Overview

Detailed Summary

Natco Pharma is a vertically integrated, R&D-led pharmaceutical company that develops, manufactures and markets complex finished dosage formulations (FDF) and APIs, with a strong presence in oncology and specialty generics across the US, India and multiple emerging markets; the company also invests in NCEs, cell and gene therapies to build a biotech pipeline alongside its generic business.
Q3 FY26 consolidated revenue was INR 705.4 crore with EBITDA of INR 216.8 crore and a 30.7% EBITDA margin; Q3 PAT was INR 151.3 crore and 9MFY26 PAT stands around INR 1,149.5 crore, showing NATCO Pharma has stabilized earnings despite loss of prior Revlimid tailwinds and is guiding full‑year revenue roughly around INR 4,200–4,300 crore.
Natco’s export formulations are the revenue engine, contributing nearly 60% for the quarter and 75.7% for 9MFY26, supported by strong performance from subsidiaries in Brazil, Canada, Middle East and newly acquired exposure through Adcock Ingram; this geographic diversification materially reduces single-product concentration risk and strengthens recurring revenue streams.
The company has a deep pipeline of complex ANDAs and Para‑IV opportunities in the US (30 Para IVs with >20 FTFs and 14 approvals), active semaglutide (Ozempic/Wegovy) filings for India and regulated markets, and an explicit M&A playbook targeting large acquisitions to scale international branded businesses and expand NATCO Pharma’s footprint and product mix.
NATCO Pharma has committed to biotech investments including eGenesis, NRC-2694 (Phase II approved), Cellogen, Eyestem and Stero Therapeutics, reflecting a dual strategy of near-term generics revenue plus high-risk, high-reward R&D investments that could materially change long-term growth trajectory if clinical programs succeed.

Sector: Pharmaceuticals & Biotechnology
Industry: Pharmaceuticals
Market Cap: 17,944 Cr
Volatility: High Risk
P/E Ratio: 11.5
Industry P/E: 31.2
PEG Ratio: —
P/B Ratio: 2.1
52W High: 1,059.60
52W Low: 660.05

Sales CAGR

1Y: 10.77%
3Y: 32.31%
5Y: 17.99%
10Y: 16.21%

Profit CAGR

1Y: 35.66%
3Y: 136.94%
5Y: 31.28%
10Y: 29.83%

ROE

TTM: 17.79%
3Y: 21.75%
5Y: 17.21%
10Y: 17.60%

ROCE

TTM: 21.15%
3Y: 26.27%
5Y: 20.90%
10Y: 21.77%

Technicals

Oscillators

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Bullish

Overall

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Neutral

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Moving Averages

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Neutral

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Overall

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Neutral

Bullish

Forecasts

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Peers

Healthcare Healthcare Pharmaceuticals

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ASTRAZEN		7850.00	19,632 Cr	97.69	24.57	0.41	28.93	37.48	12.44
ACUTAAS		2317.40	19,051 Cr	74.21	13.48	0.06	15.84	21.30	16.80
PPLPHARMA		142.80	18,975 Cr	-114.88	2.35	0.10	-0.29	4.50	-1.01
ERIS		1326.55	18,172 Cr	41.92	5.17	0.55	13.45	14.38	6.57
NATCOPHARM		1001.85	17,944 Cr	11.52	2.07	0.60	17.79	21.15	14.81
ONESOURCE		1420.00	16,456 Cr	821.59	2.79	0.00	2.34	3.64	0.25
NEULANDLAB		12618.00	16,172 Cr	90.38	9.99	0.10	12.09	14.48	7.07
Median: 7 Co.	—	1420.00	18,172 Cr	74.21	5.17	0.10	13.45	14.48	7.07

