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Natco Pharma Ltd (NATCOPHARM)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524816 NSE: NATCOPHARM Pharmaceuticals & Drugs | Small Cap | Natco Pharma Share Price

₹841.85 4.00 (0.48%)

As on 24-Sep'26 16:59

Natco Pharma Ltd (NATCOPHARM)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524816 NSE: NATCOPHARM Pharmaceuticals & Drugs | Small Cap | Natco Pharma Share Price

₹841.85 4.00 (0.48%)

As on 24-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹15,078 Cr.
Current Price
₹841.9
52-Week Low / High
₹789 / 1,226
TTM EPS
₹63.9
TTM Sales
₹3,485 Cr.
Book Value per Share
₹521.7
P/E Ratio
13.18
Lower than its 5-year historical median
Industry PE
55
Price to Book (P/B)
1.61
Lower than its 5-year historical median
Price to Sales (P/S)
4.33
In line with its 5-year historical median
EV/EBITDA
10.57
Higher than its 5-year historical median
Dividend Yield
0.59%
Profitability Efficiency
Return on Equity (ROE)
16.30%
Outperforms industry median
Return on Capital Employed (ROCE)
17.16%
Outperforms industry median
Return on Assets (ROA)
14.13%
Operating Profit Margin
35.8%
Net Profit Margin
33.64%
Gross Profit Margin
36.1%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-12.21%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-34.52%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-27.16%
Asset Quality
Promoter Holding
49.42%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹9,308 Cr.
Equity
₹35.8 Cr.
Face Value
₹2
All Time Low / High
₹1.60 / 1638.35

Natco Pharma stock performance

Key Ratios
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Check Before You Invest

Valuation

Undervalued

Price Trend

Semi Strong
Q.1 Is Natco Pharma Ltd a good quality company?
Natco Pharma Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Natco Pharma Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Natco Pharma Ltd vs industry peers?
Natco Pharma Ltd revenue CAGR is 14.72%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Natco Pharma Ltd?
Promoters hold 49.42% of the Natco Pharma Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Natco Pharma Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 3.1% based on the current price.

DeciZen - make an informed investing decision on Natco Pharma

Decision Maker
Consolidated basis

1. Right Stock

10 Year X-ray Pro
Long Term Prospect

2. Right Price

3. Right Time ⓘ

#Likely Future 5 Year CAGR.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Natco Pharma Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ38.7%34.6%23.9%14.9%9.5%3.8%16.5%29%33.1%16.6%-
Value Creation
Index ⓘ
1.91.60.80.1-0.3-0.70.21.21.50.2-

Growth Parameters ⓘ

Sales ⓘ1,9582,0911,9861,7901,6541,7682,3513,5694,0953,5952,999
Sales YoY Gr.-6.8%-5%-9.9%-7.6%6.9%33%51.8%14.7%-12.2%-
Adj EPS ⓘ28.237.33524.615.55.633.573.398.570.749.8
YoY Gr.-32.4%-6.2%-29.7%-37.3%-64.1%503.2%119.1%34.3%-28.3%-
BVPS (₹) ⓘ96.5168.1193.6211.3223.2229.5257.6312.4409.7477.8481.7
Adj Net
Profit ⓘ
4916896404492821016111,3141,7651,266892
Cash Flow from Ops. ⓘ33047669942318457.77841,1961,6621,776-
Debt/CF from Ops. ⓘ0.70.40.60.71.46.70.20.30.20.4-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ7%16.8%15.2%-12.2%
Adj EPS ⓘ10.8%35.5%28.3%-28.3%
BVPSⓘ19.5%16.4%22.9%16.6%
Share Price 3.1% -0.9% -0.3% -0.2%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ
32.428.619.112.17.12.413.725.527.315.910.4
Op. Profit
Mgn % ⓘ
35.344.441.132.325.112.134.946.552.33729.1
Net Profit
Mgn % ⓘ
25.132.932.225.117.15.72636.843.135.229.8
Debt to
Equity ⓘ
0.10.10.10.10.10.100.100.1-
Working Cap
Days ⓘ
169258328416458391308221228253272
Cash Conv.
Cycle ⓘ
517797133187209165111110102186

Valuation of Natco Pharma - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales2,0202,1852,0951,9152,0521,9452,7073,9994,4304,078
Operating Expenses ⓘ + 1,3371,2561,3001,3321,4481,6811,7952,2472,2362,642
Manufacturing Costs220239336306353430362457468657
Material Costs599411333354484528583668642616
Employee Cost 243326356375415445487525595687
Other Costs ⓘ 274281275297197278364597532682
Operating Profit ⓘ 6839287955836042649121,7512,1941,437
Operating Profit Margin (%) 33.8%42.5%37.9%30.4%29.4%13.5%33.7%43.8%49.5%35.2%
Other Income ⓘ + 144013010710699129128357298
Exceptional Items ⓘ 0000000000
Interest ⓘ 19151922131815192437
Depreciation ⓘ 546681100117143164187235207
Profit Before Tax ⓘ 6248878255695802028621,6742,2911,491
Tax ⓘ 14019218211113732147285408119
Profit After Tax 4856956424584421707151,3881,8831,372
PAT Margin (%) 24.0%31.8%30.7%23.9%21.6%8.7%26.4%34.7%42.5%33.6%
Adjusted EPS (₹)27.937.735.325.324.29.339.277.6105.379.3
Dividend Payout Ratio (%)24.20%21.90%17.70%26.70%21.70%48.30%14%12.30%5.70%6.30%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1,6343,0483,4583,7504,1044,2604,8745,8537,6079,221
Share Capital ⓘ 34.9036.9036.5036.4036.5036.5036.5035.8035.8035.80
Reserves ⓘ 1,5993,0113,4223,7144,0684,2244,8375,8177,5719,185
Debt +222173386314266404165363273406
Long Term Debt000000000100
Short Term Debt222173386314266404165363273306
Minority Interest44211200050
Trade Payables263269217255146162264236275409
Others Liabilities ⓘ 195221240257274283355435420804
Total Liabilities ⓘ 2,3183,7154,3034,5884,7925,1095,6576,8878,58110,841

Fixed Assets

Net Fixed Assets ⓘ +8331,0191,2271,5842,0232,3122,4272,4912,7482,853
Gross Block1,1591,4081,6952,1492,7023,1273,3753,6034,0154,256
Accumulated Depreciation3263894675646798159481,1121,2671,403
CWIP ⓘ 33648063851822313064137225294
Investments ⓘ 32771691123043083925394743,127
Inventories349438529558798762743701766909
Trade Receivables4756385065514136218561,1891,247881
Cash Equivalents 36184280662842065469532,1761,551
Others Assets ⓘ 2568809551,1987477716298779451,227
Total Assets ⓘ 2,3183,7154,3034,5884,7925,1095,6576,8878,58110,841
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 346464669417299478491,2121,6971,768
PBT ⓘ 6248878255695802028621,6742,2911,491
Adjustment ⓘ 10076145462124102134-2230
Changes in Working Capital ⓘ -253-2959-98-213-23163-309-200646
Tax Paid ⓘ -126-205-179-108-130-48-178-286-373-398
Cash Flow From Investing Activity ⓘ + -299-1,116-612-167-103-5-477-1,033-1,415-2,082
Capex -280-407-444-337-207-179-116-357-397-390
Net Investments -17-569-130-12736226-410-736-1,168-1,969
Others ⓘ -3-140-3929668-534960150277
Cash Flow From Financing Activity ⓘ + -48651-51-251-18635-363-247-211298
Net Proceeds from Shares ⓘ 089600000000
Net Proceeds from Borrowing ⓘ -1400000000400
Interest Paid ⓘ -16-16-19-22-13-17-14-18-18-36
Dividend Paid ⓘ -141-181-92-154-114-82-100-171-108-90
Others ⓘ 124-4860-75-59134-248-58-8524
Net Cash Flow ⓘ -1-16-110769-6872-16
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)33.2129.719.7512.7111.274.0615.6625.8827.9816.3
ROCE (%)39.2135.2823.7114.8213.994.8618.0630.0832.8517.16
Asset Turnover Ratio10.730.570.460.440.450.540.690.620.48
PAT to CFO Conversion(x)0.710.671.040.910.680.281.190.870.91.29
Working Capital Days
Receivable Days65.1092.2091.4093.8084.4085.1093.5086.2093.3082.60
Inventory Days62.4065.3077.3096.40118.80128.5095.3060.8056.2065
Payable Days164236.10266.70243.30151.50106.40133.20136.40145.20202.80

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Natco Pharma Ltd FAQs

The current trading price of Natco Pharma on 24-Sep-2026 16:59 is ₹841.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Sep-2026 the market cap of Natco Pharma stood at ₹15,078.4 Cr

The latest P/E ratio of Natco Pharma as of 23-Sep-2026 is 16.90.

The latest P/B ratio of Natco Pharma as of 23-Sep-2026 is 1.75.

The 52-week high of Natco Pharma is ₹1,226.1 and the 52-week low is ₹789.3.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Natco Pharma is ₹2,999 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Natco Pharma Ltd is a good quality company.

The key valuation ratios of Natco Pharma Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Natco Pharma Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Natco Pharma Ltd

Natco Pharma is a one of the leading globally vertically integrated pharmaceutical company with decades of presence with strategic focus in research and development to manufacture niche and complex molecules. Extending its complex chemistry capabilities, it diversified into Crop Health Sciences to manufacture and supply quality crop solutions to farmers in India. The Company creates, produces and sells finished dosage formulations (FDF), active pharmaceutical ingredients (API) and agrochemicals (technical and formulation) API products are strategically used for captive consumption. In the API segment, it has capabilities to develop and manufacture products with multi step synthesis, semi synthetic fusion technologies, high- potency APIs and peptides.

Natco has two business segments, Pharmaceuticals and Agrochemicals. Pharmaceuticals constitute a major portion of the revenue, where export formulations contribute a major portion of the pharmaceutical’s revenue followed by API. Export formulations business focuses on high entry barrier and complex products and comprises of customers in US, Canada, Brazil, Asia-Pacific and other countries. API business is backward integrated making the business strategic in nature by serving its captive requirements. Capabilities in APIs include complex multi-step synthesis & scale-up, advanced synthetic/ separation technologies, containment facility for handling high potency APIs, synthesis of peptide (solid phase pharmaceuticals, oligo nucleotide pharmaceuticals etc., and a well-established process safety engineering lab.

Its R&D capabilities are demonstrated by complex and niche product filings in formulations and API segments. Agrochemicals business segment is carried under Crop Health Sciences division of the Company. It has successfully launched broadspectrum insecticide Chlorantraniliprole (CTPR) and its combination products in India across key agrarian states. It is focused on establishing a product portfolio through crop phenology analysis and also explore export opportunities.

Business area of the company

The company is engaged in the business of pharmaceuticals and agricultural chemicals which comprises research and development, manufacturing and selling of bulk drugs, finished dosage formulations. The Company has manufacturing facilities in India which caters to both domestic and international markets including regulated markets like United States of America and Europe.

Awards and accolades

  • 2008: National Award 2008 for development of indigenous and cost-effective technologies for anti-cancer drugs by Technology Development Board, Dept. of Science & Technology, New Delhi.
  • 2009: Gold Patents Award for the year 2008-2009.
  • 2010: Silver Patents Award for the year 2009-2010 in recognition of commendable contribution in Bulk Drugs / API Patents Category awarded by Pharmaceuticals Export Promotion Council (PHARMEXCIL), INDIA.
  • 2012: Best Cleaner Production Award from Andhra Pradesh Pollution Control Board (APPCB).
  • 2013: Appreciation for Occupational Health and Safety from “NATIONAL SAFETY COUNCIL” Awards Golden Peacock Award for Corporate Social Responsibility.
  • 2014: ‘Shreshtha Suraksha Puraskar’ National Award.
  • 2015: Best Speciality Brand-SILVER AWARD.
  • 2016: Golden Peacock Environment Management Award.
  • 2017: Mr. V. C. Nannapaneni win India’s Greatest Brands and Leaders 2016-17 Awards.
  • 2018: Mr. V. C. Nannapaneni as Best CEO among Pharmaceutical Companies.
  • 2019: Best CEO Awards 2019 for corporate excellence.
  • 2020: Golden Peacock Innovation Management Award.
  • 2021: NATCO Pharma was awarded the IPA Industry Excellence Award for the year 2020.
  • 2022: NATCO Pharma Limited receives Corporate Governance award.
  • 2024: NATCO Pharma Awarded for Best Performance in Export Formulation.
  • 2024: NATCO Pharma Awarded as Pioneer in Community Service.
  • 2024: Winner of the Telangana State Awards 2023- Best CSR Practices.
  • 2024: NATCO Pharma’s Mekaguda Unit receives GreenCo- Gold Rating.
  • 2025: NATCO Awarded by CSR Summit.
  • 2025: NATCO Pharma receives Best Management Award by Telangana Government.
  • 2025: NATCO Pharma receives the Pharma Leader of the Year 2024–25 award.
  • 2026: NATCO Pharma Receives Award from Department of Labour, Government of Telangana.

Milestone:

  • 1981: Incorporated Natco Pharma Division at Kothur, Mahaboobnagar Dist, Telangana, India.
  • 1984: First full year in operation- sales of Rs 0.5 million
  • 1986: Inaugurated parental manufacturing facility at Nagarjunasagar, Telangana, India.
  • 1993: Inaugurated Natco’s chemical division at Mekaguda in Telangana.
  • 1995: Natco trust was founded. Natco merged three of groups companies with the parent company.
  • 1997: Inaugurated Natco Research Center (NRC) at Sanathnagar, Hyderabad, India.
  • 2003: Launched Oncology division with introduction of the flagship brand VEENAT (generic Imatinib Mesylate) for the treatment of chronic myelogenous leukemia.
  • 2006: Incorporated a finished dosage facility at Dehradun, Uttrakhand.
  • 2007: Natco launched its first ever ANDA in the US market. Natco acquired Savemart Pharmacy in USA.
  • 2008: Natco filed its first paragraph IV filing in the US market.
  • 2009: Inaugurated Natco Organics at Chennai, India with facilities dedicated for Cyto-toxic APIS’s Biotechnology products. Natco’s turnover reached $100 million.
  • 2011: Incorporated Natcofarma do Brazil LTDA.
  • 2012: Compulsory License was granted by government of India for patent protected anti-cancer drug Nexavar of Bayer.
  • 2012: Established Natco Pharma Asia Pte Ltd for sales and distribution in Singapore and winner of Golden peacock award for CSR work.
  • 2013: Established Natco Pharma Canada Inc for sales and distribution in Canada.
  • 2014: Established Natco Pharma Australia Pty Ltd for sales and distribution in Australia.
  • 2016: Sold U.S. based Save Mart pharmacy store. 
  • 2016: Winner of 'Golden Peacock Environment Management Award' for the Year 2016.
  • 2016: Launched generic version of Oseltamivir Phosphate capsules in the United States.
  • 2017: Started Cardiology and Diabetology divisions for domestic market with launches like Dabigatran. 
  • 2017: Launched Glatiramer Acetate injection (20 & 40 mg/ml) in the US. 
  • 2017: Launched complex drug delivery product, liposomal doxorubicin in the US.
  • 2018: USFDA completed inspection of Natco’s Mekaguda API facility with zero observations. 
  • 2018: Natco launched its first generic version of oral tablets Teriflunomide for Multiple Sclerosis in India. 
  • 2018: Natco introduced generic Posaconazole injection, available for the first time in India.
  • 2019: Commercial manufacturing operations begin in NATCO's Visakhapatnam Formulation Facility. 
  • 2019: Natco launches Crop Health Sciences Division.
  • 2019: Natco Pharma invests Rs 5 crore in OMRV Hospitals.
  • 2019: Natco Pharma has commenced commercial operations at Finished Dosage Formulations (FDF) facility in Visakhapatnam.
  • 2020: Natco Pharma’s subsidiary -- Natco Pharma (Canada) Inc., has entered into a settlement agreement with Celgene (now part of Bristol-Myers Squibb) for the product Lenalidomide Capsules in Canada. The terms of the agreement are confidential as per the agreement.
  • 2020: Natco Pharma has received Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for its drug formulations manufacturing facility at Visakhapatnam (Vizag) Andhra Pradesh, India.
  • 2021: NATCO acquired Dash Pharmaceuticals LLC, now renamed as NATCO Pharma USA LLC.
  • 2022: Crop Health Sciences division launched Chlorantraniliprole (CTPR) agro products in India.
  • 2022: NATCO launched the first generic version of Revlimid in the USA market.
  • 2023: NATCO set up its subsidiaries in Indonesia, United Kingdom and Colombia to boost international business.
  • 2023: Established ‘NATCO Reach’ to expand the coverage of Cardiology and Diabetology products in India.
  • 2024: Invested US$ 1 million in Cellogen Therapeutics Pvt Ltd. Focuses on Cell and Gene Therapy solutions.
  • 2024: Invested US$ 8 million in eGenesis, a biotechnology company focused on xenotransplantation.
  • 2025: Invested US$ 1 million in Stero Therapeutics, developing novel therapeutics for rare diseases with the strategic intent to further develop the therapeutics for larger, more common diseases.
  • 2025: Further invested US$ 1 million in Cellogen Therapeutics Pvt Ltd.
  • 2026: NATCO receives Tentative Approval for Erdafitinib Tablets (generic of Balversa) from the United States Food and Drug Administration (U.S. FDA).
  • 2026: NATCO receives approval from Central Drug Standard Control Organisation (CDSCO) for Semaglutide in India.
  • 2026: NATCO announces launch of Pomalidomide Capsules (generic of Pomalyst) in the U.S. market.
  • 2026: NATCO Pharma Limited completes acquisition of additional 13.25% stake in Adcock Ingram Holdings Proprietary Limited.
  • 2026: NATCO receives Tentative Approval for Olaparib Tablets from the United States Food and Drug Administration (U.S. FDA).
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