Natco Pharma Ltd.
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ABOUT
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 32.9% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 26.2%
- Company has a good return on equity (ROE) track record: 3 Years ROE 23.4%
- Company has delivered good sales growth of 16.8% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.04x)
CONS
- Recent results are weak - TTM profit is down 49.4% versus prior year
- Total debt has risen sharply - up 158.7% year on year
- Operating margins have contracted to 33.1% from 38.8%
- Though reporting repeated profits, the company pays out little dividend (7.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | 1868.50 | 37.06 | 448315.74 | 0.86 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| DIVISLAB | 9482.75 | 86.06 | 251737.22 | 0.32 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| TORNTPHARM | 4931.90 | 86.01 | 187593.62 | 0.77 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| ZYDUSLIFE | 1129.00 | 24.95 | 112618.18 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| CIPLA | 1368.00 | 32.79 | 110515.04 | 0.95 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| LAURUSLABS | 1933.25 | 95.54 | 104455.86 | 0.10 | 362.07 | 123.94 | 2026.31 | 29.10 | 18.20 | 31.50 |
| AUROPHARMA | 1690.00 | 26.19 | 97238.86 | 0.24 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| LUPIN | 2092.00 | 17.30 | 95660.02 | 0.86 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| DRREDDY | 1143.20 | 29.61 | 95420.61 | 0.70 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| MANKIND | 2266.00 | 45.82 | 93596.02 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| GLENMARK | 2439.55 | 38.29 | 68850.12 | 0.10 | 482.83 | 927.88 | 4018.48 | 31.35 | 20.35 | 20.03 |
| NATCOPHARM | 826.25 | 12.93 | 14798.95 | 0.61 | 206.50 | -57.01 | 735.20 | -44.68 | 17.16 | 36.83 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,048 | 930 | 625 | 965 | 1,237 | 1,293 | 408 | 1,157 | 1,193 | 1,264 | 529 | 609 | 597 | |
| 545 | 488 | 387 | 512 | 474 | 502 | 378 | 596 | 653 | 712 | 408 | 516 | 543 | |
| Operating Profit | 504 | 442 | 238 | 453 | 763 | 791 | 29 | 561 | 540 | 552 | 120 | 92 | 54 |
| OPM % | 48.05% | 47.53% | 38.11% | 46.92% | 61.69% | 61.17% | 7.21% | 48.49% | 45.25% | 43.70% | 22.75% | 15.18% | 9.00% |
| 15 | 25 | 30 | 36 | 40 | 51 | 168 | 62 | 60 | 93 | 55 | 73 | 48 | |
| Interest | 3 | 3 | 4 | 4 | 4 | 3 | 3 | 9 | 3 | 12 | 8 | 10 | 10 |
| Depreciation | 40 | 40 | 40 | 52 | 40 | 42 | 44 | 94 | 54 | 48 | 42 | 46 | 43 |
| Profit before Tax | 475 | 424 | 224 | 432 | 758 | 797 | 150 | 521 | 543 | 586 | 125 | 110 | 102 |
| Tax % | 14.71% | 15.05% | 14.13% | 19.28% | 16.06% | 17.04% | 16.90% | 17.80% | 14.51% | 14.52% | 14.62% | -90.55% | 26.86% |
| Net Profit | 405 | 360 | 192 | 349 | 636 | 661 | 125 | 428 | 464 | 501 | 107 | 210 | 75 |
