On consolidated basis
Quarter ended September 2025 compared with Quarter ended September 2024.
Net sales (including other operating income) of Natco Pharma has declined 0.59% to Rs 1363 crore. Sales of Pharmaceutical segment has gone down 3.37% to Rs 1,310.50 crore (accounting for 96.15% of total sales). Sales of Agro Chemical segment has gone up 252.35% to Rs 52.50 crore (accounting for 3.85% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 23.77% to Rs 626.80 crore. PBIT of Pharmaceutical segment fell 25.14% to Rs 633.40 crore (accounting for 101.05% of total PBIT). PBIT of Agro Chemical segment rose 72.27% to Rs -6.60 crore (accounting for -1.05% of total PBIT). PBIT margin of Pharmaceutical segment fell from 62.39% to 48.33%. PBIT margin of Agro Chemical segment rose from negative 159.73% to negative 12.57%. Overall PBIT margin fell from 59.97% to 45.99%. Operating profit margin has declined from 58.66% to 42.49%, leading to 27.99% decline in operating profit to Rs 579.20 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 10.30% to 12.14%. Purchase of finished goods cost rose from 3.86% to 5.04%. Employee cost increased from 10.90% to 13.90%. Other expenses rose from 17.10% to 28.72%. Other income rose 56.74% to Rs 100 crore. PBIDT fell 21.76% to Rs 679.2 crore. Provision for interest rose 219.51% to Rs 13.1 crore. Loan funds rose to Rs 260.70 crore as of 30 September 2025 from Rs 208.40 crore as of 30 September 2024. Inventories rose to Rs 818.00 crore as of 30 September 2025 from Rs 774.60 crore as of 30 September 2024. Sundry debtors were higher at Rs 1,718.90 crore as of 30 September 2025 compared to Rs 1,435.70 crore as of 30 September 2024. Cash and bank balance rose to Rs 2,690.20 crore as of 30 September 2025 from Rs 1,562.10 crore as of 30 September 2024. Investments rose to Rs 773.70 crore as of 30 September 2025 from Rs 643.00 crore as of 30 September 2024 . PBDT fell 22.91% to Rs 666.1 crore. Provision for depreciation rose 14.41% to Rs 52.4 crore. Fixed assets increased to Rs 2,892.80 crore as of 30 September 2025 from Rs 2,719.60 crore as of 30 September 2024. Intangible assets increased from Rs 56.20 crore to Rs 59.70 crore. Profit before tax down 24.99% to Rs 613.70 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 95.8 crore, compared to Rs 141.7 crore. Effective tax rate was 15.61% compared to 17.32%. Minority interest increased 37.50% to Rs -0.50 crore. Net profit attributable to owners of the company decreased 23.46% to Rs 518.40 crore. Equity capital stood at Rs 35.80 crore as of 30 September 2025 to Rs 35.80 crore as of 30 September 2024. Per share face Value remained same at Rs 2.00. Promoters’ stake was 49.48% as of 30 September 2025 ,compared to 49.62% as of 30 September 2024 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Natco Pharma has declined 1.53% to Rs 2691.9 crore. Sales of Pharmaceutical segment has gone down 3.64% to Rs 2,604.70 crore (accounting for 96.76% of total sales). Sales of Agro Chemical segment has gone up 185.90% to Rs 87.20 crore (accounting for 3.24% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 26.31% to Rs 1,201.90 crore. PBIT of Pharmaceutical segment fell 27.65% to Rs 1,211.70 crore (accounting for 100.82% of total PBIT). PBIT of Agro Chemical segment rose 77.52% to Rs -9.80 crore (accounting for -0.82% of total PBIT). PBIT margin of Pharmaceutical segment fell from 61.95% to 46.52%. PBIT margin of Agro Chemical segment rose from negative 142.95% to negative 11.24%. Overall PBIT margin fell from 59.67% to 44.65%. Operating profit margin has declined from 58.86% to 42.73%, leading to 28.52% decline in operating profit to Rs 1,150.20 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 10.68% to 12.91%. Purchase of finished goods cost rose from 3.13% to 3.99%. Employee cost increased from 10.65% to 13.41%. Other expenses rose from 17.17% to 27.94%. Other income rose 44.50% to Rs 161.7 crore. PBIDT fell 23.77% to Rs 1311.9 crore. Provision for interest rose 75.27% to Rs 16.3 crore. Loan funds rose to Rs 260.70 crore as of 30 September 2025 from Rs 208.40 crore as of 30 September 2024. Inventories rose to Rs 818.00 crore as of 30 September 2025 from Rs 774.60 crore as of 30 September 2024. Sundry debtors were higher at Rs 1,718.90 crore as of 30 September 2025 compared to Rs 1,435.70 crore as of 30 September 2024. Cash and bank balance rose to Rs 2,690.20 crore as of 30 September 2025 from Rs 1,562.10 crore as of 30 September 2024. Investments rose to Rs 773.70 crore as of 30 September 2025 from Rs 643.00 crore as of 30 September 2024 . PBDT fell 24.31% to Rs 1295.6 crore. Provision for depreciation rose 22.36% to Rs 110 crore. Fixed assets increased to Rs 2,892.80 crore as of 30 September 2025 from Rs 2,719.60 crore as of 30 September 2024. Intangible assets increased from Rs 56.20 crore to Rs 59.70 crore. Profit before tax down 26.90% to Rs 1,185.60 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 187.4 crore, compared to Rs 276.8 crore. Effective tax rate was 15.81% compared to 17.07%.Minority interest decreased 12.50% to Rs -0.90 crore. Net profit attributable to owners of the company decreased 25.76% to Rs 999.10 crore. Equity capital stood at Rs 35.80 crore as of 30 September 2025 to Rs 35.80 crore as of 30 September 2024. Per share face Value remained same at Rs 2.00. Promoters’ stake was 49.48% as of 30 September 2025 ,compared to 49.62% as of 30 September 2024 .
