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Natural Capsules Limited (NATCAPSUQ) fair value: what the stock is really worth

As of Sep 22, 2026: fair value of Natural Capsules Limited ₹142, price ₹169, upside -15.8%, quality 31 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · IN

NC Thin data Sep 24, 2026

Natural Capsules Limited

NATCAPSUQ · NSE

Weak valuationQuality is weak on top of the rich price.

!Fair value ₹142.29 · Overvalued (−16%)
!Quality 31/100
!Expensive Growth (revenue 3y +4.4 %/yr)
!Loss-making · -9.1% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (1/8)
!Narrow moat 0/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 12 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹276.93 ₹140.04 Fair Value ₹142.29 Feb 2025 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

19‑month range ₹140.04 – ₹276.93 · fair‑value band ₹106.18 – ₹212.37 · the ₹169.00 price screens above the ₹142.29 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Natural Capsules Limited engages in the manufacture and sale of hard gelatin and cellulose capsule shells in India and internationally.

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Natural Capsules Limited engages in the manufacture and sale of hard gelatin and cellulose capsule shells in India and internationally. The company offers bovine spongiform encephalopathy and transmissible spongiform encephalopathy-free gelatin, shiny gelatin, sodium lauryl sulfate-free gelatin, halal-certified gelatin, fast-release gelatin, printed gelatin/cellulose, vegetarian, and enteric capsule shells. It is also involved in formulating pharmaceutical dosage forms in capsule dosage form. Natural Capsules Limited was incorporated in 1993 and is based in Bengaluru, India.

Stock analysis

Natural Capsules Limited (NATCAPSUQ) currently trades at ₹169.00, while our model-based Fair Value estimate is ₹142.29, implying the stock looks roughly 18.8% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 92/100, which puts the evidence level at low.

Scenario range: ₹106.18 (bear) to ₹212.37 (bull), the price of ₹169.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 31/100 (below-average quality), in the Healthcare sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Natural Capsules Limited reported revenue of ₹1.9B in FY2026 versus ₹1.3B in FY2022, a compound +9.6%/yr. Reported net income was −₹171M in FY2026.

Key figures

Market cap ₹1.6B (≈ $16.6M) · P/S ratio 0.85 · EPS (TTM) ₹−23.84 · Net margin −9.1% · Return on equity −10.0% · Return on assets (EBIT) 4.8% · Operating margin −5.1% · Revenue (TTM) ₹1.9B.

What moves the price

The share trades about 43% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −8% fair-value upside, at −16%, NATCAPSUQ screens richer than that median.

Fair Value models

Bear ₹106.18 Fair Value ₹142.29 Bull ₹212.37
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
NCAV (Graham) ₹106.44 ₹142.63 ₹212.88 54
All 1 models by family
Asset-Based
NCAV (Graham) ₹106.44 ₹142.63 ₹212.88 54

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Quality Score breakdown

Overall quality 31/100

Of which business quality 33 · Market factors (momentum, volatility) 37

Profitability 10
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 5
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 36
Disciplined investing over empire-building
Low Volatility 57
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 21/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+14.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
17.7% (2022) → −10.0% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

NATCAPSUQ screens 19% overvalued. Compare with Merck KGaA →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 614 stocks

Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 33 · Bottom 25%
Fair Value upside −16% · Below median
Profitability
Return on assets −3% · Bottom 25%
Net margin (TTM) −9% · Bottom 25%
Operating margin (TTM) −5% · Bottom 25%
Growth and dividend
Revenue growth 30% · Top 25%
Balance sheet
Debt / equity 0.25× · Above median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)12 · sector 12
FUTURE (revenue growth)100 · sector 21
PAST (return on equity)0 · sector 25
HEALTH (low debt)88 · sector 96
DIVIDEND (yield)0 · sector 30

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Merck KGaA MRK €133.15 €108.70 −18%
Takeda Pharmaceutical Company TAK $18.95 $11.29 −40%
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥45.72 ¥50.29 +10%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,846 ₹1,979 +7%
Galderma Group GALD CHF 163.80 CHF 109.88 −33%
Haleon plc HLN $9.25 $8.50 −8%
Teva Pharmaceutical Industries Limited TEVA $39.52 $20.75 −47%
Sandoz Group SDZ CHF 70.76 CHF 40.16 −43%
Zoetis Inc ZTS $72.86 $108.48 +49%
Hansoh Pharmaceutical Group 3692 HK$35.34 HK$38.87 +10%

