Innova Captab Q1 FY27: consolidated PAT +42% YoY to ₹44.1 Cr, revenue +34%, margins widen

Innova Captab's consolidated Q1 FY27 (quarter ended 30 June 2026) revenue rose 33.9% YoY to ₹470.9 Cr (₹351.5 Cr a year ago) and 5.2% QoQ (₹447.8 Cr in Q4 FY26). Consolidated PAT climbed 42.3% YoY to ₹44.1 Cr (₹31.0 Cr a year ago) and 15.9% QoQ (₹38.1 Cr in Q4 FY26), with EPS at ₹7.71 versus ₹5.42 a year ago. No exceptional items or minority-interest adjustments were disclosed in either period, so the reported and adjusted YoY growth are the same. Standalone PAT grew faster, +58% YoY to ₹32.1 Cr on revenue of ₹400.5 Cr (+39.5% YoY) — the standalone/consolidated growth rates diverge by more than 10 percentage points, consistent with the subsidiaries (Univentis Medicare, Sharon Bio-Medicine) growing slower than the parent this quarter. Margins expanded on both counts: consolidated net margin rose to 9.37% from 8.71% a year ago and 8.47% last quarter, while operating margin (EBITDA/revenue) improved to roughly 16.0% from 14.8% YoY and 14.5% QoQ. Management's press release frames revenue and EBITDA growth at 34% and 33% YoY respectively — EBITDA growth of ~32.8% calculated here is essentially in line with, not ahead of, revenue growth, even though margins did expand in percentage-point terms; PAT growth (42%) did outpace revenue growth, consistent with the operating-leverage story management laid out. Against the prior (Q4 FY26) concall guidance — 20%+ revenue growth for FY27 with EBITDA/PAT growth outpacing revenue on Jammu ramp-up — this quarter's 34% revenue growth clears the bar comfortably, and PAT growth outpaced revenue as guided; EBITDA growth, however, tracked revenue rather than exceeding it, a partial miss on the specific operating-leverage claim even as absolute margins widened. No formal Street consensus estimate for this quarter could be confirmed, so vsStreet is marked unknown rather than guessed. The quarter's only other disclosed corporate action is the board's parallel move to correct inadvertent errors identified in the FY26 audited standalone and consolidated financial statements approved on 7 May 2026 — the company states this correction has no material impact on the Q1 FY27 results or their comparatives, and a revised FY26 statement is pending at the next board meeting. Management's own framing — "strong start to FY27" driven by steady order flows, a broader product portfolio and deeper customer engagement across CDMO Services & Products and Branded Generics — is broadly borne out by the numbers: both revenue and profit growth accelerated from the year-ago quarter's ~9% net margin base, and sequential (QoQ) growth was also positive rather than a seasonal give-back, since this is a pharma/CDMO business without strong seasonality.