Natco Pharma Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹15,450 Cr
- P/E
- 13.49
- ROE
- 17.07%
- PEG
- 0.50
- Price to sales
- 4.43
- Debt to equity
- 0.08
- 52W high / low
- ₹1,206 / ₹783
- Sales growth (5Y)
- 14.72%
- EBITDA margin
- 30.19%
- Net profit margin
- 35.22%
- Promoter holding
- 49.39%
- Sales (last year)
- ₹3,485 Cr
NATCO Pharma Limited (NATCO) is a vertically integrated, research and development focused pharmaceutical company engaged in developing, manufacturing, and marketing complex products for niche therapeutic areas. [1] NATCO has established its presence in all three business segments viz. finished dosage formulations (“FDF”), active pharmaceutical ingredients (“APIs”), Contract Manufacturing Business.[2]
Guidance scorecard · Q1 FY27 call
What Natco Pharma Ltd's management guided
and where it ranks in Pharmaceuticals & Biotechnology
Pharmaceuticals & Biotechnology
RevenueQ1 FY27 call
20–40%- Domestic formulations expected to grow about 25% in volume this year.
- Brazil business showing strong growth with revenue at INR178 crores, up 180%.
- Growth anticipated across key geographies: Brazil, Canada, and the U.S..
- New product launches in Brazil planned for FY27, driven by oncology pipeline.
- Expect growth in international formulations supported by product launches and pipeline expansion.
- Overall revenue guidance for the year: gross sales between INR3,300 crores to INR3,400 crores and total sales around INR750 crores PAT.
2 more points from Natco Pharma Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Natco Pharma Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- NATCO plans to continue organic capex at an annual run rate of approximately INR 250-300 crores for capacity expansion and internal requirements.
- The company is also evaluating various acquisition opportunities, both in India and internationally, requiring additional capital.
- A proposed fundraise of INR 2,000 crores is intended to support potential acquisitions, pay off short-term loans, and cover ongoing capex.
- Capex investments target readiness for growth opportunities already under evaluation.
- Strategic investments include pipeline development and expanding registration capabilities, especially for 9(3) limited competition products.
2 more points from Natco Pharma Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Natco Pharma Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company is actively engaged in multiple markets including India, South Africa, Brazil, Canada, and the U.S., indicating ongoing and future demand.
- There are different product cycles and seasonality impacting order flow (e.g., flu season boosting Adcock’s sales in South Africa).
- The company has ongoing registration filings and expected product launches, such as semaglutide in South Africa (expected around 2028).
- The business is evaluating acquisition opportunities indicating potential for increased future order inflows.
2 more points from Natco Pharma Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹556 Cr | 22.1 | |
| 2 | 40%+ | Up 0–2% | ₹215 Cr | 22.2 | |
| 3 | 40%+ | Flat | ₹16,144 Cr | — | |
| 4 | 40%+ | Flat | ₹6,072 Cr | 48.0 | |