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,031	759	1,068	1,363	1,371	475	1,221	1,329	1,363	647
Expenses	573	491	571	558	567	436	673	758	784	489
Operating Profit	458	268	497	805	804	39	548	571	579	159
OPM %	44.41	35.34	46.55	59.06	58.66	8.17	44.89	42.97	42.49	24.52
Other Income	29	37	42	48	64	176	66	62	100	58
Interest	4.20	4.60	6.20	5.20	4.10	4.40	10	3.20	13	9.50
Depreciation	44	44	56	44	46	47	98	58	52	46
Profit Before Tax	440	256	478	804	818	164	506	572	614	161
Tax %	16.06	17.01	19.12	16.81	17.32	19.12	19.75	16.02	15.61	12.85
Net Profit	369	213	386	669	677	132	406	480	518	140
EPS in Rs	20.60	11.88	21.56	37.32	37.81	7.43	22.70	26.84	28.94	8.46

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,065	2,202	2,095	1,915	2,052	1,945	2,707	3,999	4,430	4,396
Expenses	1,337	1,256	1,300	1,332	1,446	1,681	1,772	2,247	2,234	2,434
Operating Profit	728	946	795	583	606	264	936	1,751	2,196	1,962
OPM %	35.26	42.94	37.95	30.42	29.54	13.55	34.56	43.80	49.58	44.64
Other Income	14	40	130	107	104	99	105	128	355	368
Interest	19	15	19	22	13	18	15	19	24	22
Depreciation	54	66	81	100	117	143	164	187	235	249
Profit Before Tax	624	887	825	569	580	202	862	1,674	2,291	2,060
Tax %	22.34	21.64	22.11	19.45	23.67	15.92	17.01	17.04	17.81	17.70
Net Profit	485	695	642	458	442	170	715	1,388	1,883	1,695
EPS in Rs	27.01	39.44	35.86	25.66	24.56	9.48	39.93	77.30	105.26	86.94
Dividend Payout %	24.22	21.08	17.92	26.72	21.73	48.28	14.04	12.28	5.70	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	3,48,34,849	35	37	37	36	37	37	37	36	36
Reserves	1,261	1,614	3,035	3,453	3,737	4,085	4,227	4,837	5,817	7,571
Borrowings	98	222	173	386	316	268	416	167	371	279
Other Liabilities	-3,48,34,387	447	470	428	498	403	430	617	682	744
Total Liabilities	1,822	2,318	3,715	4,303	4,588	4,792	5,109	5,657	6,906	8,631
Fixed Assets	710	833	1,019	1,227	1,584	2,023	2,312	2,427	2,491	2,698
CWIP	212	336	480	638	518	223	130	64	137	225
Investments	22	32	77	169	112	304	308	392	539	474
Other Assets	878	1,116	2,140	2,270	2,373	2,242	2,360	2,774	3,739	5,234
Total Assets	1,822	2,318	3,715	4,303	4,588	4,792	5,109	5,657	6,906	8,631

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	112	346	464	669	417	299	47	849	1,212	1,697
Cash from Investing Activity	-176	-299	-1,116	-612	-167	-103	-5.30	-477	-1,033	-1,415
Cash from Financing Activity	154	-48	651	-51	-251	-186	35	-363	-247	-211
Net Cash Flow	90	-0.70	-1.80	5.70	-0.50	9.80	76	9.00	-68	72

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	48.84%	49.76%	49.71%	49.71%	49.71%	49.71%	49.62%	49.62%	49.56%	49.56%	49.48%	49.48%
FIIs	11.91%	11.02%	12.82%	13.72%	16.14%	17.45%	17.51%	17.94%	17.49%	15.51%	14.09%	15.16%
DIIs	15.38%	15.15%	14.01%	11.25%	9.70%	7.87%	6.75%	5.57%	5.65%	5.82%	5.87%	5.39%
Public	23.87%	24.07%	23.46%	25.32%	24.45%	24.97%	26.12%	26.87%	27.29%	29.11%	30.56%	29.96%
Total Shareholders	1,53,663	1,55,181	1,63,753	2,07,571	2,28,467	2,51,485	3,02,944	3,45,332	4,05,222	4,29,434	4,19,699	4,24,167

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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