Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Caplin Point Laboratories Ltd.
NSE: CAPLIPOINTHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹2,222.00
- Day change
- −₹27.10 (−1.20%)vs
- Market cap
- ₹17,493 crIndian rupees
- Research updated
- 1 report
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About Caplin Point Laboratories
Caplin Point Laboratories Ltd. is a pharmaceutical company primarily engaged in the production and distribution of a broad range of pharmaceutical products. This includes generic formulations, injectables, and over-the-counter medications. The company has carved a niche for itself by focusing on emerging markets, particularly in Latin America, Africa, and Southeast Asia, thus capitalizing on the growing healthcare needs in these regions. Known for its commitment to quality, Caplin Point Laboratories emphasizes stringent manufacturing processes adherent to international standards, facilitating a strong reputation in global markets. The company's strategic emphasis on accessibility and affordability aims to enhance healthcare transformation in underserved regions. Caplin Point's innovative approach further extends to its subsidiaries, which manufacture and market a range of specialty niche products. By leveraging a robust distribution network, the company ensures effective market penetration, making essential medications readily available to masses. Headquartered in Chennai, India, Caplin Point Laboratories plays a crucial role in the pharmaceutical industry, contributing to global healthcare by ensuring that critical drugs reach needy populations efficiently and at competitive prices.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: CAPLIPOINT
- Employees
- 4,199
- Headquarters
- Chennai, India
- ISIN
- INE475E01026
- Website
- caplinpoint.net
Public research · Report of
Business model & financial foundation
Caplin Point (NSE: CAPLIPOINT), Pharmaceutical formulations; emerging-market generics and regulated-market injectables: revenue of ₹2,187 crore in FY26 (+12.9% on FY25), an EBITDA margin of 34.8%, net profit of ₹641.2 crore and net cash of ₹1,478 crore.
- Revenue, FY26 (₹ crore)
- 2,187
- consolidated
- Revenue growth, FY26
- +12.9%
- on FY25
- EBITDA margin, FY26
- 34.8%
- EBITDA (excludes other income) / revenue
- Net profit, FY26 (₹ crore)
- 641.2
- to owners
- Return on equity, FY26
- 19.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,478
- Net debt including treasury investments
- Market capitalisation (₹ crore)
- 19,634
- at the close of 16 Oct 2026
Company profile
Caplin Point earns most of its revenue through pharmaceutical formulations and its Latin American and African distribution front ends. Caplin Steriles supplies generic injectable and ophthalmic products to regulated markets, increasingly through its own US front end. The core distribution franchise funds a multi-plant expansion without material external borrowings; approvals and regulatory compliance determine the US ramp.
| Item | Value |
|---|---|
| Legal name | Caplin Point Laboratories Limited |
| Exchange and ticker | NSE: CAPLIPOINT; BSE: 524742 |
| ISIN | INE475E01026 |
| Sector | Healthcare |
| Industry | Pharmaceutical formulations; emerging-market generics and regulated-market injectables |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Brahmayya & Co. (since 2023) |
| Market capitalisation | ₹19,634 crore (16 Oct 2026) |
| Shares outstanding | 7.60 crore shares (FY26) |
| Price | ₹2,302 (close, 16 Oct 2026) |
| 52-week range | ₹1,500 - ₹2,990 (to 16 Oct 2026) |
| Website | https://www.caplinpoint.net |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Caplin Steriles Limited | 99.999% | Injectable/ophthalmic manufacturing; ordinary-equity holding, excludes CCPS dilution terms not retrieved |
| Caplin Point Far East Limited | 100% | Hong Kong holding and Latin American operations |
| Caplin One Labs Limited | 100% | Oncology and new injectable capacity |
| Argus Salud Pharma LLP | 99.9% | Pharmaceutical operations |
| Caplin Point (S) Pte Limited | 100% | Singapore subsidiary |
| Nuevos Eticos Neo Ethicals S.A. Guatemala | 69% | Step-down Latin American distribution subsidiary |