| 22.43 | 20.11 | 10.72 | 19.49 | 35.53 | 36.91 | 6.97 | 23.90 | 25.91 | 27.97 | 5.97 | 11.70 | 4.17 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,958 | 2,091 | 1,986 | 1,790 | 1,654 | 1,768 | 2,351 | 3,569 | 4,094 | 3,595 | 2,998 | |
| 1,266 | 1,163 | 1,170 | 1,212 | 1,238 | 1,555 | 1,530 | 1,932 | 1,952 | 2,290 | 2,180 | |
| Operating Profit | 692 | 928 | 816 | 578 | 415 | 213 | 821 | 1,637 | 2,142 | 1,305 | 819 |
| OPM % | 35.34% | 44.39% | 41.11% | 32.29% | 25.11% | 12.05% | 34.91% | 45.87% | 52.32% | 36.30% | 27.31% |
| 13 | 39 | 130 | 124 | 104 | 95 | 109 | 105 | 324 | 281 | 270 | |
| Interest | 18 | 15 | 19 | 21 | 11 | 13 | 9 | 14 | 20 | 32 | 39 |
| Depreciation | 54 | 66 | 80 | 98 | 115 | 138 | 151 | 172 | 220 | 190 | 178 |
| Profit before Tax | 634 | 888 | 847 | 583 | 392 | 156 | 771 | 1,555 | 2,226 | 1,364 | 923 |
| Tax % | 21.97% | 21.34% | 21.28% | 18.62% | 21.09% | 10.78% | 17.33% | 15.99% | 16.87% | 6.06% | 3.38% |
| Net Profit | 495 | 698 | 667 | 474 | 310 | 139 | 637 | 1,307 | 1,850 | 1,282 | 892 |
| EPS | 28.24 | 39.24 | 36.10 | 26.01 | 16.96 | 7.63 | 34.90 | 72.99 | 103.37 | 71.59 | — |
| Dividend Payout % | 23.81% | 21.80% | 17.10% | 25.89% | 30.96% | 59.04% | 15.75% | 13.01% | 5.80% | 6.98% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 17%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 22%
- 5 Years:
- 33%
- 3 Years:
- 26%
STOCK PRICE CAGR
- 10 Years:
- 2%
- 5 Years:
- -4%
- 3 Years:
- 0%
- 1 Year:
- -3%
RETURN ON EQUITY
- 10 Years:
- 19%
- 5 Years:
- 18%
- 3 Years:
- 23%
- Last Year:
- 16%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 1,649 | 3,064 | 3,496 | 3,810 | 4,037 | 4,152 | 4,666 | 5,556 | 7,298 | 8,517 | |
| 221 | 174 | 385 | 328 | 273 | 415 | 172 | 383 | 279 | 413 | |
| Trade Payables | 251 | 245 | 202 | 234 | 140 | 141 | 182 | 183 | 225 | 365 |
| 190 | 216 | 237 | 239 | 266 | 234 | 332 | 388 | 391 | 732 | |
| Total Liabilities | 2,347 | 3,736 | 4,356 | 4,647 | 4,752 | 4,978 | 5,388 | 6,547 | 8,229 | 10,063 |
| 829 | 1,015 | 1,215 | 1,574 | 2,006 | 2,174 | 2,234 | 2,287 | 2,517 | 2,615 | |
| Capital Work in Progress | 336 | 480 | 638 | 518 | 223 | 129 | 63 | 134 | 225 | 293 |
| 95 | 150 | 244 | 191 | 337 | 550 | 658 | 742 | 855 | 3,265 | |
| 337 | 426 | 508 | 524 | 769 | 698 | 616 | 597 | 642 | 724 | |
| 0 | 0 | 0 | 6 | 5 | 15 | 8 | 1,077 | 1,178 | 760 | |
| Cash & Bank | 25 | 172 | 263 | 54 | 263 | 101 | 412 | 865 | 1,857 | 1,187 |
| 725 | 1,493 | 1,488 | 1,779 | 1,149 | 1,312 | 1,397 | 846 | 954 | 1,219 | |
| Total Assets | 2,347 | 3,736 | 4,356 | 4,647 | 4,752 | 4,978 | 5,388 | 6,547 | 8,229 | 10,063 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 452 | 681 | 874 | 528 | 260 | 90 | 933 | 1,196 | 1,662 | 1,776 | |
| Cash from Investing | -291 | -1,131 | -645 | -165 | -3 | -92 | -437 | -960 | -1,444 | -2,078 |
| Cash from Financing | -46 | 652 | -52 | -261 | -183 | 36 | -347 | -237 | -212 | 302 |
| -6 | -3 | 1 | -4 | -3 | 1 | 1 | -1 | 6 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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