Novartis India Ltd.

•

novartis.inBSE: 500672NSE: NOVARTIND

Market Cap₹ 3,913 Cr.

Current Price

High / Low₹ 1,780 / 950

Stock P/E40.0

Book Value₹ 344

Price to Book2.47

Dividend Yield0.00 %

ROCE17.2 %

ROE13.2 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Pharmaceuticals: 99.7% • Services: 0.3% • Other Operating Revenue: 0.0%

AI Sector View

AI GENERATED

Oil Gas & Consumable Fuels

Reduce

Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

View full sector analysis →

PROS

Company has delivered good profit growth of 58.5% CAGR over last 5 years
Company is almost debt free
Operating margins have improved to 23.4% from 12.4%
Company has been maintaining a healthy dividend payout of 61.1%
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (32.2% of PBT)
Recent results are weak - TTM profit is down 11.1% versus prior year
Company's sales have been declining over the last five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsTradingTrading

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ADANIENT	2863.25	52.06	387604.62	0.05	-1461.54	-249.67	32923.98	49.92	13.30	15.57
2.	PREMIERENE	1013.95	27.64	46028.41	0.10	471.92	53.32	2462.59	35.25	33.72	29.03
3.	CPPLUS	3724.85	92.33	44065.14	0.04	142.20	332.51	1402.42	89.51	29.48	14.52
4.	AEGISLOG	1220.55	34.24	42841.31	0.71	544.84	210.70	2356.86	37.07	19.76	30.28
5.	REDINGTON	349.30	16.05	27307.38	1.72	453.49	94.65	34922.47	34.57	18.96	2.03
6.	HONASA	472.75	61.93	15412.79	0.63	90.45	118.87	755.95	27.00	8.99	14.58
7.	LLOYDSENT	71.41	97.08	10901.11	0.21	109.98	-55.77	563.03	70.15	12.84	18.07
8.	SGMART	835.10	84.66	10525.20	0.00	455.80	1310.71	13085.70	1044.08	10.43	4.49
9.	MMTC	62.29	20.89	9343.50	0.00	104.24	135.52	0.68	-50.00	33.46	-1423.53
10.	ENTERO	1807.90	62.74	7868.54	0.00	52.05	72.17	1940.50	38.23	10.93	5.00
11.	CELLO	350.25	24.73	7736.50	0.43	73.40	-8.99	526.72	-0.43	17.15	18.80
12.	NOVARTIND	1584.60	40.02	3912.50	0.00	32.21	16.62	103.81	18.57	17.15	33.63

Detailed Comparison with:

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
	91	79	85	81	92	87	93	84	88	90	86	91	104
	73	62	65	70	68	69	67	60	60	66	64	70	69
Operating Profit	17	17	20	11	24	18	26	24	27	24	22	21	35
OPM %	19.12%	21.47%	23.39%	13.81%	25.97%	20.62%	27.51%	28.51%	31.11%	26.44%	26.03%	22.77%	33.63%
Other Income	12	17	22	10	10	10	11	11	11	9	9	10	9
Interest	0	1	0	0	0	0	0	0	0	0	1	0	0
Depreciation	2	1	0	0	1	1	1	1	1	1	0	0	0
	28	32	41	21	34	28	35	34	37	33	30	30	43
Tax %	27.04%	26.98%	35.68%	31.18%	23.57%	25.94%	27.88%	13.54%	25.79%	25.82%	45.73%	16.22%	25.39%
Net Profit	20	24	27	15	26	20	25	29	28	24	16	25	32
	8	10	11	6	10	8	10	12	11	10	7	10	1
Equity Capital	12	12	12	12	12	12	12	12	12	12	12	12	12
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	690	656	564	491	438	381	400	379	335	356	371
	659	632	572	479	427	356	373	314	270	265	269
Operating Profit	275	96	166	91	48	60	60	123	127	133	—
OPM %	40	15	29	18	11	16	15	33	38	37	—
Other Income	245	72	174	78	36	34	34	58	62	42	37
Interest	0	1	6	2	6	8	5	2	1	1	1
Depreciation	3	4	3	3	13	12	10	6	3	2	2
	272	92	158	86	29	40	-4	115	123	130	136
Tax %	27	38	50	40	65	48	3	10	31	23	28
Net Profit	198	57	78	52	10	21	-4	103	85	101	98
EPS	62	19	28	21	4	8	-2	42	35	41	—
Dividend Payout %	16	49	31	48	245	118	-663	113	72	61	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	62	20	32	21	4	8	-2	42	35	41	—

