NATCOPHARM

Natco Pharma Limited

Generic pharma company with complex generics and oncology products

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

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Key metrics

Price as of 2026-10-16

Stock price
₹785.05
Market cap
14,060 Cr
Stock P/E
12.3
P/B
1.52
Dividend yield
0.6%
ROE (FY26)
15.4%
ROCE (FY26)
15.9%
Operating margin (FY26)
30.2%
Debt / equity (FY26)
0.08
OCF / EBITDA (FY26)
123.1%
OCF / EBITDA (3Y)
86.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Natco Pharma makes and sells generic medicines, mostly finished-dose formulations for export, alongside an India branded business, active pharmaceutical ingredients (APIs) and crop-health products.

Company snapshot

39thBy market cap

Ranked among 119 companies in Pharmaceuticals.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 98.6% of revenue

SegmentRevenue shareRevenuePBTAssets
Agro Chemicals
1.4%
46 Cr-65 Cr—
Pharmaceuticals
98.6%
3,163 Cr1,864 Cr—

What we see

Positives
  • ✓Net margin of 34.8% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,031 Cr759 Cr1,068 Cr1,363 Cr1,371 Cr475 Cr1,221 Cr1,329 Cr1,363 Cr647 Cr739 Cr735 Cr
Operating expenses (approx.)573 Cr491 Cr571 Cr558 Cr567 Cr436 Cr673 Cr758 Cr784 Cr489 Cr612 Cr549 Cr
EBITDA458 Cr268 Cr497 Cr805 Cr804 Cr39 Cr548 Cr571 Cr579 Cr159 Cr128 Cr187 Cr
OPM %44.4%35.3%46.6%59.1%58.7%8.2%44.9%43.0%42.5%24.5%17.3%25.4%
Other income29 Cr37 Cr42 Cr48 Cr64 Cr176 Cr66 Cr62 Cr100 Cr58 Cr78 Cr59 Cr
Interest4 Cr5 Cr6 Cr5 Cr4 Cr4 Cr10 Cr3 Cr13 Cr10 Cr11 Cr13 Cr
Depreciation44 Cr44 Cr56 Cr44 Cr46 Cr47 Cr98 Cr58 Cr52 Cr46 Cr50 Cr47 Cr
Profit before tax440 Cr256 Cr478 Cr804 Cr818 Cr164 Cr506 Cr572 Cr614 Cr172 Cr180 Cr270 Cr
Tax %16.1%17.0%19.1%16.8%17.3%19.1%19.7%16.0%15.6%12.0%-49.6%23.5%
Net profit369 Cr213 Cr386 Cr669 Cr677 Cr132 Cr406 Cr480 Cr518 Cr151 Cr269 Cr207 Cr
EPS (₹)₹20.60₹11.88₹21.56₹37.32₹37.81₹7.43₹22.70₹26.84₹28.94₹8.46₹14.96₹11.53

