Natural Capsules Ltd.

•

naturalcapsules.comBSE: 524654NSE: NATCAPSUQ

Market Cap₹ 226 Cr.

Current Price

High / Low₹ 296 / 136

Stock P/E17.8

Book Value₹ 175

Price to Book0.84

Dividend Yield0.00 %

ROCE9.3 %

ROE6.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2014 • Capsules: 99.4% • Formulation: 0.3% • Others: 0.2%

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence

50%

View full sector analysis →

PROS

Latest quarter profit grew 60.2% YoY, showing strong momentum
Company has delivered good sales growth of 16.9% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.32x)
Working capital cycle has improved - days down from 46 to 2
Stock looks reasonably valued - P/E of 17.8 is below its historical median
Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (66.3% of PBT)
Company has a low return on equity of 5.7% over last 3 years
Promoter holding has decreased over last 2 years: -5.6pp
Company has a low return on capital employed of 8.4%
Operating margins have contracted to 11.2% from 21.3%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SUNPHARMA	1899.00	37.67	455633.71	0.84	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9100.00	82.59	241576.41	0.33	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	4850.00	84.58	184478.41	0.78	566.00	3.28	4921.00	57.32	19.27	33.81
4.	CIPLA	1385.00	33.19	111888.39	0.94	785.55	-39.18	7119.28	4.13	16.00	16.73
5.	ZYDUSLIFE	1121.00	24.78	111820.18	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
6.	LAURUSLABS	1840.00	90.93	99417.45	0.11	3620.70	2139.42	20263.10	1191.00	18.20	31.50
7.	LUPIN	2111.00	17.46	96528.82	0.85	1416.98	16.01	8276.89	34.28	28.86	29.59
8.	DRREDDY	1154.00	29.89	96322.06	0.69	435.60	-69.10	8099.80	-5.21	13.75	10.63
9.	MANKIND	2328.55	47.09	96179.61	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
10.	AUROPHARMA	1653.30	25.62	95127.23	0.24	1032.03	25.22	9150.35	17.44	12.76	20.54
11.	GLENMARK	2427.00	38.10	68495.93	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	NATCAPSUQ	217.05	17.75	225.97	0.00	-5.74	-2.94	48.71	7.77	-4.85	2.30

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	38	38	38	40	39	41	43	44	44	45	34	51	43
	32	32	33	36	34	36	39	39	39	39	32	42	40
Operating Profit	6	5	5	5	5	5	5	5	5	5	2	9	3
OPM %	16.07%	13.99%	12.87%	11.22%	12.06%	12.04%	10.55%	11.38%	11.60%	12.20%	5.56%	17.42%	7.80%
	1	1	1	1	1	1	1	2	2	2	2	2	2
Interest	1	1	1	1	1	2	1	2	1	1	1	1	1
Depreciation	2	2	2	2	2	2	2	2	2	2	2	2	2
Profit before Tax	3	3	2	2	2	2	2	3	3	4	0	7	6
Tax %	25.90%	22.44%	25.76%	24.89%	24.74%	53.96%	23.08%	16.29%	27.59%	24.05%	21.74%	25.71%	28.72%
Net Profit	2	2	2	2	1	1	2	3	3	3	0	6	4
	2.64	2.11	1.81	2.09	1.56	0.90	1.65	2.17	2.44	2.72	0.35	5.33	3.89

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	54	55	60	62	80	135	173	154	168	174	173
	49	49	55	56	68	111	138	135	149	154	153
Operating Profit	5	6	5	5	11	24	35	19	19	19	20
OPM %	9.57%	10.11%	8.45%	8.85%	14.01%	18.07%	20.07%	12.54%	11.50%	11.20%	11.33%
	0	1	1	1	3	2	2	5	4	10	8
Interest	1	0	1	1	1	2	4	5	6	6	6
Depreciation	4	4	3	4	4	5	7	9	8	8	8
Profit before Tax	0	2	2	1	9	19	26	10	9	15	17
Tax %	-98.85%	33.95%	7.16%	37.44%	24.41%	28.17%	25.43%	24.91%	27.81%	25.57%	26.23%
Net Profit	1	1	2	1	7	14	19	8	7	11	13
EPS	0.00	0.00	0.00	0.00	7.36	19.62	20.68	8.36	6.49	10.80	—
Dividend Payout %	99.27%	56.09%	32.45%	43.61%	8.97%	5.02%	4.83%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 17%
3 Years:: 0%

