So this is again a complex area to comment on the margin expansion. But what we can say that it should be better than the current year, next year the margin or should be better than the current year because how it is a complex that it depend on the product basket, geographical presence, everything. And then overall number will how much delta will result so that we are not able to speculate on that. And the overall outlook we can say that it is positive for margin expansion also.
Sudarshan Padmanabhan
Sure. The final question before I join back to you is when I look at the regulated international markets, I mean we have basically got the approval from UK MHRA for surplus foreign unit which we have a dedicated unit. And if I look at the foreign market as well, I think we are in a stronger wicket given that government has implemented the nip, ensuring that Indian ecosystem does well, et cetera. I mean we also have invested a lot on share on asset. We have got that facility in that sense. So how do we see this part of the business, I mean the international regulated part say in the next few years from a strategic perspective and where do you think in the next two to three years in terms of contribution?
Vinay Kumar Lohariwala
So if you see our regulated portfolio as you already covered that acquisition of Saron helped us in that territory. In Saron we are operating in market like Canada, UK and then Europe, Australia and from our cephalosporin block also we are operating in all these market. Canada, Europe and UK especially. Right. So we are continuing focused on these market filing our product in this territory. We are getting the endorsement in for the multiple product in this market. And we see a healthy better growth in our business and with a better margin especially in this market
Sudarshan Padmanabhan
Do we see a contribution of developed markets improving visibility in the next three years from where it is today.
Vinay Kumar Lohariwala
Sudhasar, if you see that we have covered this line multiple times, that we are focused on all our engines simultaneously equally. Whether it’s the regulated market or our domestic trade generic or our CDmo we are focused on all market. So let’s say if we are growing in one segment by 30% the other one is also growing. So whether the product overall mix will change or not change, that is in the future. But as a strategy or as a company we are focused on all the category of the business.
Sudarshan Padmanabhan
Sure. Sure sir. Thanks a lot. I’ll
Vinay Kumar Lohariwala
Turn back.
Operator
Thank you. Our next question comes from the line of Ankit Shah from Canada Robeco amc. Please go ahead.
Ankit Shah
Yeah. Hi. Thanks for the opportunity. Sir, can you share the revenues from Jammu in this quarter and whether it is starting started contributing positively to EBITDA
Vinay Kumar Lohariwala
This quarter. So basically if you talk about full year Jammu is achieved around 300 crores. And this quarter we are nearing EBITDA. And in coming quarter as we Said that the Jammu MPAP is going on. We are very much positive that in coming quarter we should be able to achieve EBITDA positive as well as start covering the fixed cost on.
Ankit Shah
Okay. Right now we would be close to break even and going forward it will start contributing positively.
Vinay Kumar Lohariwala
Yes
Lokesh Bhasin
Sir.
Ankit Shah
Okay, got it. The second question was on the gross margin. So if I look over Yomi gross margins are down despite our branded business share going up. So what is the reason for the decline? Any RM cost increases are impacting that.
Vinay Kumar Lohariwala
So basically if you see the change in gross margin profile is mainly due to the change in product mix. That is the only reason the change in raw material prices on the upper side has nothing impact on the gross margin part.
Ankit Shah
Okay, got it sir. Thanks for this. I’ll get get back in the queues for more questions. Thank you.
Operator
Thank you. Our next question comes from the line of Avnish Barman from Vicaria amc. Please go ahead.
Avnish Burman
Hi, good morning. Thanks for taking my question. Just Lokesh, one question on the specifically the SIFA API prices that you’re seeing in this quarter. Can you broadly quantify on the CEFA prices only what has been the increase on a YOY and QOQ basis?
Vinay Kumar Lohariwala
So you were talking about previous year Amish
Avnish Burman
Surplus foreign API price.
Vinay Kumar Lohariwala
So yes, if you remember our surplus foreign prices have reduced during the quarter two and quarter three of this financial year and start stabilizing in first half of quarter four before this conflict break out. So yes, there had been impact on Jammu as we have called out earlier, that was the major impact which has impacted our venue during this year.
Avnish Burman
Has there been a meaningful increase in these prices on a sequential basis?
