India · Delayed Price · Currency is INR Innova Captab Earnings Call Transcripts
Fiscal Year 2027
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Q1 FY27 revenue rose 34% YoY and EBITDA 33%, with Jammu delivering positive EBITDA as it ramps up. FY27 guidance remains 30% revenue growth, while normalized EBITDA margin guidance is 15%–16%, plus or minus 2%.
Fiscal Year 2026
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FY26 revenue reached INR 1,300 crore, up 31%, with growth across CDMO and branded generics and a full year of Jammu operations. Management expects 20%+ FY27 growth and improving profitability as Jammu utilization rises.
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Q3 revenue grew 42.3% YoY, with strong contributions from CDMO and Branded Generics; EBITDA margin was 15.8%. Management targets 20% overall growth in FY2027, with Jammu ramp-up and API price uncertainty shaping the outlook.
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Q2 and H1 revenue grew 19.5% YoY, with branded generics leading growth and EBITDA rising 8% and 17%, respectively. Jammu FY26 revenue guidance was cut to ₹270–280 crore after the GST incentive reduction and API price pressure.
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Q1 FY26 revenue rose 19% YoY and EBITDA rose 28%, while PAT increased 5%. Branded Generics grew 59%; Jammu contributed INR 60 crore as API price declines temper FY26 revenue visibility and the facility ramps up.
Fiscal Year 2025
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FY 2025 revenue grew 15% to INR 1,243.7 crore, while EBITDA rose 19% and PAT 36%. Kathua contributed INR 36 crore in Q4, with FY 2026 revenue guidance of INR 400 crore, including GST benefits.
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Q3 revenue rose 4.6% YoY and PAT increased 36.3%, while Jammu began commercial production in January. FY26 Jammu revenue is targeted at INR 400–500 crore incremental, with ramp-up costs and execution the key near-term watchpoints.
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Q2 revenue rose 12.5% YoY and PAT increased 52.8%. Jammu commercialization is expected to support INR 400–500 crore revenue next FY, with further growth and margin expansion as the plant ramps up.
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Q1 FY25 total income rose 37% YoY to INR 286 crore, while PAT grew 68% to INR 29.5 crore. Jammu capacity and domestic CDMO demand underpin growth plans, with API prices showing signs of stabilization.
Fiscal Year 2024
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FY24 revenue rose 16.9%, EBITDA 35.9% and PAT 38.9%, with operating cash flow more than doubling. Jammu’s FY25 launch is the key growth catalyst, while CDMO revenue remains exposed to API price declines.
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Q3 revenue grew 25% YoY and nine-month EBITDA rose to ₹123.2 crore. Jammu capacity, Sharon integration and export growth underpin expansion, while API price pass-through and commissioning ramp-up remain key variables.