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Swing Capital

Natural Capsules Ltd

NSE: NATCAPSUQ BSE: 524654

Incorporated in 1993, Natural Capsules manufactures Capsules and Steroidal APIs and their Intermediates and Derivatives[1]

₹153
52W: ₹136 — ₹296
PE 19.1 · Book ₹167 · -8% vs book
Market Cap₹159 Cr
Stock P/E19.1Price to Earnings
ROCE7.39%Return on Capital
ROE4.5%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Stock is trading at 0.90 times its book value

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 8.85% over last 3 years.
  • −Contingent liabilities of Rs.70.8 Cr.
  • −Earnings include an other income of Rs.7.08 Cr.
  • −Dividend payout has been low at 1.61% of profits over last 3 years
  • −Promoter holding has decreased over last 3 years: -5.52%

Shareholding Pattern

Promoters51.04%
FIIs0%
DIIs0%
Public48.96%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters56.57%51.59%▼5.051.13%▼0.551.21%▲0.151.26%▲0.051.26%51.26%51.04%▼0.2
FIIs0%0%0%0%0%0%0%0%
DIIs0.18%0%▼0.20%0%0%0%0%0%
Public43.25%48.39%▲5.148.86%▲0.548.8%▼0.148.75%▼0.048.73%▼0.048.74%▲0.048.96%▲0.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales37.5238.3840.239.1441.0343.4144.3644.2444.5834.15
Expenses32.2833.4435.734.4136.0938.8239.3239.139.1432.26
Operating Profit5.244.944.54.734.944.595.045.145.441.89
OPM %13.97%12.87%11.19%12.08%12.04%10.57%11.36%11.62%12.2%5.53%
Net Profit1.971.71.691.460.921.72.632.522.810.36
EPS ₹2.121.821.811.560.91.642.542.442.720.35

AI Insights

Revenue Trend

TTM revenue at ₹167Cr, down 0.6% YoY. OPM at 10%.

Debt Position

Borrowings at ₹59Cr. Debt-to-equity ratio: 0.36x. Healthy balance sheet.

Institutional Flow

DIIs: 0% (-1.31pp change). FIIs: 0% (+0.00pp change). Promoters hold 51.04%.

Margin & Efficiency

ROCE declining from 18% (Mar 2014) to 7% (Mar 2025). Working capital days: 40.

Valuation

PE 19.1x with 7.39% ROCE. Price is -8% above book value of ₹167. Dividend yield: 0%.

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