Novartis India Ltd.

•

novartis.inBSE: 500672NSE: NOVARTIND

Market Cap₹ 4,502 Cr.

Current Price

High / Low₹ 1,856 / 950

Stock P/E46.0

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	2959.80	53.82	400674.82	0.04	-1461.54	-249.67	32923.98	49.92	13.30	15.57
2.	CPPLUS	3827.20	94.86	45275.94	0.04	142.20	332.51	1402.42	89.51	29.48	14.52
3.	PREMIERENE	987.25	26.92	44816.36	0.10	471.92	53.32	2462.59	35.25	33.72	29.03
4.	AEGISLOG	1268.20	35.57	44513.82	0.69	544.84	210.70	2356.86	37.07	19.76	30.28
5.	REDINGTON	373.60	17.17	29207.09	1.61	453.49	94.65	34922.47	34.57	18.96	2.03
6.	HONASA	475.35	62.27	15497.56	0.63	90.45	118.87	755.95	27.00	20.87	14.58
7.	LLOYDSENT	71.04	96.58	10844.63	0.21	109.98	-55.77	563.03	70.15	12.84	18.07
8.	SGMART	808.80	81.99	10193.73	0.00	455.80	1310.71	13085.70	1044.08	10.43	4.49
9.	MMTC	63.23	21.20	9484.50	0.00	104.24	135.52	0.68	-50.00	33.46	-1423.53
10.	ENTERO	1855.60	64.40	8076.14	0.00	52.05	72.17	1940.50	38.23	10.93	5.00
11.	CELLO	344.05	24.80	7759.64	0.44	73.40	-8.99	526.72	-0.43	17.15	18.80
12.	NOVARTIND	1823.35	46.05	4502.00	0.00	32.21	16.62	103.81	18.57	17.15	33.63

Detailed Comparison with:

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
	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	34
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%	33.17%
	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
Profit before Tax	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
	8.21	9.59	10.76	5.95	10.42	8.27	10.31	11.87	11.19	9.81	6.52	10.23	13.05

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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	31	25	-8	12	12	26	27	65	65	91	101
OPM %	4.47%	3.74%	-1.46%	2.47%	2.68%	6.74%	6.69%	17.18%	19.48%	25.66%	27.33%
	245	72	174	78	36	34	-16	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
Profit before Tax	272	92	158	86	29	40	-4	115	123	130	136
Tax %	27.01%	37.62%	50.25%	39.64%	64.80%	47.80%	2.62%	10.42%	30.65%	22.63%	27.90%
Net Profit	198	57	78	52	10	21	-4	103	85	101	98
EPS	62.04	19.10	28.43	20.97	4.08	8.46	-1.51	41.86	34.52	40.88	—
Dividend Payout %	16.12%	49.18%	31.50%	47.67%	244.84%	118.09%	-663.44%	113.42%	72.43%	61.15%	—

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:: 26%
5 Years:: 21%
3 Years:: 43%
1 Year:: 225%

RETURN ON EQUITY

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	16	14	12	12	12	12	12	12	12	12
	1,185	913	727	751	712	702	682	763	732	773
	8	6	4	3	58	51	20	25	5	3
Trade Payables	70	73	106	91	73	55	72	60	62	51
	262	1,064	1,263	1,160	1,270	1,378	1,224	1,191	1,049	1,068
Total Liabilities	1,540	2,070	2,113	2,018	2,125	2,199	2,010	2,052	1,861	1,908
	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

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	136	3	219	-149	15	-34	57	42	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

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

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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