Vinay Kumar Lohariwala
So not in the Q4 we can say but yes, with the braille if we see on the YTD basis then we can say yes there is an increase in the prices.
Avnish Burman
Okay. Okay. And the other question was on you quantified 300 crores of full year Jammu revenues just translates to about 90 crores approximately on quarterly revenues. And again I mean if these 90 crores are coming at EBITDA break even. So you’re just the back of the envelope calculation. Your ex Jammu EBITDA margin comes at about 18, 18.2%. Is that a good, good estimate of the examu profitability of the business?
Vinay Kumar Lohariwala
Yes, you are right.
Avnish Burman
Okay. And one more question Vinay. You said that ebitda margin in FY27 should show some increase. This is. And in the previous calls you were also talking about some investments that you need to do in the business for long Term growth. Because of which I think you mentioned that there might be some pressure on margins. So you are talking about an EBITDA margin increase taking into account these investments that you’ll need to do next year.
Vinay Kumar Lohariwala
If you see that the next chunk of the revenue which is going to contribute in Jammu. Right. So in pharmaceutical facility what happened maximum operating side expenses we have already committed. Whether it’s let’s say electricity or employee and employee benefits head most of the cost is already committed. So the whatever the incremental revenue will come it will trigger the operational leverage. And we expect that there should be a few percent point improvement in the ebitda. Now the thing is that overall situation will depend on the product mix, overall revenue growth and every factor taking in account.
Now let me come to the second part of your question. That if there is a long term investment in any strategy, so what happen in the initial strategy that that is a capitalized cost. So if say if you are putting some plant in the next financial year, then the cost of interest will is again a capitalized so directly it will not flow to the P and L. And that’s why we are expecting that there is a margin expansion can happen.
Avnish Burman
Okay, so despite this investment there could be a margin expansion at least on the ebitda. But you also mentioned like the PAT growth to be higher than EBITDA growth. So let’s say if there is capitalization of a new facility, say still you believe that the PAT growth can be higher than the EBITDA growth because then operating leverage might hit you negatively because the planned expenses will come and the revenues would not come in FY27.
Vinay Kumar Lohariwala
Yes. So the cost of depreciation and interest is already taken care last in the FY26. Right. So if there there is improvement in EBITDA so PAT will outperform the EBITDA
Unidentified Participant
That even you if
Vinay Kumar Lohariwala
You see the quarter and quarter results of our company, if you compare the results with the Q2, Q3, Q4 result with the Q1, even the H2 with the H1. So that is a clear cut example of that. Right. So when there is a revenue increase of let’s say X percent, then EBITDA and PET grow better than the revenue growth.
Avnish Burman
Yeah, but for the new investment, I mean the depreciation and interest cost is still not in the pnl. Right. Because so
Vinay Kumar Lohariwala
That will take the time this will kick in not in the FY27 or maybe partly kick in for the FY28.
Avnish Burman
Okay. Okay, understood. Yeah, understood. Thank you so much. I’ll get back. Because
Vinay Kumar Lohariwala
Any new project, if we start with the greenfield it takes one and a half year to start the commercial production.
Avnish Burman
Right. Understood. Thank you so much.
Operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question, my Press Star and 1. Our next question comes from the line of Rajesh Joshi from Chris Capital. Please go ahead.
Unidentified Participant
Yeah. Congratulations on a good set of numbers and thank you for this opportunity. So my first would be. I mean a couple of months back I think if I remember correctly you had disclosed in an exchange filing that you had purchased a land parcel at badri for about 20 odd crores. So just wanted to get a sense on, you know since you’ve started this Jammu plant recently. I mean are we facing a supply crunch in or a capacity crunch in one of our products already and which is why we’ve gone ahead with that, you know, acquisition of land there at Bhagi.
Vinay Kumar Lohariwala
So this if you see the numbers for the general block facilities that is on the higher utilization side. So the Jammu Bhakti land acquired for the general log construction. So if. Let’s say if we can we will come out with the detail. Not on that once the things will be finalized. But this block will be for the general oral tablet capsule or a liquid facility in Buddhi. That will relax our. But the portfolio. So if you see our buddy portfolio we are going on a higher utilization side. So keep the growth momentum active and live.
