Natural Capsules Limited · NSE:NATCAPSUQ
Natural Capsules — Q3 FY26 Earnings Presentation
32 slides from Natural Capsules's earnings presentation, Feb 13, 2026
Slide 1: Cover letter to stock exchanges
ACCREDITED ISO/IEC 17021 CERTIFICATION BODY Date: 13.02.2026 To To Bombay Stock Exchange Limited National Stock Exchange of India Limited 25th Floor, PJ Towers Exchange Plaza , C-1, Block G Dalal Street, Bandra Kurla Complex, Bandra (E) Mumbai-400001 Mumbai – 400 051 Scrip Code: 524654 Symbol: NATCA
Slide 2: Investor Presentation February 2026
naturalcapsules.com Investor BSE: 524654 NSE: NATCAPSUQ BSE: 524654 Presentation F E B R U A R Y, 2 0 2 6 NSE: NATCAPSUQ
Slide 3: Safe Harbor
Safe Harbor INVESTOR PRESENTATION Certain statements and opinions with respect to the anticipated future performance of Natural Capsules Limited (NCL) in the presentation (“forward - looking statements”), which reflect various assumptions concerning the strategies, objectives and anticipated results
Slide 4: Inside this document
Inside this document INVESTOR PRESENTATION Q U A R T E R LY C O M PA N Y BUSINESS HIGHLIGHTS OVERVIEW C A NVA S NATURAL CAPSULES LIMITED FINANCIAL INVESTMENT PERFORMANCE MERITS | 3
Slide 5: Quarterly Highlights
naturalcapsules.com Quarterly Highlights
Slide 6: Quarterly Updates – Q3FY26 (Consolidated)
Quarterly Updates – Q3FY26 (Consolidated) INVESTOR PRESENTATION REVENUES ₹ 37.75 Cr EBITDA ₹ (2.33 Cr) (18%) Q-o-Q (163%) Q-o-Q (14%) Y-o-Y (155%) Y-o-Y EBITDA MARGINS (6.16%) PAT (₹ 7.12 Cr) (423 BPS) Q-o-Q (2%) Q-o-Q (1,589 BPS) Y-o-Y (6,833%) Y-o-Y NATURAL CAPSULES LIMITED EPS (₹ 6.88) (2%) Q-o-Q
Slide 7: Management Commentary
Management Commentary INVESTOR PRESENTATION ‘ In Q3FY26, the capsules business operations were impacted by the temporary shutdown of the Puducherry unit following the regulatory action relating to the manufacturing licence, as disclosed in December. The review extended to the sales licence as well,
Slide 8: Profit & Loss Statement Summary (Consolidated)
Profit & Loss Statement Summary (Consolidated) INVESTOR PRESENTATION PARTICULARS (₹ IN CRORES) Q3FY25 Q2FY26 Q3FY26 Q-o-Q Y-o-Y 9MFY25 9MFY26 Y-o-Y Revenue From Operations 43.83 45.80 37.75 (18%) (14%) 124.24 128.75 4% Other Income 0.11 0.16 0.45 178% 308% 0.40 0.97 142% Total Income 43.94 45.96 38.
Slide 9: Balance Sheet Summary (Consolidated)
Balance Sheet Summary (Consolidated) INVESTOR PRESENTATION PARTICULARS (₹ IN CRORES) FY25 H1FY25 Total Equity 257.16 245.40 Non-Current Liabilities 62.20 64.54 Current Liabilities 99.99 110.01 Total Equity and Liability 419.35 419.96 Non-Current Assets 289.76 288.77 NATURAL CAPSULES LIMITED Current
Slide 10: Cash Flow Statement Summary (Consolidated)
Cash Flow Statement Summary (Consolidated) INVESTOR PRESENTATION PARTICULARS (₹ IN CRORES) H1FY25 H1FY26 Cash Flow from Operating Activities 12.01 5.41 Cash Flow from Investing Activities (20.18) (7.04) Cash Flow from Financing Activities 15.36 1.70 Net increase/(decrease) in cash and cash equivalen
Slide 11: Company Overview
naturalcapsules.com Company Overview
Slide 12: Introducing Natural Capsules Limited (NCL)
Introducing Natural Capsules Limited (NCL) INVESTOR PRESENTATION Natural Capsules Limited (NCL) is a hard capsule shell manufacturer, who pioneered manufacturing of vegetarian capsules in India and is the second largest Indian manufacturer for gelatin capsules. The 1994 294 company was incorporated
Slide 13: Our Journey
Our Journey INVESTOR PRESENTATION 1993- 2014: EARLY SUCCESSES AND A PERIOD OF EXPANSION 1993-95 2001 2003 2004 2005-07 2009-12 2012-14 • NCL was • Soon after, in • 2003 was an • The coming • In 2005-2007, NCL • In 2009-2012, • In 2012-14, NCL incorporated in 2001, NCL important decade witnessed acqu
Slide 14: Our Journey (contd.)
