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Paytm shares crash 6% as Jefferies maintains 'hold', sees marginal upside
If Paytm’s incentives decline proportionately, its adjusted EBITDA for FY25 could be 50 percent below estimates, while FY26-27 projections may be 20-30 percent lower, Jefferies said.
CEAT Says Will Take Price Increases To Support Margin
Passenger Segment Growth Has Been Slow While 2-wheeler Growth Remains Steady
Expect Passenger Segment Growth To Improve To Low To Mid Single-digit
2-wheeler Growth Is Being Mainly Supported By Rural Area - CNBCTV18
CEAT Says We Have Launched Three Tyres With New Technology
Premium Segment Currently Forms 8-10% Of Total Car Tyre Aftermarket
Premium-end Segment Is Expected To Grow Much Faster Than Other Segment - CNBCTV18
CRISIL ON FMCG COS
Expect Revenue Recovery Of 100-200 BPS In FY26
Expect Credit Profiles Of FMCG Cos To Remain Stable In FY26: Informist
FY26 Operating Profitability To Be Flat,But Healthy: Informist - NDTV PROFIT
BLUESTAR Management Says There Were Non-tariff Barriers On Some AC Components Like Compressors Due To Make In India - CNBCTV18
India Is Not Fully Self-reliant On AC Compressors
Supply Chain Can Handle Up To 25-30% Growth In AC Demand This Season
Still Importing From China Among Other Countries
Dialogue On With Govt On Incentivising 5 Star AC, Scheme Is Being Worked Out
INTERGLOBE AVIATION : Indigo Says Number of passengers poised to double by 2030 in India; from 252 million to 510 million
Aims to take international capacity share to 40% by FY30 Vs 28% currently
Has 925 aircraft order which is yet to be delivered
Reiterates 600+ aircraft count by 2030
Expect A321 XLR deliveries in FY26; Plan to launch on routes across Asia and Europe
INTERGLOBE AVIATION: Indigo Says Aims to increase ancillary revenue
Loyalty Programme sees 2 million enrolment in 5 months
Aims 1 aircraft delivery every week in FY26 similar to FY25
Capacity and Passenger traffic to grow in early double digit in FY26 similar to FY25
Aims to add 14 destinations in FY26
DISCLAIMER: NO BUY/SELL recommendation.
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11 | Key Risks & Challenges
⚠️Regulatory Compliance Risks – Continuous adherence to global regulatory norms (USFDA, EU, WHO-GMP) is critical for CDMO & export growth.
⚠️Pricing Pressure & Competition – Intense competition in CDMO & generic markets may put pressure on margins.
⚠️Valuation & Profitability Risk – High P/E ratio (34.9) & ROE (17.0%) below ideal (20%) may affect investor sentiment.
⚠️Debt & Leverage Risk – D/E ratio at 0.29 is well-managed but expansion-driven investments must be monitored.
⚠️Global Economic Conditions – Slowdowns in regulated & emerging markets could impact international revenue growth.
📌 Innova Captab’s strong CDMO contracts, government incentives, and expanding global presence help mitigate these risks, ensuring long-term growth potential.
8 | Management Guidance & Future Plans
📌 Order Book & Key Growth Drivers
🔹Strong CDMO pipeline – 55% of revenue from contract manufacturing.
🔹New product launches – Focus on injectables, BFS, and complex formulations.
🔹 API backward integration – Strengthening cost efficiency via Sharon Bio-Medicine.
🔹₹450+ Cr CapEx – Investments in manufacturing, R&D, and global expansion.
🔹Regulated Market Growth – Increased filings & approvals in UK & Canada.
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📊 Financial & Business Growth Guidance:
🔹FY25 revenue target: ₹1,250-₹1,300 Cr.
🔹FY26 revenue target: ₹1,500-₹1,600 Cr.
🔹CDMO Business Expansion – Expected to grow significantly in FY26.
🔹EBITDA Margin Target – Aiming for 16-18% range in FY26.
📈 Capacity Utilization & Expansion Plans:
🔹Jammu plant utilization – Expected to reach 75% in FY26, 100% by FY27.
🔹Increased production of injectables, LVP & BFS – Scaling output for domestic & export markets.
🔹New R&D facility (Panchkula) – Focus on complex formulations & international filings.
🚀 CDMO & Global Market Expansion:
🔹Secured multiple new CDMO contracts in regulated & semi-regulated markets.
🔹Expanding in UK & Canada – Targeting higher-margin specialty generics.
📑 Execution & Regulatory Readiness:
🔹₹500+ Cr worth of orders to be completed in next 6-9 months.