We need the capacity expansion for general portfolio which is not covered in Jammu. In Jammu we we have like injectable in general facility and cephalosporin, beta lactam and Panum. So the expansion will not be in the that area. So it will be in the existing portfolio of.
Unidentified Participant
Understood sir. And so this expansion at Buddhism that you just alluded to. So this will be coming in which year or something. So I mean my question is basically for FY27. Do you see any major capex, I mean in terms of growth capex as such that we are planning to incur or anything which has been already incurred that might come online in FY27.
Vinay Kumar Lohariwala
So just so basically as we said it is still in the delegation stage. And as and when it will be finalized we will come with a more concrete plan going ahead. But on a very broad stock this capex should be incurred in both FY27 and FY28. The weightage of it and the portion of it will be finalized as and when we have in the position to finalize it. But on an overall level the way we are seeing it right now the overall capital outlet should be in the range of 150, 170 crores. The overall potential.
Overall potential of this lock at an optimum level should be in the range of 450 to 500 odd crores revenue,
Unidentified Participant
Sir. Thank you sir. And last question. So on on semalo time. Right. We’re seeing very strong pickup now in the ipl. So just want to get your thoughts on how you’re looking at this opportunity and your plans for the same.
Vinay Kumar Lohariwala
Yeah. So for Semaglutide we are closely monitoring the market and we are working in our R D and our initial R D have worked on the product and we are getting a positive figure from there. So there are two things that One is the market side and other is our exhibition of our exhibited exhibit batches and filing to the local fda. So we will not be the. As the product is already launched. We are not in the race of the initial launching and all that. So we will be the be in ready with the Wave 2 type concept.
So let’s say if the product is going good in the market then we should be ready in the wave two of the product.
Unidentified Participant
Understood sir. Thank you so much and wishing you all the way.
Operator
Thank you. Our next question come from line up Gaurav Bama from JM Financial. Please go ahead.
Lokesh Bhasin
Hi sir. Good morning. Am I audible?
Vinay Kumar Lohariwala
Yes. Good morning. Hello.
Lokesh Bhasin
Yes, sir. First of all, congratulations on the website of Humble and thank you for extending me the opportunity. So I have a few questions. The first I’ll start with Jammu. If you can provide me a rough split between let’s say CDMO business and the banded generic business in that 300 crore top line that you mentioned for FY26 that will be helpful.
Vinay Kumar Lohariwala
So Gaurav, we normally do not track our business area revenue at an capability level. But yes, our manufacturing capability at Jammu is in position to cater all our business areas for all geographies. So this the revenue which has come from Jammu contributes to both CDMO as well as branded generics.
Lokesh Bhasin
When a rough breakup is not possible at this point, as
Vinay Kumar Lohariwala
Of now it’s not possible.
Lokesh Bhasin
Understood. And secondly I wanted to understand what like how has Sharon Bio been performing? What are the top lines for the year and how are the margins looking at that part of the business?
Vinay Kumar Lohariwala
So Sharon has been performing well. It has integrated good enough over last two years of our acquisition. This year their revenue is around 240 odd crores. As we said it is mainly presence in export regulatory market. So their margin profile is better on as far as Our average EBITDA margin is concerned.
Lokesh Bhasin
Understood, Understood. And so going forward for FY27, what will be the CAPEX guidance for the year, entire year? Do we have any?
Vinay Kumar Lohariwala
Yes. In addition to. In addition to our normal maintenance capex that we incurred which is in the trend of our recent percentage number reflected in financials. So the project of new Baddy plant which we said, which is still under pipeline and under finalization, that is a major thing that we anticipate should come within FY27 and FY28.
Lokesh Bhasin
Understood. That will be also from my side. Thank you.
Vinay Kumar Lohariwala
Thank you.
Operator
Thank you. Ladies and gentlemen, anyone who wishes to ask a question, my press star and one, our next question comes from the line of Nitin Shagdev from Green Capital Single family office. Please go ahead.
Unidentified Participant
All right. Good afternoon to the manjun. My question is more from a macro point of view as an investor rather than an analyst. Is that. Sir, what do you see the future of the CDMO in the generics landscape? I just wanted to get a sense of the starting of the annual year vision exercise from the company. Are we looking at more complex biologics and advanced therapies or are we looking at antibody drug conjugates or high potency APIs or peptide based therapies in terms of more complex formulations?
