1. 1Healthcaps India Ltd. Essentials
    1. 1.1 Healthcaps India Ltd. ISIN
    2. 1.2 Healthcaps India Ltd. Face Value
    3. 1.3 Healthcaps India Ltd. Total Share
    4. 1.4 Healthcaps India Ltd. Total Income
    5. 1.5 Healthcaps India Ltd. Profit After Tax
    6. 1.6 Healthcaps India Ltd. Promoter Holding
    7. 1.7 Healthcaps India Ltd. EPS
    8. 1.8 Healthcaps India Ltd. P/E
    9. 1.9 Healthcaps India Ltd. P/B
    10. 2.0 Healthcaps India Ltd. Market Capitalisation
    11. 2.1 Healthcaps India Ltd. Enterprise Value
    12. 2.2 Healthcaps India Ltd. Book Value
    13. 2.3 Healthcaps India Ltd. Intrinsic Value
    14. 2.4 Healthcaps India Ltd. Earnings Yield
    15. 2.5 Healthcaps India Ltd. Dividend Yield
    16. 2.6 Healthcaps India Ltd. Sector
    17. 2.7 Healthcaps India Ltd. Sub-sector
    18. 2.8 Healthcaps India Ltd. Category
    19. 2.9 Healthcaps India Ltd. Cashflow - Operations
    20. 3.0 Healthcaps India Ltd. Cashflow - Financing
  2. 2Healthcaps India Ltd. Growth
    1. 2.1 Healthcaps India Ltd. Compounded Sales Growth
    2. 2.2 Healthcaps India Ltd. Compounded Profit Growth
    3. 2.3 Healthcaps India Ltd. Return On Equity
  3. 3 About Healthcaps India Ltd.
  4. 4 Healthcaps India Ltd. IPO Details
  5. 5 Healthcaps India Ltd. Funding
  6. 6 Healthcaps India Ltd. Merger & Acquisition
    1. 6.1 Healthcaps India Ltd. Merger
    2. 6.2 Healthcaps India Ltd. Acquisition
    3. 6.3 Healthcaps India Ltd. Investments
  7. 7 Healthcaps India Ltd. Subsidiaries
  8. 8 Healthcaps India Ltd. Business Model
  9. 9 Healthcaps India Ltd. Revenue Segmentation
  10. 10 Healthcaps India Ltd. Product & Services
  11. 11 Healthcaps India Ltd. Assets
  12. 12 Healthcaps India Ltd. Industry Overview
    1. 12.1 Healthcaps India Ltd. Industry Statistics
    2. 12.2 Healthcaps India Ltd. Future Prospects
    3. 12.3 Healthcaps India Ltd. Government Initiatives
  13. 13 Healthcaps India Ltd. Awards & Achievements
  14. 14 Healthcaps India Ltd. SWOT
    1. 14.1 Healthcaps India Ltd. Strengths
    2. 14.2 Healthcaps India Ltd. Shortcomings
    3. 14.3 Healthcaps India Ltd. Opportunities
    4. 14.4 Healthcaps India Ltd. Government Threats
  15. 15 Healthcaps India Ltd. Rating
  16. 16 Healthcaps India Ltd. Detail Info

Healthcaps India Ltd. Essentials

Read this research to get complete analysis about Healthcaps India Unlisted shares.

 Healthcaps India Ltd. Details

-  Healthcaps India Ltd. Upcoming IPO Details
-  Expected IPO Date
-  Healthcaps India Business Model
-  Key Ratios
-  Peer Comparisons
-  Complete financial reports (Profit and Loss Statements, Balance Sheets, Results, Growth, Valuations, Funding Rounds)
-  Latest Healthcaps India  (Articles and Videos)

-  Upcoming and Past Events Details
-  Rating and recommendations for the Company's shares (Whether to Buy/Sell/Hold)
-   Share Price (Latest market stocks to buy)



