Natural Capsules Limited (NATCAPSUQ)

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Natural Capsules Limited (NATCAPSUQ) · mywealthgrid

About

Natural Capsules Limited manufactures pharmaceutical capsules, a critical input to India's drug manufacturing sector. With a market cap of ₹154.7 Cr, it is a small-cap business. Recent quarterly results show wide swings in profitability (from -₹7.12 Cr to +₹5.52 Cr) and operating margins (from -6.15% to +17.44%), reflecting operational volatility.

Face value: ₹10

Market cap

₹169 Cr

P/E

—

P/B

0.8×

Dividend yield

ROE

-7.5%

ROCE

-5.6%

Debt / equity

0.52

OPM

-0.8%

EPS (TTM)

₹-23.9

Book value

₹213.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Severe margin volatility: operating margins swung from -6.15% (Dec 2025) to +17.44% (Mar 2026); most recent quarters at 2.28% OPM indicate unstable operations
Shareholder value destruction: ROE is -7.51% and average OPM is -0.84%, showing the company loses money on capital deployed
Extreme profitability swings: net profit ranges from -₹7.12 Cr (Dec 2025) to +₹5.52 Cr (Mar 2026) within one year, making forecasting difficult
Investor exodus: share price down 29.71% over 1 year and zero institutional investment (0% FII/DII) signal low confidence

Generated analysis · source review pending

Growth drivers

Revenue has remained stable in a ₹34–58 Cr range across recent quarters; if the company stabilizes at the 16–17% OPM achieved in some quarters, profitability would scale with current revenue—verify whether high-margin quarters reflect operational improvements or temporary factors
Some quarters delivered ₹4–5 Cr net profit (Jun 2026, Mar 2026, Sep 2025); consistent achievement at these levels requires both operational control and margin discipline—verify what differentiates profitable from loss-making quarters
With revenue currently in a ₹34–58 Cr range, the company operates at small scale within the pharmaceutical industry; verify whether capacity expansion, market share gains, or customer diversification could drive revenue growth beyond this range

Generated analysis · source review pending

2,106 historical price candles were omitted because the exchange source has not been verified.

₹162.2-0.6%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 18.7% over the last 5 years

Cons

−Low return on equity of -1.3% (3-yr avg)
−Weak interest coverage of -1.6×

Research score

Structured signal from quality, growth, valuation and momentum.

47/100

Business quality: 15
Growth: 27
Valuation: 100

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	80	135	172	155	169	187
COGS	37	60	79	79	85	102
Gross profit	42	75	94	77	84	85
	31	50	59	57	67	86
	11	25	35	20	18	-2
OPM %	13.8%	18.8%	20.3%	12.8%	10.4%	-0.8%
Depreciation	4	5	7	9	9	17
Interest	0	2	3	5	6	11
	3	1	1	2	1	2
Profit before tax	9	19	25	8	3	-28
Tax	2	5	7	3	2	-3
Tax %	24.5%	28.2%	26.2%	31.1%	77.8%	-11.7%
	7	14	18	6	1	-25
PAT margin %	8.7%	10.3%	10.7%	3.6%	0.4%	-13.2%
EPS (₹)	7.3	19.6	19.9	6.3	0.2	-23.8
EPS adjusted (₹)	11.1	19.8	19.9	6	0.6	-16.4
	13.7%	5.1%	5%	0%	0%	—
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	6	6	7	9	9	10	10
Reserves	—	56	76	114	194	223	211
Minority interest	—	0	—	25	25	24	13
	—	10	51	97	109	104	114
	—	25	31	44	39	58	75
Total equity & liabilities	—	97	164	289	377	419	424
	24	38	66	97	103	284	273
CWIP	—	7	20	88	144	0	4
Investments	—	0	0	0	3	3	3
	—	52	78	104	127	133	144
Total assets	—	97	164	289	377	419	424

