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Novartis India Limited (EVONILE) · mywealthgrid

About

Novartis India Limited manufactures and markets ethical pharmaceutical products in India's healthcare sector. Operating at ₹87–93 Cr quarterly revenue with operating margins of 22–31%, the company achieves consistent quarterly profits of ₹16–29 Cr. With zero debt and 70.68% promoter ownership, the company maintains a profitable, debt-free financial model.

Face value: ₹5

Market cap

₹3,873 Cr

P/E

41.6×

P/B

4.9×

Dividend yield

1.6%

ROE

—

ROCE

—

Debt / equity

OPM

26.6%

EPS (TTM)

₹37.8

Book value

₹318.1

52-week high

₹2,428.2

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation stretched: PE of 41.95 against flat revenue (₹83–93 Cr/quarter, unchanged over 8 quarters) raises growth expectations — verify what supports this multiple.
Operating margin compression: OPM fell from 31.11% (Jun 2025) to 22.77% (Mar 2026) — verify whether cost pressures are structural or temporary.
Earnings volatility: EPS ranged ₹6.52–11.19 across recent quarters — verify sources of profit swings and sustainability.
Weak institutional ownership: FII at 0.16%, DII at 1.36% — verify analyst coverage, liquidity, and institutional validation.

Generated analysis · source review pending

Growth drivers

Margin recovery: if OPM stabilizes at 26–28% historical range (vs 22.77% current), earnings expand without revenue growth.
Cash generation: net profits of ₹16–29 Cr/quarter could fund growth if deployed in new launches or acquisitions — verify deployment strategy.
Zero debt (D/E 0): provides capital flexibility for investment — verify parent company deployment plans for India market.
Flat revenue base: ₹83–93 Cr/quarter unchanged over eight quarters — verify new product launches or market-share initiatives planned.

Generated analysis · source review pending

₹1,568.1+86.6%1Y

Beta

0.24

Damps index moves

Volatility (1y)

54.9%

Annualised, daily returns

RSI (14)

39.6

Neither overbought nor oversold

Rel. strength (1y)

74.8%

Ahead of the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Healthy operating margin of 26.6%
+Profit CAGR of 34.8% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 103.9×
+Dividend payout of 66.3% of profit
+High promoter holding of 70.7% with no pledge
+Outperformed the universe by 74.8% over 1 year

Cons

−Revenue shrank over the last 5 years (-1.5% a year)

Research score

Structured signal from quality, growth, valuation and momentum.

52/100

Business quality: 91
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,112 Cr	₹1,75,910 Cr	₹17,400 Cr	₹5,774 Cr	32.6%	₹2,124 Cr	15.3%	14.5%	27.1%	163
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,31,215 Cr	₹1,33,612 Cr	₹7,823 Cr	₹2,381 Cr	26.1%	₹1,340 Cr	13.1%	21.3%	18.2%	263
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,19,650 Cr	₹1,31,420 Cr	₹30,378 Cr	₹8,195 Cr	31.2%	₹4,180 Cr	18.9%	23.4%	19.7%	212
Mankind Pharma LimitedMANKINDMANKIND	₹1,09,858 Cr	₹1,16,170 Cr	₹15,379 Cr	₹4,077 Cr	25.3%	₹2,264 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹1,06,141 Cr	₹1,13,817 Cr	₹36,913 Cr	₹7,563 Cr	20.3%	₹3,990 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,510 Cr	₹98,420 Cr	₹30,746 Cr	₹9,241 Cr	31.5%	₹5,206 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹75,551 Cr	₹75,551 Cr	₹15,847 Cr	₹3,211 Cr	26.9%	₹1,451 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹65,158 Cr	₹66,782 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹59,981 Cr	₹74,806 Cr	₹17,415 Cr	₹3,532 Cr	20.4%	₹452 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹55,353 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Gland Pharma LimitedGLANDGLAND	₹53,854 Cr	₹54,098 Cr	₹7,072 Cr	₹1,921 Cr	25.3%	₹1,236 Cr	16%	14.8%	10.5%	255
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,177 Cr	₹49,881 Cr	₹10,479 Cr	₹2,360 Cr	20.5%	₹1,402 Cr	12.3%	17.8%	15.2%	308

