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 (βFDFβ), active pharmaceutical ingredients (βAPIsβ), Contract Manufacturing Business.[2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Sun Pharma.Inds. | 1700.70 | 35.33 | 407795.42 | 0.94 | 3124.95 | 2.56 | 14478.31 | 8.93 | 20.21 | 54964.01 | 30.12 | 11543.96 | 3117.95 | 5.24 | 12.97 | 0.07 |
| 2. | Divi's Lab. | 6355.50 | 67.92 | 168791.98 | 0.47 | 689.00 | 35.10 | 2715.00 | 16.12 | 20.44 | 10029.00 | 32.37 | 2485.00 | 689.00 | 10.95 | 13.53 | 0.01 |
| 3. | Torrent Pharma. | 4003.70 | 62.56 | 135529.20 | 0.80 | 591.00 | 32.49 | 3302.00 | 14.30 | 27.05 | 12248.00 | 32.60 | 2166.53 | 600.17 | 16.04 | 13.26 | 0.33 |
| 4. | Cipla | 1434.50 | 21.31 | 115930.82 | 0.91 | 1353.37 | 3.73 | 7589.44 | 7.64 | 22.72 | 28349.57 | 25.40 | 5441.14 | 1351.17 | 3.52 | 14.72 | 0.01 |
| 5. | Lupin | 2195.90 | 23.22 | 100409.83 | 0.55 | 1484.83 | 73.34 | 7047.51 | 24.23 | 21.30 | 24750.69 | 27.25 | 4324.63 | 1477.92 | 5.11 | 12.41 | 0.32 |
| 6. | Dr Reddy's Labs | 1186.50 | 17.17 | 99107.92 | 0.67 | 1336.80 | 7.28 | 8828.30 | 9.83 | 22.69 | 34310.00 | 24.64 | 5772.20 | 1347.10 | 2.75 | 12.95 | 0.16 |
| 7. | Mankind Pharma | 2244.40 | 53.01 | 92685.55 | 0.04 | 520.18 | -22.00 | 3697.16 | 20.77 | 15.98 | 13545.67 | 24.12 | 1748.55 | 511.51 | 6.06 | 8.89 | 0.55 |
| 8. | Natco Pharma | 891.95 | 10.55 | 16018.89 | 0.67 | 500.90 | -24.23 | 1264.30 | -2.19 | 31.80 | 4022.00 | 41.84 | 1518.00 | 500.90 | 1.93 | 23.99 | 0.03 |
Figures in Cr.
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sales
|
351 | 413 | 781 | 1,048 | 930 | 625 | 965 | 1,237 | 1,293 | 408 | 1,157 | 1,193 | 1,264 |
|
YOY Sales Growth %
|
6.27% | -22% | 51.95% | 30.11% | 165.02% | 51.4% | 23.5% | 17.99% | 38.91% | -34.82% | 19.96% | -3.57% | -2.19% |
|
Expenses
|
281 | 346 | 454 | 545 | 488 | 387 | 512 | 474 | 502 | 378 | 596 | 653 | 712 |
|
Material Cost %
|
23.27% | 28.5% | 26.27% | 16.88% | 19.44% | 17.7% | 10.98% | 11.77% | 12.05% | 17.25% | 19.15% | 15.4% | 12.22% |
|
Employee Cost %
|
27.97% | 22.25% | 12.46% | 11.37% | 11.48% | 16.62% | 12.96% | 9.72% | 10.27% | 30.32% | 11.98% | 12.03% | 14.13% |
|
Operating Profit
|
70 | 68 | 328 | 504 | 442 | 238 | 453 | 763 | 791 | 29 | 561 | 540 | 552 |
|
OPM %
|
20% | 16% | 42% | 48% | 48% | 38% | 47% | 62% | 61% | 7% | 48% | 45% | 44% |
|
Other Income
|
16 | 19 | 18 | 15 | 25 | 30 | 36 | 40 | 51 | 168 | 62 | 60 | 93 |
|
Exceptional items
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Other income normal
|
16 | 19 | 18 | 15 | 25 | 30 | 36 | 40 | 51 | 168 | 62 | 60 | 93 |
|
Interest
|
2 | 3 | 1 | 3 | 3 | 4 | 4 | 4 | 3 | 3 | 9 | 3 | 12 |
|
Depreciation
|
38 | 38 | 38 | 40 | 40 | 40 | 52 | 40 | 42 | 44 | 94 | 54 | 48 |
|
Profit before tax
|
46 | 45 | 306 | 475 | 424 | 224 | 432 | 758 | 797 | 150 | 521 | 543 | 586 |
|
Tax %
|
19% | 17% | 17% | 15% | 15% | 14% | 19% | 16% | 17% | 17% | 18% | 15% | 15% |
|
Net Profit
|
38 | 37 | 254 | 405 | 360 | 192 | 349 | 636 | 661 | 125 | 428 | 464 | 501 |
|
EPS in Rs
|
