Natural Capsules

NSE: NATCAPSUQ · Pharmaceuticals

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52W Range₹136 – ₹235

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Snapshot

Unlock Natural Capsules's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Natural Capsules Limited is a manufacturer of hard two-piece gelatin and cellulose capsules for the pharmaceutical and dietary supplement industries. The company has also expanded into the production of steroidal APIs and their derivatives through its subsidiary, Natural Biogenex Private Limited.

Business Model

The company generates revenue through the large-scale manufacturing and sale of pharmaceutical-grade capsules and the development of high-end, patented API technologies. It maintains quality standards through WHO-GMP and ISO certifications to serve both domestic and international pharmaceutical clients.

  • Certifications:WHO-GMP, ISO 9001, ISO 140001

Growth Outlook

Growth is driven by the expansion into complex API manufacturing using in-house patented technology. The company continues to cater to the growing demand for non-animal HPMC capsules in the dietary supplement and pharmaceutical sectors.

Key Risks

  • Regulatory Compliance. Failure to maintain WHO-GMP and ISO certifications could lead to the suspension of manufacturing operations or loss of key pharmaceutical clients.
  • Raw Material Price Volatility. Fluctuations in the cost of gelatin and chemical intermediates can significantly impact profit margins.
  • Technological Obsolescence. The company faces the risk that its patented API technologies may be superseded by newer, more cost-effective manufacturing processes.
  • Sectoral Competition. The pharmaceutical capsule and API market is highly competitive, potentially leading to pricing pressure and margin erosion.

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Key Metrics

P/E

-6.8x

Q4 FY26 · consolidated

-6.8 vs 2.5x5Y avg

EV/EBITDA

1632.7x

Q4 FY26 · consolidated

1632.7 vs 228.1x5Y avg

NET PROFIT MARGIN

-8.5%

Q4 FY26 · consolidated

-9.7 ppYoY

DEBT TO EQUITY

0.5x

Q4 FY26 · consolidated

-39.48xYoY

Peers · Pharmaceuticals

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Natural CapsulesNATCAPSUQ
₹180 Cr-6.801632.72—0.1%-10.7%-5.4%-40.4%
TranschemTRANSCHEM
₹502 Cr75.6252.99-100.0%177.7%8.3%10.6%+600.8%
Albert DavidALBERTDAVD
₹501 Cr21.6713.1911.4%11.0%5.8%7.5%+10.3%
Haleos Labs LimitedHALEOSLABS
₹457 Cr28.5112.83-3.1%13.6%7.4%10.3%—
Medicamen BiotecMEDICAMEQ
₹434 Cr43.0019.7624.7%11.3%4.1%6.2%+5.9%
Jenburkt Pharmaceuticals LimitedJENBURPH
₹420 Cr12.308.20—30.0%16.7%21.5%-15.2%

As of Q4 FY26

Financials