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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]
Business Segments1) Export Formulation (44% in Q3 FY25 vs 73% in FY23):[1][2]The company manufactures and markets finished dosage formulations in 50+ countries, including the US, Canada, Brazil, and Europe. Major US partners include Sun-Ranbaxy, Aceto-Rising, Alvogen, Teva, Mylan, Actavis, Lupin, etc. Its international business focuses on Para IV and first-to-file molecules, with plans to expand into emerging markets like MENA, LATAM, and Southeast Asia.[3][4]
| 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. | 1806.70 | 37.55 | 433487.85 | 0.89 | 3124.95 | 2.56 | 14478.31 | 8.93 | 20.21 | 54964.01 | 30.12 | 11543.96 | 3117.95 | 5.57 | 12.97 | 0.07 |
| 2. | Divi's Lab. | 6455.00 | 68.96 | 171359.97 | 0.46 | 689.00 | 35.10 | 2715.00 | 16.12 | 20.44 | 10029.00 | 32.37 | 2485.00 | 689.00 | 11.12 | 13.53 | 0.01 |
| 3. | Torrent Pharma. | 3720.90 | 58.12 | 125926.51 | 0.86 | 591.00 | 32.49 | 3302.00 | 14.30 | 27.05 | 12248.00 | 32.60 | 2166.53 | 600.17 | 14.90 | 13.26 | 0.33 |
| 4. | Cipla | 1508.00 | 22.39 | 121811.90 | 0.86 | 1353.37 | 3.73 | 7589.44 | 7.64 | 22.72 | 28349.57 | 25.40 | 5441.14 | 1351.17 | 3.70 | 14.72 | 0.01 |
| 5. | Dr Reddy's Labs | 1280.70 | 18.52 | 106889.94 | 0.62 | 1336.80 | 7.28 | 8828.30 | 9.83 | 22.69 | 34310.00 | 24.64 | 5772.20 | 1347.10 | 2.97 | 12.95 | 0.16 |
| 6. | Lupin | 2080.10 | 21.97 | 95011.10 | 0.58 | 1484.83 | 73.34 | 7047.51 | 24.23 | 21.30 | 24750.69 | 27.25 | 4324.63 | 1477.92 | 4.84 | 12.41 | 0.32 |
| 7. | Zydus Lifesci. | 934.95 | 18.71 | 94077.85 | 1.18 | 1238.60 | 40.92 | 6123.20 | 16.92 | 24.31 | 24493.90 | 31.10 | 5029.35 | 1283.60 | 3.72 | 14.64 | 0.38 |
| 8. | Natco Pharma | 935.40 | 11.04 | 16753.94 | 0.64 | 500.90 | -24.23 | 1264.30 | -2.19 | 31.80 | 4022.00 | 41.84 | 1518.00 | 500.90 | 2.03 | 23.99 | 0.03 |
| – | Median: 148 Co. | 411.9 | 31.71 | 1668.03 | 0.12 | 12.57 | 12.32 | 152.64 | 10.54 | 14.85 | 582.87 | 15.93 | 44.55 | 13.49 | 3.2 | 8.39 | 0.22 |
Standalone figures in ₹ crores
| 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 |
Expenses | 281 | 346 | 454 | 545 | 488 | 387 | 512 | 474 | 502 | 378 | 596 | 653 | 712 |
Operating Profit | 70 | 68 | 328 | 504 | 442 | 238 | 453 | 763 | 791 | 29 | 561 | 540 | 552 |
Other Income | 16 | 19 | 18 | 15 | 25 | 30 | 36 | 40 | 51 | 168 | 62 | 60 | 93 |
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 | 23.90 | 25.91 | 27.97 |
Standalone Figures in ₹ Crores / Yearly
| 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 |
Expenses | 436 | 487 | 778 | 1,266 | 1,163 | 1,170 | 1,212 | 1,236 | 1,555 | 1,506 | 1,929 | 1,950 | 2,339 |
Operating Profit | 187 | 229 | 281 | 692 | 928 | 816 | 578 | 418 | 213 | 845 | 1,640 | 2,144 | 1,683 |
Other Income | 16 | -2 | 13 | 13 | 39 | 130 | 124 | 101 | 95 | 86 | 102 | 321 | 383 |
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 |
Net Profit | 110 | 153 | 176 | 495 | 698 | 667 | 474 | 310 | 139 | 637 | 1,307 | 1,850 | 1,518 |
EPS in Rs | 6.66 | 9.20 | 10.13 | 28.39 | 37.84 | 36.48 | 26.06 | 16.97 | 7.62 | 34.90 | 72.95 | 103.31 | 84.75 |
Dividend Payout % | 15% | 11% | 12% | 24% | 22% | 17% | 26% | 31% | 59% | 16% | 13% | 6% | – |
Standalone figures in ₹ crores
| 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 |
Other Liabilities | 206 | 207 | 396 | 427 | 438 | 408 | 463 | 405 | 387 | 525 | 596 | 661 | 1,367 |
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 |
Gross Block | 691 | 783 | 976 | 1,151 | 1,400 | 1,678 | 2,134 | 2,678 | 2,978 | 3,157 | 3,360 | 3,784 | – |
Accumulated Depreciation | 162 | 210 | 270 | 322 | 384 | 463 | 559 | 672 | 804 | 923 | 1,073 | 1,267 | – |
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 |
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 |
Standalone Figures in ₹ Crores / Yearly
| 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 |
Cash from Investing Activity | -131 | -148 | -248 | -291 | -1,131 | -645 | -165 | -3 | -92 | -437 | -960 | -1,444 |
Cash from Financing Activity | -41 | 23 | 151 | -46 | 652 | -52 | -261 | -183 | 36 | -347 | -237 | -212 |
Net Cash Flow | 0 | -1 | 93 | -6 | -3 | 1 | -4 | -3 | 1 | 1 | -1 | 6 |
Standalone Figures in ₹ Crores / Yearly
| 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% |
Direct from BSE filings, auto-summarised
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