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Natural Capsules Limited · Fair Value
₹142.29 −19%Fair Value
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Cite: Fair Value Calculator (2026). "Natural Capsules Limited Fair Value". https://www.fairvalue-calculator.com/stock/NATCAPSUQ

Frequently asked questions

Is Natural Capsules Limited (NATCAPSUQ) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹142.29 versus a price of ₹169.00, about −16% upside (overvalued).
What is the fair value of NATCAPSUQ?
Our model-based fair value for Natural Capsules Limited is ₹142.29 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹169.00.
What is the quality score of NATCAPSUQ?
Natural Capsules Limited has a Quality Score of 31/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Natural Capsules Limited (NATCAPSUQ)?
Our model-based price target is the fair value of ₹142.29 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario ₹106.18, optimistic scenario ₹212.37. It is a calculation from audited fundamentals, not an analyst target.
What is the Natural Capsules Limited stock forecast for 2026?
Our models put fair value at ₹142.29, about −16% upside versus a price of ₹169.00 (overvalued). Cautious scenario ₹106.18, optimistic scenario ₹212.37. The calculation is refreshed regularly with new filings.
What is the revenue of Natural Capsules Limited (NATCAPSUQ)?
Natural Capsules Limited reported trailing-twelve-month revenue of about ₹1.9B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Natural Capsules Limited (NATCAPSUQ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Natural Capsules Limited it is ₹142.29 per share (as of Sep 24, 2026), against a price of ₹169.00. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Natural Capsules Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NATCAPSUQ trades above its calculated fair value: price ₹169.00, fair value ₹142.29, a gap of about −16% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NATCAPSUQ?
No. The price is what the market pays today (₹169.00); the fair value is what the company's own numbers justify (₹142.29). For Natural Capsules Limited the two are ₹26.71 per share apart. That gap is exactly why we show both numbers side by side.
How much is Natural Capsules Limited worth?
The market values Natural Capsules Limited at about ₹1.6B (market capitalisation, as of Sep 24, 2026). Per share that is ₹169.00; our models calculate a fair value of ₹142.29 per share.
What do the bullish and bearish scenarios say about NATCAPSUQ?
Our models span a range for Natural Capsules Limited: cautious scenario ₹106.18, base ₹142.29, optimistic ₹212.37 per share (as of Sep 24, 2026, price ₹169.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Natural Capsules Limited (NATCAPSUQ)?
Balance-sheet figures for Natural Capsules Limited (as of Sep 24, 2026): return on equity −10.0%, debt of 0.25 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is NATCAPSUQ from its 52-week high?
Natural Capsules Limited trades at ₹169.00, about 43% below its 52-week high of ₹296.00 and 24% above the low of ₹136.36 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of ₹142.29 is for.
Which stocks are comparable to Natural Capsules Limited?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Jiangsu Hengrui Pharmaceuticals Co, Sun Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Natural Capsules Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹169.00, calculated fair value ₹142.29 (−16%), Quality Score 31/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NATCAPSUQ calculated?
We run Natural Capsules Limited through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹142.29, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Natural Capsules Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Natural Capsules Limited (NATCAPSUQ)?
The closing price on Sep 22, 2026 was ₹169.00. Our model-based fair value is ₹142.29, about −16% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Natural Capsules Limited right now?
Weak quality (31/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (₹106.18 to ₹212.37) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Natural Capsules Limited

How large is the market capitalisation of Natural Capsules Limited (NATCAPSUQ)?
The market capitalisation of Natural Capsules Limited is ₹1.6B (≈ $16.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Natural Capsules Limited (NATCAPSUQ)?
The price-to-sales ratio of Natural Capsules Limited is 0.85 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Natural Capsules Limited (NATCAPSUQ)?
Earnings per share at Natural Capsules Limited are ₹−23.84. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Natural Capsules Limited (NATCAPSUQ)?
The net margin of Natural Capsules Limited is −9.1% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Natural Capsules Limited (NATCAPSUQ)?
The return on equity (ROE) of Natural Capsules Limited is −10.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Natural Capsules Limited (NATCAPSUQ)?
On an EBIT basis the return on assets of Natural Capsules Limited is 4.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Natural Capsules Limited (NATCAPSUQ)?
The operating margin of Natural Capsules Limited is −5.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Natural Capsules Limited (NATCAPSUQ)?
Revenue at Natural Capsules Limited is growing +30.0% versus a year earlier (3y avg +4.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Natural Capsules Limited (NATCAPSUQ) generate?
The free cash flow of Natural Capsules Limited is −₹107M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Natural Capsules Limited (NATCAPSUQ) carry?
The net debt of Natural Capsules Limited is ₹1.1B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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