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Swing Capital

Natco Pharma Ltd

NSE: NATCOPHARM BSE: 524816Pharma

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]

₹1,165
52W: ₹789 — ₹1227
PE 14 · Book ₹462 · +152% vs book
Market Cap₹20,866 Cr
Stock P/E14Price to Earnings
ROCE31.8%Return on Capital
ROE27.5%Return on Equity
Div. Yield0.51%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 31.0% CAGR over last 5 years

Shareholding Pattern

Promoters49.41%
FIIs17.37%
DIIs5.46%
Public27.74%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters49.71%49.62%▼0.149.62%49.56%▼0.149.56%49.48%▼0.149.48%49.41%▼0.1
FIIs17.45%17.51%▲0.117.94%▲0.417.49%▼0.515.52%▼2.014.09%▼1.415.16%▲1.117.37%▲2.2
DIIs7.86%6.75%▼1.15.59%▼1.25.64%▲0.05.81%▲0.25.87%▲0.15.39%▼0.55.46%▲0.1
Public24.99%26.13%▲1.126.88%▲0.827.3%▲0.429.12%▲1.830.56%▲1.429.97%▼0.627.74%▼2.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales9306259651,2371,2934081,1571,1931,264529
Expenses488387512474502378596653712408
Operating Profit44223845376379129561540552120
OPM %48%38%47%62%61%7%48%45%44%23%
Net Profit360192349636661125428464501107
EPS ₹20.1110.7219.4935.5336.916.9723.925.9127.975.97

AI Insights

Revenue Trend

TTM revenue at ₹4,143Cr, up 1.2% YoY. OPM at 43%.

Debt Position

Borrowings at ₹256Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹254Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 5.46% (-9.69pp change). FIIs: 17.37% (+6.34pp change). Promoters hold 49.41%.

Margin & Efficiency

ROCE improving from 19% (Mar 2014) to 32% (Mar 2025). Working capital days: 149.

Valuation

PE 14x with 31.8% ROCE. Price is 152% above book value of ₹462. Dividend yield: 0.51%.

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