NATCO Pharma Q1 FY27: Margin rebound, associate profits, and a sharpened US pipeline

Consolidated total revenue was INR 7,944 million (INR 794.4 crore) in Q1 FY27.

EBITDA was INR 2,457 million (INR 245.7 crore) and EBITDA margin was 30.9%, as reported (including other income).

Net profit was INR 2,065 million (INR 206.5 crore). A key driver was the share of profit from associate Adcock Ingram of INR 843 million (INR 84.3 crore), which management described as seasonally strong due to flu season.

Management stated Brazil revenue was INR 178 crore (up 180% YoY) and Canada sales were around INR 56 crore for the quarter.

Management stated that the company has not filed the semaglutide dossier in Canada and Brazil.

Management reiterated FY27 PAT guidance around INR 750 crore, cautioned not to annualize the seasonal Adcock bump, and indicated organic capex run rate of about INR 250 to 300 crore per year.