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Specialty generics maker known for complex oncology drugs and aggressive patent-challenge (Para IV) launches in the US.
Specialty generics maker known for complex oncology drugs and aggressive patent-challenge (Para IV) launches in the US.
Relies on a small number of high-value US launches, typically in cancer treatment, so earnings jump when a launch is permitted and fall as competitors enter. The India business sells branded cancer drugs to hospitals. Founder V C Nannapaneni leads the company.
In one line: India's Para IV specialist, a smaller Teva.
Moat: narrow (IP / patents, process know-how). Expertise in complex generic litigation and first-to-file exclusivity wins are hard to replicate.
Headquarters: Hyderabad, India · Founded: 1981 · Employees: 5,060
Size NATCO Pharma (NATCOPHARM.NS) is an India Health Care company (Pharmaceuticals: Major) with a market value of $1.68B, the 420th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹807.00 on 6 Nov 2026.
Performance Over six months the shares fell 30.1%, against -4.2% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue fell 20.7% over the last twelve months (peer median +15.7%); the operating margin is 24.6% (peer median 13.0%).
Valuation It trades at 18.8× forward earnings against a peer median of 27.9× (6th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.1 points below its cost of capital (13.1% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹34.8B | ₹40.5B | ₹44.1B | ₹39.8B | ₹27.0B |
| Revenue growth | — | -8% | +11% | +47% | — |
| Gross profit | ₹19.9B | ₹21.7B | ₹26.4B | ₹22.9B | ₹12.0B |
| EBITDA | ₹10.5B | ₹14.9B | ₹22.5B | ₹18.2B | ₹9.69B |
| Net income | ₹11.4B | ₹14.2B | ₹18.9B | ₹13.9B | ₹7.15B |
| Free cash flow | n/a | ₹16.3B | ₹14.3B | ₹9.13B | ₹7.38B |
| Capital expenditure | n/a | ₹3.91B | ₹5.12B | ₹3.59B | ₹2.06B |
| Total debt | n/a | ₹7.14B | ₹2.79B | ₹3.71B | ₹1.76B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NATCO Pharma NATCOPHARM.NS | $1.68B | -30% | -21% | 25% | 18.8× | 15.3% |
| Dr. Reddy's Laboratories DRREDDY.NS | $12.1B | +5% | -4% | 9% | 31.8× | 30.1% |
| Cipla CIPLA.NS | $12.1B | +4% | -1% | 13% | 29.0× | 28.2% |
| Biocon BIOCON.NS | $6.28B | -4% | +6% | 8% | 56.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NATCOPHARM.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.4% | +0.1% | 11th highest of 21 |
| 6-month return | -30.1% | -4.2% | 2nd lowest of 20 |
| Distance from 52-week high | -34.2% | -30.0% | 11th highest of 21 |
| Revenue growth (TTM) | -20.7% | +15.7% | 2nd lowest of 19 |
| Operating margin | 24.6% | 13.0% | 4th highest of 19 |
| Forward P/E | 18.8× | 27.9× | 6th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 15.3% | 4.9% | 5th most demanding of 13 |
| Growth delivered (Del g) | +19.0% | +10.4% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | -3.7 pp | -2.4 pp | 7th least demanding of 13 |
| ROIC minus cost of capital | -6.1 pp | +1.7 pp | 5th lowest of 20 |
| EV / EBITDA | 15.1× | 28.9× | 5th cheapest of 9 |
| Net debt / EBITDA | -2.0× | -0.4× | 2nd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NATCO Pharma NATCOPHARM.NS | India | $1.68B | -30% | -21% | 25% | 18.8× | 15.3% | +19.0% |
| Braveheart Bio BRVE | United States | $1.67B | n/a | n/a | n/a | n/a | n/a | n/a |
| Yantai Dongcheng Biochemicals 002675.SZ | China | $1.67B | +1% | -4% | 15% | 47.5× | 6.7% | -4.3% |
| AstraZeneca Pharma India ASTRAZEN.NS | India | $1.69B | -25% | +31% | 10% | n/a | 49.3% | +23.0% |
| Shanghai Shyndec Pharmaceutical 600420.SS | China | $1.67B | -14% | -13% | 6% | 13.2× | -6.0% | -5.6% |
| SELLAS Life Sciences SLS | United States | $1.70B | +68% | n/a | n/a | n/a | n/a | n/a |
| Consun Pharmaceutical 1681.HK | Hong Kong | $1.65B | +5% | +15% | 35% | 9.2× | -15.1% | +13.5% |
| Faes Farma FAE.MC | Spain | $1.71B | +5% | +32% | 14% | 17.1× | 3.1% | +9.9% |
| Yifan Pharmaceutical 002019.SZ | China | $1.72B | -14% | -5% | 8% | 27.8× | n/a | n/a |
| Mayinglong Pharmaceutical 600993.SS | China | $1.62B | -4% | +7% | 17% | 16.2× | -4.5% | +6.8% |
| Eton Pharmaceuticals ETON | United States | $1.61B | +236% | +81% | 16% | 27.9× | 39.6% | +359.6% |
| Cohance Lifesciences COHANCE.NS | India | $1.75B | -11% | +41% | 6% | 82.6× | n/a | n/a |
| JiangXi Tianxin Pharmaceutical 603235.SS | China | $1.60B | -5% | +16% | 24% | n/a | -4.1% | +0.2% |
| Agios Pharmaceuticals AGIO | United States | $1.76B | +6% | +141% | -467% | n/a | n/a | n/a |
| Beijing Aosaikang Pharmaceutical 002755.SZ | China | $1.76B | -25% | -13% | 12% | 63.3× | 14.7% | -14.0% |
| Zhejiang Wolwo Bio-Pharmaceutical 300357.SZ | China | $1.77B | -11% | +7% | 39% | 27.8× | 19.5% | +10.8% |
| LigaChem Biosciences 141080.KS | South Korea | $1.59B | -68% | -33% | -208% | n/a | n/a | n/a |
| Jubilant Pharmova JUBLPHARMA.NS | India | $1.58B | -4% | +16% | 9% | 29.0× | n/a | n/a |
| Xiamen Kingdomway 002626.SZ | China | $1.58B | +15% | -3% | 11% | 30.0× | n/a | n/a |
| Corona Remedies CORONA.NS | India | $1.58B | +40% | +17% | 18% | 63.7× | 37.6% | +16.6% |
| PharmaResearch 214450.KS | South Korea | $1.79B | -25% | +34% | 39% | 12.4× | -14.2% | +37.6% |