Natural Capsules Limited · NSE:NATCAPSUQ
Natural Capsules — Q4 FY26 Earnings Presentation
30 slides from Natural Capsules's earnings presentation, May 28, 2026
Slide 1: Exchange cover letter for investor presentation
NATURAL capsuLes € ag CORP & REGD OFF “TRIDENT TOWERS™ No. 23, 4th Floor, 100 feet Road, Ja 2nd Block, Ba alore-560011 Phone : 080-26561562 / 1571 /15 581 URL : www.naturalcapsules.com Email : info@naturalcapsules.com, CIN No. : L8 10KA1993PLCO14742 Date: May 28, 2026 To To BSE Limited National Stoc
Slide 2: Investor Presentation
"‘NHTURHL naturalcapsules.com CAPSULES LIMITED Investor . Presentation BSE: 524654 MAY, 2026 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 QUARTERLY COMPANY BUSINESS HIGHLIGHTS OVERVIEW CANVAS o w FINANCIAL INVESTMENT s PERFORMANCE MERITS = =} “n I o > n o < U o < ™~ > = < z 3
Slide 5: Quarterly Highlights
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Slide 6: Quarterly Updates — Q4FY26 (Consolidated)
Quarterly Updates — Q4FY26 (Consolidated) INVESTOR PRESENTATION REVENUES X 58.45 Cr EBITDA 1.33Cr ® 55%Q-0-Q ® 157% Q-0-Q ® 30% Y-0-Y ® (70%) Y-o-Y EBITDA MARGINS 2.28% PAT (X 4.98 Cr) ® 844BPS Q-0-Q @® 30%Q-0-Q ®© (747 BPS) Y-o-Y ® (1,056%) Y-0-Y a w s = =} «» o o} EPS X 4.82) > «a o < [} ® 30%Q-0-
Slide 7: Management Commentary
Management Commentary INVESTOR PRESENTATION Q4FY26 was a strong quarter for the Company on an operational basis. In line with our previous guidance, we successfully dispatched the goads that had been deferred in the prior quarter on account of the Puducherry plant shutdown. This was the primary driv
Slide 8: Profit & Loss Statement Summary (consolidated)
Profit & Loss Statement Summary (consolidated) © P < = « PARTICULARS ( IN CRORES) Q4FY25 Q3FY26 BN 3 #{] Q-0-Q Y-o0-Y FY25 -=a! Y-o0-Y o o o Revenue From Operations 44.97 37.75 58.45 55% 30% 169.21 187.20 11% o ° «n > 0.30 0.45 0.76 71% 151% 0.70 1.73 146% Other Income Total Income 45.27 38.19 59.22
Slide 9: Company Overview
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Slide 10: Introducing Natural Capsules Limited (NCL)
Introducing Natural Capsules Limited (NCL) © P < = 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 o o 311 company was incorporated as a Public L
Slide 11: Our Journey
Our Journey o = < S 1993- 2014: EARLY SUCCESSES AND A PERIOD OF EXPANSION o o o o = * NCL was EllD * Soon after, in D EIND * 2003 was an * The coming XD * In 2005-2007, NCL X * In 2009-2012, CIEID * In 2012-14, NCL incorporated in 2001, NCL important decade witnessed acquired 5 lines NCL acquired up
Slide 12: Our Journey: 2015-2018 and going forward
2015 - 2018: THE HURDLES WE GOING FORWARD FACED ON THE WAY Installed capacity as at FY26 stands at 20.25 BCPA Fall in oil and commaodity prices led to economic 2019 onward NCL witnessed an increase in slowdown in African countries and caused a demand in both domestic and export markets, One new HPMC
Slide 13: Product Offerings
Product Offerings N o < p Natural Capsules Limited manufactures a vast array capsules, including vegetarian capsules which they have pioneered in India. The company is now foraying into APl manufacturing with complex CAPSULES high-end patented technology developed in-house, under its Hard Gelatin Ca
Slide 14: Global Presence
Global Presence o = < = Natural Capsules exports to 28 countries across 5 continents, bringing in sizable o revenue from its export. o o o i % OF EXPORT SALES AFRICA Cis Ghana « Georgia 0% s i Kenya Nigeria « * Uzbekistan Turkey South Africa * Russian Federation Tunisia Uganda MIDDLE EAST Zimbabwe «
Slide 15: 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 30% of total customers 86% of total turnover sector, NCL has garnered excellent relationship with customers across 28 countries. CUSTOMERS FOR MOR