Full year results analysis.
Net sales (including other operating income) of Natco Pharma has increased 10.77% to Rs 4429.5 crore. Sales of Pharmaceutical segment has gone up 12.30% to Rs 4,368.90 crore (accounting for 98.63% of total sales). Sales of Agro Chemical segment has gone down 44.04% to Rs 60.60 crore (accounting for 1.37% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 36.78% to Rs 2,315.30 crore. PBIT of Pharmaceutical segment rose 40.45% to Rs 2,461.10 crore (accounting for 106.30% of total PBIT). PBIT of Agro Chemical segment fell 144.63% to Rs -145.80 crore (accounting for -6.30% of total PBIT). PBIT margin of Pharmaceutical segment rose from 45.04% to 56.33%. PBIT margin of Agro Chemical segment fell from negative 55.03% to negative 240.59%. Overall PBIT margin rose from 42.33% to 52.27%. Operating profit margin has jumped from 43.80% to 49.58%, leading to 25.39% rise in operating profit to Rs 2,196.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 13.21% to 12.07%. Purchase of finished goods cost fell from 3.83% to 3.74%. Employee cost increased from 13.27% to 13.38%. Other expenses fell from 25.42% to 21.37%. Other income rose 176.74% to Rs 354.5 crore. PBIDT rose 35.70% to Rs 2550.5 crore. Provision for interest rose 24.48% to Rs 23.9 crore. Loan funds declined from Rs 371.20 crore as of 31 March 2024 to Rs 279.40 crore as of 31 March 2025. Inventories rose to Rs 765.80 crore as of 31 March 2025 from Rs 700.50 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,246.60 crore as of 31 March 2025 compared to Rs 1,188.90 crore as of 31 March 2024. Cash and bank balance rose to Rs 2,176.00 crore as of 31 March 2025 from Rs 952.90 crore as of 31 March 2024. Investments declined from Rs 539.40 crore as of 31 March 2024 to Rs 473.60 crore as of 31 March 2025. PBDT rose 35.82% to Rs 2526.6 crore. Provision for depreciation rose 25.91% to Rs 235.2 crore. Fixed assets increased to Rs 2,866.00 crore as of 31 March 2025 from Rs 2,572.10 crore as of 31 March 2024. Intangible assets increased from Rs 56.00 crore to Rs 57.40 crore. Profit before tax grew 36.92% to Rs 2,291.40 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 408 crore, compared to Rs 285.2 crore. Effective tax rate was 17.81% compared to 17.04%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 35.81% to Rs 1,885.40 crore. Equity capital stood at Rs 35.80 crore as of 31 March 2025 to Rs 35.80 crore as of 31 March 2024. Per share face Value remained same at Rs 2.00. Promoters’ stake was 49.56% as of 31 March 2025 ,compared to 49.71% as of 31 March 2024 . Cash flow from operating activities increased to Rs 1,696.80 crore for year ended March 2025 from Rs 1,211.60 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 511.60 crore, compared to Rs 358.70 crore during the year ended March 2024. Other Highlights
The Board declared an interim dividend of Rs
1.5 per equity share of Rs 2 each during Q2 FY26. The record date fixed is Thursday,
20th day of November, 2025.
In
Q2 FY26, Domestic formulations contributed 7.2% of total revenue, exports 78.4%,
Crop Health Sciences (CHS) 3.6%, API 3.7%, and others 7.1%.