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,065 Cr2,202 Cr2,095 Cr1,915 Cr2,052 Cr1,945 Cr2,707 Cr3,999 Cr4,430 Cr4,078 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,382 Cr1,274 Cr1,300 Cr1,332 Cr1,446 Cr1,681 Cr1,772 Cr2,247 Cr2,234 Cr2,642 CrSign in free for the trailing twelve months
EBITDA683 Cr928 Cr795 Cr583 Cr606 Cr264 Cr936 Cr1,751 Cr2,196 Cr1,437 CrSign in free for the trailing twelve months
OPM %33.1%42.2%37.9%30.4%29.5%13.5%34.6%43.8%49.6%35.2%Sign in free for the trailing twelve months
Other income14 Cr40 Cr130 Cr107 Cr104 Cr99 Cr105 Cr128 Cr355 Cr298 CrSign in free for the trailing twelve months
Interest19 Cr15 Cr19 Cr22 Cr13 Cr18 Cr15 Cr19 Cr24 Cr37 CrSign in free for the trailing twelve months
Depreciation54 Cr66 Cr81 Cr100 Cr117 Cr143 Cr164 Cr187 Cr235 Cr207 CrSign in free for the trailing twelve months
Profit before tax624 Cr887 Cr825 Cr569 Cr580 Cr202 Cr862 Cr1,674 Cr2,291 Cr1,537 CrSign in free for the trailing twelve months
Tax %22.3%21.6%22.1%19.4%23.7%15.9%17.0%17.0%17.8%7.7%Sign in free for the trailing twelve months
Net profit485 Cr695 Cr642 Cr458 Cr442 Cr170 Cr715 Cr1,388 Cr1,883 Cr1,419 CrSign in free for the trailing twelve months
EPS (₹)₹27.89₹39.26₹34.98₹25.33₹24.20₹9.32₹39.18₹77.34₹105.26₹79.20Sign in free for the trailing twelve months
Dividend payout %————25.7%48.4%14.0%12.3%5.7%6.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital35 Cr37 Cr37 Cr36 Cr37 Cr37 Cr37 Cr36 Cr36 Cr36 Cr
Reserves1,614 Cr3,035 Cr3,453 Cr3,737 Cr4,085 Cr4,227 Cr4,837 Cr5,817 Cr7,571 Cr9,185 Cr
Borrowings222 Cr173 Cr386 Cr316 Cr268 Cr404 Cr165 Cr363 Cr273 Cr706 Cr
Other liabilities443 Cr466 Cr426 Cr487 Cr401 Cr442 Cr619 Cr690 Cr745 Cr1,146 Cr
Total liabilities2,318 Cr3,715 Cr4,303 Cr4,588 Cr4,792 Cr5,109 Cr5,657 Cr6,906 Cr8,631 Cr11,074 Cr
Fixed assets (net)827 Cr1,013 Cr1,219 Cr1,576 Cr2,014 Cr2,179 Cr2,239 Cr2,298 Cr2,432 Cr2,545 Cr
CWIP336 Cr480 Cr638 Cr518 Cr223 Cr130 Cr64 Cr137 Cr225 Cr294 Cr
Investments32 Cr77 Cr169 Cr112 Cr304 Cr308 Cr392 Cr539 Cr474 Cr3,127 Cr
Loans & advances——7 Cr8 Cr13 Cr10 Cr10 Cr9 Cr9 Cr10 Cr
Inventories349 Cr438 Cr529 Cr558 Cr798 Cr762 Cr743 Cr701 Cr766 Cr909 Cr
Trade receivables475 Cr638 Cr506 Cr551 Cr413 Cr621 Cr856 Cr1,189 Cr1,247 Cr881 Cr
Cash & bank24 Cr22 Cr28 Cr20 Cr26 Cr111 Cr132 Cr70 Cr120 Cr199 Cr
Other assets274 Cr1,048 Cr1,208 Cr1,244 Cr1,001 Cr989 Cr1,221 Cr1,963 Cr3,358 Cr3,109 Cr
Total assets2,318 Cr3,715 Cr4,303 Cr4,588 Cr4,792 Cr5,109 Cr5,657 Cr6,906 Cr8,631 Cr11,074 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity346 Cr464 Cr669 Cr417 Cr299 Cr47 Cr849 Cr1,212 Cr1,697 Cr1,768 Cr
Cash from investing-299 Cr-1,115 Cr-612 Cr-167 Cr-103 Cr-5 Cr-477 Cr-1,033 Cr-1,414 Cr-2,143 Cr
Cash from financing-48 Cr651 Cr-51 Cr-251 Cr-186 Cr35 Cr-363 Cr-247 Cr-211 Cr298 Cr
Net cash flow-0.70 Cr-2 Cr6 Cr-0.50 Cr6 Cr85 Cr21 Cr-61 Cr50 Cr79 Cr
Free cash flow (OCF − Capex)66 Cr39 Cr207 Cr59 Cr44 Cr-196 Cr644 Cr853 Cr1,185 Cr1,377 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %34.3%27.8%21.8%14.4%13.5%4.7%17.4%27.2%29.4%15.9%
ROE %29.4%22.6%18.5%12.2%10.7%4.0%14.7%23.7%24.8%15.4%
Debtor days84105881057311611510910279
Inventory days244409578619779534569489520557
Days payable184251237283143113202165187251
Cash conversion cycle144263429441710537482433436385
OCF / EBITDA %50.6%49.9%84.1%71.6%49.3%17.6%90.8%69.2%77.3%123.1%
OCF / EBITDA % (3 years)——61.4%67.2%69.8%52.5%66.2%71.4%77.0%86.9%
Debt / equity0.130.060.110.080.060.090.030.060.040.08
Current ratio1.743.603.223.394.453.524.394.145.593.01
Net debt / EBITDA0.29—0.450.510.401.110.040.170.070.35