Face Value


Total Share


Total Income

₹257.78 Cr

Profit After Tax

₹51.82 Cr







Market Capitalisation

₹65.81 Cr

Enterprise Value

₹146.06 Cr

Book Value


Intrinsic Value


Earnings Yield

78.74 %


Health Care




Micro Cap

Cashflow - Operations

₹30.48 Cr

Cashflow - Financing

₹9.17 Cr

Healthcaps India Ltd. Growth

Compounded Sales Growth

  • 71.17%

    1 Year

  • 32.81%

    4 Year

  • 20.95%

    7 Year

Pro Only

Compounded Profit Growth

  • 246.17%

    1 Year

  • 67.25%

    4 Year

  • 37.78%

    7 Year

Pro Only

Return On Equity

  • 48.06%


  • 18.73%


  • 16.87%


Pro Only

About Healthcaps India Ltd.

  • HealthCaps India Ltd ("HIL"), is involved in manufacturing Empty Hard Gelatin Capsule Shells for more than two decades. These capsules are widely used in the encapsulation of drugs, vitamins, antibiotics, etc. It also manufactures BSE/TSE-free EHG Capsules using EDQM-approved gelatin. The company holds a manufacturing capacity of 19 billion empty capsules per annum via a manufacturing facility in Fatehpur Village, Nawan Punjab. The company has sales offices in Delhi, Mumbai, and Mohali. 
  • HIL also exports the capsules to various international clients across the US, South America, Europe, and Africa. It manufactures capsules in sizes 00, 0, 1, 2, 3, and 4. HIL has a customer base of over 400+ clients in more than 60 countries across the world.
  • The company added HV Caps Pvt Ltd as its subsidiary in FY22 for the expansion of its operations. The company owns 94% of the shareholding in the subsidiary company.
  • It was incorporated in December 1982. The company's offices are spread across Nawanshahr and Mohali in Punjab, Rajouri Garden in Delhi, and Ghatkopar in Mumbai.
  • The company has reduced the issued equity share capital from 40,37,190 equity shares of ₹10 per share to 31,13,330 equity shares of ₹10 per share by cancelling and extinguishing 9,23,860 equity shares of ₹10 per share at ₹227.23 per share with a record date of 17th June 2022. The promoters want to take sole control of the business and simplify the company's capital structure making it more efficient. Besides, it is also going to increase the promoter's value. After this event, 99.99% of equity is held by the promoters.

  • Healthcaps India Ltd. IPO Details

The company does not have any plans of bringing an IPO as on December 2022.

  • Healthcaps India Ltd. Subsidiaries

HV Caps Private Limited

  • The company has added HV Caps Pvt Ltd as its subsidiary in FY2022. The company was incorporated in May 2021 and it is located in Nawan Shehar, Punjab. The company holds 94% of the equity capital of HV Caps Pvt Ltd.

Healthcaps India Ltd. Business Model

  • The company is into the manufacturing of chemicals and chemical products
  • Healthcaps India Ltd. Revenue Segmentation

  • Revenue from Sale of Empty Capsules
  • Other Operating Revenue
  • Healthcaps India Ltd. Product & Services

  •  EHG Capsules
  •  TSE/BSE free Capsules 
  •  HPMC Capsules 
  •  HALAL/KOSHER Certified Capsules
  •  LIQUID FILL Capsules
  •  FISH GELATIN Capsules
  •  INHALATION Capsules 
  •  METALLIC PEARL Capsules
  •  SLS Free Capsules 
  •  PRESERVATIVE Free Capsules
  •  NATURAL COLOR Capsules 
  •  NON - AZZO COLOR Capsules  
  •  OVI Certified Capsules 
  •  PRINTED Capsules
  • Healthcaps India Ltd. Assets

Assets (FY22)Amount (in ₹ Cr)
Property Plant & Equipment 143.31
Loans and Advances
  • Healthcaps India Ltd. Industry Overview