🔹Accelerated product filings – 131 new registrations planned across geographies.
🔹Regulatory compliance & audits – Strengthening readiness for global approvals.
📌 Innova Captab is set for rapid growth with strong CDMO contracts, capacity expansion, international market penetration, and innovation-driven R&D initiatives.
6 | Competitive Landscape, Market Positioning & Key Strengths
🌍 Industry Ranking & Competitors:
🔹Among the Top 3 Largest Finished Tablet & Capsule Manufacturers in India.
🔹Competing with Lupin, Sun Pharma, and Dr. Reddy’s in the CDMO & generics space.
🔹Aurobindo Pharma – Strong presence in regulated markets with a vast ANDA portfolio.
🔹Dr. Reddy’s – Leading CDMO player with strategic partnerships in high-growth markets.
📈 Market Positioning & Growth Strategy:
🔹CDMO Business Expansion – 55% of total revenue from CDMO; manufacturing 2,900+ CDMO products.
🔹Pipeline Growth – Investing in new formulations, injectables, and BFS products.
🔹International Expansion – Strengthening footprint in UK & Canada with increased filings & approvals.
🔹Emerging Market Strategy – Expanding distribution in Africa, CIS, and Southeast Asia.
🔹Jammu Facility Commercialization – Expected to drive ₹400-500 Cr incremental revenue in FY26.
🚀 Export Market Expansion:
🔹Growing exports to 25+ countries, targeting regulated markets (UK, Canada) & emerging markets.
🔹Dedicated regulatory teams for accelerating product approvals & market penetration.
🔹9M FY25 International Revenue Growth – ₹113 Cr revenue (17% YoY growth).
💡 Key Strengths of Innova Captab:
1️⃣ Diversified Product Portfolio – CDMO, branded generics, APIs, and injectables.
2️⃣ Long-Term Client Relationships – 80%+ clients associated for 5+ years.
3️⃣ Strong Presence in India & International Markets – Expanding in Tier 2 & Tier 3 cities domestically.
4️⃣ Robust R&D Capabilities – Panchkula R&D center to drive complex & specialty formulation development.
5️⃣ Advanced Manufacturing Facilities - 9 production blocks across Baddi, Jammu, and Sharon Bio-Medicine (API & Formulations).
6️⃣ Cost Efficiency & Government Incentives - GST-linked incentive (300% of investment in plant & machinery) & 6% capital interest subvention for Jammu facility.
📌 Innova Captab is solidifying its position as a top-tier CDMO and generics manufacturer, leveraging international expansion, product innovation, and strategic partnerships for sustained growth.
4 | Expansion & Growth Strategy
🏭Current Manufacturing Facilities & Installed Capacity:
1️⃣ Baddi, Himachal Pradesh (3 Production Blocks) – Tablets: 8.2B | Capsules: 2.4B | Ointments: 23M | Dry Powder Injectables: 60M | Dry Syrups: 54M | Liquid Orals: 71M
2️⃣ Jammu, India (Newly Commercialized - 4 Production Blocks) – Tablets: 10.6B | Capsules: 1.4B | Dry Powder Injectables: 547M | Dry Syrups: 311M | BFS (LVP & Respules): 562M
3️⃣ Sharon Bio-Medicine (Dehradun & Taloja - API & Formulations) – Tablets & Capsules: 2.01B | API Production: 313 MT
🚀 Planned Expansion & Growth Initiatives:
🔹Jammu Facility Ramp Up - ₹400-500 Cr incremental revenue expected in FY26, with a focus on dry powder injectables, LVP (Large Volume Parenterals), and respules.
🔹Panchkula R&D Center (Upcoming) – Dedicated research facility to develop generic & complex formulations; expected to enhance CDMO and international product pipeline.
🔹CDMO Business Growth – Increasing wallet share with existing clients while onboarding new clients for complex formulations.
🔹API & Formulation Expansion – Backward integration via Sharon Bio-Medicine to enhance cost efficiency and supply chain control.
🔹International Market Expansion – Strengthening presence in UK & Canada through increased filings and new approvals.
🔹Domestic Market Expansion – Increasing penetration in Tier 2 & Tier 3 cities through branded generics.
🔹Capacity Utilization Improvement – Optimizing existing plant operations to drive better efficiencies and cost reduction.
🔹Government Incentives – Jammu facility eligible for:
-GST-linked incentive (300% of investment in plant & machinery) for 10 years
-Capital interest subvention (6% reduction in loan interest costs)
📊Total Installed Capacity: 20+ billion dosage units annually across multiple plants
📊 Planned Expansion Impact: Higher production capacity, stronger API integration, lower costs, and increased export revenues
📌Strategic capacity expansion, R&D investment, increasing market reach, and government incentives will drive Innova Captab’s high-growth trajectory.
2 | Business Model - How Does Innova Captab Make Money?
💊 Pharmaceutical Manufacturing & CDMO - Core Offerings:
1️⃣ Contract Development & Manufacturing (CDMO) – Provides formulation, development, and manufacturing services for 190+ pharmaceutical companies, contributing 55% of revenue.
2️⃣ Domestic Branded Generics – Portfolio of 600+ products, distributed through 5,000+ distributors and 1.5 lakh+ pharmacies, contributing 18% of revenue.
3️⃣ International Branded Generics – Presence in 25+ countries, including regulated markets like Canada & UK, contributing 12% of revenue.
4️⃣ API & Specialty Formulations – Strengthened through Sharon Bio-Medicine, which contributes 15% of revenue and supports formulation & API manufacturing.
💊 Product Portfolio & Business Verticals:
🔹CDMO (Contract Development & Manufacturing):
1️⃣ Diverse Offerings – Tablets, capsules, dry syrups, injectables, and BFS (Blow-Fill-Seal) products.
2️⃣ Strong Customer Base – Serving 14 out of the top 15 Indian pharma companies.
🔹Domestic Branded Generics:
1️⃣ Large-Scale Market Presence – ₹169 Cr revenue in 9M FY25, growing at 18% YoY.
2️⃣ Strong Distribution Network – 1.5 lakh+ touchpoints via pharmacies, distributors, and stockists.
🔹International Business (25+ countries):
1️⃣ Growing Presence in Regulated Markets – Expanding in the UK & Canada.
2️⃣ Revenue Growth – ₹113 Cr in 9M FY25, growing at 17% YoY.
🔹API & Injectable Business:
1️⃣ API & Formulation Synergies – Sharon Bio-Medicine generated ₹141.9 Cr in 9M FY25.
2️⃣ Injectable Expansion – New Jammu facility adds Dry Powder Injectables, LVP (Large Volume Parenterals), and Respules.
📌 Innova Captab is leveraging its strong CDMO business, domestic expansion, and international market entry for high growth.
🏥 Innova Captab Ltd - A Detailed Analysis
- Innova Captab is a leading integrated pharmaceutical company with a strong presence in CDMO (Contract Development & Manufacturing), domestic branded generics, and international markets.
-With continuous capacity expansion, strong CDMO partnerships, and new product introductions, the company is positioned for robust future growth.
📌 Current Price: ₹787
📊 52-Week High / Low: ₹1,260 / ₹421
💰 Market Cap: ₹4,500 Cr
KEC INTERNATIONAL says
• Power Grid accounts for 20-25% of our order book
• Power Grid contributes 30-35% of our order intake
• Exported $25 million worth of products from Mexico to the US
• No impact of US tariffs on KEC International
• No plans to set up manufacturing plants in the US at the moment
• Targeting 15% growth in FY26
CEAT Says Size Of Premium-end Segment Is Seen Growing To The Levels Around 25%
Our Current Market Share Is Around 16%
These 3 New Tyres Will Help Us Position Well In Premium Segment
CAMS Says We Are Close To 80 Lk e-Insurance Account Holders
LIC Will Move New Issuances, Not Legacy Policies, Into This New Architecture
Insurance Repository Accounts For Less Than 2% Of Total Revenue - CNBCTV18
TATA POWER ; Delhi's peak summer power demand likely to hit 9,000 MW - BL
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Will see 40% AUM growth in FY25 vs 25-30% guided earlier:
Muthoot Fin to CNBC-TV18
MUTHOOT FIN: FY26 NET INTEREST MARGIN GUIDANCE AT 10-12% - CNBC TV18
INTERGLOBE AVIATION : Indigo Says Number of passengers poised to double by 2030 in India; from 252 million to 510 million
Aims to take international capacity share to 40% by FY30 Vs 28% currently
Has 925 aircraft order which is yet to be delivered
Reiterates 600+ aircraft count by 2030
Expect A321 XLR deliveries in FY26; Plan to launch on routes across Asia and Europe
Indian CDMO Peer group comparison
Syngene - 100% innovator
Sai Life Sciences - 95% innovator
Divi's Labs - 53% innovator products
Piramal Pharma - 50% innovator
Suven Pharma (incl. Cohance) - 50% innovator
Neuland Labs - 49% innovator
Laurus Labs - 20% innovator
One Source - Not disclosed, but skew towards generics
Source: Jefferies report on Sai Life Sciences
@Fundamental3
10 | Industry Outlook & Market Opportunity
🔹Global Pharma Market Growth:
✅ $1,635 Bn in 2023 → $2,251 Bn by 2028 (CAGR 6.6%) – Driven by rising healthcare spending & specialty generics.