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	808	656	564	491	438	381	400	379	335	356	354
COGS	345	306	246	199	182	147	-178	-202	-200	-203	—
Gross profit	463	350	318	292	256	235	—	—	—	—	—
	440	325	325	280	244	208	551	515	470	468	263
Operating profit (EBITDA)	24	25	-6	12	12	27	27	65	65	91	94
OPM %	2.9%	3.8%	-1.1%	2.5%	2.8%	7%	6.8%	17.2%	19.5%	25.7%	26.6%
Depreciation	4	4	3	3	13	12	10	6	3	2	2
Interest	0	1	6	2	6	8	5	2	1	1	1
	83	71	172	78	36	83	33	58	62	42	39
Profit before tax	—	92	158	86	29	40	-4	115	123	130	130
Tax	78	35	79	34	19	19	-0	12	38	30	36
Tax %	—	37.6%	50.3%	39.6%	64.8%	47.8%	-2.6%	10.4%	30.7%	22.6%	28.1%
	199	57	78	52	10	21	-4	103	85	101	93
PAT margin %	24.6%	8.7%	13.9%	10.6%	2.3%	5.5%	-0.9%	27.3%	25.4%	28.3%	26.3%
EPS (₹)	—	—	—	—	—	—	-1.5	41.9	34.5	29	37.8
EPS adjusted (₹)	62.1	20.3	31.8	21	4.1	8.5	-1.5	41.9	34.5	40.9	—
	—	—	—	—	—	—	—	113.5%	72.4%	86.2%	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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
Reserves	1,017	906	721	747	708	699	679	763	732	773
	—	—	—	—	—	—	—	0	1	0
	206	230	377	223	357	291	266	207	179	163
Total equity & liabilities	1,239	1,150	1,111	982	1,078	1,002	958	983	925	948
	8	6	5	15	12	9	—	2	2	1
CWIP	0	—	—	—	—	—	—	—	—	—
Investments	—	—	—	—	—	—	—	—	—	—
	1,230	1,144	1,106	967	1,066	993	958	981	923	947
Total assets	1,239	1,150	1,111	982	1,078	1,002	958	983	925	948

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	59.5%	58.4%	61.6%	—	—	—	—	—
EBITDA margin %	2.5%	2.8%	7%	6.8%	17.2%	19.5%	25.7%	26.6%
EBIT margin %	1.9%	-0.3%	3.8%	4.4%	15.6%	18.7%	25%	26%
PAT margin %	10.6%	2.3%	5.5%	-0.9%	27.3%	25.4%	28.3%	26.3%
Working capital
Receivable days	34	31	37	41	35	45	41	—
Inventory days	111	117	119	56	64	61	57	—
Payable days	—	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—	—
Leverage
Current ratio	4.35	3.49	4.55	3.27	4.25	4.45	5.25	—
Debt to EBITDA	—	—	—	—	0	0.02	0	—
Debt to equity	—	—	—	—	0	0	0	—
Interest coverage	54.9	5.5	6.2	10.5	66.9	83.4	170.4	103.9
Asset turnover	0.5	0.41	0.38	0.42	0.39	0.36	0.38	—
Return ratios
Return on assets %	5.3%	0.9%	2.1%	-0.4%	10.5%	9.2%	10.6%	—
Return on capital employed %	11.1%	4.3%	5.7%	6.4%	15%	15.6%	16.7%	—
Return on equity %	6.8%	1.4%	2.9%	-0.5%	13.3%	11.4%	12.9%	—

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	70.68%	70.68%	70.68%	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%	0.19%	0.19%	0.17%	0.16%	1.22%
	0.53%	0.53%	0.53%	0.53%	0.53%	0.53%	0.53%	0.53%	0.64%	0.53%	1.36%	1.5%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	28.6%	28.6%	28.6%	28.6%	28.6%	28.6%	28.6%	28.6%	28.49%	28.62%	27.8%	26.6%
No. of shareholders	—	—	—	—	—	—	—	39,353	39,468	38,116	36,502	38,127

Promoter holding up 0 percentage points since Dec 2023.