Industry Statistics


  • India is a critical player in the global pharmaceutical industry. It is the world’s largest supplier of generic medications, accounting for 20% of the worldwide supply by volume and supplying about 60% of the global vaccination demand. The Indian pharmaceutical sector is worth USD 42 billion and ranks 3rd in terms of volume and 13th in terms of value worldwide.
  • Major segments of the Indian Pharmaceutical Industry include generic drugs, OTC medicines, bulk drugs, vaccines, contract research & manufacturing, biosimilars, and biologics. Hard capsule shells are largely used by pharmaceutical and food supplement companies as a container for administering medicines and food supplements.
  • Indian pharmaceutical sector supplies over 50 of the global demand for various vaccines, 40 of the generic demand in the US, and 25 of all medicine in the UK The domestic pharmaceutical industry includes a network of 3 000 drug companies and 10 500 manufacturing units.
  • The growth of the industry is dependent on the growth in the manufacturing of pharmaceuticals and food supplement companies domestically and globally. Capsules are solid pharmaceutical dosage form that contains medicinal agent within hard or soft soluble container or shell which is formulated to increase the bioavailability of poorly soluble drugs.
  • Manufacturing of empty capsules uses two basic ingredients, gelatin - which is extracted from porcine bovine species, and HPMC (hydroxypropyl methylcellulose) globally known as “Hypromellose”, which is derived from natural plant-sourced cellulose. Hard gelatin capsules held 59% of the overall global empty capsules market in FY21.
  • Although the cost of manufacturing HPMC capsules is very high, due to the shift toward vegetarian products in the vitamins and supplement industry, the pharmaceutical market is moving toward vegetarian capsules. This is also due to the challenge of raw materials as there has been an escalation in gelatin prices by 20% post-lockdown.
  • India imports gelatin from 31 countries. In FY21 gelatin imports stood at USD 39 billion compared to USD 42 billion in FY20, which represents a decrease of 7.7%. In FY21 53% of gelatin was imported from China. 

Market Overview:

  • The global pharmaceuticals market is expected to grow from USD 1,454.7 billion in FY21 to USD 1,587.1 billion in FY22 at a CAGR of 9.1%.  The market is expected to reach USD 2,135.2 billion in 2026 at a CAGR of 7.7%. Indian pharmaceutical market was valued at USD 42 billion in FY21 and is likely to reach USD 65 billion by FY24 and further expand to reach USD 130 billion by FY30 expanding a CAGR of 12% from FY21-FY30.
  • The Global Empty Capsules Market size was estimated at USD 2,089.2 million in FY21, USD 2,252.4 million in FY22, and is projected to grow at a CAGR of 7.9% to reach USD 3,312.9 million by FY27.
  • Indian pharmaceutical exports stood at USD 24.4 billion in FY21 and USD 22.2 billion until February FY22. India is the 12th largest exporter of medical goods globally, and its pharmaceutical sector contributes 6.6% to the total merchandise exports.
  • Till the end of September 2021, total pharma export has been USD 11.8 billion (₹ 87,864 crores) as against total import of USD 4.6 billion (₹ 33,636 crores), thereby generating a trade surplus of USD 7.2 billion (₹ 54,228 crores).
  • The Indian pharma industry employs over 2.7 million people either directly or indirectly and ranks 14th in terms of value globally.
  • India has the highest number of United States Food and Drug Administration (USFDA) compliant Pharma plants outside of the USA. There are 500 API manufacturers contributing about 8% of the global API Industry.
  • India is the largest supplier of generic medicines with a 20% share in the global supply by manufacturing 60000 different generic brands across 60 therapeutic categories.

Key Drivers:

  • The encapsulation of nutraceutical products has been moving away from gelatin capsules towards HPMC capsules due to gelatin shortage. Many health-conscious consumers (the primary market for the vitamin and supplement industry) prefer vegetarian products, which has given an additional advantage to vegetarian capsules over gelatin capsules. Apart from nutraceuticals, the branching out of the pharmaceuticals industry into the cosmeceuticals sector also has significant potential for the empty capsules market. Indian Nutraceutical market to grow from the current $4 billion FY22 to $18 billion by FY25.
  • India’s generic drugs account for 20% of global exports in terms of volume, making it the largest provider of generic medicines globally. The generic drug market accounts for around 70% of the Indian pharmaceutical industry. India supplies more than 40% of generics to the US market.
  • Technology is increasingly becoming a part of healthcare. Apps that help users take their health into their own hands, so to speak, have flooded the market, as well as other digital innovations in health, that are increasing consumer awareness and growing the pharmaceutical market. There are close to 50 e-Pharmacies in India and an estimated market size of USD 0.5 billion as in FY19 which is approximately 2-3% of the total Indian pharmacy sales. The market is expected to grow at a compounded rate of 44 % to reach USD 4.5 billion by FY25.
  • Medical Infrastructure - India’s generic drugs account for 20% of global exports in terms of volume, making it the largest provider of generic medicines globally. The generic drug market accounts for around 70% of the Indian pharmaceutical industry. India supplies more than 40% of generics to the US market. Hospitals’ market size is expected to increase by USD 200 billion by FY24. India’s medical devices market stood at USD 10.3 billion in FY20. The market is expected to increase at a CAGR of 37% from FY20 to FY25 to reach USD 50 billion. 
  • Research and Development are vital to most industries but a priority for the pharmaceutical industry. It allows companies to make new medicines to address evolving complex and specialized disorders. Many new drugs are being introduced into the market. As a result, these drugs are highly purchased by the people, providing further growth to the industry. 
  • India’s OTC drugs market stood at USD 7.6 billion in FY21 and is estimated to grow at a CAGR of 19.4% to reach USD 18.5 billion in FY26, driven by a shift in consumer attitudes towards self-medication, product advancements, and pharmaceutical preferences for OTC drugs over prescription drugs.

Key Trends:

  • Small Molecules are a key driver for biopharmaceutical sales and account for approximately 60% of global market revenue. Demand is driven by improved global access to medicine, demographic trends, public health initiatives, pricing reviews, and new drug launches.
  • Due to the increase in non-communicable diseases like cancer, diabetes, lung disorders, etc., there is a high demand for alternate therapeutical segments like nutraceuticals, homeopathy, ayurveda, etc. as a supplement. As most of these formulations being powder based, capsules are the preferred dosage form as it is easy to fill and masks the taste.
  • The global Nutraceuticals market witnessed consistent growth post the pandemic. It includes food ingredients that provide medical or health benefits to prevent diseases while boosting the overall immune system. The global nutraceutical market is projected to grow at a CAGR of 7.5% during the period FY22-FY27. 
  • The Indian nutraceuticals market is expected to grow from an estimated USD 4 billion to USD 18 billion by the end of FY25. The dietary supplements segment constitutes over 65 % of the nutraceutical market, and it is growing at a rate of 17 % each year.
  • Indian pharmaceutical companies are entering into Active Pharmaceutical Ingredient (API) manufacturing because the commercialization of this segment will allow companies to enter into the production of bulk drugs. There are 500 API manufacturers contributing about 8% of the global API Industry. The Indian API industry is valued at ₹798 billion in FY20 and is projected to reach ₹1,307 billion by FY26, at a CAGR of 8.5% between FY20-FY26.

Competitive Landscape:

  • ACG Worldwide an Indian pharmaceutical company is among the world leaders in capsule manufacturing with a presence in 138 countries across 6 continents. ACG is the world's largest integrated supplier of solid dosage products and services with a manufacturing capacity of 120 billion capsules per annum.
  • The installed capacity of Empty Hard Gelatin Capsule in India is 100 billion capsules per annum. Healthcaps India leads the market with an installed capacity of 19 billion capsules per annum. Natural Capsules is equipped with a manufacturing capacity of 16 billion per annum taking the position of the second-largest manufacturer of capsules in India. Sunil Healthcare has an installed capacity of 13.8 billion capsules per annum. Followed by Medi Caps which has the capability of producing 7.5 billion empty capsules per annum in FY22. 