✅ Regulated pharma markets expected to dominate with 77% share by 2028.
🔹CDMO Market Expansion:
✅ CDMO market growing at 7.7% CAGR – Outpacing the overall pharma industry.
✅ India emerging as a key CDMO hub – Competitive cost structure & skilled workforce.
✅ Strong demand from regulated markets – UK, Canada & Europe expanding CDMO partnerships.
🔹Emerging Market Growth:
✅ ₹376.3 Bn in 2023 → ₹541 Bn by 2028 (CAGR 7.5%) – Rising demand for branded generics in Africa, CIS, LATAM & SE Asia.
✅ Innova Captab’s international business scaling up – Presence in 25+ countries with expansion in regulated & emerging markets.
🔹Government & Regulatory Tailwinds Supporting Growth:
✅ PLI Scheme for bulk drugs & APIs – Incentivizing local manufacturing in India.
✅ GST & interest subvention for new plants – Jammu facility benefiting from 300% GST-linked incentives & 6% capital interest subvention.
✅ Regulatory push for localized manufacturing – Increased approvals & capacity expansion in key export markets.
📌Innova Captab is well-positioned to capitalize on the booming CDMO sector, rising demand for specialty generics, and increasing global pharma spending, backed by strong government incentives & international expansion.
9 | Valuation & Key Metrics
📢 Does It Pass Fundamental Investment Screening?
✅ Passes 5/9 Key Investment Filters
❌ Fails in P/E, ROE, ROCE & PB Ratio
(NO buy/Sell recommendation)
📊 Positives:
✅ Exceptional Profit Growth (53.7% YoY) – Strong earnings expansion.
✅ Strong Promoter Holding (50.9%) – Indicates management confidence.
✅ No Pledged Shares (0%) – Zero risk of share dilution.
✅ Growing CDMO & API Business – Expansion in Jammu facility & international markets driving future growth.
✅ Healthy Debt to Equity (0.29) – Well-managed leverage position.
⚠️ Concerns:
❌ High P/E (34.9) – Valuation premium compared to screening benchmark.
❌ ROE (17.0%) Below Ideal (20%) – Needs improvement in return on equity.
❌ ROCE (19.0%) Below Ideal (20%) – Marginally lower capital efficiency.
❌ High Price to Book Value (4.96) – Valuation slightly stretched.
📌 Innova Captab is not a textbook-perfect fundamental stock but a high-growth business with strong financials, profitability, and expansion potential. Investors should monitor valuation, efficiency improvements, and long-term CDMO execution.
7 | Financial Performance
📊 Quarterly Performance (Q3 FY25)
🔹Revenue: ₹316.5 Cr (⬆️ 4.6% YoY)
🔹EBITDA: ₹50.9 Cr (⬆️ 8.5% YoY)
🔹EBITDA Margin: 16.1% (⬆️ 60 bps)
🔹Profit Before Tax (PBT): ₹45.6 Cr (⬆️ 29.5% YoY)
🔹Profit After Tax (PAT): ₹34.2 Cr (⬆️ 36.3% YoY)
🔹PAT Margin: 10.8% (⬆️ 250 bps)
🔹Earnings Per Share (EPS): ₹5.97 (vs. ₹4.39 in Q3 FY24)
📈 Nine-Month Performance (9M FY25)
🔹Revenue: ₹928.9 Cr (⬆️ 13.5% YoY)
🔹EBITDA: ₹147.1 Cr (⬆️ 19% YoY)
🔹EBITDA Margin: 15.8% (⬆️ 80 bps)
🔹Profit Before Tax (PBT): ₹131.7 Cr (⬆️ 46.3% YoY)
🔹Profit After Tax (PAT): ₹98.7 Cr (⬆️ 50.5% YoY)
🔹PAT Margin: 10.6% (⬆️ 260 bps)
🔹Earnings Per Share (EPS): ₹17.25 (vs. ₹11.47 in 9M FY24)
💰 Financial Strength
🔹Healthy Balance Sheet – Strong profitability & efficient working capital management
🔹Strong Order Book – CDMO contracts & international expansion driving revenue visibility
📌 Innova Captab continues to showcase strong financial performance, driven by CDMO growth, strategic expansion, and improving profitability.
