Natco Pharma Limited (NATCOPHARM)

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Natco Pharma Limited (NATCOPHARM) · mywealthgrid

About

Natco operates in generic pharmaceuticals within the healthcare sector. With ₹16,175 Cr market cap and stock price ₹903.15, it is a mid-cap player. Recent quarters show significant volatility: revenue ranged ₹596–₹1,363 Cr and operating margins 15–44%.

Founded: 1981
Face value: ₹2

Market cap

₹14,709 Cr

P/E

12.9×

P/B

1.6×

Dividend yield

0.5%

ROE

16.9%

ROCE

17.9%

Debt / equity

0.08

OPM

35.2%

EPS (TTM)

₹63.9

Book value

₹515.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme quarterly volatility in revenue (₹1,363 Cr in Sep 2025 to ₹596.6 Cr in Jun 2026) and operating margins (43.7% to 15.18%); verify what is driving these swings and whether current performance is sustainable
1-year share return of -4.43% despite regular dividend payments (four dividends in eight months); verify if this reflects deterioration in fundamentals
Operating margins compressed to 15.18% in Mar 2026 from 43.7% in Sep 2025; verify whether this reflects structural cost pressure or temporary factors
Generic pharmaceuticals inherently face pricing pressure from competition; verify the company's competitive positioning and ability to defend or rebuild margins

Generated analysis · source review pending

Growth drivers

Sep 2025 quarters achieved 42–43% operating margins on ₹1,264–₹1,363 Cr revenue; verify whether this level is sustainable or driven by temporary factors
Low debt-to-equity of 0.08 provides financial capacity for growth investments or strategic acquisitions; verify capital allocation strategy
Consistent dividend payments (four in the past eight months) demonstrate cash generation capability; verify free cash flow trends and payout sustainability

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹821.3-2.6%1Y

Quick read

rule-based

Pros

+Strong return on equity of 23.6% (3-yr avg)
+High return on capital employed of 27.6%
+Healthy operating margin of 35.2%
+Profit CAGR of 26.3% over the last 5 years
+Almost debt-free (debt/equity 0.1)
+Comfortable interest coverage of 41.6×

Cons

−Low dividend payout of 7% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

65/100

Business quality: 77
Growth: 36

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.

Part ofNIFTY SMALLCAP 50 NIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500

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Financials

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

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,065	2,202	2,095	1,915	2,052	1,945	2,707	3,999	4,430	4,078
COGS	599	411	354	382	511	561	627	717	690	691
Gross profit	1,466	1,791	1,740	1,533	1,541	1,384	2,080	3,282	3,740	3,388
	783	863	946	951	935	1,120	1,144	1,531	1,544	1,905
	683	928	795	583	606	264	936	1,751	2,196	1,483
OPM %	33.1%	42.2%	38%	30.4%	29.5%	13.6%	34.6%	43.8%	49.6%	36.4%
Depreciation	54	66	81	100	117	143	164	187	235	207
Interest	19	15	19	22	13	18	15	19	24	37
	14	40	130	107	104	99	105	128	355	298
Profit before tax	624	887	825	569	580	202	862	1,674	2,291	1,537
Tax	136	192	182	111	137	32	147	285	408	119
Tax %	21.7%	21.6%	22.1%	19.5%	23.7%	15.9%	17%	17%	17.8%	7.7%
	485	695	642	458	442	170	715	1,388	1,883	1,419
PAT margin %	23.5%	31.6%	30.7%	23.9%	21.6%	8.7%	26.4%	34.7%	42.5%	34.8%
EPS (₹)	—	—	—	25.3	24.2	9.3	39.2	77.3	105.3	79.2
EPS adjusted (₹)	27.9	37.7	35.3	25.3	24.2	9.3	39.2	77.6	105.3	79.3
	—	—	—	27.6%	25.8%	48.3%	14%	12.3%	5.7%	—
Annual report	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	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	33	35	37	37	36	36	37	37	36	36	36
Reserves	811	1,614	3,035	3,453	—	4,085	4,227	4,837	5,817	7,571	9,185
Minority interest	—	—	4	2	—	2	—	—	—	5	—
	274	222	173	387	—	266	404	165	363	273	706
	264	447	466	425	—	403	442	619	690	745	1,146
Total equity & liabilities	1,382	2,318	3,715	4,303	—	4,792	5,109	5,657	6,906	8,631	11,074
	706	833	1,019	1,227	1,584	2,023	2,312	2,427	2,491	2,698	2,803
CWIP	129	336	480	638	—	223	130	64	137	225	294
Investments	3	32	77	169	—	304	308	392	539	474	3,127
	543	1,116	2,140	2,270	—	2,242	2,360	2,774	3,739	5,234	4,850
Total assets	1,382	2,318	3,715	4,303	—	4,792	5,109	5,657	6,906	8,631	11,074

