Natural Capsules Limited Reports Q4 and FY26 Financial Results
Natural Capsules Limited, a leading hard capsule shell manufacturer in India, announced its audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026.The company reports that the fourth quarter of fiscal year 2026 (Q4FY26) was strong from an operational perspective. This growth was primarily driven by the dispatch of goods that had been deferred in the prior quarter due to the Puducherry plant shutdown. These dispatches were reported to have an impact of approximately T6 crores on the standalone capsules business.
Financial Highlights
Natural Capsules Limited provided detailed financial performance metrics for the quarter and the year.Financial Highlights for Quarter Ended March 31, 2026
| Metric | Value (Cr) | % Change | Margin |
|---|---|---|---|
| Revenue | 5845 Cr | 1.33 Cr | EBITDAMARGINS |
| PAT | (X4.98 Cr) | (X4.82) | 2.28% |
| Note | Revenue change: ® 55% / ® 30% | PAT change: ® (1,056%) / ® 30% | YoY: ®Q-o-Q / ®Y-o-Y |
Financial Highlights for Year Ended March 31, 2026
| Metric | Value (Cr) | % Change | Margin |
|---|---|---|---|
| Revenue | 187.20 Cr | (X 1.56 Cr) | BITDAMARGINS |
| PAT | (X 24.66 Cr) | (X23.84) | (0.83%) |
| Note | Revenue change: ® 1% / © (109%) | PAT change: © (4,095%) / © (10,936%) | YoY: ®Y-o-Y |
Operational Updates and Outlook
Mr. Sunil Mundra, Executive Director, highlighted several key operational developments for the company.Capsule Business Growth
The company noted that the incremental HPMC line developed for double-zero capsules is now operational. Natural Capsules Limited expects revenue from this new line to begin flowing in during the second half of the current financial year, pending client approval in the US markets.
For fiscal year 2027, the company anticipates a stable year for its capsules business, focusing on optimizing capacity utilization and improving operational efficiency to boost profitability.
API Business and Strategic Collaborations
Meaningful progress was made in the API business during the quarter, with commercial sales finally commencing in Q4FY26. The company is now focused on achieving gradual volume growth in this segment.
Separately, Natural Biogenex Private Limited, a subsidiary, executed definitive Framework and Contract Manufacturing Agreements with Fermbox Bio Private Limited. Under this agreement, Fermbox Bio will contribute advanced fermentation technology and equipment to the company’s Tumkur facility. Natural Biogenex will manage the licensed manufacturing, quality assurance, and regulatory compliance aspects. This collaboration is designed to improve the utilization of fermentation assets, establish an additional revenue stream, and strengthen the company's fermentation-based CDMO capabilities, which directly supports the scaling of the API business.
While the current API business carries a lower margin profile, the company stated it is awaiting necessary clearances from regulatory authorities and customers to expand into geographies and services that would materially improve the profitability profile.
Natural Capsules Limited outlined its focus for the coming year: scaling up operations in the API business while simultaneously driving higher profitability in the capsules business, aiming to enter FY27 with improved operational visibility and renewed confidence in growth.
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About Natural Capsules Limited (NCL)
Natural Capsules Limited (NCL) is a hard capsule shell manufacturer that pioneered the making of vegetarian capsules in India. The company is recognized as the second largest Indian manufacturer for gelatin capsules. NCL has also begun foraying into API manufacturing using complex high-end patented technology developed in-house, operating through its subsidiary, Natural Biogenex Private Limited.
NATCAPSUQ Stock Price Movement
On Wednesday, Natural Capsules Limited shares edged higher, gaining 11.53% to close at ₹167.98. The equity saw solid trading activity during the session, with a total volume of 26,565 shares transacted.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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