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	6	1	17	-8	27	11
	-9	-46	-105	-73	-44	-11
	3	46	87	82	16	-1
Net cash flow	-0	1	0	1	-2	-0
Free cash flow	-11	-43	-89	-80	-18	-1
CFO / Operating profit %	53%	4.6%	49.1%	-41.9%	152.7%	—

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Capsules	173.77	20.82	181.72	53.19	128.53	16.2
API	13.43	-31.33

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	52.9%	55.7%	54.4%	49.4%	49.8%	45.3%
EBITDA margin %	13.8%	18.8%	20.3%	12.8%	10.4%	-0.8%
EBIT margin %	8.3%	15.1%	16.1%	7.2%	5%	-10%
PAT margin %	8.7%	10.3%	10.7%	3.6%	0.4%	-13.2%
Working capital
Receivable days	123	71	110	128	134	139
Inventory days	64	28	41	88	109	94
Payable days	157	108	127	141	166	197
NWC days	30	-9	24	75	78	36
Leverage
Current ratio	1.49	1.63	1.52	1.62	1.3	1.03
Debt to EBITDA	0.88	1.99	2.76	5.47	5.92	—
Debt to equity	0.16	0.61	0.78	0.53	0.45	0.52
Interest coverage	19.9	10.9	8.3	2.6	1.4	-1.6
Asset turnover	0.82	0.82	0.6	0.41	0.4	0.44
Return ratios
Return on assets %	7.1%	8.5%	6.4%	1.5%	0.1%	-5.8%
Return on capital employed %	11.5%	23.5%	16.7%	5.1%	2.9%	-5.6%
Return on equity %	11.1%	16.8%	15%	2.7%	0.3%	-11.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.56%	56.56%	56.56%	56.56%	51.6%	51.14%	51.21%	51.26%	51.26%	51.26%	51.04%	50.92%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
DII	1.31%	1.31%	1.31%	0.18%	0%	0%	0%	0%	0%	0%	0%	0%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	42.13%	42.13%	42.13%	43.26%	48.4%	48.86%	48.79%	48.74%	48.74%	48.74%	48.96%	49.08%
No. of shareholders	—	—	—	—	—	—	—	—	9,573	9,075	8,850	8,756

Promoter holding down 5.64 percentage points since Sep 2023.

19 deals · 8 Nov 2021 – 3 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
3 Aug 2026	TARINIKA MANAGEMENT LLP	Bulk	NSE	Sell	70,000	₹160.20	₹1.12 Cr
6 Mar 2026	TARINIKA MANAGEMENT LLP	Bulk	NSE	Buy	3,35,400	₹164.75	₹5.53 Cr
6 Mar 2026	SMIT RAJESHBHAI GADHIYA	Bulk	NSE	Sell	2,56,000	₹164.90	₹4.22 Cr
6 Mar 2026	SMIT RAJESHBHAI GADHIYA	Bulk	NSE	Sell	70,300	₹164.73	₹1.16 Cr
5 Mar 2026	TARINIKA MANAGEMENT LLP	Bulk	NSE	Sell	3,29,471	₹148.80	₹4.90 Cr
5 Mar 2026	SMIT RAJESHBHAI GADHIYA	Bulk	NSE	Buy	2,56,010	₹148.62	₹3.80 Cr
5 Mar 2026	SMIT RAJESHBHAI GADHIYA	Bulk	NSE	Buy	70,329	₹149.00	₹1.05 Cr
26 Sept 2025	BYTES AND PIXELS FINSOFT LLP .	Bulk	NSE	Sell	67,409	₹279.61	₹1.88 Cr
26 Sept 2025	BYTES AND PIXELS FINSOFT LLP .	Bulk	NSE	Buy	43,675	₹273.78	₹1.20 Cr
25 Sept 2025	BYTES AND PIXELS FINSOFT LLP .	Bulk	NSE	Buy	1,02,153	₹258.86	₹2.64 Cr