Future Prospects

  • The Indian pharma industry has grown 10 times in the last two decades driven by its strength in the global generics space. Growth from USD 4.2 billion in 2000 to USD 41.7 billion in 2020. The market is expected to touch USD 130 billion by 2030 at a CAGR of 12% from FY20-FY30.
  • India’s spending on medicine is projected to grow between 9-12% over the next five years, making India one of the top 10 countries in terms of medical spending.
  • The cost of producing active pharma ingredients in India is almost 33% lower than the cost of producing them in the United States which is the main reason pharma companies around the world in setting manufacturing units in India.
  • India offers a 50% lower cost to set up a fully FDA-inspected manufacturing facility compared to the developed world. India has 60-70% fewer labor costs than developed nations. Comparing developed nations with the developing world, production and operation costs are 40-70% lower.
  • The Medical Device industry is a sunrise sector and has the potential of growing the highest among all the sectors in the healthcare system. Various categories of devices starting from consumables to implantable medical devices are being manufactured in India.

Government Initiatives

  • The Department of Pharmaceuticals of The Government of India initiated a PLI scheme to promote domestic manufacturing by setting up greenfield plants with minimum domestic value addition in four separate ‘Target Segments’ with a cumulative outlay of ₹ 6,940 crores (USD 951.2 million) from FY21 to FY30.
  • Foreign investments in pharmaceuticals in greenfield projects are allowed up to 100% under the automatic route and for brownfield pharmaceutical projects, foreign investment beyond 74% to up to 100%, Government approval is required.
  • In September 2020, the government announced a production-linked incentive (PLI) scheme for the pharmaceutical industry worth ₹15,000 crores (USD 2 billion). The production-linked incentive (PLI) scheme was introduced to encourage Indian manufacturers to produce critical essential starting materials (KSM), drug intermediates (DIs), and active pharmaceutical ingredients (APIs). To support this, the government granted funds worth USD 932.6 million.
  • Pharmaceutical Parks - In January 2021, the central government announced to set up of three bulk drug parks at a cost of ₹14,300 crores (USD 1,957 million) to manufacture chemical compounds or active pharmaceutical ingredients (APIs) for medicines and reduce imports from China. 
  • As per the Union Budget 2022-23 ₹ 3,201 crore (USD 419.2 million) has been set aside for research and ₹ 83,000 crores (USD 10.8 billion) has been allocated for the Ministry of Health and Family Welfare.₹ 37,000 crore (USD 4.8 billion) has been allocated to the 'National Health Mission’. ₹ 10,000 crores (USD 1.3 billion) has been allocated to Pradhan Mantri Swasthya Suraksha Yojana.
  • Scheme for promoting Bulk Drug Parks for providing easy access to world-class infrastructure facilities to significantly bring down the manufacturing cost of the bulk drug industry. The total financial outlay of the scheme is ₹ 3000 crore. The tenure of the system is from FY21 to FY25. Financial assistance to a selected Bulk Drug Park would be 70% of the project cost of common infrastructure facilities. In the case of Northern and hilly states financial assistance would be 90% of the project cost.
  • Production Linked Incentives to enhance manufacturing capabilities by increasing investment and production in the sector and contributing to product diversification to high-value goods in the pharmaceutical sector. The total financial outlay of the scheme is ₹ 15,000 crore and three categories of pharmaceutical goods will be incentivized under the scheme based on their incremental sale of 6 years. The tenure of the scheme is from FY21 to FY29.
  • Biotechnology Industry Research Assistance Council  (BIRAC) has been established to promote research & innovation capabilities in India’s biotech industry. The council will provide funding to biotech companies for technology & product development. BIRAC under Small Business Innovation Research Initiative (SBIRI) scheme supports innovations in biotechnology.
  • In March 2022, under the Strengthening of Pharmaceutical Industry (SPI) Scheme, a total financial outlay of Rs.500 crore (US$ 665.5 million) for the period FY22 to FY26 was announced.