COMPOUNDED SALES GROWTH

10 Years:: -9%
5 Years:: -4%
3 Years:: -4%

COMPOUNDED PROFIT GROWTH

10 Years:: 2%
5 Years:: 59%
3 Years:: —

STOCK PRICE CAGR

10 Years:: 22%
5 Years:: 14%
3 Years:: 31%
1 Year:: 140%

RETURN ON EQUITY

10 Years:: 8%
5 Years:: 8%
3 Years:: 13%
Last Year:: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	16	14	12	12	12	12	12	12	12	12
	1,185	913	727	751	712	702	682	763	732	773
	0	0	0	0	0	0	0	0	0	0
Trade Payables	70	73	106	91	73	55	72	60	62	51
	270	1,070	1,267	1,163	1,328	1,430	1,244	1,216	1,054	1,071
Total Liabilities	1,540	2,070	2,113	2,018	2,125	2,199	2,010	2,052	1,861	1,908
ASSETS	-	-	-	-	-	-	-	-	-	-
	6	6	5	15	76	64	24	19	7	5
	72	88	57	61	59	48	57	55	45	41
	0	0	0	0	0	0	0	0	41	40
Cash & Bank	1,126	816	775	612	582	499	518	556	596	648
	335	1,161	1,277	1,330	1,408	1,588	1,412	1,422	1,172	1,174
Total Assets	1,540	2,070	2,113	2,018	2,125	2,199	2,010	2,052	1,861	1,908
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	1,059	790	623	620	579	564	491	518	542	604
Contingent Liabilities	101	122	155	217	380	419	422	419	398	378
Book Value per Share	375.63	329.45	299.76	309.34	293.36	289.36	281.17	314.30	301.79	318.06
Face Value	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	57	-41	161	-194	-23	-69	39	45	113	75
Cash from Investing	-630	424	69	274	56	95	87	-153	33	-3
Cash from Financing	-39	-332	-268	-30	-41	-37	-36	-30	-121	-64
	-612	51	-38	50	-9	-11	90	-139	26	7
Free Cash Flow	57	-41	160	-206	-84	-69	39	45	113	75
OCF / Net Profit	0.29	-0.71	2.05	-3.75	-2.30	-3.31	-10.40	0.43	1.33	0.74
Cumulative 5-Year FCF	0	0	0	0	-115	-241	-161	-276	43	202