2.07 | 2.04 | 13.92 | 22.63 | 20.11 | 10.72 | 19.49 | 35.53 | 36.91 | 6.97 | 23.9 | 25.91 | 27.97 |
| 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
|
622 | 716 | 1,059 | 1,958 | 2,091 | 1,986 | 1,790 | 1,654 | 1,768 | 2,351 | 3,569 | 4,094 | 4,022 |
|
Sales Growth %
|
11.56% | 14.98% | 48.03% | 84.86% | 6.81% | -5.02% | -9.87% | -7.64% | 6.91% | 32.99% | 51.8% | 14.73% | β |
|
Expenses
|
436 | 487 | 778 | 1,266 | 1,163 | 1,170 | 1,212 | 1,236 | 1,555 | 1,506 | 1,929 | 1,950 | 2,339 |
|
Material Cost %
|
24.22% | 23.86% | 24.2% | 29.25% | 18.58% | 17.07% | 22.18% | 30.24% | 30.24% | 22.53% | 16.1% | 14.49% | β |
|
Raw material cost
|
167 | 179 | 304 | 590 | 413 | 365 | 453 | 547 | 540 | 495 | 557 | 582 | β |
|
Change in inventory
|
-16 | -9 | -48 | -17 | -25 | -26 | -56 | -47 | -6 | 35 | 17 | 12 | β |
|
Manufacturing Cost %
|
15.07% | 12.66% | 14.83% | 7.74% | 8.43% | 9.03% | 11.01% | 10.5% | 12.73% | 9.88% | 7.53% | 7.59% | β |
|
Employee Cost %
|
15.14% | 16.24% | 16.24% | 11.86% | 14.93% | 17.13% | 19.9% | 22.99% | 23.22% | 18.12% | 12.75% | 12.59% | β |
|
Other Cost %
|
15.58% | 15.3% | 18.23% | 15.8% | 13.67% | 15.66% | 14.63% | 11.01% | 21.76% | 13.54% | 17.68% | 12.95% | β |
|
Operating Profit
|
187 | 229 | 281 | 692 | 928 | 816 | 578 | 418 | 213 | 845 | 1,640 | 2,144 | 1,683 |
|
OPM %
|
30% | 32% | 26% | 35% | 44% | 41% | 32% | 25% | 12% | 36% | 46% | 52% | 42% |
|
Other Income
|
16 | -2 | 13 | 13 | 39 | 130 | 124 | 101 | 95 | 86 | 102 | 321 | 383 |
|
Exceptional items
|
1 | -12 | 0 | 0 | 10 | 14 | 16 | 32 | 43 | 18 | -3 | 88 | β |
|
Other income normal
|
15 | 11 | 13 | 13 | 29 | 116 | 108 | 69 | 52 | 68 | 105 | 233 | β |
|
Interest
|
34 | 30 | 22 | 18 | 15 | 19 | 21 | 11 | 13 | 9 | 14 | 20 | 26 |
|
Depreciation
|
27 | 42 | 50 | 54 | 66 | 80 | 98 | 115 | 138 | 151 | 172 | 220 | 239 |
|
Profit before tax
|
141 | 154 | 222 | 634 | 888 | 847 | 583 | 392 | 156 | 771 | 1,555 | 2,226 | 1,800 |
|
Tax %
|
22% | 1% | 20% | 22% | 21% | 21% | 19% | 21% | 11% | 17% | 16% | 17% | β |
|
Net Profit
|
110 | 153 | 176 | 495 | 698 | 667 | 474 | 310 | 139 | 637 | 1,307 | 1,850 | 1,518 |
|
Exceptional items AT
|
1 | -10 | 0 | 0 | 8 | 11 | 13 | 24 | 34 | 15 | -2 | 72 | β |
|
Profit excl Excep
|
109 | 162 | 176 | 495 | 690 | 657 | 462 | 285 | 105 | 622 | 1,309 | 1,778 | β |
|
Profit for PE
|
109 | 162 | 176 | 495 | 690 | 657 | 462 | 285 | 105 | 622 | 1,309 | 1,778 | β |
|
Profit for EPS
|
110 | 153 | 176 | 495 | 698 | 667 | 474 | 310 | 139 | 637 | 1,307 | 1,850 | β |
|
EPS in Rs
|
6.66 | 9.2 | 10.13 | 28.39 | 37.84 | 36.48 | 26.06 | 16.97 | 7.62 | 34.9 | 72.95 | 103.31 | 84.75 |
|
Dividend Payout %
|
15% | 11% | 12% | 24% | 22% | 17% | 26% | 31% | 59% | 16% | 13% | 6% | β |
| 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
|
700 | 846 | 1,302 | 1,665 | 3,088 | 3,527 | 3,833 | 4,055 | 4,155 | 4,666 | 5,556 | 7,298 | 8,235 |
|
Borrowings
|
237 | 309 | 110 | 221 | 173 | 384 | 314 | 256 | 400 | 161 | 366 | 275 | 256 |
|
Long term Borrowings
|