| 5 | 40%+ | Flat | ₹40 Cr | — | |
| 6 | 20–40% | Up 2%+ | ₹50,220 Cr | 43.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingNatco Pharma Ltd announcements
All announcements →- Fundraise / allotmentNotableNatco Pharma allots 1,70,58,082 equity shares in Rights Issue at ₹750 each
- Board / shareholder meeting outcomeMajor developmentNatco Pharma Limited announces results of 43rd AGM held on 30 September 2026
- Fundraise / allotmentNotableNATCO Pharma Limited files Letter of Offer for Rights Issue closing Oct 22, 2026
- Fundraise / allotmentNotableNatco Pharma board approves rights issue of up to ₹12,79,35,61,500
- Fundraise / allotmentNotableNatco Pharma approves rights issue of up to ₹12,79,35,61,500 via 1,70,58,082 shares
Financials of Natco Pharma Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Natco Pharma Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 492 | 898 | 1,140 | 1,031 | 759 | 1,068 | 1,363 | 1,371 | 475 | 1,221 | 1,329 | 1,363 | 647 |
| Expenses + | 387 | 559 | 612 | 573 | 490 | 571 | 558 | 567 | 436 | 673 | 758 | 784 | 489 |
| Operating Profit | 106 | 339 | 528 | 458 | 268 | 497 | 805 | 804 | 39 | 548 | 571 | 579 | 159 |
| OPM % | 22% | 38% | 46% | 44% | 35% | 47% | 59% | 59% | 8% | 45% | 43% | 42% | 25% |
| Other Income + | 21 | 29 | 20 | 29 | 37 | 42 | 48 | 64 | 176 | 66 | 62 | 100 | 58 |
| Interest | 4 | 3 | 4 | 4 | 5 | 6 | 5 | 4 | 4 | 10 | 3 | 13 | 10 |
| Depreciation | 42 | 41 | 44 | 44 | 44 | 56 | 44 | 46 | 47 | 98 | 58 | 52 | 46 |
| Profit before tax | 81 | 324 | 500 | 440 | 256 | 478 | 804 | 818 | 164 | 506 | 572 | 614 | 161 |
| Tax % | 23% | 15% | 16% | 16% | 17% | 19% | 17% | 17% | 19% | 20% | 16% | 16% | 13% |
| Net Profit + | 62 | 276 | 420 | 369 | 213 | 386 | 668 | 676 | 132 | 406 | 480 | 518 | 151 |
| EPS in Rs | 3.41 | 15.11 | 23.47 | 20.60 | 11.88 | 21.57 | 37.32 | 37.81 | 7.43 | 22.70 | 26.84 | 28.94 | 8.46 |
Financials of Natco Pharma Ltd
Profit & Loss
Annual income statement trend
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 739 | 825 | 1,042 | 2,020 | 2,185 | 2,094 | 1,915 | 2,052 | 1,945 | 2,707 | 3,999 | 4,430 | 4,560 |
| Expenses + | 560 | 615 | 777 | 1,337 | 1,256 | 1,300 | 1,332 | 1,446 | 1,681 | 1,772 | 2,245 | 2,234 | 2,703 |
| Operating Profit | 179 | 210 | 266 | 683 | 928 | 795 | 583 | 606 | 264 | 936 | 1,754 | 2,196 | 1,857 |
| OPM % | 24% | 25% | 25% | 34% | 42% | 38% | 30% | 30% | 14% | 35% | 44% | 50% | 41% |
| Other Income + | 17 | 0 | 12 | 14 | 40 | 130 | 107 | 104 | 99 | 105 | 126 | 354 | 286 |
| Interest | 37 | 32 | 23 | 18 | 15 | 19 | 22 | 13 | 18 | 14 | 19 | 24 | 36 |
| Depreciation | 30 | 47 | 51 | 54 | 66 | 81 | 100 | 117 | 143 | 164 | 187 | 235 | 254 |
| Profit before tax | 129 | 132 | 204 | 624 | 887 | 825 | 569 | 580 | 202 | 862 | 1,674 | 2,291 | 1,853 |
| Tax % | 24% | 1% | 24% | 22% | 22% | 22% | 19% | 24% | 16% | 17% | 17% | 18% | |
| Net Profit + | 98 | 130 | 156 | 485 | 695 | 642 | 458 | 442 | 170 | 715 | 1,388 | 1,883 | 1,556 |
| EPS in Rs | 6.21 | 8.10 | 9.02 | 27.88 | 37.74 | 35.24 | 25.31 | 24.18 | 9.31 | 39.18 | 77.51 | 105.26 | 86.94 |
| Dividend Payout % | 16% | 12% | 14% | 24% | 22% | 18% | 27% | 22% | 48% | 14% | 12% | 6% |