Just wanted to get a sense of generics. I mean we all understand CDMO generics and Jammu facility and all that. But just wanted to get a sense of a vision exercise of the company. It will be helpful to understand and evaluate the strategy. Thank you.
Vinay Kumar Lohariwala
Thank you for the question. So if you see sir, CDMO partner is essential for any front end marketing company. It’s not like a luxury. It is essential to cover up the capacity gap, to cover up the product gap, technology gap. And that’s why it is an essential partnership between two companies, B2B companies in the landscape. And if you see our portfolio, your question is well defining the future of the CDMO industry as well. So there are two part one is that is like a complex and missing product like peptides and we are already working on that.
And the other is that like what we used to do in the past since last 10, 20 years and then in the third domain is like expanding our capability into the new doses for where we are not present. So even if you see our Jammu facility, we have expanded ourselves in the multiple segments like BFS rest pools and then the different category of the drugs like Beta, Lexem and Panams. And overall if you see in the future that we also Expect that a strong product pipeline in RD can support our business function in well value added margins as well as the top line.
Unidentified Participant
Great, thank you sir. I just wanted to get a quick connection to that like in terms of movement of CDMO more from to CRDMO where we say that research and development is far more important in the long run and the spend on research and development and the actual time and effort and bandwidth of management on research and development rather than just manufacturing. So in the context of Innova Captab, if you can just highlight little points which we make very clear that what is the company intending to do and kind of spend on research and development in specific without highlighting any competitive research advantages.
But generics. If you could talk about general viewpoint on research and development from the point of view of an overcapta. Thank you.
Vinay Kumar Lohariwala
Yeah. So sir, we are basically a zenic focused company and our development and R D is also focused in that segment only. Right. And in the coming future there are multiple product is going to be of patented and if we can do the reverse engineering and can launch these products early in market. Right. So that could be the advantageous play for us. And being a CDMO company for us, the advantage is that we can have the front lining partner with the multiple companies. So one way or other way there is a cost saving also.
Hello. Okay, thank you.
Unidentified Participant
Yes, yes. Thank you sir for that input and all the best for the consistent performance shown by, you know, with our captive. Thank you.
Vinay Kumar Lohariwala
Thank you. Thank you.
Operator
Thank you. Our next question comes from the line of Viraja from pgim. Please go ahead.
Unidentified Participant
Hi. Thank you for the opportunity and congratulations on great set of numbers. I just have one question. So you mentioned 300 crores of revenue for Jammu in FY26 which comes to. Sorry to interrupt you
Operator
In between but your voice is very low. If you can just be a little loud please. Thank you.
Unidentified Participant
Am I audible now?
Operator
Yes.
Vinay Kumar Lohariwala
Yes.
Unidentified Participant
Okay. Yeah. So I was mentioning the Jammu revenue. You mentioned 300 crores in FY26 which comes to around 7580 crores. If you could help me with the quarterly run rate or full year guidance for FY27 specifically from Jammu point of view. So how are you expecting the revenue to ramp up in that area?
Vinay Kumar Lohariwala
Yes. So for current year our exit run rate was 90 crore plus for this quarter. And as far as FY27 is concerned. So we would like to maintain that. We are very much confident of maintaining that 27% plus volume growth from FY26 to FY27. And yes, Jammu would play major role in that. But as of now the breakup of facility wise may not be available. It is not feasible for us to share that breakup. We will still like to maintain that overall at a group level. We will maintain that 20% plus volume growth.
Unidentified Participant
Okay. Okay. Thanks. That’s it. From my side. All the best.
Vinay Kumar Lohariwala
Thank you.
Operator
Thank you. Our next question comes from the line of Anubhav Mukherjee from Precinct Capital. Please go ahead.
Lokesh Bhasin
Sir. The domestic branded business, is it entirely trade generics or do we market like our products through ethical marketing?
Vinay Kumar Lohariwala
No, no, no. Our domestic branded generic business is in in form of trade generic
Lokesh Bhasin
And Anshar, can you share some qualitative aspect of like what differentiated strategy are we following that is helping us grow the business at such a high growth rate? That will be very helpful.
