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Innova Captab Limited

INNOVACAP.NS
54
Drug Manufacturers - Specialty & Generic · Healthcare
Price
₹1188.70
+16.90 (+1.44%)
Market Cap
₹68.02B
Exchange
National Stock Exchange of India
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
Growth
Exceptional
Cash Flow
Weak
Stability
Mixed
Valuation
Good
Dividends
Weak
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§Winston Score History

The full picture

Innova Captab is an Indian pharmaceutical company that makes generic medicines in tablet, capsule, and liquid form. It works mainly as a contract manufacturer, producing drugs for other pharma companies, and also sells products under its own brand names. The company serves both the domestic Indian market and exports to international markets.

Innova Captab earns revenue through contract development and manufacturing (CDMO) services, as well as sales of its own branded generics and exports. Based in Baddi, Himachal Pradesh, the company operates multiple manufacturing facilities approved by various regulatory agencies. Its integrated manufacturing capabilities and growing export presence give it a competitive edge in India's crowded generic drug market. Key growth drivers include expanding its export footprint and adding new product lines, though intense competition and pricing pressure in the generics space remain ongoing risks.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+33.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+42.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹70M/ year

↑ Rising (+7% vs prior year)

0.4% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

72.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Innova Captab Limited grew revenue 34% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 57.2M (2022) → 57.2M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
23.5%
Thin — 23.5% gross margin
Profit after running costs
Operating Margin
13.0%
Healthy — 13.0% operating margin
Return on the money invested
ROCE
19.6%
Strong — 19.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+34.5%
Fast-growing sales (+34.5% YoY)
Profit growth
EPS YoY
+18.7%
Earnings growing fast (+18.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
19%
Weak — only 19% of profit becomes cash
Spare cash per sale
FCF Margin
-0.7%
Burning cash (-0.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
11.57x
Comfortably covers interest (11.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
44.2x
Pricey — P/E 44.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+8.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (44.2 → 35.4)

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Dividends

Dividend
Dividend Yield
0.67%
Small dividend — 0.67% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
N/A
no trend
Data not available

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