Natco Pharma Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Pharmacy: 96.6% • Agro Chemicals: 3.4%
AI Sector View
AI GENERATEDHealthcare
This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.
PROS
- Company has delivered good profit growth of 25.4% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 26.7%
- Company has a good return on equity (ROE) track record: 3 Years ROE 23.4%
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.01x)
CONS
- Recent results are weak - TTM profit is down 35.4% versus prior year
- Total debt has risen sharply - up 158.7% year on year
- Operating margins have contracted to 30.6% from 36.1%
- Though reporting repeated profits, the company pays out little dividend (6.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | 1842.00 | 36.54 | 441957.50 | 0.87 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| DIVISLAB | 9326.00 | 84.64 | 247576.00 | 0.32 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| TORNTPHARM | 4975.00 | 86.76 | 189233.01 | 0.76 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| ZYDUSLIFE | 1119.50 | 24.74 | 111670.55 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| CIPLA | 1365.00 | 32.72 | 110272.68 | 0.95 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| LAURUSLABS | 1970.35 | 97.37 | 106460.42 | 0.10 | 362.07 | 123.94 | 2026.31 | 29.10 | 18.20 | 31.50 |
| DRREDDY | 1161.00 | 30.07 | 96906.38 | 0.69 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| AUROPHARMA | 1675.45 | 25.97 | 96401.69 | 0.24 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| LUPIN | 2096.00 | 17.34 | 95842.92 | 0.86 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| MANKIND | 2277.00 | 46.04 | 94050.37 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| GLENMARK | 2416.90 | 37.94 | 68210.88 | 0.10 | 482.83 | 927.88 | 4018.48 | 31.35 | 20.35 | 20.03 |
| NATCOPHARM | 815.10 | 12.76 | 14599.25 | 0.61 | 206.50 | -57.01 | 735.20 | -44.68 | 17.16 | 36.83 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,140 | 1,031 | 759 | 1,068 | 1,363 | 1,371 | 475 | 1,221 | 1,329 | 1,363 | 647 | 739 | 735 | |
| 612 | 573 | 490 | 571 | 558 | 567 | 436 | 673 | 758 | 784 | 489 | 612 | 609 | |
| Operating Profit | 528 | 458 | 268 | 497 | 805 | 804 | 39 | 548 | 571 | 579 | 159 | 128 | 126 |
| OPM % | 46.30% | 44.41% | 35.34% | 46.55% | 59.06% | 58.66% | 8.17% | 44.89% | 42.97% | 42.49% | 24.52% | 17.26% | 17.19% |
| 20 | 29 | 37 | 42 | 48 | 64 | 176 | 66 | 62 | 100 | 58 | 78 | 59 | |
| Interest | 4 | 4 | 5 | 6 | 5 | 4 | 4 | 10 | 3 | 13 | 10 | 11 | 13 |
| Depreciation | 44 | 44 | 44 | 56 | 44 | 46 | 47 | 98 | 58 | 52 | 46 | 50 | 47 |
| Profit before Tax | 500 | 440 | 256 | 478 | 804 | 818 | 164 | 506 | 572 | 614 | 161 | 144 | 270 |
| Tax % | 15.94% | 16.06% | 17.01% | 19.12% | 16.81% | 17.32% | 19.12% | 19.75% | 16.02% | 15.61% | 12.85% | -61.90% | 23.49% |
| Net Profit | 0 | 0 | 0 | 0 | 668 | 676 | 132 | 406 | 480 | 518 | 151 | 269 | 206 |
| 23.26 | 20.60 | 11.88 | 21.56 | 37.32 | 37.81 | 7.43 | 22.70 | 26.84 | 28.94 | 8.46 | 14.96 | 11.53 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,020 | 2,185 | 2,094 | 1,915 | 2,052 | 1,945 | 2,707 | 3,999 | 4,430 | 4,078 | 3,485 | |
| 1,337 | 1,256 | 1,300 | 1,332 | 1,448 | 1,681 | 1,795 | 2,247 | 2,236 | 2,642 | 2,493 | |
| Operating Profit | 683 | 928 | 795 | 583 | 604 | 264 | 912 | 1,751 | 2,194 | 1,436 | 992 |
| OPM % | 33.83% | 42.49% | 37.95% | 30.42% | 29.42% | 13.55% | 33.68% | 43.80% | 49.53% | 35.22% | 28.47% |
| 14 | 40 | 130 | 107 | 106 | 99 | 128 | 128 | 357 | 298 | 295 | |
