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Natco Pharma

NATCOPHARM NSE
₹788.75 +7.15 (+0.91%)
P/E
13.53
View as Markdown
MCP
Close 4 Nov 2026 ₹788.75 −11.75 −1.47% 1Y
Start ₹800.50

Key Fundamentals

SmallcapPharmaceuticals & BiotechnologyHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
17.40%
Debt to Equity
0.08
EPS (TTM)
₹58.31
Book Value
₹535.28
Market Cap
—
P/E (TTM)
13.53
P/B
1.47
ROE
17.10%
Dividend Yield
0.19%
EBITDA
₹1,734 Cr
52W High
₹1,226.80
52W Low
₹773.60
Day Range
₹781.70 – ₹797.80
Volume
3,20,958

Peer Comparison

Healthcare › Pharmaceuticals

Natco Pharma peer comparison
Sun Pharma
₹1,773.4038.81₹4,29,049 Cr4.770.90%16.00%20.50%₹61,631 Cr₹10,987 Cr
Divis Laboratories
₹10,037.5091.10₹2,65,269 Cr15.900.30%16.50%22.00%₹11,230 Cr₹2,925 Cr
Torrent Pharmaceuticals
₹4,738.5078.61₹1,77,061 Cr9.810.82%27.40%15.20%₹17,400 Cr₹2,099 Cr
Zydus Life Science
₹1,188.1026.44₹1,25,446 Cr4.370.08%21.20%21.10%₹28,592 Cr₹4,593 Cr
Laurus Labs
₹2,323.80114.81₹1,25,228 Cr20.720.04%18.30%17.80%₹7,270 Cr₹1,090 Cr
Dr Reddys Laboratories
₹1,374.0035.59₹1,14,543 Cr2.960.58%11.20%13.00%₹33,228 Cr₹3,184 Cr
Cipla
₹1,402.0033.59₹1,12,454 Cr3.200.93%11.60%15.50%₹28,324 Cr₹3,356 Cr
Natco Pharma (this company)
₹788.7513.53₹15,532 Cr1.470.19%17.10%17.40%₹3,485 Cr₹1,144 Cr
Median 8 companies₹1,587.7037.20₹1,25,337 Cr4.570.44%16.80%17.60%₹22,862 Cr₹3,055 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

49 Average

Data confidence 100/100

Category scores

Quality
61
Good
Returns, margins, earnings quality 22% weight
Valuation
79
Strong
Cheap vs sector & own history 24% weight
Growth
2
Poor
Sales & profit trajectory 9% weight
Financial Health
65
Good
Solvency, leverage, coverage 9% weight
Momentum
14
Poor
Trend strength, vol-adjusted 12% weight
Ownership
39
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has delivered good profit growth of 28.1% CAGR over last 5 years

Weaknesses

1
  • Tax rate seems low

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish964
OscillatorsBullish162
Moving AveragesStrong Bearish802

Key readings

RSI (14)
43.09
Neutral
MACD (12,26,9)
−10.17
Bullish
SMA (50)
816.67
Bearish
SMA (200)
927.75
Bearish

As of

Analyst Rating

Based on 8 analysts
TIED38%

3 of 8 analysts rate Buy, 2 Hold, 3 Sell.

As of

BUY
3
38%
HOLD
2
25%
SELL
3
38%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+14.62%
5Y+14.72%
3Y+14.64%
1Y−7.95%
TTM−20.75%

Net profit

Net profit growth by window
10Y+24.70%
5Y+26.26%
3Y+25.64%
1Y−24.69%
TTM−32.47%

Operating cash flow

Operating cash flow growth by window
10Y+31.77%
5Y+42.68%
3Y+27.70%
1Y+4.18%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+10.32 pp
5Y+6.32 pp
3Y+1.27 pp
1Y−13.72 pp
TTM−14.43 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,020 Cr
Mar 2018₹2,185 Cr
Mar 2019₹2,094 Cr
Mar 2020₹1,915 Cr
Mar 2021₹2,052 Cr
Mar 2022₹1,945 Cr
Mar 2023₹2,707 Cr
Mar 2024₹3,999 Cr
Mar 2025₹4,430 Cr
Mar 2026₹4,078 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹485 Cr
Mar 2018₹695 Cr
Mar 2019₹642 Cr
Mar 2020₹458 Cr
Mar 2021₹442 Cr
Mar 2022₹170 Cr
Mar 2023₹715 Cr
Mar 2024₹1,388 Cr
Mar 2025₹1,883 Cr
Mar 2026₹1,418 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹208 Cr −15.5% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk medium

Natco Pharma trades at ₹787.55 as of 2026-10-29 with a market cap of ₹15,449 Cr, a PE of 13.51x, and a near-debt-free balance sheet (D/E 0.08). The stock sits just 1.8% above its 52-week low of ₹773.6 and 35.8% below its 52-week high of ₹1,226.8, reflecting a sharp TTM sales decline of -21% and TTM profit decline of -33% against a backdrop of strong longer-term compounding.

