Novartis India Limited (NOVARTIND)

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Novartis India Limited (NOVARTIND) · 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

₹4,854 Cr

P/E

52.1×

P/B

6.2×

Dividend yield

1.3%

ROE

—

ROCE

—

Debt / equity

OPM

26.6%

EPS (TTM)

₹37.8

Book value

₹318.1

52-week high

—

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

2,421 historical price candles were omitted because the exchange source has not been verified.

₹1,965.0+2.1%1Y

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

Cons

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

Research score

Structured signal from quality, growth, valuation and momentum.

40/100

Business quality: 91
Growth: 11

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.

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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	—

₹ 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 (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 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%
	0.32%	0.19%	0.19%	0.19%	0.19%	0.19%	0.19%	0.19%	0.19%	0.19%	0.17%	0.16%
	0.53%	0.53%	0.53%	0.53%	0.53%	0.53%	0.53%	0.53%	0.53%	0.64%	0.53%	1.36%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	28.47%	28.6%	28.6%	28.6%	28.6%	28.6%	28.6%	28.6%	28.6%	28.49%	28.62%	27.8%
No. of shareholders	—	—	—	—	—	—	—	—	39,353	39,468	38,116	36,502

Promoter holding up 0 percentage points since Sep 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

1–2 of 2

1 / 1

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

of the company's equity

All mutual funds

0.69%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

2 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	196	0.03	0.07%	0.001%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	21	0	0.01%	0%	-0

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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.

1

Board meeting to consider results3 Nov 2026 · in 33 daysresults

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

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

71 announcementsExport CSV

1 Oct 2026, 5:05 pmCompany Update

Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association

Amendments to Memorandum & Articles of Association PDF

1 Oct 2026, 4:26 pmCompany Update

Announcement under Regulation 30 (LODR)-Change of Company Name

Change of Name PDF

30 Sept 2026, 7:29 pmBoard Meeting

Board Meeting Intimation for Consideration And Approval Of The Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026.

Exchange filing PDF

30 Sept 2026, 7:25 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

21 Sept 2026, 2:26 pmCompany Update

Intimation Regarding The Newspaper Publication Made Regarding The Corrigendum Filed Dated September 18, 2026, For The Notice Of 78Th Annual General Meeting

General PDF

18 Sept 2026, 5:35 pmAGM/EGM

Corrigendum To The Notice Of 78Th Annual General Meeting

AGM PDF

15 Sept 2026, 3:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Analyst / Investor Meet PDF

12 Sept 2026, 3:01 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Analyst / Investor Meet PDF

Date	Category	Subject	Filing
1 Oct 2026, 5:05 pm	Company Update Amendments to Memorandum & Articles of Association	Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association	PDF
1 Oct 2026, 4:26 pm	Company Update Change of Name	Announcement under Regulation 30 (LODR)-Change of Company Name

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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%	—

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

₹ 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

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

19

2

Announcements

1

19

2

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Novartis India Limited

About

Key insights

Key risks

Growth drivers

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

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

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

19

2

1

19

2