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5 | Innova Captab Key Clients & Partnerships
♻️ Long-Term Partnerships Driving Growth
CDMO revenue remains a key growth driver, with a strong client base of 190+ pharmaceutical companies, including 14 of the top 15 Indian pharma players.
📊Top Clients & Contribution:
🔹Client Retention – 80%+ of clients have been associated for over five years.
🔹CDMO Product Portfolio – Manufacturing 2,900+ CDMO products across multiple dosage forms.
🏆 Key Clients (Leading Pharmaceutical Companies):
🔹Serving 14 of the top 15 pharmaceutical companies in India – Strong presence in CDMO & formulation partnerships.
🔹190+ CDMO clients – Includes major players in regulated & semi-regulated markets.
🔹80%+ of clients retained for over five years – Demonstrating long-term trust & recurring business.
🔹Strategic partnerships across formulations & APIs – Expanding into injectables, LVP, and respules with the new Jammu facility.
🔹Growing CDMO collaborations in regulated markets – Increasing filings & approvals to strengthen presence in UK & Canada.
🚀 Expanding CDMO & International Partnerships:
🔹Increased filings & approvals to boost presence in UK & Canada.
🔹Product portfolio expansion into injectables, LVP, and respules with new Jammu facility.
🔹Deepening presence in Tier 2 & 3 cities for domestic branded generics.
🏛 Government & Institutional Collaborations:
🔹Eligible for government incentives in Jammu, supporting long-term cost advantages.
🔹Supplying essential medicines & critical care injectables to government hospitals & institutions.
🔹Benefiting from PLI scheme & GST-linked incentives, enhancing financial position.
📌Innova Captab’s strong client base, long-term contracts, and CDMO expansion position it as a leading player in the Indian and global pharmaceutical markets.
3 | Revenue Model & Contribution
🔹Revenue Model:
1️⃣ CDMO Services – Contract development & manufacturing for 190+ pharmaceutical companies, including 14 of the top 15 Indian pharma players.
2️⃣ Branded Generics Sales – Direct distribution to 5,000+ distributors and 1.5 lakh+ pharmacies in India.
3️⃣ International Business – Supplying formulations to 25+ countries, including regulated markets like the UK & Canada.
🔹Revenue Contribution (By Business Segment, 9M FY25):
1️⃣ CDMO Business – 55% (₹505.1 Cr).
2️⃣ Domestic Branded Generics – 18% (₹169 Cr).
3️⃣ International Branded Generics – 12% (₹113 Cr).
4️⃣ API & Formulations (Sharon Bio-Medicine) – 15% (₹141.9 Cr).
🔹Core Raw Materials Used:
1️⃣ Active Pharmaceutical Ingredients (APIs) – Sourced externally and through Sharon Bio-Medicine for cost efficiency.
2️⃣ Excipients & Formulation Components – Used in oral solids, dry syrups, injectables, and BFS products.
3️⃣ Packaging Materials – Vials, bottles, blister packs, and sterile containers for diverse formulations.
📌 Innova Captab’s well-diversified revenue model, strong CDMO partnerships, and increasing international presence ensure sustained growth and market leadership.
1 | Who is Innova Captab?
📍Company Overview:
🔹Founded: 2006
🔹Headquarters: Baddi, Himachal Pradesh, India
🔹Business Model: Integrated pharmaceutical company with a strong presence in CDMO (Contract Development & Manufacturing), domestic branded generics, and international markets.
🔹Presence: Serving 14 out of the top 15 pharmaceutical companies in India, exporting to 25+ countries, including regulated markets like the UK & Canada.
🔹Manufacturing Plants: 9 production blocks across multiple locations, including the newly commercialized Jammu facility.
🔹Total Installed Capacity:
-Baddi Plant: Tablets (8.2B), Capsules (2.4B), Dry Powder Injectables (60M).
-Jammu Plant: Tablets (10.6B), Capsules (1.4B), BFS Injectables (562M).
-Sharon Bio-Medicine (API & Formulations): Tablets & Capsules (2B), API Production (313 MT).
🔹Market Position: Among the top 3 largest finished tablet and capsule manufacturers in India.
🏢 Subsidiaries & Business Divisions:
🔹Sharon Bio-Medicine Ltd - API & Formulations manufacturing, supporting backward integration and catering to international markets (Canada, UK, Europe, Australia, Korea, Vietnam).
🔹Univentis Medicare Ltd - Marketing & distribution arm for the domestic branded generics segment.
📌 With its strategic capacity expansion, new product introductions, and strong CDMO & generics presence, Innova Captab is well-positioned for continued growth.