Novartis India Limited reports FY26 profit after tax of Rs 93.18 crore as it undergoes a major corporate restructuring. Following the acquisition by WaveRise Investments, ChrysCapital, and Two Infinity Partners, the firm will rebrand to Evonile Pharma Limited. The company has also introduced a new ESOP 2026 scheme and appointed a fresh leadership team to steer its focus toward Tier 2 and Tier 3 market expansion.
Novartis India Reports FY26 Financials Amid Major Ownership Transition
Profit after tax stood at Rs 93.18 crore for FY26 compared to Rs 100.90 crore in FY25.
Revenue from operations recorded a marginal decline to Rs 354.33 crore from Rs 356.27 crore last year.
Reader Takeaway: Ownership change to Evonile Pharma and new ESOPs signal a strategic pivot; dividend payout paused for now.
What just happened
Novartis India Limited has concluded its FY 2025-26 operations while finalizing a significant change in control. On July 29, 2026, Novartis AG successfully transferred its 70.68% stake to a consortium comprising WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners. As part of this transition, the company is set to adopt a new corporate identity, 'Evonile Pharma Limited.' The board has also initiated an 'ESOP 2026' scheme, proposing the issuance of up to 16,67,000 equity shares to incentivize talent under the new management.
Why this matters
The change in promoters marks a new chapter for the firm, shifting from global parent-led operations to a private equity-backed model. The leadership team has seen a complete overhaul, with Mr. Ramesh Ramadurai taking charge as Chairperson and Dr. Vikas Gupta stepping in as MD and CEO. This transition is aimed at deepening the company’s reach into Tier 2 and Tier 3 markets.
The backstory
The company remains committed to its core therapeutic areas: neuroscience, transplant immunology, wellness, women’s health, and pain management. The long-standing distribution arrangement with Dr. Reddy’s Laboratories continues, currently entering its fourth year of operations.
Risks to watch
Investors should be mindful of the transition risks associated with organizational integration under new ownership. The board has opted against a dividend for FY26 to maintain financial flexibility and meet contractual obligations related to the stake sale, a move that may impact short-term yield-focused investors.
What to track next
Shareholders should monitor the operational performance of the newly named Evonile Pharma as it pivots its strategy. Key indicators include the pace of market expansion in smaller cities and the execution of the new ESOP scheme.