1–10 of 19

1 / 2

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Natural Capsules Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Pursuant to Regulation 30 of SEBI (LODR) Regulations 2015, please find attached credit rating intimation.17 Mar 2026

Investor Presentation and earnings call

Jun 2026Transcript AI Summary PPT REC
Nov 2025Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

17

Final dividend20 Jul 2023 · ex-date₹1
Dividend dividend9 Sept 2022 · ex-date₹1
Final dividend6 Jul 2021 · ex-date₹1
Dividend dividend12 Aug 2020 · ex-date₹0.6
Final dividend13 Aug 2019 · ex-date₹1
Final dividend12 Sept 2018 · ex-date₹1
Final dividend18 Aug 2017 · ex-date₹1
Dividend dividend16 Aug 2016 · ex-date₹1.5
Dividend dividend19 Aug 2015 · ex-date₹1.5
Dividend dividend20 Aug 2014 · ex-date₹1.5
Dividend dividend19 Jul 2013 · ex-date₹1.5
Dividend dividend20 Jul 2012 · ex-date₹1.5
Dividend dividend21 Jul 2011 · ex-date₹1.2
Dividend dividend23 Sept 2010 · ex-date₹1.2
Dividend dividend23 Jul 2009 · ex-date₹1.2
Dividend dividend24 Jul 2008 · ex-date₹1
Dividend dividend20 Jul 2007 · ex-date₹1

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

50 announcementsExport CSV

9 Sept 2026, 5:00 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer"s Report

EGM

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	52.9%	55.7%	54.4%	49.4%	49.8%	45.3%
EBITDA margin %	13.8%	18.8%	20.3%	12.8%	10.4%	-0.8%
EBIT margin %	8.3%	15.1%	16.1%	7.2%	5%	-10%
PAT margin %	8.7%	10.3%	10.7%	3.6%	0.4%	-13.2%
Working capital
Receivable days	123	71	110	128	134	139
Inventory days	64	28	41	88	109	94
Payable days	157	108	127	141	166	197
NWC days	30	-9	24	75	78	36
Leverage
Current ratio	1.49	1.63	1.52	1.62	1.3	1.03
Debt to EBITDA	0.88	1.99	2.76	5.47	5.92	—
Debt to equity	0.16	0.61	0.78	0.53	0.45	0.52
Interest coverage	19.9	10.9	8.3	2.6	1.4	-1.6
Asset turnover	0.82	0.82	0.6	0.41	0.4	0.44
Return ratios
Return on assets %	7.1%	8.5%	6.4%	1.5%	0.1%	-5.8%
Return on capital employed %	11.5%	23.5%	16.7%	5.1%	2.9%	-5.6%
Return on equity %	11.1%	16.8%	15%	2.7%	0.3%	-11.1%

Date	Category	Subject	Filing
9 Sept 2026, 5:00 pm	AGM/EGM EGM	Shareholder Meeting / Postal Ballot-Scrutinizer"s Report	PDF
9 Sept 2026, 4:56 pm	AGM/EGM EGM	Shareholder Meeting / Postal Ballot-Outcome of EGM	PDF
3 Sept 2026, 5:13 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
2 Sept 2026, 6:05 pm	Company Update Meeting Updates	Announcement under Regulation 30 (LODR)-Meeting Updates	PDF
2 Sept 2026, 11:18 am	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Outcome Of The Board Meeting Held On Wednesday September 02, 2026 At Shorter Notice	PDF
1 Sept 2026, 4:39 pm	Board Meeting	Board Meeting Intimation for Intimation Under Regulation 29 And Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Board Meeting Scheduled At Shorter Notice On September 02, 2026	PDF
19 Aug 2026, 5:22 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
18 Aug 2026, 8:37 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

Natural Capsules Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends17

Board meetings1

Announcements

Not in the F&O segment

Ratio timeline

Dividends17

Board meetings1

No fund holdings on record

Quarterly record

Bulk & block deals

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Segment results

Compounded returns

Compounded sales growth

Return on equity

API · revenue

17

1

17

1