2 deals · 7 Sept 2026 – 7 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 Sept 2026	KYRUSH INVESTMENTS	Bulk	BSE	Sell	1,30,000	₹1,670.50	₹21.72 Cr
7 Sept 2026	KARAN BHAGAT	Bulk	BSE	Buy	1,30,000	₹1,670.52	₹21.72 Cr

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. CHRISTOPHER DAVID SNOOKNon-Executive - Non Independent Director-Chairperson
Ms. GIRA JAGDEESH SARDESAINon-Executive - Independent Director
Mr. SANKER PARAMESWARANNon-Executive - Independent Director
Ms. GOWREE GOKHALENon-Executive - Independent Director
Ms. SHILPA SHASHANK JOSHIExecutive Director
Mr. FALIN ISHWARLAL MAJMUDARExecutive Director
Ms. Chandni MaruCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

0.05%

of the company's equity

All mutual funds

0.77%

shareholding pattern, Sept 2026

Portfolios as of

October 2026

compared with September 2026

1 schemes

		Shares
Healthcare Opportunities Fund	SBI Mutual Fund	12,179	2.06	0.03%	0.049%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Intimation of the Credit Ratings assigned by CARE Ratings Limited.7 Oct 2026 from CARE

Investor Presentation and earnings call

Nov 2026Transcript AI Summary PPTREC
Sept 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Right Issue of Equity Shares11 Nov 2026 · todayrights

19

Final dividend23 Jul 2025 · ex-date₹25
Final dividend23 Jul 2024 · ex-date₹25
Special dividend20 Jul 2023 · ex-date₹37.5
Final dividend20 Jul 2023 · ex-date₹10
Final dividend20 Jul 2022 · ex-date₹10
Final dividend17 Aug 2021 · ex-date₹10
Final dividend29 Jul 2020 · ex-date₹10
Final dividend31 Jul 2019 · ex-date₹10
Final dividend18 Jul 2018 · ex-date₹10
Final dividend19 Jul 2017 · ex-date₹10
Dividend dividend21 Jul 2016 · ex-date₹10
Dividend dividend14 Jul 2015 · ex-date₹10
Dividend dividend16 Jul 2014 · ex-date₹10
Dividend dividend16 Jul 2013 · ex-date₹10
Dividend dividend18 Jul 2012 · ex-date₹10
Dividend dividend18 Jul 2011 · ex-date₹10
Dividend dividend21 Jul 2010 · ex-date₹10
Dividend dividend8 Jul 2009 · ex-date₹10
Dividend dividend7 Jul 2008 · ex-date₹10

2

Board meeting to consider results3 Nov 2026
Board meeting to consider results23 Jul 2026

1–3 of 4

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

87 announcementsExport CSV

6 Nov 2026, 3:26 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

5 Nov 2026, 8:20 pmCompany Update

Submission Of The Letter Of Offer In Connection With The Proposed Rights Issue Of The Partly Paid-Up Equity Shares Of The Company.

General PDF

4 Nov 2026, 7:46 pmCorp. Action

Intimation Of The Record Date Fixed For The Rights Issue Of The Partly Paid-Up Equity Shares Of The Company.

Record Date PDF

4 Nov 2026, 7:15 pmBoard Meeting

Board Meeting Outcome for Outcome Of The Board Meeting Held Today I.E. November 04, 2026

Outcome of Board Meeting PDF

4 Nov 2026, 7:08 pmCompany Update

Outcome Of The Meeting Of The Rights Issue Committee Held Today I.E. November 04, 2026

General PDF

4 Nov 2026, 6:23 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

4 Nov 2026, 5:55 pmCompany Update

Intimation Of The Audio Recording Of The Earnings Call Held Today I.E. On Wednesday, November 04, 2026.

General PDF

4 Nov 2026, 12:08 amResult

Intimation Of The Integrated Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026.

Financial Results PDF

Date	Category	Subject	Filing
6 Nov 2026, 3:26 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
5 Nov 2026, 8:20 pm	Company Update General	Submission Of The Letter Of Offer In Connection With The Proposed Rights Issue Of The Partly Paid-Up Equity Shares Of The Company.

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₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2024	Mar 2025
	-194	-23	-69	113	75
Cash from investing	274	56	95	33	-3
Cash from financing	-30	-41	-37	-121	-64
Net cash flow	—	-9	-11	26	7
Free cash flow	—	—	—	—	—
CFO / Operating profit %	—	-192.4%	-258.3%	173.9%	81.6%

Novartis India Limited

Novartis India Limited

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Upcoming and recent1

Dividends19

Board meetings2

Announcements

Upcoming and recent1

Dividends19

Board meetings2

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

1

19

2

1

19

2