Caprihans India Ltd

Rating action & facilities

• Long-term rating upgraded to IVR BB+/Stable; outlook Stable.
• Short-term rating upgraded to IVR A4+; outlook Stable.
• Total bank facilities rated enhanced to Rs 624.24 crore from Rs 610.63 crore.
• Ratings withdrawn on certain facilities per No Due Certificate.

Rationale & strengths

• Profitability improving over last three quarters due to product development, cost reduction, and exports.
• EBITDA margins: 6.65% (Q3FY26), 9.46% (Q4FY26), 16.76% (Q1FY27).
• Domestic and international client base strengthened; overseas markets expanding.
• Strong market presence and captive base film consumption reducing costs.

Weaknesses & liquidity

• Elevated debt levels; weak debt coverage indicators; high leverage.
• Exposure to raw material price volatility; margin risk from input costs.
• Liquidity adequate but challenged by high working capital usage (~96%).
• Debt servicing supported by non-operating inflows and asset sale proceeds.

Outlook & changes

• Outlook: Stable.
• Upgrade accompanied by higher facility limits; some ratings withdrawn.

Financial highlights cited

• FY26 EBITDA margin 5.70%; PAT margin -6.53%.
• Q1FY27 EBITDA 16.76%; net profit Rs 7.05 crore.
• Total debt around Rs 624.81 crore; current ratio 1.03x.

Agency

• Rating agency: Infomerics Valuation and Rating Limited.

Standalone results

• Revenue from operations: Rs 216.96 cr; total revenue from operations: Rs 220.16 cr.
• Total income: Rs 221.98 cr; PBT after exceptional items: Rs 7.01 cr.
• Profit for the period: Rs 7.01 cr; basic EPS: Rs 4.25; diluted EPS: Rs 3.98.
• YoY revenue from operations growth about 22%; total income up around 20%.
• No exceptional item reported in standalone quarter.

Consolidated results

• Consolidated revenue from operations: Rs 218.19 cr; total revenue from operations: Rs 221.39 cr.
• Total income: Rs 223.21 cr; PAT for the quarter: Rs 6.22 cr.
• Basic EPS: Rs 3.77; diluted EPS: Rs 3.53.
• Consolidated results include Bilcare Research GmbH; one foreign subsidiary not reviewed.

Board changes & governance

• Independent Director Avinash S. Joshi resigns w.e.f 10 Aug 2026; ceases Audit & Remuneration Committee roles.
• Audit Committee & N&RC composition updated w.e.f 11 Aug 2026.
• Audit Committee: Viswanathan (Chair, Independent), Pendse (Member), Ankita Kariya (MD, Member).
• N&RC: Pendse (Chair), Sanjeev Tole (Member), Pramod Toshniwal (Member).

Notes on Bilcare arrangement & capital actions

• PFD liability outstanding Rs 2.34 cr; transferred to IEPF per NCLT order dated Jun 5, 2026.
• Warrants outstanding: 17,05,000; Rs 25.58 cr received for 75% subscription in Jun 2026.
• Rs 1.58 cr of share warrant cash was forfeited to capital reserve.
• PPE revaluation reserve created Rs 21.03 cr as of 01-Apr-2026.

Dematerialisation status

• Dematerialisation requests processed for quarter ended 30 June 2026 and confirmed to depositories.
• Securities dematerialised were listed on the stock exchanges where the existing securities are listed.
• Physical certificates received for dematerialisation were mutilated and cancelled after verification; depository name updated as registered owner.