NATCOPHARM

Natco Pharma share price & financials

Price
₹945
Market cap
₹16.1k Cr
Sector
Healthcare
Calls analysed
8
Latest concall · Q1 FY27 · call held 14 Aug 2026

Natco Pharma Limited Q1 FY27

EBITDA ₹245.7 cr EBITDA Margin 30.9% Normalized PAT ₹206.5 cr

What went well

  • Consolidated total revenues of INR794.4 crores in Q1 FY27.
  • EBITDA stood at INR245.7 crores with EBITDA margin of 30.9%.
  • Normalized PAT grew by 34% QoQ to INR206.5 crores.

What to watch

  • Consolidated total revenues declined from INR1,390.6 crores in Q1 last year, primarily due to lower Lenalidomide revenue.
  • Crop Health business made a loss in Q1 FY27, though expected to break even for the year.
Read the full call →

What Natco Pharma Limited does

NATCO Pharma is a vertically integrated pharmaceutical company that develops, manufactures and markets active pharmaceutical ingredients (APIs) and finished-dose formulations, with a longstanding leadership position in oncology therapies in India. It pursues a global first-to-file/Para IV strategy for complex generics in the US and other regulated markets (Canada, Brazil) alongside emerging markets in Asia, MENA and LATAM. Domestic sales are organised around therapy-focused divisions (oncology, cardiology, diabetology, and specialty units Dynami and Hygeia) supported by its own field force. The company also runs a Crop Health Sciences division that manufactures and sells agrochemicals to farmers, and has taken minority stakes in overseas pharma (Adcock Ingram, South Africa) and cell & gene-therapy/NCE research ventures.

Segments

  • Export (International) Formulations
  • Domestic Pharmaceutical Formulations
  • Active Pharmaceutical Ingredients (API)
  • Crop Health Sciences
Manufacturing facilities (India)
9, plus 2 advanced R&D centres
Export presence
50+ countries
International subsidiaries
~10 countries (incl. US, Canada, Brazil, UK, Colombia, Singapore, Indonesia, Australia, Philippines)
Employees (global)
5,000+
R&D scientists
500+
Active US Drug Master Files (API)
49
Founded 1981Headquarters Hyderabad, Telangana, India Company website

Guidance record · Q1 FY27

what the last two calls moved 25 tracked 8 delivered 4 missed 13 open
  • PAT FY26 delivered, diluted said Q3 FY25 Promised: Similar to FY25 (guided at 1800-2000 cr) Q1 FY27: This guidance pertains to FY26, which has concluded. The final verdict was achieved_diluted.
  • Revlimid Market Share missed said Q2 FY25 Promised: Capture almost 1/3 of the total market by January Q1 FY27: This promise concluded with a 'missed' verdict. Q1 FY27 call confirms Revlimid contribution is now 'negligible'.
  • Consolidated Revenue FY27 diluted said Q4 FY26 Promised: INR 3,400 crores to INR 3,500 crores Q1 FY27: Revised guidance slightly down to 'INR 3,300 crores to INR 3,400 crores' from the original 'INR 3,400 crores to INR 3,500 crores'.

All 25 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 50.0%, net profit down 83.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,293 408 1,157 1,193 1,264 −2%529 +30%609 −47%597 −50%
EBITDA791 29 561 540 552 −30%120 +314%92 −84%106 −80%
Net profit661 125 428 464 501 −24%107 −14%210 −51%75 −84%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −3.4% 1Y

₹0.8k₹0.9k₹1.0k₹1.1k₹1.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 12 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 14 Aug 2026

1Y: ₹844.25 on 10 Sept 2025 → ₹815.35. High ₹1,204.4 (14 May 2026), low ₹792.95 (11 Nov 2025).

How the price took the results

close before → close after

Q1 FY27
−5.1%
14 Aug
Q4 FY26
−13.6%
29 May
Q3 FY26
−1.3%
12 Feb
Q2 FY26
−1.6%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 9.9% a year over 3 years, FY23 to FY26. Operating margin widened to 36.3%.

