Natural Capsules Limited · NSE:NATCAPSUQ
Natural Capsules — Q2 FY26 Earnings Presentation
32 slides from Natural Capsules's earnings presentation, Nov 14, 2025
Slide 1: Cover letter to stock exchanges
ACCREDITED ISO/IEC 17021 CERTIFICATION BODY Date: 14.11.2025 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 November 2025
n atu ra lc a psul es.c om Investor BSE: 524654 NSE: NATCAPSUQ BSE: 524654 Presentation NOV EM BE R, 20 25 NSE: NATCAP SUQ
Slide 3: Safe Harbor
Safe Harbor I NV E STO R PR E S E NT ATI O N 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 anticipa
Slide 4: Inside this document
Inside this document I NV E STO R PR E S E NT ATI O N QUARTERLY CO MPAN Y BUSINESS HIG HLIG HTS OV ERVIE W C A N VA S NA TU R A L CA PS U LE S L I MIT E D F I NAN C I AL I N VE S T ME N T P E RFO RMANC E MERITS | 3
Slide 5: Quarterly Highlights
n atu ra lc a psul es.c om Quarterly Highlights
Slide 6: Quarterly Updates – Q2FY26 (Consolidated)
Quarterly Updates – Q2FY26 (Consolidated) I NV E STO R PR E S E NT ATI O N R E V E NU E S ₹ 45.80 Cr E B I T DA (₹ 0.88 Cr) 1.33% Q-o-Q (377.07%) Q-o-Q 11.11% Y-o-Y (119.63%) Y-o-Y EBITDA M ARGI NS (1.93%) PAT (₹ 6.99 Cr) (264 BPS) Q-o-Q (25.24%) Q-o-Q (1286 BPS) Y-o-Y (1041.62%) Y-o-Y NA TU R A L C
Slide 7: Management Commentary
Management Commentary I NV E STO R PR E S E NT ATI O N Q2FY26 has been a stable quarter for our capsules business. Demand remained steady, and overall, our performance was in line with the guidance we had shared earlier. However, the key growth triggers, especially related to the HPMC capacity expan
Slide 8: Profit & Loss Statement Summary (Consolidated)
Profit & Loss Statement Summary (Consolidated) I NV E STO R PR E S E NT ATI O N PARTICULARS (₹ IN CRORES) Q2FY25 Q1FY26 Q2FY26 Q-o-Q Y-o-Y H1FY25 H1FY26 Y-o-Y Revenue From Operations 41.22 45.20 45.80 1.33% 11.11% 80.41 91.01 13.18% Other Income 0.11 0.36 0.16 (55.01%) 52.31% 0.29 0.52 79.55% Total
Slide 9: Summary of Balance Sheet (Consolidated)
Summary of Balance Sheet (Consolidated) I NV E STO R PR E S E NT ATI O N PARTICULARS (₹ IN CRORES) FY25 H1FY26 Total Equity 257.16 245.40 Non Current Liabilities 62.20 64.54 Current Liabilities 99.99 110.01 Total Equity and Liabilities 419.35 419.96 Non Current Assets 289.76 288.77 NA TU R A L CA PS
Slide 10: Summary of Cash Flow (Consolidated)
Summary of Cash Flow (Consolidated) I NV E STO R PR E S E NT ATI O N 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 Cash Flow 7.19 0.07 Cash At The Beginning
Slide 11: Company Overview
n atu ra lc a psul es.c om Company Overview
Slide 12: Introducing Natural Capsules Limited (NCL)
Introducing Natural Capsules Limited (NCL) I NV E STO R PR E S E NT ATI O N 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 company was incorporate
Slide 13: Our Journey
Our Journey I NV E STO R PR E S E NT ATI O N 1993- 2014: EARLY SUCCESSES AN D 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 wi
Slide 14: Our Journey (contd.)
Our Journey (contd.) I NV E STO R PR E S E NT ATI O N 2015 – 2018: THE HURDLES WE 2019 ONWARD: THE B EGINNING GOING FORWARD FACED ON THE WAY OF A NE W AN D IMPROVED N CL 2015 – 18 2019 ONWARD Installed capacity as at FY25 stands at 19.50 BCPA • Fall in oil and commodity prices led to economic • 2019
Slide 15: Product Offerings
Product Offerings I NV E STO R PR E S E NT ATI O N 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 CAP SULES AP Is high-end patented technology developed in-
Slide 16: Global Presence
Global Presence I NV E STO R PR E S E NT ATI O N Natural Capsules exports to 28 countries across 5 continents, bringing in sizable revenue from its export. % O F EX P OR T S A L E S A FRI CA CIS • Ghana • Georgia 0.55% • • • Kenya Nigeria South Africa • • • Uzbekistan Turkey Russian Federation CIS •
Slide 17: Serving Leading Brands
Serving Leading Brands I NV E STO R PR E S E NT ATI O N 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. CUSTOM
Slide 18: Board of Directors
Board of Directors I NV E STO R PR E S E NT ATI O N Mr. Laxminarayan Mundra Mr. Satyanarayana Mundra Mr. Sushil Kumar Mundra Mr. Sunil Mundra WH O LE T IM E DIR ECT O R WH O LE T IME DIR ECT O R DIR ECT O R M AN AGIN G D IRE CTO R NA TU R A L CA PS U LE S L I MIT E D Mr. Pramod Kasat Mr. T Y Prabhu
Slide 19: Business Canvas
n atu ra lc a psul es.c om Business Canvas
Slide 20: Capsules Segment
Capsules Segment I NV E STO R PR E S E NT ATI O N 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 ap
Slide 21: API Segment
API Segment I NV E STO R PR E S E NT ATI O N 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,Hydrocor
Slide 22: API Segment (contd.)
API Segment (contd.) I NV E STO R PR E S E NT ATI O N THE FOLLOWING PRODUCTS AND CAPACITIES HAVE BEEN APPROVED UNDER THE PLI SCHEME D E XA ME TH A SO NE 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
Slide 23: Production Linked Incentive (PLI) Scheme
Production I NV E STO R PR E S E NT ATI O N 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 a
Slide 24: Focus on R&D
Focus on R&D I NV E STO R PR E S E NT ATI O N 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 &
Slide 25: Financial Performance
n atu ra lc a psul es.c om Financial Performance
Slide 26: Profit & Loss Statement Summary (Consolidated)
Profit & Loss Statement Summary (Consolidated) I NV E STO R PR E S E NT ATI O N 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 6
Slide 27: Balance Sheet Summary (Consolidated)
Balance Sheet Summary (Consolidated) I NV E STO R PR E S E NT ATI O N 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 Li
Slide 28: Cash Flow Statement Summary (Consolidated)
Cash Flow Statement Summary (Consolidated) I NV E STO R PR E S E NT ATI O N 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 Activit
Slide 29: Investment Merits
n atu ra lc a psul es.c om Investment Merits
Slide 30: Growth Drivers
Growth Drivers I NV E STO R PR E S E NT ATI O N 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
Slide 31: Strategic Priorities
Strategic Priorities I NV E STO R PR E S E NT ATI O N 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 CT I ON S TA K E N Company is enabling itself to • Positioning the business to reduce margin • Co
Slide 32: Thank You
n atu ra lc a psul es.c om Thank You CONTACT US FOR FU RTHER I NFORMAT ION, PLEASE CONTACT Natural Capsules Limited Mr. Raj Kishore Prasad Mr. Abhishek Mehra TRIDENT TOWERS, CHIEF FINANCIAL OFFICER IN VES T O R R ELA TIO N S AD VISO R Fourth Floor, No. 23, + 9 1 9 55 8 8 1 4 5 00 100 Feet Road, Jayn