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	62.04	20.33	31.75	20.98	4.08	8.47	-1.51	41.88	34.52	40.88
Book Value (₹)	375.63	329.45	299.76	309.34	293.36	289.36	281.17	314.30	301.79	318.06
Dividend per Share (₹)	10.00	10.00	10.00	10.00	10.00	10.00	10.00	47.50	25.00	25.00
Cash EPS (₹)	63.14	21.61	32.78	22.26	9.41	13.40	2.40	44.34	35.58	41.77
PROFITABILITY
Operating Margin %	39.91%	14.64%	24.19%	15.36%	9.04%	13.20%	12.39%	29.79%	17.79%	23.44%
Net Margin %	28.74%	8.72%	11.45%	8.78%	1.89%	4.61%	-0.76%	25.00%	23.22%	25.87%
ROE %	18.01%	5.38%	9.40%	6.89%	1.36%	2.91%	-0.53%	14.07%	11.21%	13.19%
ROCE %	24.77%	8.75%	19.72%	11.70%	4.73%	6.67%	0.14%	15.96%	16.35%	17.15%
	11.01%	3.17%	3.75%	2.51%	0.49%	0.97%	-0.18%	5.09%	4.35%	5.35%
EFFICIENCY
Debtor Days	35	25	23	28	29	31	31	36	39	38
Inventory Days	46	44	38	36	41	43	39	49	50	40
Payable Days	105	85	133	181	164	159	131	119	111	102
	-24	-15	-72	-117	-95	-85	-60	-34	-23	-23
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	1294.67x	128.40x	29.48x	54.94x	5.48x	6.21x	0.21x	66.93x	83.44x	170.38x
	6.18x	3.47x	2.30x	2.69x	2.39x	2.58x	2.47x	2.93x	2.36x	2.42x
GROWTH
Revenue Growth %	-21.02%	-4.86%	-14.07%	-12.98%	-10.69%	-12.98%	4.86%	-5.28%	-11.53%	6.33%
Operating Profit Growth %	165.34%	-65.12%	72.41%	-45.32%	-46.80%	24.31%	0.70%	104.30%	3.04%	5.07%
Net Profit Growth %	150.65%	-71.14%	36.95%	-33.93%	-80.53%	107.34%	-117.80%	2878.49%	-17.58%	18.44%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-17.58%	18.44%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	29.80x	19.20x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.41x	2.47x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.43%	3.18%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	15.30x	9.67x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.68	70.68	70.68	70.68	70.68	70.68	70.68	70.68	70.68
	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.17	0.16
	0.52	0.52	0.52	0.52	0.52	0.52	0.62	0.52	1.34
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	28.61	28.61	28.61	28.61	28.61	28.61	28.51	28.63	27.81

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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Recent coverage and analyst commentary for NOVARTIND

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Novartis India Ltd.