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Pharmaceuticals	3,940.1	1,547.3	9,675.9	1,491.3	8,184.6	18.91
Agro chemicals	138.2	-19.8

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	83.1%	80.1%	75.1%	71.2%	76.8%	82.1%	84.4%	83.1%
EBITDA margin %	38%	30.4%	29.5%	13.6%	34.6%	43.8%	49.6%	35.2%
EBIT margin %	34.1%	25.2%	23.8%	6.2%	28.5%	39.1%	44.3%	30.2%
PAT margin %	30.7%	23.9%	21.6%	8.7%	26.4%	34.7%	42.5%	34.8%
Working capital
Receivable days	88	—	73	116	115	109	103	79
Inventory days	545	—	570	496	432	357	405	480
Payable days	—	—	104	105	153	120	145	216
NWC days	—	—	539	507	394	345	362	343
Leverage
Current ratio	3.22	—	4.46	3.5	4.39	4.14	5.59	3.01
Debt to EBITDA	0.49	—	0.44	1.53	0.18	0.21	0.12	0.49
Debt to equity	0.11	—	0.06	0.09	0.03	0.06	0.04	0.08
Interest coverage	43.7	27.5	44.6	12.4	60.4	88.2	96.9	41.6
Asset turnover	0.49	—	0.43	0.38	0.48	0.58	0.51	0.37
Return ratios
Return on assets %	14.9%	—	9.2%	3.3%	12.6%	20.1%	21.8%	12.8%
Return on capital employed %	25.2%	—	13.9%	5.1%	18.7%	31%	34%	17.9%
Return on equity %	18.4%	—	10.7%	4%	14.7%	23.7%	24.8%	15.4%

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 (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	49.71%	49.71%	49.71%	49.71%	49.62%	49.62%	49.56%	49.56%	49.48%	49.48%	49.42%	49.42%
	12.82%	13.72%	16.14%	17.45%	17.51%	17.94%	17.49%	15.51%	14.09%	15.16%	17.37%	16.99%
	14.01%	11.25%	9.7%	7.87%	6.75%	5.57%	5.65%	5.82%	5.87%	5.39%	5.46%	5.62%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	23.46%	25.32%	24.45%	24.97%	26.12%	26.87%	27.3%	29.11%	30.56%	29.97%	27.75%	27.97%
No. of shareholders	—	—	—	—	—	—	—	—	4,19,699	4,24,167	4,10,970	4,03,166

Promoter holding down 0.29 percentage points since Sep 2023.

3 disclosures

Person	Deal	Shares	Value	Holding	Filed
SANJAY NANNAPANENIPromoter Group	SellMarket Sale	1,00,000	₹8.03 cr	0.18% → 0.13%	1 Oct 20257(2)
SATYA VANI NANNAPANENIPromoter Group	SellMarket Sale	23,000	₹1.97 cr

32 deals · 19 Sept 2022 – 26 Nov 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
26 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	11,99,411	₹904.93	₹108.54 Cr
26 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	11,99,044	₹904.19	₹108.42 Cr
24 Apr 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	17,84,917	₹930.19	₹166.03 Cr
24 Apr 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	17,84,917	₹929.71	₹165.95 Cr
14 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,71,727	₹890.86	₹86.57 Cr
14 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,71,727	₹891.03	₹86.58 Cr
21 Feb 2024	THE JUPITER GLOBAL FUND-JUPITER INDIA SELECT	Block	BSE	Buy	1,98,742	₹1,039.15	₹20.65 Cr
21 Feb 2024	JUPITER SOUTH ASIA INVESTMENT COMPANY LIMITED	Block	BSE	Sell	1,98,742	₹1,039.15	₹20.65 Cr
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	6,62,733	₹859.20	₹56.94 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	6,62,733	₹859.20	₹56.94 Cr

1–10 of 32

1 / 4

Mr. VENKAIAH CHOWDARY NANNAPANENIExecutive Director-Chairperson-MD
Mr. RAJEEV NANNAPANENIExecutive Director-CEO
Mr. SIVARAMAKRISHNA PRASAD POTLURIExecutive Director
Mr. LINGARAO DONTHINENIExecutive Director
Mr. AGNIHOTRA DAKSHINA MURTY CHAVALINon-Executive - Independent Director
Mr. DRONADULA VIJAYA BHASKARNon-Executive - Independent Director
Mr. LAKSHMINARAYANA BOLISETTYNon-Executive - Independent Director
Mrs. SUMA KANTIPUDINon-Executive - Independent Director
Mr. NITIN JAINNon-Executive - Independent Director
Mr. Amit ParekhChief Financial Officer
Mr. Chekuri Venkat RameshCompany Secretary & Compliance Officer