95 | 96 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
|
Short term Borrowings
|
99 | 169 | 96 | 221 | 173 | 384 | 313 | 255 | 389 | 160 | 363 | 273 | 253 |
|
Lease Liabilities
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Other Borrowings
|
44 | 44 | 14 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | β |
|
Other Liabilities
|
206 | 207 | 396 | 427 | 438 | 408 | 463 | 405 | 387 | 525 | 596 | 661 | 1,367 |
|
Trade Payables
|
99 | 115 | 270 | 251 | 245 | 202 | 234 | 140 | 141 | 182 | 183 | 225 | 456 |
|
Advance from Customers
|
15 | 20 | 24 | 14 | 18 | 19 | 0 | 18 | 4 | 95 | 84 | 83 | β |
|
Other liability items
|
92 | 71 | 102 | 161 | 174 | 188 | 229 | 248 | 241 | 247 | 329 | 354 | 911 |
|
Total Liabilities
|
1,176 | 1,395 | 1,843 | 2,347 | 3,736 | 4,356 | 4,647 | 4,752 | 4,978 | 5,388 | 6,554 | 8,270 | 9,894 |
|
Fixed Assets
|
529 | 573 | 706 | 829 | 1,015 | 1,215 | 1,574 | 2,006 | 2,174 | 2,234 | 2,287 | 2,517 | 2,515 |
|
Land
|
79 | 100 | 134 | 172 | 203 | 235 | 249 | 248 | 264 | 286 | 369 | 526 | β |
|
Building
|
185 | 216 | 261 | 299 | 358 | 437 | 617 | 889 | 964 | 1,050 | 1,098 | 1,130 | β |
|
Plant Machinery
|
390 | 427 | 531 | 622 | 769 | 924 | 1,130 | 1,388 | 1,551 | 1,625 | 1,687 | 1,812 | β |
|
Equipments
|
3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 4 | β |
|
Furniture & fittings
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Vehicles
|
10 | 11 | 14 | 17 | 20 | 22 | 24 | 24 | 27 | 24 | 27 | 33 | β |
|
Intangible Assets
|
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 101 |
|
Other fixed assets
|
9 | 9 | 11 | 13 | 15 | 19 | 52 | 55 | 89 | 82 | 81 | 183 | β |
|
Gross Block
|
691 | 783 | 976 | 1,151 | 1,400 | 1,678 | 2,134 | 2,678 | 2,978 | 3,157 | 3,360 | 3,784 | β |
|
Accumulated Depreciation
|
162 | 210 | 270 | 322 | 384 | 463 | 559 | 672 | 804 | 923 | 1,073 | 1,267 | β |
|
CWIP
|
93 | 101 | 212 | 336 | 480 | 638 | 518 | 223 | 129 | 63 | 134 | 225 | 254 |
|
Investments
|
89 | 131 | 94 | 95 | 150 | 244 | 191 | 337 | 550 | 658 | 742 | 855 | 1,060 |
|
Other Assets
|
465 | 590 | 831 | 1,087 | 2,091 | 2,259 | 2,363 | 2,186 | 2,125 | 2,434 | 3,392 | 4,673 | 6,065 |
|
Inventories
|
162 | 198 | 352 | 337 | 426 | 508 | 524 | 769 | 698 | 616 | 597 | 642 | 665 |
|
Trade receivables
|
116 | 189 | 256 | 469 | 606 | 492 | 537 | 400 | 576 | 793 | 1,077 | 1,178 | 1,574 |
|
Receivables under 6m
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Receivables over 6m
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Prow for Doubtful
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Cash Equivalents
|
8 | 7 | 40 | 25 | 172 | 263 | 54 | 263 | 101 | 412 | 865 | 1,857 | 2,413 |
|
Loans & Advances
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Other Assets items
|
β | β | β | β | β | β | β | β | β | β | β | β | β |
|
Total Assets
|
1,176 | 1,395 | 1,843 | 2,347 | 3,736 | 4,356 | 4,647 | 4,752 | 4,978 | 5,388 | 6,554 | 8,270 | 9,894 |
| 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
|
172 | 125 | 190 | 330 | 476 | 699 | 422 | 184 | 58 | 784 | 1,196 | 1,662 |
