Key Metrics 
Check Before You Invest 
10 Yrs X-Ray 
Profit & Loss 
Valuation 
Analyst Note 
Balance Sheet 
Cash Flow 
Financial Ratio 
Qtr. Results 
News 
About
Natural Capsules Ltd (NATCAPSUQ)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524654 NSE: NATCAPSUQ Pharmaceuticals & Drugs | Small Cap | Natural Capsules Share Price
₹149.25 7.25 (5.11%)
As on 23-Jul'26 16:01
Natural Capsules Ltd (NATCAPSUQ)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524654 NSE: NATCAPSUQ Pharmaceuticals & Drugs | Small Cap | Natural Capsules Share Price
₹149.25 7.25 (5.11%)
As on 23-Jul'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹148 Cr.
Current Price
₹149.3
52-Week Low / High
₹138 / 296
TTM EPS
₹10.8
TTM Sales
₹174 Cr.
Book Value per Share
₹171.5
P/E Ratio
13.18
Lower than its 5-year historical median
Industry PE
53.2
Price to Book (P/B)
0.83
Lower than its 5-year historical median
Price to Sales (P/S)
0.85
Lower than its 5-year historical median
EV/EBITDA
6.92
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
6.51%
Underperforms industry median
Return on Capital Employed (ROCE)
9.28%
Underperforms industry median
Return on Assets (ROA)
3.96%
Operating Profit Margin
11.2%
Net Profit Margin
6.45%
Gross Profit Margin
13.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
3.47%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
0.83%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
67.06%
Asset Quality
Promoter Holding
50.92%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹168 Cr.
Equity
₹10.4 Cr.
Face Value
₹10
All Time Low / High
₹0.08 / 679.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Natural Capsules Ltd a good quality company?
Natural Capsules Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Natural Capsules Ltd performance compare with that of its Peers?
Revenue growth of Natural Capsules Ltd vs industry peers?
Natural Capsules Ltd revenue CAGR is 22.23%, compared to the industry median CAGR of 5.35%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Natural Capsules Ltd?
Promoters hold 51.04% of the Natural Capsules Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Natural Capsules Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 6.7% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Natural Capsules Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 1.8% | 3.6% | 4.5% | 3.7% | 14.6% | 22.9% | 20.5% | 8.4% | 7.4% | 9.3% | - |
| Value Creation Index ⓘ | -0.9 | -0.7 | -0.7 | -0.7 | 0.0 | 0.6 | 0.5 | -0.4 | -0.5 | -0.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 53.6 | 54.8 | 59.8 | 61.6 | 79.5 | 135 | 173 | 154 | 168 | 174 | 174 |