| Interest | 18 | 15 | 19 | 22 | 13 | 18 | 14 | 19 | 24 | 37 | 46 |
| Depreciation | 54 | 66 | 81 | 100 | 117 | 143 | 164 | 187 | 235 | 207 | 196 |
| Profit before Tax | 624 | 887 | 825 | 569 | 580 | 202 | 862 | 1,674 | 2,291 | 1,491 | 1,189 |
| Tax % | 22.34% | 21.64% | 22.11% | 19.45% | 23.67% | 15.92% | 17.01% | 17.04% | 17.81% | 7.98% | 7.63% |
| Net Profit | 485 | 695 | 642 | 458 | 442 | 170 | 715 | 1,388 | 1,883 | 1,372 | 1,098 |
| EPS | 27.87 | 39.13 | 34.87 | 25.26 | 24.16 | 9.32 | 39.18 | 77.56 | 105.33 | 79.25 | — |
| Dividend Payout % | 24.24% | 21.86% | 17.70% | 26.66% | 21.73% | 48.31% | 14.03% | 12.25% | 5.70% | 6.31% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 15%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 25%
- 5 Years:
- 26%
- 3 Years:
- 26%
STOCK PRICE CAGR
- 10 Years:
- 2%
- 5 Years:
- -4%
- 3 Years:
- 0%
- 1 Year:
- -4%
RETURN ON EQUITY
- 10 Years:
- 20%
- 5 Years:
- 18%
- 3 Years:
- 23%
- Last Year:
- 16%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 35 | 37 | 36 | 36 | 36 | 36 | 36 | 36 | 36 | 36 |
| Minority Interest | 4 | 4 | 2 | 11 | 2 | 0 | 0 | 0 | 5 | 0 |
| 1,599 | 3,011 | 3,422 | 3,714 | 4,068 | 4,224 | 4,837 | 5,817 | 7,571 | 9,185 | |
| 222 | 174 | 387 | 329 | 284 | 430 | 177 | 387 | 282 | 416 | |
| Trade Payables | 263 | 269 | 217 | 255 | 146 | 162 | 264 | 236 | 275 | 409 |
| 194 | 220 | 239 | 242 | 256 | 257 | 343 | 411 | 411 | 795 | |
| Total Liabilities | 2,318 | 3,715 | 4,303 | 4,588 | 4,792 | 5,109 | 5,657 | 6,887 | 8,581 | 10,841 |
| 833 | 1,019 | 1,227 | 1,584 | 2,023 | 2,312 | 2,427 | 2,491 | 2,698 | 2,803 | |
| Capital Work in Progress | 336 | 480 | 638 | 518 | 223 | 130 | 64 | 137 | 225 | 294 |
| 32 | 76 | 169 | 112 | 304 | 308 | 392 | 539 | 474 | 3,127 | |
| 349 | 438 | 529 | 558 | 798 | 762 | 743 | 700 | 766 | 908 | |
| 0 | 0 | 0 | 6 | 5 | 15 | 8 | 1,189 | 1,247 | 881 | |
| Cash & Bank | 36 | 184 | 280 | 66 | 284 | 206 | 546 | 953 | 2,176 | 1,551 |
| 731 | 1,518 | 1,461 | 1,743 | 1,155 | 1,377 | 1,476 | 877 | 995 | 1,277 | |
| Total Assets | 2,318 | 3,715 | 4,303 | 4,588 | 4,792 | 5,109 | 5,657 | 6,887 | 8,581 | 10,841 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 472 | 668 | 848 | 525 | 429 | 95 | 1,027 | 1,212 | 1,697 | 1,768 | |
| Cash from Investing | -299 | -1,116 | -612 | -167 | -103 | -5 | -477 | -1,033 | -1,414 | -2,082 |
| Cash from Financing | -48 | 651 | -51 | -251 | -186 | 35 | -363 | -247 | -211 | 298 |
| -1 | -1 | 6 | -0 | 10 | 76 | 9 | -68 | 72 | -16 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Intimation of Draft letter of Offer
2026-09-09 - Natco Pharma Limited has informed the Exchange regarding Outcome of Board Meeting held on September 09, 2026.
2026-09-05 - Natco Pharma Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-04 - Natco Pharma Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-09-02 - Natco Pharma Limited has informed the Exchange about Schedule of meet
2026-08-25 - Natco Pharma Limited has informed the Exchange regarding a press release dated August 25, 2026, titled "Investment in eGenesis, Inc.".
2026-08-24 - Natco Pharma Limited has informed the Exchange about Schedule of meet
2026-08-21 - Natco Pharma Limited has informed the Exchange regarding a press release dated August 21, 2026, titled "Conclusion of US FDA Inspection at our Visakhapatnam, Andhra Pradesh, Finished Dosage Formulations (FDF) Unit".
2026-08-19 - Natco Pharma Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for NATCOPHARM
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Natco Pharma Ltd.
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