|
Profit from operations
|
198 | 217 | 303 | 734 | 962 | 860 | 628 | 451 | 274 | 856 | 1,706 | 2,206 |
|
Receivables
|
11 | -72 | -76 | -237 | -149 | 121 | -54 | 129 | -222 | -204 | -292 | -103 |
|
Inventory
|
-34 | -37 | -143 | 15 | -89 | -82 | -16 | -245 | 72 | 82 | 38 | -56 |
|
Payables
|
4 | 20 | 151 | -19 | -6 | -43 | 35 | -95 | 2 | 41 | 1 | 43 |
|
Loans Advances
|
12 | 5 | 86 | -1 | -1 | -2 | -5 | -5 | 3 | 0 | 0 | 0 |
|
Other WC items
|
14 | 11 | -87 | -40 | -36 | 21 | -61 | 25 | -39 | 158 | -5 | -83 |
|
Working capital changes
|
6 | -72 | -68 | -282 | -281 | 14 | -101 | -190 | -184 | 77 | -258 | -199 |
|
Direct taxes
|
-32 | -20 | -45 | -122 | -204 | -175 | -105 | -77 | -32 | -148 | -252 | -345 |
|
Cash from Investing Activity
|
-131 | -148 | -248 | -291 | -1,131 | -645 | -165 | -3 | -92 | -437 | -960 | -1,444 |
|
Fixed assets purchased
|
-96 | -107 | -153 | -277 | -424 | -452 | -355 | -243 | -235 | -147 | -337 | -508 |
|
Fixed assets sold
|
0 | 2 | 1 | 0 | 18 | 18 | 22 | 45 | 54 | 30 | 2 | 95 |
|
Investments purchased
|
-0 | 0 | 0 | 0 | -48 | -111 | -64 | -58 | -18 | -60 | -149 | -255 |
|
Investments sold
|
2 | 3 | -40 | 16 | 0 | 20 | 120 | 7 | 12 | 15 | 133 | 157 |
|
Interest received
|
3 | 0 | 2 | 8 | 10 | 52 | 89 | 68 | 50 | 41 | 48 | 125 |
|
Redeemp Cnce of Shares
|
β | β | β | β | β | β | β | β | β | β | β | β |
|
Acquisition of companies
|
0 | 0 | 0 | -14 | -7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|
Other investing items
|
-1 | -0 | -62 | -21 | -674 | -129 | 29 | 256 | 207 | -230 | -586 | -1,051 |
|
Cash from Financing Activity
|
-41 | 23 | 151 | -46 | 652 | -52 | -261 | -183 | 36 | -347 | -237 | -212 |
|
Redemption of debentures
|
β | β | β | β | β | β | β | β | β | β | β | β |
|
Proceeds from borrowings
|
31 | 115 | 0 | 125 | 0 | 212 | 0 | 0 | 134 | 0 | 203 | 0 |
|
Repayment of borrowings
|
-130 | -43 | -130 | -14 | -48 | 0 | -80 | -57 | 0 | -229 | 0 | -89 |
|
Interest paid fin
|
-32 | -29 | -26 | -15 | -15 | -18 | -20 | -11 | -14 | -8 | -14 | -14 |
|
Dividends paid
|
-19 | -20 | -26 | -141 | -181 | -111 | -154 | -114 | -82 | -100 | -171 | -108 |
|
Financial liabilities
|
0 | 0 | 0 | 0 | 0 | 0 | -1 | -1 | -2 | -2 | -2 | -2 |
|
Other financing items
|
0 | 0 | 0 | 0 | -0 | -135 | -6 | 0 | 0 | -7 | -254 | 0 |
|
Net Cash Flow
|
0 | -1 | 93 | -6 | -3 | 1 | -4 | -3 | 1 | 1 | -1 | 6 |
| 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
|
68 | 96 | 88 | 87 | 106 | 90 | 109 | 88 | 119 | 123 | 110 | 105 |
|
Inventory Days
|
392 | 424 | 501 | 215 | 400 | 547 | 482 | 562 | 476 | 424 | 379 | 395 |
|
Days Payable
|
240 | 247 | 385 | 160 | 231 | 217 | 215 | 102 | 96 | 126 | 116 | 138 |
|
Cash Conversion Cycle
|
220 | 274 | 205 | 142 | 275 | 420 | 376 | 548 | 499 | 422 | 373 | 362 |
|
Working Capital Days
|
20 | 20 | 86 | 73 | 222 | 215 | 310 | 297 | 268 | 213 | 153 | 149 |
|
ROCE %
|
19% | 18% | 18% | 39% | 34% | 24% | 14% | 9% | 3% | 16% | 29% | 32% |
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