In
H1 FY26, Domestic formulations contributed 7.4% of total revenue, exports 79.7%,
Crop Health Sciences (CHS) 3.1%, API 3.7%, and others 6.1%.
| Natco Pharma : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202509 | 202409 | Var.(%) | 202509 | 202409 | Var.(%) | 202503 | 202403 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,363.00 | 1,371.10 | -0.59 | 2,691.90 | 2,733.70 | -1.53 | 4,429.50 | 3,998.80 | 10.77 | | OPM (%) | 42.49 | 58.66 | -1,617 bps | 42.73 | 58.86 | -1,613 bps | 49.58 | 43.80 | 578 bps | | OP | 579.20 | 804.30 | -27.99 | 1,150.20 | 1,609.10 | -28.52 | 2,196.00 | 1,751.40 | 25.39 | | Other Inc. | 100.00 | 63.80 | 56.74 | 161.70 | 111.90 | 44.50 | 354.50 | 128.10 | 176.74 | | PBIDT | 679.20 | 868.10 | -21.76 | 1,311.90 | 1,721.00 | -23.77 | 2,550.50 | 1,879.50 | 35.70 | | Interest | 13.10 | 4.10 | 219.51 | 16.30 | 9.30 | 75.27 | 23.90 | 19.20 | 24.48 | | PBDT | 666.10 | 864.00 | -22.91 | 1,295.60 | 1,711.70 | -24.31 | 2,526.60 | 1,860.30 | 35.82 | | Depreciation | 52.4 | 45.8 | 14.41 | 110 | 89.9 | 22.36 | 235.2 | 186.8 | 25.91 | | PBT | 613.70 | 818.20 | -24.99 | 1185.6 | 1621.8 | -26.90 | 2291.4 | 1673.5 | 36.92 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 613.7 | 818.2 | -24.99 | 1185.6 | 1621.8 | -26.90 | 2291.4 | 1673.5 | 36.92 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 613.7 | 818.2 | -24.99 | 1185.6 | 1621.8 | -26.90 | 2291.4 | 1673.5 | 36.92 | | Taxation | 95.8 | 141.7 | -32.39 | 187.4 | 276.8 | -32.30 | 408 | 285.2 | 43.06 | | PAT | 517.9 | 676.5 | -23.44 | 998.2 | 1345 | -25.78 | 1883.4 | 1388.3 | 35.66 | | Minority Interest (MI) | -0.5 | -0.8 | 37.50 | -0.9 | -0.8 | -12.50 | -2 | 0 | - | | Net profit | 518.4 | 677.3 | -23.46 | 999.1 | 1345.8 | -25.76 | 1885.4 | 1388.3 | 35.81 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 518.4 | 677.3 | -23.46 | 999.1 | 1345.8 | -25.76 | 1885.4 | 1388.3 | 35.81 | | EPS (Rs)* | 28.94 | 37.81 | -23.46 | 55.78 | 75.14 | -25.76 | 105.27 | 77.51 | 35.81 | | | * EPS is on current equity of Rs 35.82 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Natco Pharma : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202509 | 202409 | Var.(%) | % of (Total) | 202509 | 202409 | Var.(%) | % of (Total) | 202503 | 202403 | Var.(%) |
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| Sales | | Pharmaceutical | 96.15 | 1,310.50 | 1,356.20 | -3.37 | 96.76 | 2,604.70 | 2,703.20 | -3.64 | 98.63 | 4,368.90 | 3,890.50 | 12.30 | | Agro Chemical | 3.85 | 52.50 | 14.90 | 252.35 | 3.24 | 87.20 | 30.50 | 185.90 | 1.37 | 60.60 | 108.30 | -44.04 | | Total Reported Sales | 100.00 | 1,363.00 | 1,371.10 | -0.59 | 100.00 | 2,691.90 | 2,733.70 | -1.53 | 100.00 | 4,429.50 | 3,998.80 | 10.77 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 1,363.00 | 1,371.10 | -0.59 | 100.00 | 2,691.90 | 2,733.70 | -1.53 | 100.00 | 4,429.50 | 3,998.80 | 10.77 | | PBIT | | Pharmaceutical | 101.05 | 633.40 | 846.10 | -25.14 | 100.82 | 1,211.70 | 1,674.70 | -27.65 | 106.30 | 2,461.10 | 1,752.30 | 40.45 | | Agro Chemical | -1.05 | -6.60 | -23.80 | 72.27 | -0.82 | -9.80 | -43.60 | 77.52 | -6.30 | -145.80 | -59.60 | -144.63 | | Total PBIT | 100.00 | 626.80 | 822.30 | -23.77 | 100.00 | 1,201.90 | 1,631.10 | -26.31 | 100.00 | 2,315.30 | 1,692.70 | 36.78 | | Less : Interest | | 13.10 | 4.10 | 219.51 | | 16.30 | 9.30 | 75.27 | | 23.90 | 19.20 | 24.48 | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | Pharmaceutical | | 48.33 | 62.39 | -1,405.49 | | 46.52 | 61.95 | -1,543.27 | | 56.33 | 45.04 | 1,129.18 | | Agro Chemical | | -12.57 | -159.73 | 14,716.01 | | -11.24 | -142.95 | 13,171.23 | | -240.59 | -55.03 | -18,556.17 | | PBT | 100.00 | 613.70 | 818.20 | -24.99 | 100.00 | 1,185.60 | 1,621.80 | -26.90 | 100.00 | 2,291.40 | 1,673.50 | 36.92 |
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