Healthcaps India Ltd. Strengths

  • HIL is an established player in the empty capsule industry, promoters have strong industry experience with more than 3 decades of experience in capsule manufacturing. 
  • HIL is a leading manufacturer of capsules in India with an installed annual production capacity of around 19 billion capsules.
  • HIL is a WHO-GPM-certified company in the production of empty hard gelatin capsule shells.
  • HIL is one of the early entrants in the HPMC capsules segment and has been able to scale up its capacity due to access to in-house capsule manufacturing technology. The ramp-up of HPMC capsules has resulted in revenue diversification and a better margin profile.
  • Access to international clients across the US, South America, Europe, and Africa. It has got a customer base in more than 60 countries across the world.

Healthcaps India Ltd. Shortcomings

  • The fragility of the hard gelatin capsule shells due to the moisture can be detrimental. Maintenance of hard gelatin capsule shell integrity requires the presence of 12%–16% of moisture. If the moisture content decreases, the capsule shell becomes brittle and is more prone to breakage. On the other hand, a capsule shell deforms and becomes sticky in the presence of high moisture content. Such kind of environmental maintenance is not required in other forms such as tablets etc. 
  • The company remains exposed to raw material price fluctuations because of the moderately high dependence on imports.
  • Empty capsules being a low-value and high-volume product, HIL's operations and net cash accruals have remained moderate despite the continuous growth in operating income.
  • The manufacturing price of HPMC or vegetable capsules is higher as it is a synthetic process. Besides the less availability of raw materials for non-gelatin makes it four times costlier than the gelatin counterpart.
  • The company caters to customers based in US and Europe via its subsidiaries, which means the company lacks a direct customer base.

Healthcaps India Ltd. Opportunities

  • Opening of export opportunities for capsules in various countries, where demand has grown significantly due to lesser imports from China, on account of alternate supply bases being sought by pharmaceuticals from the country.
  • With 70% of India’s population residing in rural areas, pharma companies have immense opportunities to tap this market. Demand for generic medicines in rural markets has seen a sharp growth. 
  • Pharma Vision 2020 is aimed at making India a global leader in end-to-end drug manufacturing. 100% FDI is allowed under the automatic route in the sector. The cumulative FDI inflow was worth US$ 19.41 billion between April 2000 and March 2022.
  • India’s domestic pharmaceutical market is at US$ 42 billion in 2021 and is expected to reach USD 65 billion by FY24 and further expand to reach USD 130 billion by FY30.
  • India’s biotechnology industry comprises biopharmaceuticals, bio-services, bio-agriculture, bio-industry, and bioinformatics. The Indian biotechnology industry was valued at USD 70.2 billion in FY20 and is expected to reach USD 150 billion by FY25.
  • 10 FDI proposals worth Rs. 7,860 crores under the brownfield pharmaceutical projects in FY22 (till Dec. 2021) were approved by the Dept. of Pharmaceuticals.
  • Indian Pharma Sector logged 103% of growth in export in value terms over 8 years. In FY14 Indian Pharma export stood at INR 90,415 crores whereas, in FY22, it stood at INR 1,83,422 crores.
  • The growth of the nutraceuticals industry has provided a shot in the arm to the global empty capsules market. Apart from nutraceuticals, the branching out of the pharmaceuticals industry into the cosmeceuticals sector also has significant potential for the empty capsules market.
  • The consumption demand for empty capsules is shaped by factors like health conditions of the aging population, clinical trial testing of formulations, and changing consumer lifestyles all of which are going to be part of the industry and provide the opportunity for growth.

Healthcaps India Ltd. Threats

  • Ethical concerns, price fluctuations regarding gelatin material, and stringent regulations in the pharmaceutical industry are expected to hamper the market growth. 
  • Aggressive expansion and price competition from Chinese and other large domestic manufacturers. 
  • The Indian capsule industry is facing shortage of raw materials and labor shortage. Also cost escalation of gelatin prices by 20% per kilogram may also effect the market.
  • India heavily depends on imports for API as it imports 70% of API from China. In case of any disturbance in the region this can be a big threat to the pharma industry of the country.
Healthcaps India Ltd. Rating



  • Healthcaps India Ltd. Detail Info

Industry Statistics


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Reg Office: Fatehpur Nawanshahr, Punjab.

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