| Caplin Steriles USA Inc | 100% | Step-down US front-end distribution |
Other Latin American front ends include Nicaragua, Honduras, Ecuador, Colombia and El Salvador. Mexico and Chile acquired FY26. CSL CCPS conversion terms are a gap; 99.999% is ordinary equity, not a claim of fully diluted economics.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 70.57% | 70.57% | 70.57% | 70.57% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.51% | 6.58% | 6.15% | 5.75% |
| Domestic institutions | 2.10% | 2.05% | 2.14% | 2.49% |
| of which mutual funds | 1.79% | 1.97% | 2.02% | 2.03% |
| Retail | 11.63% | 11.81% | 12.17% | 12.14% |
| Other | 9.19% | 8.99% | 8.97% | 9.05% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Caplin Point earns about four-fifths of operating revenue in Latin America and Africa ("Rest of the World" segment: FY26 INR1,733.79 cr), selling branded and generic formulations through group-owned front ends in Guatemala, Nicaragua, Honduras, Ecuador, Colombia, El Salvador and, since FY26, Mexico and Chile. About 40% of production is outsourced. Caplin Steriles (CSL) makes injectables and ophthalmics at Gummidipoondi for the US and other regulated markets (USA segment FY26 INR453.40 cr; Q1 FY27 INR134.29 cr), with 60 ANDAs approved, 5 under review and 38 US launches as of Q1 FY27. The group is effectively debt-free: borrowings of INR0.57 cr against INR1,478.75 cr of cash, deposits, bonds, mutual funds and ICDs at 31 Mar 2026. Caplin controls registrations, distribution and pricing in its front-end markets. It does not control US price erosion, the timing of FDA approvals or government-payer collections in Central America.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Rest of the World | 1,734 | 75.3% | 631.2 | 78.6% |
| USA | 453.4 | 19.7% | 56.1 | 7.0% |
| Unallocated (other income; not operating segment revenue) | 115.5 | 5.0% | 115.5 | 14.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Ajanta Pharma (AJANTPHARM) | Emerging-market branded generics and cash generation |
| Marksans Pharma (MARKSANS) | Export generic formulations and regulated-market exposure |
| Gland Pharma (GLAND) | Closest listed sterile injectables comparison |
| Alembic Pharmaceuticals (APLLTD) | Regulated-market generics and formulation pipeline |
| Eris Lifesciences (ERIS) | Branded formulations and return-profile comparison, India-focused |
| Granules India (GRANULES) | US generic formulations; less comparable bulk/API mix |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,269 | 1,454 | 1,694 | 1,937 | 2,187 |
| Cost of revenue (vendor classification) * | 557.5 | 669.3 | 729.3 | 770.8 | 874.6 |
| Other operating costs (vendor classification) * | 311.6 | 205.1 | 252.5 | 335.1 | 327.7 |
| EBITDA (vendor classification) * | 433.4 | 496.2 | 616.4 | 743.4 | 861.7 |
| EBIT * | 386.5 | 452.1 | 565.2 | 677.4 | 803.7 |
| Finance costs | 0.70 | 0.78 | 0.78 | 0.61 | 0.87 |
| Profit before tax | 385.8 | 451.4 | 564.4 | 676.8 | 802.8 |
| Tax (current + deferred) | 77.4 | 74.4 | 103.0 | 135.7 | 153.1 |
| Net profit incl. NCI | 308.5 | 377.0 | 461.4 | 541.1 | 649.7 |
| Diluted EPS (₹) | 39.26 | 49.18 | 59.90 | 70.25 | 84.11 |
| COGS (materials + traded goods + inventory change) | 724.2 | 770.8 | 865.7 | ||
| Employee benefits expense | 143.6 | 177.7 | 199.2 | ||
| Other expenses | 274.9 | 342.0 | 361.5 | ||
| EBITDA (excludes other income) | 551.4 | 646.9 | 760.9 | ||
| Other income | 66.9 | 96.4 | 115.5 | ||
| Depreciation & amortisation | 53.4 | 66.0 | 72.8 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to NCI | 4.33 | 4.78 | 8.49 | ||
| Profit attributable to owners | 457.1 | 536.3 | 641.2 | ||
| Share of profit/(loss) in associates | 0.27 | -0.01 | 0.04 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,510 | 1,907 | 2,347 | 2,886 | 3,631 |
| Borrowings (excluding leases) | 2.13 | 5.48 | 0.28 | 0.55 | 0.57 |
| Cash equivalents + other bank balances | 456.7 | 484.5 | 552.7 | 591.4 | 621.0 |
| Trade receivables | 320.1 | 394.1 | 542.7 | 632.5 | 825.8 |
| Inventories | 227.3 | 288.2 | 363.0 | 336.1 | 428.9 |
| Trade payables | 163.2 | 152.6 | 229.6 | 217.6 | 296.0 |
| Property plant and equipment | 93.2 | 100.0 | 438.6 | 530.3 | 547.5 |