Bull Case 6
  • Strong 5-year compounded profit growth of 28% CAGR, indicating a demonstrated ability to scale earnings over medium-term cycles.
  • Consistent 5-year and 10-year compounded sales CAGR of 15%, suggesting a durable revenue growth engine across market cycles.
  • PE of 13.51x is well below the broader pharma sector average, offering a valuation cushion if earnings stabilize or recover.
  • 3-year ROE averages 23% and 5-year ROE averages 19%, reflecting efficient capital allocation and strong return generation over time.
  • ROCE of 16.26% indicates the company earns meaningfully above its cost of capital, supporting value creation.
  • Price-to-book ratio of 1.47x is modest for a pharma company with 19% 5-year ROE, suggesting limited premium over book value.
Bear Case 8
  • TTM sales have declined -21%, a sharp reversal from the 15% 3-year CAGR, signalling potential loss of key revenue streams or product exclusivity.
  • TTM profit has declined -33%, indicating significant earnings deterioration that may not yet be fully reflected in trailing ratios.
  • Last-year ROE has dropped to 17% from a 3-year average of 23%, a 6 percentage point compression suggesting declining profitability momentum.
  • Stock CAGR is -1% over 3 years and -2% over 5 years, meaning the stock has destroyed value for medium-term holders despite profit growth.
  • Dividend yield of just 0.19% offers negligible income return, providing little support for the stock during periods of earnings weakness.
  • Tax rate appears low, which raises sustainability concerns — any normalization of the effective tax rate could further compress net profits from current levels.
  • The stock is down 35.8% from its 52-week high of ₹1,226.8, reflecting a significant loss of market confidence that may take time to reverse.
  • 1-year stock CAGR of just 2% despite the broader market rally suggests relative underperformance and lack of institutional buying interest.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Natco Pharma is navigating a tough period with a sharp 57% YoY decline in Q1FY27 profit and significantly compressed margins. The US Carboplatin launch is a positive signal for its oncology pipeline but offers only a modest revenue uplift. The ₹12,794 million rights issue has been completed, bolstering the balance sheet with strong promoter participation. Near-term outlook hinges on whether upcoming quarters show revenue recovery and margin improvement from the high base-effect washout.

Headwinds 2
  • Sharp Q1FY27 profit decline Oct 19

    Q1FY27 profit fell 57% to ₹206.5 crore from ₹480.7 crore YoY. Revenue slumped 44.7% to ₹735.2 crore and EBITDA declined 67.3% to ₹186.5 crore with margins contracting from 43% to 25.4%.

  • Stock 35% below 52-week high Oct 19

    Natco Pharma is trading 35.32% below its 52-week high of ₹1,216.81 and has fallen close to 2% over the past 30 days.

Positives 1
  • US Carboplatin generic launch Oct 19

    Natco launched Carboplatin Injection (generic Paraplatin) in the US via subsidiary NATCO Pharma USA LLC in collaboration with Teyro Labs, addressing a critical US drug shortage. The US Carboplatin market generated $27.8 million in the 12 months ending June 2026, though the net revenue addition is estimated at less than 2% of annual revenue.

Neutral 3
  • Promoter pledges 8.5L shares Nov 4

    Promoter V.C. Nannapaneni pledged 8,50,000 shares (0.47% of total capital) to Bajaj Financial Securities on October 9, 2026, to fund rights issue subscription.

  • Rights issue closes at ₹12,794M Oct 22

    Natco's ₹12,794 million rights issue closed on October 22, 2026, priced at ₹750 per share. Trading window opened October 23-28 for credit of rights shares to allottees.

  • Promoter group acquires 19L shares Nov 4

    Promoter group acquired over 19 lakh shares during the rights issue, with total equity share capital increasing to 19,61,67,952 shares post-allotment.

Quarterly Results

₹ Cr
NATCOPHARM quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,140
1,031
759
1,068
1,363
1,371
475
1,221
1,329
1,363
647
739
735
Expenses
612
573
490
571
558
567
436
673
758
784
489
612
549
Operating Profit
528
458
268
497
805
804
39
548
571
579
159
128
186
OPM %
46%
44%
35%
47%
59%
59%
8%
45%
43%
42%
25%
17%
25%
Other Income
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
PBT
500
440
256
478
804
818
164
506
572
614
161
144
186
Tax %
16%
16%
17%
19%
17%
17%
19%
20%
16%
16%
13%
−62%
34%
Net Profit
420
369
213
386
668
676
132
406
480
518
151
269
206
EPS (₹)
21.42
18.81
10.84
19.69
34.07
34.52
6.78
20.72
24.5
26.42
7.72
13.65
10.52