| Sales YoY Gr. | - | 2.1% | 9.2% | 3% | 29.2% | 69.9% | 28% | -11% | 9.2% | 3.5% | - |
| Adj EPS ⓘ | 1.4 | 1.3 | 2.3 | 0.7 | 7.2 | 14.7 | 19.7 | 7.5 | 6.4 | 9.2 | 10.8 |
| YoY Gr. | - | -1.5% | 75.2% | -72.1% | 1006.2% | 104.7% | 33.9% | -61.9% | -15.2% | 44.6% | - |
| BVPS (₹) ⓘ | 71 | 71.5 | 73 | 73.2 | 81.7 | 118.5 | 133.7 | 141.2 | 160.4 | 171.9 | 171.5 |
| Adj Net Profit ⓘ | 1 | 1 | 1.8 | 0.5 | 5.5 | 13.8 | 18.4 | 7 | 6.6 | 9.6 | 11 |
| Cash Flow from Ops. ⓘ | 1.9 | 5.4 | 2.1 | 7.2 | 5.8 | 5.1 | 20.1 | 5.4 | 18 | 36.2 | - |
| Debt/CF from Ops. ⓘ | 1.6 | 0 | 2.6 | 0.9 | 1.7 | 6.4 | 2.5 | 11.5 | 3.1 | 1.6 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 14% | 16.9% | 0.2% | 3.5% | ||||
| Adj EPS ⓘ | 23.8% | 5.1% | -22.4% | 44.6% | ||||
| BVPSⓘ | 10.3% | 16% | 8.7% | 7.1% | ||||
| Share Price | 5.9% | 1.9% | -25.5% | -31.9% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 1.9 | 1.9 | 3.2 | 0.9 | 9.3 | 19 | 17.8 | 5.5 | 4.4 | 5.5 | 6.3 |
| Op. Profit Mgn % ⓘ | 9.6 | 10.1 | 8.5 | 8.9 | 14.5 | 18.1 | 20.1 | 12.5 | 11.5 | 11.2 | 12.3 |
| Net Profit Mgn % ⓘ | 1.9 | 1.9 | 3 | 0.8 | 6.9 | 10.2 | 10.7 | 4.6 | 3.9 | 5.5 | 6.5 |
| Debt to Equity ⓘ | 0.1 | 0 | 0.1 | 0.1 | 0.2 | 0.4 | 0.4 | 0.5 | 0.3 | 0.3 | 0.1 |
| Working Cap Days ⓘ | 278 | 273 | 253 | 246 | 231 | 182 | 181 | 239 | 286 | 354 | 89 |
| Cash Conv. Cycle ⓘ | 179 | 172 | 161 | 165 | 97 | 31 | 42 | 83 | 90 | 81 | 6 |
Profit And Loss
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 54 | 55 | 60 | 62 | 80 | 135 | 173 | 154 | 168 | 174 |
| Operating Expenses ⓘ + | 49 | 49 | 55 | 56 | 68 | 111 | 138 | 135 | 149 | 154 |
| Operating Profit ⓘ | 5 | 6 | 5 | 5 | 11 | 24 | 35 | 19 | 19 | 19 |
| Operating Profit Margin (%) | 9.6% | 10.1% | 8.5% | 8.8% | 14.0% | 18.1% | 20.1% | 12.5% | 11.5% | 11.2% |
| Other Income ⓘ + | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 5 | 4 | 10 |
| Interest ⓘ | 1 | 0 | 1 | 1 | 1 | 2 | 4 | 5 | 6 | 6 |
| Depreciation ⓘ | 4 | 4 | 3 | 4 | 4 | 5 | 7 | 9 | 8 | 8 |
| Profit Before Tax ⓘ | 0 | 2 | 2 | 1 | 9 | 19 | 26 | 10 | 9 | 15 |
| Tax ⓘ | -0 | 1 | 0 | 1 | 2 | 5 | 7 | 3 | 3 | 4 |
| Profit After Tax | 1 | 1 | 2 | 1 | 7 | 14 | 19 | 8 | 7 | 11 |
| PAT Margin (%) | 1.2% | 2.0% | 3.2% | 1.4% | 8.7% | 10.3% | 11.1% | 5.1% | 4.0% | 6.5% |
| Adjusted EPS (₹) | 0.8 | 1.5 | 2.5 | 1.1 | 9.1 | 19.9 | 20.7 | 8.4 | 6.5 | 10.8 |
| Dividend Payout Ratio (%) | 99.30% | 56.10% | 32.50% | 43.60% | 9% | 5% | 4.80% | 0% | 0% | 0% |
Valuation of Natural Capsules - Standalone
Analyst's Notes
No data found!