Vinay Kumar Lohariwala
Yes Anubhav. As far as our trade generic business is concerned, we follow a very ground on ground strategy. We have the distribution model through distributors, stockists which to the stockist level and retailer level. At the same time we have adopted a hybrid model of having a on field staff at the ground which helps and contributes to the sale. So they keep on working with the stock is the wholesalers as well as the retailers to push the sale forward. So it’s a hybrid model which we have dropped it and it has yearly results year on year.
At the same time having a good business acumen of pharmaceutical trading. So the the placement of product, the dosage form, the penetration into market at a all level of tier of market. So it is really helping us to scale up the revenue here.
Lokesh Bhasin
Get that under the branded business is it like therapy agnostic or do we focus on certain therapy
Vinay Kumar Lohariwala
S? Your question is not clear. Can you please repeat sir?
Lokesh Bhasin
Yeah sir. For the branded generic business like do we focus on certain therapies
Sudarshan Padmanabhan
In this segment or like
Lokesh Bhasin
Market like all sorts of.
Vinay Kumar Lohariwala
So from if you see from the domestic angle then largely where the Innova has the capability, it is focused on that. But we are open to the other segment of the products as well.
Lokesh Bhasin
Okay, thanks. I’ll get back.
Vinay Kumar Lohariwala
Yeah, thank you.
Operator
Thank you. The next question comes from the line of Van Gupta from Present Capital. Please go ahead.
Vinay Kumar Lohariwala
Hi sir. Thank you for the opportunity. Am I audible? Yes, thank you. Right. Hi sir. So we had about 200 odd crores of growth in the CDMO business year on year. Was the majority of this growth driven by a domestic business or was majority of it driven by exports? So as we said earlier also. So the revenue which is coming, whether it is manufacturing capability or business area, it is coming from all growth engines. So CDMO growth is fueled by both domestic as well as exports.
Unidentified Participant
Right. But the majority of it. Will you be able to provide like just a correlative comment or whether majority of it was domestic or exports,
Vinay Kumar Lohariwala
That quantity team breakup may not be available there for now. As of now.
Lokesh Bhasin
Right.
Vinay Kumar Lohariwala
So
Lokesh Bhasin
For
Vinay Kumar Lohariwala
The export growth that we’ve also witnessed, we’ve also had like about 200
Lokesh Bhasin
Grow growth in the export business as well. Sir, was the bulk of the growth in the export business driven by the brand generics business
Vinay Kumar Lohariwala
Or the CDMO business? Again so see once as I submitted that further second set breakup of domestic export as well as CDMO brands as of now we may not be able to comment on that.
Lokesh Bhasin
There’s one last question sir. So I just wanted to have an understanding of customer concentration in the export business for both the branded generics as well as the CDMO business. Can you just give like a correlative understanding
Vinay Kumar Lohariwala
Of are we like dependent on very few customers for our export business both in the brand genetics as well as the CDMO business? So once as far as our CDMO business is concerned, our business is well diversified amongst major pharmaceutical companies of India as well as globally. And it is well diversified not having an over reliant of any customer or any product. And at the same time the branded journey business as it is more spread out at a distributor, stockish and retailer level there is also not that much over reliant or dependency on any single one customer or geography or a location.
Lokesh Bhasin
And the same thing holds true specifically just for the export business as well. So we are not
Vinay Kumar Lohariwala
Heavily reliant on few customers for our export business. At a group level we are also well diversified there. Thank you. So that’s all from my end. Thank you.
Operator
Thank you ladies and gentlemen, due to the time constraint that was the last question for today, I now hand the conference over to management for the closing remarks. Thank you and over to you till.
Vinay Kumar Lohariwala
Thank you everyone for joining us in this earning call. We appreciate your time and showing interest in our company. In case of any queries you can get in touch with us or sga, our investor relation advisors. We look forward to meeting all of you over the next call. Thanks a lot.
Operator
Thank you so much sir. Ladies and gentlemen, on behalf of Inova Capital Ltd. That concludes this conference, thank you for joining us and you may now disconnect your lines.