Natco Pharma enters Q1 FY27 navigating a transition year as it moves past the Revlimid-driven earnings cycle toward a new base of complex generics and international partnerships. Investors will be watching how the company balances its margin trajectory against elevated R&D investments and the initial contribution from its expanded stake in Adcock Ingram.
| Results date | August 14, 2026 |
|---|---|
| Quarter | Q1 FY 2026-2027 |
| Previous quarter revenue | Rs. 816.9 Cr |
| Previous quarter PAT | Rs. 269.0 Cr |
| Previous quarter EBITDA margin | 25.1% |
| Net debt (latest quarter) | Rs. -1,423 Cr |
| Market cap | Rs. 16,990.39 Cr |
| CMP | Rs. 948.6 |
The board meeting is scheduled for August 14, 2026, to consider the unaudited financial results and recommend an interim dividend for FY27.
The earnings call is scheduled for August 14, 2026, at 5:30 PM IST, hosted by 360 ONE Capital Market Pvt Ltd.
Natco's Q1 FY27 performance is expected to reflect the company's transition to a base business model following the sunset of Revlimid exclusivity. Reported revenue will face a sharp YoY decline compared to the Rs. 1,390.6 Cr recorded in Q1 FY26, though sequential growth is supported by a 12–15% YoY rupee depreciation and the first full quarter of India semaglutide sales. Management has guided for FY27 revenue of Rs. 3,400–3,500 Cr, implying a quarterly run-rate of Rs. 850–875 Cr that will serve as the primary benchmark for this print. EBITDA margins are expected to show sequential improvement from the 25.1% trough seen in Q4 FY26, aided by R&D spending normalizing to 7–9% of sales and the positive mix effect of USD-denominated export revenues. The upcoming call will focus on the reconciliation of these operating trends against the guided PAT range of Rs. 700–750 Cr for the full year.
Performance vs Guidance Tracking: Tracking actuals against the newly established FY27 full-year targets.
Adcock Ingram Contribution: Monitoring the impact of the 49% stake increase completed July 14, 2026.
Semaglutide India Launch: Assessing the initial commercial uptake of the multi-dose vial version.
US Pipeline and Regulatory Status: Updates on complex generic milestones and facility inspections.
Capital Raise and Restructuring: Strategic updates on corporate actions and business demergers.
In Q4 FY26, Natco reported total revenue of Rs. 816.9 Cr and a PAT of Rs. 269.0 Cr. The PAT figure included a one-time deferred tax asset benefit of Rs. 115 Cr.
Natco completed the acquisition of an additional 13.25% stake on July 14, 2026, bringing its total holding to 49%. The company will now recognize 49% of Adcock's PAT as an associate.
Management termed FY27 a 'base year' with PAT expected between Rs. 700-750 Cr, following the loss of high-margin Revlimid exclusivity. They expect stable compounding growth of 15-25% annually from FY28 onwards driven by new launches.