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F&O

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Fund holders

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

Portfolio month

Schemes holding

across 9 fund houses

Held by these funds

1.07%

of the company's equity

All mutual funds

1.92%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

36 schemes · 9 fund houses

		Shares
VALUE FUND	Tata Mutual Fund	7 L	58.91	0.68%	0.391%	-1.25 L
SMALL CAP FUND	Tata Mutual Fund	5.49 L	46.2	0.35%	0.307%	-0
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	1.43 L	12.05	0.34%	0.08%	+1,751
NIFTY SMALLCAP 50 INDEX FUND	Axis Mutual Fund	85,345	7.18	0.92%	0.048%	+3,456
ESG Exclusionary Strategy FundNEW	ICICI Prudential Mutual Fund	80,000	6.73	0.5%	0.045%	—
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	72,778	6.12	0.34%	0.041%	+813
Nifty Smallcap250 Quality 50 Index Fund	DSP Mutual Fund	55,423	4.66	1.47%	0.031%	-51
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	52,757	4.44	0.34%	0.029%	+479

1–8 of 36

1 / 5

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Documents

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

Announcements

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Events

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

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

111 announcementsExport CSV

9 Sept 2026, 11:47 amBoard Meeting

Board Meeting Outcome for Outcome Of Board Meeting

Outcome of Board Meeting PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	83.1%	80.1%	75.1%	71.2%	76.8%	82.1%	84.4%	83.1%
EBITDA margin %	38%	30.4%	29.5%	13.6%	34.6%	43.8%	49.6%	35.2%
EBIT margin %	34.1%	25.2%	23.8%	6.2%	28.5%	39.1%	44.3%	30.2%
PAT margin %	30.7%	23.9%	21.6%	8.7%	26.4%	34.7%	42.5%	34.8%
Working capital
Receivable days	88	—	73	116	115	109	103	79
Inventory days	545	—	570	496	432	357	405	480
Payable days	—	—	104	105	153	120	145	216
NWC days	—	—	539	507	394	345	362	343
Leverage
Current ratio	3.22	—	4.46	3.5	4.39	4.14	5.59	3.01
Debt to EBITDA	0.49	—	0.44	1.53	0.18	0.21	0.12	0.49
Debt to equity	0.11	—	0.06	0.09	0.03	0.06	0.04	0.08
Interest coverage	43.7	27.5	44.6	12.4	60.4	88.2	96.9	41.6
Asset turnover	0.49	—	0.43	0.38	0.48	0.58	0.51	0.37
Return ratios
Return on assets %	14.9%	—	9.2%	3.3%	12.6%	20.1%	21.8%	12.8%
Return on capital employed %	25.2%	—	13.9%	5.1%	18.7%	31%	34%	17.9%
Return on equity %	18.4%	—	10.7%	4%	14.7%	23.7%	24.8%	15.4%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

Date	Category	Subject	Filing
9 Sept 2026, 11:47 am	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Outcome Of Board Meeting	PDF
5 Sept 2026, 1:43 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
4 Sept 2026, 8:59 pm	AGM/EGM AGM	Notice Of 43Rd Annual General Meeting	PDF
4 Sept 2026, 8:32 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
4 Sept 2026, 8:11 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
4 Sept 2026, 7:09 pm	Board Meeting	Board Meeting Intimation for Fund Raising	PDF
2 Sept 2026, 7:14 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
26 Aug 2026, 2:46 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	112	346	464	669	417	299	47	849	1,212	1,697	1,768
	-176	-299	-1,116	-612	-167	-103	-5	-477	-1,033	-1,415	-2,143
	154	-48	651	-51	-251	-186	35	-363	-247	-211	298
Net cash flow	—	-1	-2	6	-1	10	76	9	-68	72	-77
Free cash flow	-45	67	41	212	62	44	-186	703	872	1,296	1,380
CFO / Operating profit %	—	50.6%	49.9%	84.2%	71.6%	49.3%	17.7%	90.8%	69.2%	77.3%	123.1%

Natco Pharma Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

1

39

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Agro Chemicals · revenue

Natco Pharma Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Upcoming and recent1

Dividends39

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Agro Chemicals · revenue

1

39

1