Year endingFY23FY24FY25FY26
Revenue₹2.7k Cr₹3.6k Cr₹4.1k Cr₹3.6k Cr
Operating profit₹935 Cr₹1.6k Cr₹2.1k Cr₹1.3k Cr
Operating margin34.5%45.9%52.4%36.3%
Interest₹15 Cr₹14 Cr₹19 Cr₹33 Cr
Depreciation₹165 Cr₹172 Cr₹220 Cr₹190 Cr
Net profit₹715 Cr₹1.3k Cr₹1.9k Cr₹1.3k Cr
Net margin26.4%36.6%45.2%35.7%
Cash from operations₹784 Cr₹1.2k Cr₹1.7k Cr₹1.8k Cr
Free cash flow₹668 Cr₹862 Cr₹1.2k Cr₹1.4k Cr
ROCE16.0%29.0%32.0%17.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹36 Cr₹36 Cr₹36 Cr₹36 Cr₹36 Cr₹36 Cr
Reserves₹4.1k Cr₹4.2k Cr₹4.7k Cr₹5.6k Cr₹8.6k Cr₹8.5k Cr
Borrowings₹256 Cr₹400 Cr₹161 Cr₹366 Cr₹261 Cr₹709 Cr
Other liabilities₹405 Cr₹387 Cr₹525 Cr₹596 Cr₹1.5k Cr₹1.0k Cr
Total liabilities₹4.8k Cr₹5.0k Cr₹5.4k Cr₹6.6k Cr₹10.4k Cr₹10.3k Cr
Fixed assets₹2.0k Cr₹2.2k Cr₹2.2k Cr₹2.3k Cr₹2.7k Cr₹2.6k Cr
Capital work in progress₹223 Cr₹129 Cr₹63 Cr₹134 Cr₹255 Cr₹293 Cr
Investments₹337 Cr₹550 Cr₹658 Cr₹742 Cr₹774 Cr₹3.3k Cr
Other assets₹2.2k Cr₹2.1k Cr₹2.4k Cr₹3.4k Cr₹6.7k Cr₹4.1k Cr
Total assets₹4.8k Cr₹5.0k Cr₹5.4k Cr₹6.6k Cr₹10.4k Cr₹10.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +1.47 pp while the public trimmed −1.15 pp. The shareholder count shrank 6% to 4,03,166.

Promoters
49.4%
FIIs
17.0%
DIIs
5.6%
Public
28.0%

Since Jun 2025

  • FIIs +1.47 pp
  • Public −1.15 pp
  • DIIs −0.18 pp

How it drifted, 12 quarters

Over this window DIIs fell from 14.0% to 5.6% — −8.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 49.7%, FIIs 12.8%, DIIs 14.0%, Public 23.5%.Dec '23: Promoters 49.7%, FIIs 13.7%, DIIs 11.3%, Public 25.3%.Mar '24: Promoters 49.7%, FIIs 16.1%, DIIs 9.7%, Public 24.5%.Jun '24: Promoters 49.7%, FIIs 17.4%, DIIs 7.9%, Public 25.0%.Sep '24: Promoters 49.6%, FIIs 17.5%, DIIs 6.8%, Public 26.1%.Dec '24: Promoters 49.6%, FIIs 17.9%, DIIs 5.6%, Public 26.9%.Mar '25: Promoters 49.6%, FIIs 17.5%, DIIs 5.6%, Public 27.3%.Jun '25: Promoters 49.6%, FIIs 15.5%, DIIs 5.8%, Public 29.1%.Sep '25: Promoters 49.5%, FIIs 14.1%, DIIs 5.9%, Public 30.6%.Dec '25: Promoters 49.5%, FIIs 15.2%, DIIs 5.4%, Public 30.0%.Mar '26: Promoters 49.4%, FIIs 17.4%, DIIs 5.5%, Public 27.7%.Jun '26: Promoters 49.4%, FIIs 17.0%, DIIs 5.6%, Public 28.0%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Natco Pharma Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
V C Nannapaneni 15.66%unchanged
Time Cap Pharma Labs Private Limited 9.59%unchanged
Venkata Satya Swathi Kantamani 8.90%unchanged
Natsoft Information Systems Pvt Ltd 8.81%unchanged
Belgrave Investment Fund FPI fund2.31%unchanged
Vistra ITCL India Limited A/c Neelima Nannapaneni Trust 2.28%unchanged
Life Insurance Corporation Of India Insurer2.24%unchanged
Durga Devi Nannapaneni 1.98%unchanged
Akash Bhanshali 1.01%unchanged
Rajeev Nannapaneni 0.60%unchanged
Vistra ITCL India Limited A/c Durgadevi Family Trust 0.33%unchanged
T Anila 0.32%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in NATCOPHARM

Filings to Aug 2026

0 new, 4 added, 2 trimmed, 0 sold out — net +0.02 L shares (+1.1%).

Held by funds
₹20 Cr
6 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹12 Cr · 0.3% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹12 Cr+0.02 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹6 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
Nippon India Nifty 500 Quality 50 Index Fund Nippon India Mutual Fund₹0 Cr−0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 2 trimmed — net +2,486 shares (+1.1%)

Funds are sitting on
+3%
vs est. average cost
Held by funds
₹20 Cr
6 schemes · ≈ 0.14% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹12 Cr · 0.3% of that fund

Shares held by these funds −74%

Aug '23 2.33 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹815, this stock must grow earnings at 11% every year for 7 years. Our analysis caps realistic growth at ~22%. At that growth it is worth ₹1435 — upside of 76%.

Growth the price implies
11.4% a year
for 7 years, fading to 4%
It has actually compounded at
21.5% a year
net profit, FY23–FY26 · EPS 22.2%
The gap
-0.1 pp
76% downside if it only repeats history
Price today ₹815.35 Value at the reference growth ₹1,434.98

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Natco Pharma Limited

Guides on how to read this kind of business and the numbers that matter.