Waya initiates coverage on Innova Captab Ltd. with a BUY recommendation and a target price of ₹2,000, implying ~94% upside over the next 24 months.

Innova Captab is a fast-growing pharmaceutical company with strong presence across CDMO, Branded Generics, Exports, APIs, and Nutraceuticals. The company is well-positioned to benefit from the global pharmaceutical outsourcing trend and India's growing role in pharma manufacturing.

With revenue growing from ₹411 crore in FY21 to ₹1,630 crore in FY26, expanding exports, increasing CDMO contribution, and improving capacity utilization, Waya expects Innova to deliver strong earnings growth over the next few years.

We forecast 20–22% revenue CAGR and significant margin expansion through FY28E, driving EPS to nearly ₹50 and supporting our target price of ₹2,000.