Slide 16: Board of Directors
Board of Directors Mr. Laxminarayan Mundra Mr. Satyanarayana Mundra Mr. Sushil Kumar Mundra Mr. Sunil Mundra WHOLE TIME DIRECTOR WHOLE TIME DIRECTOR DIRECTOR MANAGING DIRECTOR >4 Mr. Pramod Kasat Mr. TY Prabhu \ ey Mr. S G Belapure Mrs. Jyothi Mundra INDEPENDENT DIRECTOR CHAIRMAN & INDEPENDENT INDEP
Slide 17: Business Canvas
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Slide 18: Capsules Segment
Capsules Segment o o < = ©n With almost three decades of experience in the industry, Natural Capsules o Limited is a leading manufacturer of hard capsules in India, its products o are exported to regulated and unregulated markets across the globe, an largest o« o s following stringent applicable rul
Slide 19: API Segment
API Segment o = < = Natural Capsules Limited is now foraying into the API business segment 2 through its subsidiary - Natural Biogenex Private Limited (NBPL) Greenfield Capex at < incorporated in 2020. The APIs that will be manufactured 'gumkur, spread across e X . acres are,Hydrocortisone, Predniso
Slide 20: API Segment: PLI-approved products and capacities
API Segment (o) 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 in India worth ~ %68 crores BETAMETHASONE 12 MT 44 MT * NCL will be t
Slide 21: PLI Scheme for APIs
The scheme intends to boost domestic manufacturing of identified KSMs, Drug Intermediates and APIs by 6 attracting large investments in the sector and thereby reduce India’s import dependence in critical APlIs. With a view to attain self-reliance and reduce import A committee on drug security consti
Slide 22: Focus on R&D
Focus on R&D = < = NCL strongly believes in investing in R&D, to stay ahead of its peers and to E consistently innovate. The Company’s recent entry into the API business is 2 DSIR S a testament to its firm belief in R&D. Recognised state of the g art R&D facilities i E R&D SPENDS & KEY AREAS OF RESE
Slide 23: naturalcapsules.com
naturalcapsules.com
Slide 24: Profit & Loss Statement Summary (Consolidated)
Profit & Loss Statement Summary (Consolidated) INVESTOR PRESENTATION PARTICULARS ( IN CRORES) FY22 FY23 FY24 FY25 FY26 Revenue from Operations 135.07 172.37 155.42 169.21 187.20 Other Income 1.01 0.57 1.94 0.70 173 Total Income 136.08 172.94 157.36 169.91 188.94 Total Operating Expenses 109.69 137.3
Slide 25: Balance Sheet Summary (Consolidated)
Balance Sheet Summary (Consolidated) INVESTOR PRESENTATION PARTICULARS (X IN CRORES) FY22 FY23 FY24 FY25 FY26 Total Equity (Networth) 82.98 148.25 228.80 257.16 234.72 Non-Current Liabilities 34.85 73.57 71.23 62.20 56.71 Current Liabilities 46.45 66.89 76.49 99.99 13273 Total Equity and Liability 1
Slide 26: Cash Flow Statement Summary (Consolidated)
Cash Flow Statement Summary (Consolidated) © P < = « o PARTICULARS (X IN CRORES) FY22 FY23 FY24 FY25 FY26 o o o ° «n > Cash Flow from Operating Activities 1.16 17.22 (8.35) 26.75 10.92 Cash Flow from Investing Activities (45.88) (104.63) (72.59) (44 .48) (10.77) Cash Flow from Financing Activities 4
Slide 27: Investment Merits
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Slide 28: Growth Drivers
Growth Drivers y &5 =) fi 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, manufacturing fa
Slide 29: Strategic Priorities
. . ey Strategic Priorities 5 z E NCL is geared to bring about @}3 E monumental changes in its e e the oroains CAREX. the approach towards its business. 1 STRATEGIC PRIORITY - ACTIONS TAKEN ° > Company is enabling itself to o . . . . = b th ket leader i * Positioning the business to reduce margin *
Slide 30: Thank You
NATURAL naturalcapsules.com CAPSULES LIMITED 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, Jaynaga