Our Journey (contd.) INVESTOR PRESENTATION 2015 – 2018: THE HURDLES WE 2019 ONWARD: THE BEGINNING GOING FORWARD FACED ON THE WAY OF A NEW AND IMPROVED NCL 2015 – 18 2019 ONWARD Installed capacity as at FY25 stands at 19.50 BCPA • Fall in oil and commodity prices led to economic • 2019 onward NCL wit
Slide 15: Product Offerings
Product Offerings INVESTOR PRESENTATION Natural Capsules Limited manufactures a vast array capsules, including vegetarian capsules which they have pioneered in India. The company is now foraying into API manufacturing with complex CA P S ULES A P Is high-end patented technology developed in-house, u
Slide 16: Global Presence
Global Presence INVESTOR PRESENTATION Natural Capsules exports to 28 countries across 5 continents, bringing in sizable revenue from its export. % OF EXPORT SALES AFRICA CIS • Ghana • Georgia 0.55% • Kenya • Uzbekistan • Nigeria • Turkey • South Africa • Russian Federation CIS • Tunisia • Uganda MID
Slide 17: Serving Leading Brands
Serving Leading Brands INVESTOR PRESENTATION With over 3 decades of CUSTOMERS FOR REPEAT BUSINESS MORE THAN 10 YEARS DURING FY25 experience in the pharma sector, NCL has garnered 30% of total customers 86% of total turnover excellent relationship with customers across 28 countries. CUSTOMERS FOR MOR
Slide 18: Board of Directors
Board of Directors INVESTOR PRESENTATION Mr. Laxminarayan Mundra Mr. Satyanarayana Mundra Mr. Sushil Kumar Mundra Mr. Sunil Mundra WHOLE TIME DIRECTOR WHOLE TIME DIRECTOR DIRECTOR MANAGING DIRECTOR NATURAL CAPSULES LIMITED Mr. Pramod Kasat Mr. T Y Prabhu Mr. S G Belapure Mrs. Jyothi Mundra INDEPENDE
Slide 19: Business Canvas
naturalcapsules.com Business Canvas
Slide 20: Capsules Segment
Capsules Segment INVESTOR PRESENTATION With almost three decades of experience in the industry, Natural Capsules Limited is a leading manufacturer of hard capsules in India, its products are exported to regulated and unregulated markets across the globe, 2nd largest following stringent applicable ru
Slide 21: API Segment
API Segment INVESTOR PRESENTATION Natural Capsules Limited is now foraying into the API business segment through its subsidiary - Natural Biogenex Private Limited (NBPL) Greenfield Capex at incorporated in 2020. The APIs that will be manufactured Tumkur, spread across 5 acres are,Hydrocortisone, Pre
Slide 22: API Segment (contd.)
API Segment (contd.) INVESTOR PRESENTATION THE FOLLOWING PRODUCTS AND CAPACITIES HAVE BEEN APPROVED UNDER THE PLI SCHEME DEXAMETHASONE 10 MT 25 MT • NCL will be the only manufacturer of this product Planned Capacity Imports to India in FY25 in India worth ~ ₹68 crores B E TA M E T H A S O N E 12 MT
Slide 23: Production Linked Incentive (PLI) Scheme
Production INVESTOR PRESENTATION Linked Incentive • The scheme intends to boost domestic manufacturing (PLI) Scheme of identified KSMs, Drug Intermediates and APIs by attracting large investments in the sector and thereby reduce India’s import dependence in critical APIs. With a view to attain self-
Slide 24: Focus on R&D
Focus on R&D INVESTOR PRESENTATION NCL strongly believes in investing in R&D, to stay ahead of its peers and to consistently innovate. The Company’s recent entry into the API business is 2 DSIR a testament to its firm belief in R&D. Recognised state of the art R&D facilities R&D SPENDS & KEY AREAS O
Slide 25: Financial Performance
naturalcapsules.com Financial Performance
Slide 26: Profit & Loss Statement Summary (Consolidated)
Profit & Loss Statement Summary (Consolidated) INVESTOR PRESENTATION PARTICULARS (₹ IN CRORES) FY21 FY22 FY23 FY24 FY25 Revenue from Operations 79.51 135.07 172.37 155.42 169.21 Other Income 0.73 1.01 0.57 1.94 0.70 Total Income 80.24 136.08 172.94 157.36 169.91 Total Operating Expenses 68.58 109.69
Slide 27: Balance Sheet Summary (Consolidated)
Balance Sheet Summary (Consolidated) INVESTOR PRESENTATION PARTICULARS (₹ IN CRORES) FY21 FY22 FY23 FY24 FY25 Total Equity (Networth) 62.10 82.98 148.25 228.80 257.16 Non-Current Liabilities 1.55 34.85 73.57 71.23 62.20 Current Liabilities 33.30 46.45 66.89 76.49 99.99 Total Equity and Liability 97.
Slide 28: Cash Flow Statement Summary (Consolidated)
Cash Flow Statement Summary (Consolidated) INVESTOR PRESENTATION PARTICULARS (₹ IN CRORES) FY21 FY22 FY23 FY24 FY25 Cash Flow from Operating Activities 5.78 1.16 17.22 (8.35) 26.75 Cash Flow from Investing Activities (8.54) (45.88) (104.63) (72.59) (44.48) Cash Flow from Financing Activities 2.52 46
Slide 29: Investment Merits
naturalcapsules.com Investment Merits
Slide 30: Growth Drivers
Growth Drivers INVESTOR PRESENTATION Capacity enhancement with Being the only backward Exploring opportunities The Company will benefit state-of-the-art machinery integrated manufacturer to set up capsules from strong industry tailwinds in capsules division, enabling of steroidal APIs in India, manu
Slide 31: Strategic Priorities
Strategic Priorities INVESTOR PRESENTATION NCL is geared to bring about monumental changes in its approach towards its business. With the ongoing CAPEX, the S T R AT E G I C P R I O R I T Y A C T I O N S TA K E N Company is enabling itself to • Positioning the business to reduce margin • Collaborati
Slide 32: Thank You
naturalcapsules.com Thank You CONTACT US FOR FURTHER INFORMATION, PLEASE CONTACT Natural Capsules Limited Mr. Raj Kishore Prasad Mr. Abhishek Mehra TRIDENT TOWERS, CHIEF FINANCIAL OFFICER INVESTOR RELATIONS ADVISOR Fourth Floor, No. 23, +91 95588 14500 100 Feet Road, Jaynagar II Block, Natural Capsu