COMPOUNDED PROFIT GROWTH

10 Years:: 10%
5 Years:: 10%
3 Years:: -16%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 1%

RETURN ON EQUITY

10 Years:: 7%
5 Years:: 11%
3 Years:: 6%
Last Year:: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6	6	6	6	6	7	9	9	10	10
	48	48	49	49	56	76	115	122	156	168
	3	0	7	6	10	32	45	56	51	53
Trade Payables	11	12	8	7	16	16	27	30	37	42
	4	5	3	6	8	13	14	14	16	22
Total Liabilities	71	71	73	75	97	143	210	231	270	296
	26	22	24	24	35	63	93	91	88	88
Capital Work in Progress	0	1	2	2	3	1	0	2	0	2
	5	5	5	6	0	0	20	23	23	23
	8	8	4	5	7	5	8	18	21	20
	0	0	0	0	0	0	0	54	63	61
Cash & Bank	0	1	0	1	0	3	2	9	3	2
	32	34	36	37	52	72	87	36	72	100
Total Assets	71	71	73	75	97	143	210	231	270	296

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	5	3	8	8	10	26	5	18	36
Cash from Investing	-0	-1	-7	-6	-9	-30	-55	-11	-34	-34
Cash from Financing	-2	-4	4	-1	3	27	34	7	15	-3
	0	0	-1	0	-0	1	-1	2	-2	-0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	1.01	1.78	3.08	1.38	11.15	19.90	20.70	8.36	6.49	10.80
Book Value (₹)	86.58	87.16	89.04	89.24	99.68	118.45	133.74	141.19	160.44	171.86
Dividend per Share (₹)	1.00	1.00	1.00	0.60	1.00	1.00	1.00	0.00	0.00	0.00
Cash EPS (₹)	6.51	7.16	6.73	6.55	14.81	27.09	28.46	17.55	14.54	18.66
PROFITABILITY
Operating Margin %	11.09%	11.60%	10.35%	10.40%	14.92%	19.65%	21.30%	12.54%	11.50%	11.20%
Net Margin %	1.17%	2.03%	3.21%	1.39%	8.74%	10.33%	11.11%	5.07%	4.00%	6.45%
ROE %	1.17%	2.05%	3.50%	1.54%	11.80%	19.22%	18.54%	6.10%	4.51%	6.51%
ROCE %	1.77%	3.63%	4.51%	3.71%	14.57%	22.93%	20.50%	8.44%	7.41%	9.28%
	0.84%	1.56%	2.66%	1.16%	8.11%	11.62%	10.85%	3.53%	2.68%	3.96%
EFFICIENCY
Debtor Days	192	198	194	185	131	72	83	125	127	131
Inventory Days	61	52	37	28	27	15	14	31	42	43
Payable Days	155	173	140	99	112	98	100	135	146	167
	98	77	91	115	46	-11	-4	21	23	7
FINANCIAL HEALTH
Debt to Equity (x)	0.05x	0.00x	0.10x	0.11x	0.15x	0.39x	0.40x	0.47x	0.33x	0.33x
Interest Coverage (x)	1.43x	6.03x	4.90x	2.51x	17.91x	10.33x	7.64x	3.04x	2.53x	3.42x
	2.53x	2.80x	2.34x	2.10x	1.71x	1.32x	1.24x	1.31x	1.28x	1.01x
GROWTH
Revenue Growth %	-13.55%	2.07%	9.18%	2.97%	29.18%	69.86%	27.99%	-11.03%	9.19%	3.47%
Operating Profit Growth %	-45.66%	6.71%	-2.52%	3.39%	85.40%	123.76%	38.69%	-34.67%	-1.40%	24.22%
Net Profit Growth %	-85.53%	76.96%	72.84%	-55.35%	710.11%	100.86%	37.58%	-59.35%	-14.02%	67.09%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-59.59%	-22.41%	66.37%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	36.53x	28.38x	13.37x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.16x	1.15x	0.84x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	14.04x	10.24x	6.99x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.56	51.60	51.14	51.21	51.26	51.26	51.26	51.04	50.92
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	43.26	48.40	48.86	48.79	48.74	48.74	48.74	48.96	49.08

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Natural Capsules Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

Corrigendum

2026-09-02 - Natural Capsules Limited has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting

2026-09-02

Outcome of Board Meeting

2026-09-02 - Natural Capsules Limited has informed the Exchange regarding Outcome of Board Meeting held on September 02, 2026.

2026-08-19

Copy of Newspaper Publication

2026-08-19 - Natural Capsules Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-19

Copy of Newspaper Publication

2026-08-19 - Natural Capsules Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-18

Record Date

2026-08-18 - Natural Capsules Limited has informed the Exchange that Record date for the purpose of Meeting is 02-Sep-2026.

2026-08-18

Shareholders meeting

2026-08-18 - Natural Capsules Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on September 09, 2026

2026-08-17

Disclosure of material issue

2026-08-17 - Natural Capsules Limited has informed regarding Disclosure of material issue

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Natural Capsules Limited has informed the Exchange about Copy of Newspaper Publication

News

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