Innova Captab Limited is an integrated pharmaceutical player with a strong presence across the pharmaceutical value chain, including research and development, manufacturing, drug distribution and marketing, and exports. The company operates through three distinct business segments that form the core of its operations: contract development and manufacturing organization (CDMO) services, a domestic branded generics business, and an international branded generics business. This diversified approach has enabled the company to maintain steady growth across multiple revenue streams while serving both domestic and international markets.
Innova Captab Ltd was incorporated as `Harun Health Care Private Limited` on January 3, 2005, in Mumbai. Subsequently, its name changed to `Innova Captab Private Limited` on February 2, 2010. The company converted to a Public Company on July 12, 2018, and its name was changed to `Innova Captab Limited` on July 26, 2018.
The company has expanded significantly through strategic acquisitions. In 2021, it acquired the business of Innova Captab, a Partnership Firm, effective March 31, 2021, and acquired 100% equity shares of Univentis Medicare Limited (UML) effective December 31, 2021. Consequently, The Univentis Foundation became a Subsidiary of the Company on June 14, 2021.
Innova Captab operates a robust manufacturing network with multiple facilities across India. It has two manufacturing facilities in Baddi, Himachal Pradesh, producing tablets, capsules, dry syrups, dry powder injections, ointments, and liquid orals. The company's manufacturing journey began in 2006 with its first plant established in Baddi. In 2010, it commenced operations at the cephalosporin block of its plant in Baddi.
A significant milestone was achieved with the establishment of a new manufacturing facility in Jammu. The successful launch of operations at its new Kathua, Jammu facility, where commercial production commenced on January 14, 2025, represents a pivotal moment in its growth trajectory, bolstering both production capacity and the ability to meet evolving customer demands.
The company's manufacturing capabilities include commercial large-scale manufacturing of generic products, offering multiple dosage forms, including oral solids, oral liquids, dry syrups, injectables, and modified-release forms of tablets and capsules. These facilities are certified by global regulatory bodies, enabling the company to serve both domestic and international markets effectively.
Innova Captab has demonstrated impressive financial performance in recent years. For the full year ended March 2025, revenue grew 15% to ₹12,437 million, led by volume growth across business segments. EBITDA rose 19% to ₹1,982 million, with margins improving to 15.9%. Profit after tax increased 36% to ₹1,283 million.
The company's quarterly performance for Q4 FY25 showed strong momentum with revenue from operations of ₹3,147 million, reflecting 20% year-on-year growth. Profit after tax stood at ₹296 million, a 3% increase.
- Revenue (FY25): ₹12,437 million
- Net Profit (Q4 FY25): ₹29.57 Cr (as of March 2025)
- PAT Growth (FY25): 36%
- Revenue Growth (FY25): Sales rose 15.02% to ₹1243.68 crore as against ₹1081.31 crore in the previous year.
As of recent market data, Innova Captab Ltd's market capitalization is ₹4,951.10 Cr. The stock has shown significant volatility, with a 52-week high of ₹1260 and a 52-week low of ₹479. In the last year, the stock has increased by 75.65%. Current valuation metrics include a P/E ratio of 42.19 and a P/B ratio of 6.51.
The Contract Development and Manufacturing Organization (CDMO) segment represents a significant portion of the company's revenue. This segment reported cumulative revenues of ₹505 crores for the first nine months of FY '25, showing strong growth. It provides manufacturing services to Indian pharmaceutical companies and has demonstrated consistent expansion.
The company operates across both domestic and international markets. Its products are distributed under its own brands in the Indian market through a network of approximately 5,000 distributors and stockists, reaching over 150,000 retail pharmacies. Innova Captab also exported its branded generic products to 20 countries in FY2023 and 16 countries in the three months ended June 30, 2023.
The company's product portfolio is extensive, with over 600 different types of generics produced and sold in FY2023 and the three months ended June 30, 2023.
The commissioning of the Jammu facility marks a significant expansion for the company. The newly launched Jammu facility is poised to enhance production capacity and profitability, with projections of generating ₹400 crores to ₹500 crores in the upcoming year and a long-term revenue potential reaching ₹2,000 crores at peak utilization.
Management has expressed optimism about the company's growth trajectory. With the upcoming Jammu facility and the recent Sharon acquisition, the company is positively looking forward to maintaining a healthy growth rate over the next 3-4 years. It continues to drive sustainable growth by exploring new opportunities and focusing on value-added products.
The company has been actively pursuing strategic acquisitions to enhance its market position. The Sharon acquisition is part of the company's expansion strategy to strengthen its presence in the pharmaceutical value chain.
Innova Captab Ltd (INNOVACAP) belongs to the Health Care sector and the Pharmaceuticals sub-sector. The company is well-positioned to benefit from the growing pharmaceutical sector in India. Indian pharmaceutical companies are set to experience significant growth in the mid to long term, as both domestic and global manufacturers seek reliable and sustainable suppliers.
Innova Captab's integrated approach across the pharmaceutical value chain, combined with its expanding manufacturing capabilities and strategic acquisitions, positions it favorably for sustained growth in the evolving pharmaceutical landscape. The company's focus on complex products, international expansion, and operational excellence continues to drive its competitive advantage in the market.