Balance Sheet
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 54 | 54 | 55 | 56 | 62 | 83 | 124 | 132 | 166 | 178 | |
| Debt + | 3 | 0 | 5 | 6 | 10 | 31 | 45 | 56 | 50 | 52 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 11 | 12 | 8 | 7 | 16 | 16 | 27 | 30 | 37 | 42 | |
| Others Liabilities ⓘ | 4 | 5 | 4 | 6 | 9 | 13 | 14 | 14 | 17 | 23 | |
| Total Liabilities ⓘ | 71 | 71 | 73 | 75 | 97 | 143 | 210 | 231 | 270 | 296 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 26 | 22 | 24 | 24 | 35 | 63 | 93 | 91 | 88 | 88 | |
| CWIP ⓘ | 0 | 1 | 2 | 2 | 3 | 1 | 0 | 2 | 0 | 2 | |
| Investments ⓘ | 5 | 5 | 5 | 6 | 0 | 0 | 20 | 23 | 23 | 23 | |
| Inventories | 8 | 8 | 4 | 5 | 7 | 5 | 8 | 18 | 21 | 20 | |
| Trade Receivables | 28 | 31 | 32 | 30 | 27 | 26 | 52 | 54 | 63 | 61 | |
| Cash Equivalents | 0 | 1 | 0 | 1 | 0 | 3 | 2 | 9 | 3 | 2 | |
| Others Assets ⓘ | 4 | 3 | 4 | 7 | 25 | 46 | 34 | 36 | 72 | 100 | |
| Total Assets ⓘ | 71 | 71 | 73 | 75 | 97 | 143 | 210 | 231 | 270 | 296 | |
Cash Flow
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 2 | 5 | 2 | 7 | 6 | 5 | 20 | 5 | 18 | 36 |
| Cash Flow From Investing Activity ⓘ + | -0 | -1 | -7 | -6 | -9 | -30 | -55 | -11 | -34 | -34 |
| Cash Flow From Financing Activity ⓘ + | -2 | -4 | 4 | -1 | 3 | 27 | 34 | 7 | 15 | -3 |
| Net Cash Flow ⓘ | 0 | 0 | -1 | 0 | -0 | 1 | -1 | 2 | -2 | -0 |
Financial Ratio
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 1.17 | 2.05 | 3.5 | 1.54 | 11.8 | 19.22 | 18.54 | 6.1 | 4.51 | 6.51 |
| ROCE (%) | 1.77 | 3.63 | 4.51 | 3.71 | 14.57 | 22.93 | 20.5 | 8.44 | 7.41 | 9.28 |
| Asset Turnover Ratio | 0.72 | 0.77 | 0.83 | 0.83 | 0.93 | 1.12 | 0.98 | 0.7 | 0.67 | 0.61 |
| PAT to CFO Conversion(x) | 2 | 5 | 1 | 7 | 0.86 | 0.36 | 1.05 | 0.63 | 2.57 | 3.27 |
| Working Capital Days | ||||||||||
| Receivable Days | 192.20 | 197.90 | 193.70 | 185.50 | 131 | 71.60 | 82.80 | 125.40 | 126.70 | 130.50 |
| Inventory Days | 61 | 51.90 | 36.70 | 28.50 | 27.30 | 15.10 | 13.70 | 30.70 | 42 | 43.50 |
| Payable Days | 155.50 | 173.20 | 139.90 | 99.10 | 112.30 | 97.70 | 100.20 | 134.90 | 145.70 | 166.70 |
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
Natural Capsules Ltd FAQs
The current trading price of Natural Capsules on 23-Jul-2026 16:01 is ₹149.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 22-Jul-2026 the market cap of Natural Capsules stood at ₹147.8 Cr
The latest P/E ratio of Natural Capsules as of 22-Jul-2026 is 13.18.
The latest P/B ratio of Natural Capsules as of 22-Jul-2026 is 0.83.
The 52-week high of Natural Capsules is ₹296.4 and the 52-week low is ₹137.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Natural Capsules is ₹174 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Natural Capsules Ltd is a average quality company.