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Name

ADANIENT

2863.25

52.06

387604.62

0.05

-1461.54

-249.67

32923.98

49.92

13.30

15.57

PREMIERENE

1013.95

27.64

46028.41

0.10

471.92

53.32

2462.59

35.25

33.72

29.03

CPPLUS

3724.85

92.33

44065.14

0.04

142.20

332.51

1402.42

89.51

29.48

14.52

AEGISLOG

1220.55

34.24

42841.31

0.71

544.84

210.70

2356.86

37.07

19.76

30.28

REDINGTON

349.30

16.05

27307.38

1.72

453.49

94.65

34922.47

34.57

18.96

2.03

HONASA

472.75

61.93

15412.79

0.63

90.45

118.87

755.95

27.00

8.99

14.58

LLOYDSENT

71.41

97.08

10901.11

0.21

109.98

-55.77

563.03

70.15

12.84

18.07

SGMART

835.10

84.66

10525.20

0.00

455.80

1310.71

13085.70

1044.08

10.43

4.49

MMTC

62.29

20.89

9343.50

0.00

104.24

135.52

0.68

-50.00

33.46

-1423.53

ENTERO

1807.90

62.74

7868.54

0.00

52.05

72.17

1940.50

38.23

10.93

5.00

CELLO

350.25

24.73

7736.50

0.43

73.40

-8.99

526.72

-0.43

17.15

18.80

NOVARTIND

1584.60

40.02

3912.50

0.00

32.21

16.62

103.81

18.57

17.15

33.63

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

104

Operating Profit

OPM %

19.12%

21.47%

23.39%

13.81%

25.97%

20.62%

27.51%

28.51%

31.11%

26.44%

26.03%

22.77%

33.63%

Other Income

Interest

Depreciation

Tax %

27.04%

26.98%

35.68%

31.18%

23.57%

25.94%

27.88%

13.54%

25.79%

25.82%

45.73%

16.22%

25.39%

Net Profit

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

690

656

564

491

438

381

400

379

335

356

371

659

632

572

479

427

356

373

314

270

265

269

Operating Profit

275

166

123

127

133

—

OPM %

—

Other Income

245

174

Interest

Depreciation

272

158

-4

115

123

130

136

Tax %

Net Profit

198

-4

103

101

EPS

-2

—

Dividend Payout %

245

118

-663

113

—

Minority Interest

Share of Associates

Adjusted EPS

-2

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

1,185

913

727

751

712

702

682

763

732

773

Trade Payables

106

270

1,070

1,267

1,163

1,328

1,430

1,244

1,216

1,054

1,071

Total Liabilities

1,540

2,070

2,113

2,018

2,125

2,199

2,010

2,052

1,861

1,908

ASSETS

Cash & Bank

1,126

816

775

612

582

499

518

556

596

648

335

1,161

1,277

1,330

1,408

1,588

1,412

1,422

1,172

1,174

Total Assets

1,540

2,070

2,113

2,018

2,125

2,199

2,010

2,052

1,861

1,908

Total Debt

Net Working Capital

1,059

790

623

620

579

564

491

518

542

604

Contingent Liabilities

101

122

155

217

380

419

422

419

398

378

Book Value per Share

375.63

329.45

299.76

309.34

293.36

289.36

281.17

314.30

301.79

318.06

Face Value

5.00

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-41

161

-194

-23

-69

113

Cash from Investing

-630

424

274

-153

-3

Cash from Financing

-39

-332

-268

-30

-41

-37

-36

-30

-121

-64

-612

-38

-9

-11

-139

Free Cash Flow

-41

160

-206

-84

-69

113

OCF / Net Profit

0.29

-0.71

2.05

-3.75

-2.30

-3.31

-10.40

0.43

1.33

0.74

Cumulative 5-Year FCF

-115

-241

-161

-276

202

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

62.04

20.33

31.75

20.98

4.08

8.47

-1.51

41.88

34.52

40.88

Book Value (₹)

375.63

329.45

299.76

309.34

293.36

289.36

281.17

314.30

301.79

318.06

Dividend per Share (₹)

10.00

47.50

25.00

Cash EPS (₹)

63.14

21.61

32.78

22.26

9.41

13.40

2.40

44.34

35.58

41.77

PROFITABILITY

Operating Margin %

39.91%

14.64%

24.19%

15.36%

9.04%

13.20%

12.39%

29.79%

17.79%

23.44%

Net Margin %

28.74%

8.72%

11.45%

8.78%

1.89%

4.61%

-0.76%

25.00%

23.22%

25.87%

ROE %

18.01%

5.38%

9.40%

6.89%

1.36%

2.91%

-0.53%

14.07%

11.21%

13.19%

ROCE %

24.77%

8.75%

19.72%

11.70%

4.73%

6.67%

0.14%

15.96%

16.35%

17.15%

11.01%

3.17%

3.75%

2.51%

0.49%

0.97%

-0.18%

5.09%

4.35%

5.35%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

105

133

181

164

159

131

119

111

102

-24

-15

-72

-117

-95

-85

-60

-34

-23

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

Interest Coverage (x)

1294.67x

128.40x

29.48x

54.94x

5.48x

6.21x

0.21x

66.93x

83.44x

170.38x

6.18x

3.47x

2.30x

2.69x

2.39x

2.58x

2.47x

2.93x

2.36x

2.42x

GROWTH

Revenue Growth %

-21.02%

-4.86%

-14.07%

-12.98%

-10.69%

-12.98%

4.86%

-5.28%

-11.53%

6.33%

Operating Profit Growth %

165.34%

-65.12%

72.41%

-45.32%

-46.80%

24.31%

0.70%

104.30%

3.04%

5.07%

Net Profit Growth %

150.65%

-71.14%

36.95%

-33.93%

-80.53%

107.34%

-117.80%

2878.49%

-17.58%

18.44%

0.00%

-17.58%

18.44%

VALUATION

P/E (x)

0.00x

29.80x

19.20x

P/B (x)

0.00x

3.41x

2.47x

Dividend Yield %

0.00%

2.43%

3.18%

0.00x

15.30x

9.67x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

70.68

0.19

0.17

0.16

0.52

0.62

0.52

1.34

Government

0.00

28.61

28.51

28.63

27.81

Novartis India Ltd.

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Novartis India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI