Natco Pharma Limited (NATCOPHARM)

Small Cap

Pharma stocks · Small cap · NSE

Natco Pharma Limited is an Indian pharmaceutical company engaged in manufacturing and marketing of finished dosage formulations (domestic and exports), active pharmaceutical ingredients (APIs), and crop health science products. The company focuses on generic product development for regulated markets and invests in novel therapies.

₹800.85

+15.80 · +2.01%

Market cap ₹15,710 Cr

IndicesNifty 500

ThemesPharma Healthcare & Hospitals

Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm IST

Details

Quote19 Oct, 03:31 pm IST

Base fundamentals20 Oct 2026 · screener

Latest result16 Aug, 12:39 am IST

Score20 Oct, 05:15 am IST · v4.3-runtime-valuation

Tags02 May 2026

Coverage13/14 · 93%

Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)

Technical timing lens

Trend score and candlestick chart

51Neutral

full bear SMA stack · SMA20 -2.8% / mo · MACD − · near 52W low · sector +3.8pp vs Nifty 500 (3M)

Stock trend: 20

Sector RS: 98

Sector 3M: -1.8% vs Nifty 500 -5.6%

Pharma FPI tailwindFlow only

FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence

Compare peers →

Technical chart

NATCOPHARMD candles · FIT view-26.1%

Latest close ₹800.85 on 2026-10-19

Bar

+2.0%

RSI

MACD hist

-0.23

52W pos

2026-10-19O ₹785.05H ₹809.80L ₹779.50C ₹800.85Vol 7.7L sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

NATCOPHARMNifty PharmaNifty 500

NATCOPHARM: -15.1%
Nifty 500: -5.6%
Nifty Pharma: -1.5%
Vs Nifty 500: -9.5 pp

Chart stats

19 Oct 2026

From 52W high: -34.2%
52W range position: 5%
ATR (14): 2.4%
Volume vs 20D: 1.62x
Avg traded value: ₹39.7 Cr
20D price channel: ₹779 - ₹850.9

Quarter ended 30 Jun 2026

Bad · 0

Rev -45% YoY · PAT -57% YoY · margin compression

Revenue: ₹735 Cr; YoY -44.7%
PAT: ₹206 Cr; YoY -57.1%
Operating margin: 25.0%; QoQ +800 bps
PAT margin: 28.0%; QoQ -837 bps

Filed 30 Jun 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 4 Downtrend

Current trend context ranked against the Nifty 500. It describes the chart; it is not a buy or sell signal.

RS percentile: 40; +5 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 4 Downtrend
Sector rotation: #1; leading · 48 stocks
Industry rotation: #12; weakening · 19 stocks

Trend structure

Below 20-DMABelow 50-DMABelow 200-DMA

RSI (14)

Weak momentum

MACD

Below signal

Histogram -0.23

Volume participation

1.6x average

Versus 20-session average

20-session position

30% of range

₹779 low · ₹850.86 high

Relative performance

vs Nifty 500

1M: +2.8 pp; stock -0.7%
3M: -9.5 pp; stock -15.1%
6M: -23.0 pp; stock -26.6%
1Y: +3.9 pp; stock -3.1%

From 52W high

-34.2%

High ₹1,216.81

52W range position

₹779 - ₹1,216.81

ATR (14)

2.4%

₹19.04

Avg traded value

₹39.7 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.

Good U-Score but weak results consistency: verify latest quarters.

Suggested next step

Check latest quarters

Result consistency is weak; verify whether the thesis is improving or deteriorating.

U-Score

Legacy · UNDERVALUED

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Bad · 0/100

Rev -45% YoY · PAT -57% YoY · margin compression

Filed 30 Jun 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹735 Cr	-44.7%	-0.5%
EBITDA	₹186 Cr	-67.4%	+45.3%
Operating margin	25.0%	-1800 bps	+800 bps
PAT	₹206 Cr	-57.1%	-23.4%
PAT margin	28.0%	-809 bps	-837 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 13.70
P/B: 1.70
EV/EBITDA: 13.16
Market Cap: 15710.00Cr

Profitability

ROE: 17.10%
ROCE: 17.40%
ROA: 10.34%
Dividend Y: 0.62%

Growth (CAGR)

Revenue 5Y: 15.00%
EPS 5Y: 28.00%
Revenue 3Y: 15.00%
EPS 3Y: 27.00%

Balance Sheet

Debt/Equity: 0.08
Interest Coverage: 22.87×
Altman Z: 7.18
Book Value: 470.00

Cash Flow

FCF Yield: —
FCF Positive Y: 8/5
OCF: 1768.00 Cr
EPS TTM: 58.31

Shareholding

Promoter Hold: 49.39%
Promoter Pledge: 0.00%
Momentum 52W: 5%

Financial History

Updated 20/10/2026

Revenue

₹ Cr

Latest: 735-0.5% vs prev

Net Profit

₹ Cr

Latest: 206-23.4% vs prev

ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Mixed signals

Signals are conflicting — long-term trend down. RSI 44. Wait for confirmation.

Price < SMA20 < SMA50 < SMA200 — full bearish stack.
SMA20 falling (~2.8% over last month) — short-term momentum negative.
RSI(14) at 44 — rising, no extreme reading.
MACD below signal but histogram contracting — bearish momentum easing.
Within 5% of 52-week low — testing support.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 4 Downtrend

1M return

-0.7%

3M return

-15.1%

6M return

-24.6%

1Y return

-2.3%

RS 1D

RS 20D

Sector rank

Industry rank

#12

Stage evidence

Price is 15.3% below the 30-week proxy.
The 50-DMA is below the 30-week proxy and its slope is falling -2.1%.
Both 3-month and 6-month returns are negative.

50-DMA

price below

200-DMA

price below

Sector

leading

Industry

weakening

Relative-strength line vs Nifty 500 (base 100)

262 observations

19 Oct 2026Value 101.37+3.07%

RS vs Nifty 500101

Valuation & peers

U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies

Top Setup

Fundamental score breakdown

U band · UNDERVALUED

Valuation19/30

Growth22/25

Quality9/20

Balance Sheet12/15

Cash Flow4/10

Piotroski

8/9 (+5)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

72/100 · legacy band UNDERVALUED

Positive drivers

Piotroski is strong at 8/9.
Fair-value margin of safety is positive at 69.5%.
Growth contributes 22/25 to the score.

Main drags

Cash flow is weaker at 4/10; verify the latest quarterly trend.
Quality is weaker at 9/20; verify the latest quarterly trend.
Valuation is weaker at 19/30; verify the latest quarterly trend.

Sector valuation model

Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks

Healthcare valuation needs both earnings quality and regulatory/pipeline context.

Pharma PE/EVEBITDA

Primary lens

PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.

Secondary checks

USFDA risk, launch pipeline, margin trend, domestic vs export mix.

Main risk check

Regulatory setbacks or one-off product cycles can distort valuation.

13.7

1.7

EV/EBITDA

13.2

ROE

17.1%

ROCE

17.4%

FCF Yield

—

Debt/Equity

0.1

MoS

+69.5%

Score movement

Stored run vs live recompute

This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.

Stored run: 20 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 72

Legacy U-Score band

UNDERVALUED

Previous: UNDERVALUED

Margin of safety

+69.5%

Previous: +69.5%

Score history

12 stored score snapshots. Latest stored move: +0 points.

20 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹785.26

-2.0% MoS

Growth-justified P/E

45.0

Growth-justified Value

₹2,623.95

+69.5% MoS

PEG

0.50

Comparable companies

Peers

Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

MARKSANS

Micro

Marksans Pharma Limited

Kwality Pharmaceuticals Limited

Sanofi Consumer Healthcare India Limited

Senores Pharmaceuticals Limited

Orchid Pharma Limited

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis under stressReviewed 2026-06-16T07:41:27.940Z

Management commentary snapshot

Q4FY26 consolidated revenue declined to INR 8,169 Mn (down 36.5% YoY), with EBITDA margin at 25.1% (vs 47.7% YoY). FY26 revenue was INR 43,759 Mn (down 8.5% YoY), with EBITDA margin at 39.6% (vs 53.3% YoY). PAT for Q4FY26 was INR 2,690 Mn, boosted by a one-time tax benefit. Export formulations saw a significant YoY decline.

The significant YoY decline in export formulations, which is the largest revenue segment, has led to a substantial drop in overall revenue and profitability for both Q4FY26 and FY26. While domestic formulations show growth and new products are launched, the core export business performance is concerning, putting the growth thesis under stress.

Current business mix

Revenue by Segment (FY26)

Latest issuer-disclosed distribution across 5 reported categories.

Export formulation66.0%

Domestic Formulation17.0%

Crop Health Sciences2.8%

API7.8%

Others10.1%

Growth engines

US Generic Launches

Multiple new generic launches in the US market, including Pomalidomide, Everolimus, and Bosentan.

Robust US Pipeline

Strong Para IV pipeline with over 20 FTFs (incl. Sole and Shared) for the US market.

Domestic Formulations Growth

Consistent double-digit YoY growth in the domestic formulations segment.

Strategic Investments in NCE/Cell & Gene Therapy

Investments in eGenesis, Cellogen Therapeutics, Stero Therapeutics, and NRC-2694 for future advanced therapies.

Tailwinds

New Product Introductions

Recent launches of high-value generics in the US and India are expected to contribute to future revenue.

Diversified Pipeline

Extensive pipeline of Para IV products and investments in novel therapies provide long-term growth avenues.

Strategic Acquisition

Acquisition of a 35.75% stake in Adcock Ingram Holdings Limited, South Africa, expands international presence.

Headwinds

Declining Export Formulations

Significant YoY revenue decline in the largest segment, Pharma Export Formulations, impacting overall performance.

Margin Compression

Substantial contraction in EBITDA and PAT margins YoY, indicating pricing pressure or higher costs.

Overall Revenue Contraction

Total consolidated revenue declined YoY for both the quarter and the full fiscal year.

Risk radar

Regulatory Environment

Changes in regulatory norms could impact product approvals and market access.

Competition in Generics

Intense competition in the US generics market can lead to pricing erosion and impact profitability.

R&D Investment Risk

Investments in novel therapies (NCE, Cell & Gene Therapy) are long-term, high-risk ventures with uncertain returns.

Dependence on Key Products

Performance heavily reliant on successful launches and sustained sales of key generic products.

Management accountability

What management said, and what results must prove

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Analyst reading lens

Compare BOTH

Both YoY and QoQ comparisons are essential. YoY highlights the significant decline in export formulations and overall profitability against a strong prior year. QoQ shows sequential trends in revenue and margins.

Sector KPIs management disclosed

Domestic Formulations Revenue

Q4FY26: INR 1,087 Mn (up 9.4% YoY); FY26: INR 4,409 Mn (up 10.2% YoY).

Pharma Export Formulations Revenue

Q4FY26: INR 5,396 Mn (down 48.7% YoY); FY26: INR 32,345 Mn (down 14.0% YoY).

EBITDA Margin

Q4FY26: 25.1% (vs 47.7% YoY); FY26: 39.6% (vs 53.3% YoY).

PAT Margin

Q4FY26: 32.9% (vs 31.5% YoY, includes one-time tax benefit); FY26: 32.4% (vs 39.4% YoY).

Management forward view

Xenotransplantation

eGenesis is committed to ending the global transplant shortage, with the first human transplant of a genetically engineered pig kidney done in March 2024.

CAR-T Therapy

Cellogen Therapeutics expects first human dosing for Leukemia to begin shortly in India, having received GMP manufacturing approvals.

Head and Neck Cancer Trial

Patient recruitment is in progress for the Phase 2 clinical trial of NRC-2694 in the US and India.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
Export Formulations Revenue	Q4FY26 at INR 5,396 Mn (down 48.7% YoY)	Stabilization and growth in export formulations revenue.
EBITDA Margin	FY26 at 39.6% (down from 53.3% YoY)	Reversal of margin contraction and sustained improvement.
US Product Launch Contribution	Pomalidomide, Everolimus, Bosentan launched	Revenue contribution and market share capture from new US generic launches.
NCE/Cell & Gene Therapy Progress	Clinical trials ongoing/starting	Positive clinical trial results and further development milestones for advanced therapy investments.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Trust Score

64Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 31st percentile within Pharma. Main check: results consistency is weak at 5/100.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 20 Oct 2026

management-trust-v1

128 docs text-extracted · 37 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

42nd percentile

overall median 67 · Pharma: 31st pctile, median 70 · Small: 47th pctile, median 66

Evidence depth

Financial-only

128 documents have extracted text, but claim history is not strong enough yet.

Claim delivery

Outcome history still building

0 claims extracted · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence

What it measures

Reliability of management and financial delivery, using financial behaviour only.

Confidence

Treat this as an early read until more concalls and outcomes are matched.

Investor use

Acceptable, but check the weakest sub-score before increasing exposure.

Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.

Forensic breakdown

Read low sub-scores as due-diligence warnings, not automatic sell signals.

Promoter

strong · holding, pledge, alignment

Cash flow

acceptable · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

watch · capital discipline

Results

weak · quarterly consistency

Trust positives

▸Promoter pledge is zero.
▸8 years of positive FCF.
▸Debt/equity is 0.08.

Trust risks

▸2 latest quarters had PAT decline worse than 25% YoY.
▸ROCE trend is -9.3%.
▸1/4 latest quarters had positive YoY revenue growth.
▸1/4 latest quarters had positive YoY PAT growth.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Compare Pharma stocks Browse Indian stocks starting with N Explore fundamental stock screeners Browse Indian investment themes

Related companies

Marksans Pharma Limited (MARKSANS)Kwality Pharmaceuticals Limited (KPL)Sanofi Consumer Healthcare India Limited (SANOFICONR)Senores Pharmaceuticals Limited (SENORES)Orchid Pharma Limited (ORCHPHARMA)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

Natco Pharma Limited (NATCOPHARM)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

Revenue by Segment (FY26)

US Generic Launches

Robust US Pipeline

Domestic Formulations Growth

Strategic Investments in NCE/Cell & Gene Therapy

New Product Introductions

Diversified Pipeline

Strategic Acquisition

Declining Export Formulations

Margin Compression

Overall Revenue Contraction

Regulatory Environment

Competition in Generics

R&D Investment Risk

Dependence on Key Products

What management said, and what results must prove

Domestic Formulations Revenue

Pharma Export Formulations Revenue

EBITDA Margin

PAT Margin

Xenotransplantation

CAR-T Therapy

Head and Neck Cancer Trial

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching Natco Pharma Limited

Important announcements & filings

Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Oct

Sep 2026 · Announcement under Regulation 30 (LODR)-Issue of Securities 9 Sep - Natco Pharma filed draft letter for proposed rights issue up to ₹13,000 million on September 9, 2026.

Announcement under Regulation 30 (LODR)-Press Release / Media Release 28 Sep - NATCO raises eGenesis investment to US$16.7 million, taking total exposure to US$24.7 million.

Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Sep - Newspaper Publication of Record date for Rights Issue

Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Sep

Aug 2026 · Transcript

Aug 2026 · PPT

Aug 2026 · PPT

Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Aug - Natco Pharma will attend an in-person investor meeting in Mumbai from 19-21 August 2026.

Announcement under Regulation 30 (LODR)-Press Release / Media Release 21 Aug - USFDA inspection concluded at Visakhapatnam FDF unit; Form 483 issued with four observations.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Aug

Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Jul - Natco Pharma completed 13.25% stake acquisition in Adcock Ingram for about ₹1,060 crore, lifting holding to 49%.