Financials of Natco Pharma Ltd
Balance Sheet
Capital structure and asset base
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 33 | 33 | 35 | 35 | 37 | 36 | 36 | 36 | 36 | 36 | 36 | 36 | 36 |
| Reserves | 693 | 813 | 1,261 | 1,614 | 3,035 | 3,452 | 3,737 | 4,085 | 4,227 | 4,837 | 5,817 | 7,571 | 8,614 |
| Borrowings + | 240 | 312 | 113 | 222 | 173 | 386 | 316 | 268 | 416 | 167 | 371 | 279 | 261 |
| Other Liabilities + | 229 | 226 | 413 | 446 | 470 | 428 | 498 | 403 | 430 | 617 | 682 | 744 | 1,520 |
| Total Liabilities | 1,196 | 1,384 | 1,822 | 2,318 | 3,715 | 4,303 | 4,588 | 4,792 | 5,109 | 5,657 | 6,906 | 8,631 | 10,430 |
| Fixed Assets + | 645 | 710 | 710 | 833 | 1,019 | 1,227 | 1,584 | 2,023 | 2,312 | 2,427 | 2,491 | 2,698 | 2,697 |
| CWIP | 124 | 129 | 212 | 336 | 480 | 638 | 518 | 223 | 130 | 64 | 137 | 225 | 255 |
| Investments | 2 | 2 | 22 | 32 | 76 | 169 | 112 | 304 | 308 | 392 | 539 | 474 | 774 |
| Other Assets + | 425 | 543 | 878 | 1,116 | 2,140 | 2,270 | 2,373 | 2,242 | 2,360 | 2,774 | 3,739 | 5,234 | 6,704 |
| Total Assets | 1,196 | 1,384 | 1,822 | 2,318 | 3,715 | 4,303 | 4,588 | 4,792 | 5,109 | 5,657 | 6,906 | 8,631 | 10,430 |
Financials of Natco Pharma Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 144 | 93 | 112 | 346 | 464 | 669 | 417 | 299 | 46 | 849 | 1,212 | 1,697 |
| Cash from Investing Activity + | -108 | -120 | -176 | -299 | -1,116 | -611 | -175 | -107 | 4 | -465 | -1,026 | -1,436 |
| Cash from Financing Activity + | -35 | 29 | 154 | -48 | 651 | -51 | -251 | -186 | 35 | -363 | -247 | -211 |
| Net Cash Flow | 0 | 2 | 90 | -1 | -2 | 7 | -8 | 6 | 85 | 21 | -62 | 50 |
| Free Cash Flow | 34 | -25 | -44 | 66 | 57 | 225 | 81 | 92 | -142 | 674 | 855 | 1,300 |
| CFO/OP | 100% | 55% | 60% | 69% | 72% | 107% | 90% | 71% | 36% | 110% | 85% | 94% |
Financials of Natco Pharma Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 59 | 85 | 92 | 86 | 106 | 88 | 105 | 73 | 116 | 115 | 109 | 103 |
| Inventory Days | 283 | 331 | 482 | 213 | 389 | 545 | 534 | 570 | 496 | 432 | 357 | 405 |
| Days Payable | 172 | 189 | 372 | 160 | 239 | 224 | 244 | 104 | 105 | 153 | 120 | 145 |
| Cash Conversion Cycle | 170 | 228 | 202 | 138 | 257 | 410 | 395 | 539 | 507 | 394 | 345 | 362 |
| Working Capital Days | 22 | 25 | 97 | 71 | 215 | 207 | 295 | 246 | 258 | 198 | 151 | 151 |
| ROCE % | 18% | 17% | 18% | 39% | 35% | 23% | 14% | 13% | 4% | 18% | 30% | 33% |
Guidance history
How Natco Pharma Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | — |
| Q4 FY26 call → | 10–20% | Down 0–2% | Planned | — | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
16 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −4.9% | 55% |
| Last 6 months | −28.1% | 9% |
| Last 3 months | −15.3% | 28% |
The price is 50.2% below its all-time high of ₹1,582.9 (13 Sept 2024). Stocks more than 20% below their peak have their score halved, so 31 became 16.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Natco Pharma Ltd: 0.4 × 55 + 0.4 × 9 + 0.2 × 28 = 31, halved to 16 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Natco Pharma Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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