| Capital work in progress | 15.4 | 220.5 | 116.6 | 139.2 | 208.6 |
| Total assets | 1,736 | 2,191 | 2,698 | 3,211 | 4,045 |
| Equity attributable to owners | 2,316 | 2,850 | 3,586 | ||
| Non-controlling interest (equity) | 31.1 | 35.9 | 44.4 | ||
| Current investments | 238.0 | 311.3 | 385.7 | ||
| Non-current investments | 137.6 | 279.1 | 473.3 | ||
| Net debt including treasury investments | -925.2 | -1,179 | -1,478 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operating activities | 287.1 | 284.7 | 318.4 | 432.4 | 523.2 |
| Free cash flow (vendor definition) * | 245.6 | 77.9 | 172.6 | 240.9 | 275.1 |
| Dividends paid (the provider's sign: an outflow is negative) * | -22.7 | -30.3 | -34.2 | -38.0 | -45.6 |
| PPE including CWIP cash purchases (outflow negative) | -91.2 | -193.5 | -145.8 | -191.5 | -248.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 7.57 | 7.58 | 7.59 | 7.60 | 7.60 |
| Receivable days management reported (not derived) | 118 | ||||
| EPS-implied diluted weighted-average shares (crore) | 7.63 | 7.63 | 7.62 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 483.1 | 493.0 | 502.5 | 510.2 | 534.0 | 542.8 | 600.2 | 610.4 |
| Cost of revenue (vendor classification) * | 188.8 | 195.4 | 201.2 | 195.2 | 215.1 | 245.0 | 245.2 | |
| Other operating costs (vendor classification) * | 85.2 | 88.6 | 85.0 | 94.1 | 88.2 | 98.3 | 97.6 | |
| EBITDA (vendor classification) * | 185.4 | 193.6 | 193.9 | 200.9 | 223.4 | 232.6 | 247.0 | |
| EBIT * | 168.7 | 177.4 | 176.8 | 184.6 | 204.1 | 213.8 | 225.4 | |
| Finance costs | 0.21 | 0.18 | 0.17 | 0.18 | 0.16 | 0.18 | 0.35 | 0.18 |
| Profit before tax | 168.5 | 177.3 | 176.7 | 184.5 | 201.0 | 203.9 | 213.4 | 225.2 |
| Tax expense (current + deferred) | 37.7 | 37.2 | 31.4 | 33.7 | 40.8 | 38.0 | 40.6 | 46.1 |
| Net profit (incl. NCI) | 130.8 | 140.1 | 145.3 | 150.8 | 160.2 | 165.9 | 172.9 | 179.1 |
| Diluted EPS (₹) | 17.12 | 18.19 | 18.69 | 20.03 | 20.25 | 21.51 | 22.31 | 23.21 |
| COGS (materials + traded goods + inventory change) | 188.8 | 195.4 | 201.2 | 195.2 | 210.3 | 215.1 | 245.0 | 245.2 |
| Employee benefits expense | 44.3 | 46.8 | 46.5 | 43.2 | 47.2 | 49.8 | 59.0 | 54.1 |
| Other expenses | 85.2 | 88.6 | 86.7 | 94.1 | 87.3 | 88.2 | 91.9 | 97.6 |
| EBITDA (excludes other income) | 164.8 | 162.3 | 168.1 | 177.8 | 189.2 | 189.7 | 204.2 | 213.5 |
| Other income | 20.8 | 31.4 | 25.7 | 23.1 | 30.4 | 33.7 | 28.4 | 33.6 |
| Depreciation & amortisation | 16.8 | 16.2 | 17.0 | 16.3 | 18.4 | 19.3 | 18.8 | 21.6 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 0.01 | 1.11 | 2.71 | -2.04 | 5.78 | 1.98 | 2.77 | 2.18 |
| Profit attributable to owners | 130.8 | 139.0 | 142.6 | 152.8 | 154.5 | 163.9 | 170.1 | 176.9 |
| Share of profit/(loss) in associates | -0.10 | -0.01 | 0.08 | 0.03 | 0.02 | -0.02 | 0.01 | -0.01 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 21.1% | 14.5% | 16.5% | 14.4% | 12.9% |
| EBITDA margin | 32.6% | 33.4% | 34.8% | ||
| Net margin | 27.0% | 27.7% | 29.3% | ||
| Return on equity | 21.5% | 20.5% | 19.7% | ||
| Return on capital employed | 28.3% | 26.4% | 26.5% | 25.9% | 24.7% |
| Return on assets | 18.7% | 18.2% | 17.7% | ||
| Net debt (₹ crore) | -925.2 | -1,179 | -1,478 | ||
| Net debt / EBITDA | -1.68x | -1.82x | -1.94x | ||
| Interest cover | 552.2x | 579.7x | 724.6x | 1,110.5x | 923.7x |
| Asset turnover | 0.82x | 0.74x | 0.69x | 0.66x | 0.60x |
| Receivable days | 92 | 99 | 117 | 119 | 138 |
| Inventory days (on revenue) | 65 | 72 | 78 | 63 | 72 |
| Payable days (on revenue) | 47 | 38 | 49 | 41 | 49 |
| Cash conversion | 0.70x | 0.81x | 0.82x | ||
| Capex intensity | 7.2% | 13.3% | 8.6% | 9.9% | 11.3% |
| Free cash flow (₹ crore) | 196.0 | 91.3 | 172.6 | 240.9 | 275.1 |
| Dividend payout | 7.5% | 7.1% | 7.1% | ||
| EPS, diluted (₹) | 39.26 | 49.18 | 59.90 | 70.25 | 84.11 |
| Book value per share (₹) | 199.5 | 251.5 | 309.1 | 379.8 | 477.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (excludes other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including treasury investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (excludes other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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