Natural Capsules Limited has released the transcript of its Q4 and FY26 Earnings Conference Call, which was held on Tuesday, June 02, 2026. The call provided an overview of the company's financial performance for the quarter and the full financial year ended March 31, 2026. For Q4 FY26, the company reported consolidated revenue from operations of ₹58.45 crores, a 55% increase quarter-on-quarter and a 30% increase year-on-year. EBITDA for the quarter was ₹1.33 crores with a margin of 2.28%. The loss after tax for the quarter was ₹4.98 crores. For the full financial year FY26, consolidated revenue grew 11% year-on-year to ₹187.20 crores. However, the company reported an EBITDA loss of ₹1.56 crores (margin of -0.83%) for the full year, a significant drop from ₹17.52 crores (margin of 10.35%) in FY25. This was attributed to operational disruptions at the Puducherry plant and pre-commercial costs at its API manufacturing subsidiary, Natural Biogenetics Pvt. Ltd. Finance costs increased to ₹10.95 crores and depreciation to ₹17.14 crores, resulting in a profit before tax loss of ₹27.92 crores and a net loss of ₹24.66 crores for the full year. The capsules business saw its strongest quarter in Q4 FY26 due to the clearance of deferred dispatches. The new HPMC line, with an increased capacity to 25 billion capsules per annum, is ready for double zero capsule production, with revenue expected to commence in the second half of FY27, subject to US market approvals. The company aims to optimize utilization and improve the product mix towards regulated market customers and value-added variants in FY27. Commercial API sales commenced at the Tumkur facility in Q4 FY26. A framework agreement with Fermbox Bio-Private Limited was executed for licensed manufacturing using their technology and equipment, which is expected to improve the utilization of the fermentation block and create incremental revenue. Management acknowledged the pressure on the balance sheet and the need for fundraising, exploring options such as government schemes, preferential allotment, and rights issues. For FY27, the company forecasts revenue of approximately ₹170 crores from Gelatin capsules, ₹20 crores from HPMC capsules, ₹70 crores from domestic API sales, and ₹14 crores from the Fermbox contract, totaling around ₹274 crores consolidated revenue. The target for the capsule division in FY27 is an EBITDA margin of 18% for HPMC and 13% for Gelatin. The company expects debt levels to remain around ₹100-110 crores in FY27 and FY28.
