Medi-Caps Ltd.

Medi-Caps Ltd.

26.25
INR
+1.25
(+5.00%)
-1.42EPS
331.58MMarket Cap
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
2026 Y
TTM
Revenue per Share
30.06
28.96
34.46
35.32
39.84
41.53
34.52
46.04
54.78
38.96
21.3
20.35
9.94
9.95
Basic EPS, GAAP
-1.04
-1.65
0.69
1.1
0.92
4.32
-4.69
8.92
8.08
1.41
-1.8
-0.46
-2.44
-1.42
Free Cash Flow per Basic Share
-1.41
5.25
1.95
2.65
2.82
4.31
2.71
10.47
3.39
-5.81
5.29
3.8
-6.31
- -
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
66.93
65.28
65.98
71.44
72.35
76.67
72.94
83.97
93.23
95.09
97.02
97.25
89.5
- -
Tangible Book Value per Share
66.93
47.34
48.04
48.88
49.78
54.1
50.37
61.4
70.66
72.52
74.45
74.69
66.94
- -
Basic Weighted Avg Shares
12
12
12
12
12
12
12
12
12
12
12
12
12
12
Sales/Revenue/Turnover
375
361
430
440
497
518
431
574
683
486
266
254
124
124
Operating Margin (%)
4.84
-3.82
2.85
-0.19
1.29
5.69
-16.16
18.2
12.08
5.79
-8.51
-14
-90.31
-77.91
Depreciation Expense
21
18
18
18
18
18
17
19
19
18
17
17
18
18
Net Income, GAAP
-13
-21
9
14
11
54
-59
111
101
18
-22
-6
-30
-18
Effective Tax Rate (%)
- -
- -
39.32
20.53
14.85
2.12
- -
- -
0.14
62.07
- -
- -
- -
- -
Profit Margin (%)
-3.46
-5.7
2.01
3.11
2.31
10.4
-13.59
19.38
14.76
3.61
-8.44
-2.25
-24.5
-14.3
Working Capital
311
208
222
263
281
329
298
434
535
538
548
503
443
- -
LT Debt
89
8
1
1
1
1
- -
- -
- -
- -
- -
- -
- -
- -
Total Equity
862
814
823
891
902
956
910
1,047
1,163
1,186
1,210
1,213
1,116
- -
Return on Invested Capital (%)
- -
- -
1.05
1.58
0.47
3.41
- -
- -
7.49
0.9
- -
- -
- -
- -
Return on Capital (%)
- -
- -
1.07
1.61
1.28
5.81
- -
- -
9.13
1.5
- -
- -
- -
- -
Return on Common Equity (%)
-1.51
-2.5
1.06
1.6
1.28
5.8
-6.27
11.38
9.12
1.5
-1.87
-0.47
-2.61
- -

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
12
12
12
Market Capitalization
389
289
332

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
470
- -
Cash, Cash Equivalents & STI
- -
304
- -
Accounts Receivable, Net
- -
69
- -
Inventories
- -
29
- -
Total Current Liabilities
- -
27
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.31%
1.46%
-7.97%
Free Cash Flow
-47.89%
-164.79%
-265.91%
Net Income, GAAP
-4.93%
7.56%
431.96%
Sales/Revenue/Turnover
-7.48%
-22.17%
-51.15%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
61
83
40
69
254
2026
27
20
43
34
124
2027
27
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
-0.45
0.25
-1.64
1.38
-0.46
2026
-2.8
-1.46
-0.61
2.44
-2.44
2027
-1.79
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
2027
- -
- -
- -
- -
- -

Company Description

CEO
Alok K. Garg
Full Time Employees
9
Sector
Health technology
Industry
Pharmaceuticals: major
Address
201, Pushpratna Paradise Indore MP India 452001
IPO Date
Jan 11, 1990
Business
Medi-Caps Limited operates as a flagship manufacturing company specializing in the production of empty hard gelatin capsules primarily used in the pharmaceutical industry. The company offers a diverse range of capsule products including regular empty hard gelatin capsules; specialized capsules such as flavored capsules, Halal gelatin capsules, preservative-free capsules, SLS-free capsules, and sweet capsules; liquid fill capsules designed for semi-liquid, paste, and liquid formulations; and metallic-colored Pearlz capsules. Its manufacturing facilities incorporate international-standard automatic machines and utilize high-quality gelatin sourced domestically. Medi-Caps serves a broad customer base domestically and internationally, exporting approximately 40% of its production to regions including the Far East, Middle East, South East Asia, and Africa, with ongoing efforts to expand into the European market, particularly with TSE-free gelatin capsules that meet stringent European regulatory requirements. The company maintains a robust client portfolio with multinational pharmaceutical companies. Medi-Caps was incorporated in 1986 and is headquartered in Pithampur, Madhya Pradesh, India. It is part of the Medi-Caps Group and remains listed on the Bombay Stock Exchange (BSE) under the ticker MEDICAPQ. Recent developments within the last two years indicate significant operational challenges including declining revenue and escalating losses primarily driven by a contraction in sales, with Q2 FY26 revenues reported at notably low levels compared to previous years. The company is actively addressing these challenges through cost restructuring and exploring new pharmaceutical customer contracts aimed at stabilizing and eventually restoring profitability. While no major acquisitions or partnerships have been publicly highlighted recently, strategic focus appears directed at operational resilience and market share expansion through product innovation and geographic market penetration. Medi-Caps operates mainly in the pharmaceutical excipients segment, supplying empty gelatin capsules to pharmaceutical manufacturers worldwide. Its operational footprint extends through domestic markets in India and international markets with expanding presence in Europe. The company’s specialization in multiple capsule types, adherence to regulatory standards, and manufacturing modernization efforts position it as a specialized supplier in this niche industry sector. Its extensive quality control infrastructure supports compliance with global health and safety standards, reinforcing its reputation amid competitive dynamics in pharmaceutical capsule manufacturing.