Profit & Loss

₹ Cr
NATCOPHARM profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
825
1,042
2,020
2,185
2,094
1,915
2,052
1,945
2,707
3,999
4,430
4,078
3,485
Expenses
615
777
1,337
1,256
1,300
1,332
1,446
1,681
1,772
2,245
2,234
2,617
2,433
Operating Profit
210
266
683
928
795
583
606
264
936
1,754
2,196
1,462
1,052
OPM %
25%
25%
34%
42%
38%
30%
30%
14%
35%
44%
50%
36%
30%
Other Income
0
12
14
40
130
107
104
99
105
126
354
272
295
Interest
32
23
18
15
19
22
13
18
14
19
24
37
46
Depreciation
47
51
54
66
81
100
117
143
164
187
235
207
196
PBT
132
204
624
887
825
569
580
202
862
1,674
2,291
1,491
1,104
Tax %
1%
24%
22%
22%
22%
19%
24%
16%
17%
17%
18%
8%
—
Net Profit
130
156
485
695
642
458
442
170
715
1,388
1,883
1,418
1,145
EPS (₹)
7.4
8.23
25.46
34.45
32.17
23.11
22.08
8.5
35.78
70.76
96.1
72.3
58.31
Div. Payout %
12%
14%
24%
22%
18%
27%
22%
48%
14%
12%
6%
6%
—

Balance Sheet

₹ Cr
NATCOPHARM balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
33
35
35
37
36
36
36
36
36
36
36
36
Reserves
813
1,261
1,614
3,035
3,452
3,737
4,085
4,227
4,837
5,817
7,571
9,185
Borrowings
312
113
222
173
386
316
268
416
167
371
279
714
Other Liabilities
226
413
446
470
428
498
403
430
617
682
744
1,138
Total Liabilities
1,384
1,822
2,318
3,715
4,303
4,588
4,792
5,109
5,657
6,906
8,631
11,074
Fixed Assets
710
710
833
1,019
1,227
1,584
2,023
2,312
2,427
2,491
2,698
2,803
CWIP
129
212
336
480
638
518
223
130
64
137
225
294
Investments
2
22
32
76
169
112
304
308
392
539
474
3,127
Other Assets
543
878
1,116
2,140
2,270
2,373
2,242
2,360
2,774
3,739
5,234
4,850
Total Assets
1,384
1,822
2,318
3,715
4,303
4,588
4,792
5,109
5,657
6,906
8,631
11,074

Cash Flow

₹ Cr
NATCOPHARM cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
93
112
346
464
669
417
299
46
849
1,212
1,697
1,768
Investing
−120
−176
−299
−1,116
−611
−175
−107
4
−465
−1,026
−1,436
−1,987
Financing
29
154
−48
651
−51
−251
−186
35
−363
−247
−211
298
Net Cash Flow
2
90
−1
−2
7
−8
6
85
21
−62
50
79
Free Cash Flow
−25
−44
66
57
225
81
92
−142
674
855
1,300
1,379
CFO/OP
55
60
69
72
107
90
71
36
110
85
94
148

Ratios

NATCOPHARM financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
85
92
86
106
88
105
73
116
115
109
103
79
Inventory Days
331
482
213
389
545
534
570
496
432
357
405
480
Days Payable
189
372
160
239
224
244
104
105
153
120
145
216
Cash Conversion Cycle
228
202
138
257
410
395
539
507
394
345
362
343
Working Capital Days
25
97
71
215
207
295
246
256
198
151
151
111
ROCE %
17%
18%
39%
35%
23%
14%
13%
4%
18%
30%
33%
17%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Natco Pharma insights

70 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 49.39%
  • Public 23.85%
  • FIIs 16.00%
  • DIIs 6.16%
  • Others 4.60%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Natco Pharma

What does Natco Pharma Ltd do?
NATCO Pharma Limited (NATCO) is a vertically integrated, research and development focused pharmaceutical company engaged in developing, manufacturing, and marketing complex products for niche therapeutic areas.
Where is Natco Pharma Ltd (NATCOPHARM) listed?
Natco Pharma Ltd trades as NATCOPHARM on the NSE and under code 524816 on the BSE.
Which sector does Natco Pharma Ltd belong to?
Natco Pharma Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the PE ratio of Natco Pharma Ltd?
Natco Pharma Ltd trades at a PE ratio of 13.53 as of 4 Nov 2026, on earnings per share of ₹58.31, against a book value of ₹535.28 per share.
What is the 52-week high and low of Natco Pharma Ltd?
Over the last 52 weeks Natco Pharma Ltd has traded between ₹773.6 and ₹1,226.8 as of 4 Nov 2026.
Does Natco Pharma Ltd pay dividends?
Natco Pharma Ltd has a dividend yield of 0.19%.
What is the Return on Equity (ROE) of Natco Pharma Ltd?
Natco Pharma Ltd reported a return on equity of 17.10%. Its debt-to-equity ratio is 0.08.

Company Information

NATCO Pharma Limited (NATCO) is a vertically integrated, research and development focused pharmaceutical company engaged in developing, manufacturing, and marketing complex products for niche therapeutic areas. NATCO has established its presence in all three business segments viz. finished dosage formulations (“FDF”), active pharmaceutical ingredients (“APIs”), Contract Manufacturing Business.

Website natcopharma.co.in
CEO Mr. Venkaiah Chowdary Nannapaneni M. Pharm, MS.
Employees 4,199
Listed 27 Dec 1995
Face Value ₹2

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