Innova Captab Q1 FY27: consolidated PAT +42% YoY to ₹44.1 Cr, revenue +34%, margins widen
PAT +42.28% YoY · revenue +33.93% · margins expanding
₹470.85 Cr
+33.93% YoY
₹44.13 Cr
+42.28% YoY
9.33%
+0.6pp YoY
₹7.71
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.
Q1 FY-2027 vs prior quarters
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.
The stock went into the print at ₹1,029, up 3% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
Management projects 20%+ revenue growth for the upcoming fiscal year, driven by the continued ramp-up of the Jammu facility and broad-based demand. They confidently expect EBITDA and PAT growth to outpace revenue growth due to significant operating leverage as Jammu's utilization increases. Strategic guidance includes
— This quarter: beat
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.
W1
Whether EBITDA growth starts to clearly outpace revenue growth in coming quarters, as management's operating-leverage guidance implies (this quarter EBITDA grew ~33% vs revenue ~34%)
W2
Resolution and magnitude of the FY26 financial-statement correction, due to be placed before the board at the next meeting
W3
Whether the standalone-vs-consolidated growth gap (58% vs 42% PAT growth) narrows as subsidiary performance (Univentis Medicare, Sharon Bio-Medicine) catches up to the parent
Figures reported in Rs million, converted to Rs Crore (÷10); no exceptional items disclosed; Q4 FY26 comparative column is a balancing figure per auditor note; management is separately correcting inadvertent errors in FY26 audited financials (no impact on this quarter per company note).
Informational and educational content only. Not investment advice.