The key valuation ratios of Natural Capsules Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Natural Capsules Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Natural Capsules Ltd
Natural Capsules (NCL) is a trusted name among capsule manufacturers in India, established in 1993 in Bangalore and expanded in 2003 to Pondicherry. The company operates well-equipped, modern manufacturing facilities for producing hard gelatin capsule shells, hard cellulose (HPMC) capsule shells, and pharmaceutical dosage forms in capsule format. As a WHO-GMP and ISO 9001 certified manufacturer of hard gelatin and HPMC capsules shells, it complies with all national and international standards. The company follows best practices in cGMP (current Good Manufacturing Practice) and cGLP (current Good Laboratory Practice). Since inception, Natural Capsules has provided complete capsule manufacturing solutions, constantly improving through innovation, technology, and product excellence.
The main objective of the company is to manufacture and market Hard Gelatin Capsule shells and Hard Cellulose Capsule Shells (both printed and unprinted). These capsules are sold in domestic and also exported to several countries. The logical integration of NCL hard shell manufacturing to formulation was initiated in the year 1998. The company is also engaged in formulating the pharmaceutical dosage forms in Capsule dosage form, both Pharma and Neutraceutical Products. The Pharmaceutical and Dietary supplement industries count on Natural Capsules to supply hard two-piece Gelatin and Cellulose capsules.
Business Verticals
- Capsules Vertical: NCL’s capsules business is anchored in a culture of process innovation, operational excellence, and consistent capital investment. The company’s facilities operate with dedicated manufacturing lines that adhere to globally recognised quality standards, including WHO-GMP, ISO 9001:2015, HACCP, and Halal certifications.
- APIs Vertical: In line with its strategic diversification and value-accretive initiatives, NCL entered the Active Pharmaceutical Ingredients (API) segment with the aim of reducing India’s dependence on imports and becoming a key player in niche therapeutic areas. This facility leverages fermentation-based synthesis from Key Starting Materials (KSMs) and is among the few in India to focus on the production of steroidal APIs.
Business area of the company
NCL is a respected manufacturer in the pharmaceutical industry, with a strong presence in both capsule and active pharmaceutical ingredient (API) production.
Products
- Hard Gelatin Capsule Shells
- Hard Cellulose Capsule Shells
- BSE / TSE Free Gelatin Capsule Shells
- Shiny Gelatin Capsule Shells
- SLS Free Gelatin Capsule Shells
- Halal Certified Gelatin Capsule Shells
- Fast Release Gelatin Capsule Shells
- Printed Gelatin / Cellulose Capsule Shells
- Vegetarian Capsule Shells
- Enteric Capsule Shells
Milestones
Early Success and Expansion
- Natural Capsules Limited was incorporated in 1993 as a Public Limited Company in Bangalore.
- Operations commenced in 1995 with three capsule manufacturing lines and an annual capacity of 1.03 billion capsules.
- In 2001, the company became the first in India to manufacture vegetarian capsules, marking a significant achievement.
- The early 2000s saw rapid expansion, including the acquisition of a Pondicherry unit in 2003.
2005-2007
- Acquired five lines from IPCL Godhra and installed them in Pondicherry.
2009-2012
- Acquired nine lines from Qualicaps Canada and installed them in Pondicherry.
2011-2014
- Upgraded multiple lines, increasing individual capacities from 1 million capsules per day to 1.5 million capsules per day.
- By 2014, annual installed capacity had reached 7.1 billion capsules per day
From 2019 onwards
- Natural Capsules experienced renewed growth across both domestic and international markets, resulting in improved margins.
- The company maintained its emphasis on technological advancement, systematically enhancing its manufacturing capabilities to support increasing demand and operational efficiency.
- During this period, a capsule manufacturing line was upgraded to achieve a production rate of 2.5 million capsules per day, up from 1.0 million capsules per day.
- The installation of the new generation machine in Bangalore further advanced production, delivering a capacity of 4.8 to 5.0 million capsules per day.
- As of the end of FY25, the company’s installed capacity stands at 19.50 billion capsules per annum.
- In a significant step, the Company has expanded into active pharmaceutical ingredient (API) manufacturing through its subsidiary, Natural Biogenex.
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