Natco Pharma Limited (NATCOPHARM) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch
Natco Pharma develops and manufactures complex generics, APIs, domestic formulations and crop health sciences products, with a large share of revenue from regulated markets like the US. This print will speak to how the base business is holding up after the Revlimid cliff — against a Q2 FY26 base that was Revlimid-heavy — and whether FY27 guidance of Rs. 3,400-3,500 crores revenue and ~Rs. 750 crores PAT stays intact.
| Results date | November 13, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 7,944 Mn (Rs. 794.4 Cr) |
| Previous quarter PAT | Rs. 2,065 Mn (Rs. 206.5 Cr) |
| Previous quarter EBITDA margin | 30.9% |
| Market cap | Rs. 15,866.06 Cr |
| CMP | Rs. 808.8 |
Natco Pharma Limited Q2 Results Date and Time
The board will meet on November 13, 2026 to consider the unaudited Q2/H1 FY27 results and a possible second interim dividend for FY 2026-27. The trading window is closed from October 30 to November 15 and reopens on November 16.
The Q2 FY27 earnings call is scheduled for Friday, November 13, 2026 at 16:00 IST via Zoom, for the quarter ended September 30, 2026.
What to expect from Natco Pharma Limited's Q2 FY27 results
The big swing factor this quarter is the base effect: Q2 FY26 revenue of Rs. 1,463 Cr came at a 46.4% EBITDA margin on the last significant Revlimid quarter, and Revlimid has been 'negligible' since Q3 FY26 — so a steep YoY revenue decline is mechanical rather than a demand signal.
The underlying read is the base business, where Domestic Formulations grew 27.48% YoY in Q1 FY27 and the domestic semaglutide market stayed volumetrically strong — generic semaglutide units nearly quadrupled from 114,000 units in February to ~434,000 units by September, with generics at ~74% of monthly units, though value rose only from Rs. 48 Cr to Rs. 113 Cr amid innovator price cuts of 36-48%.
On costs, Maersk's India-Europe emergency contingency surcharge rose to $3,800/TEU from August 1 and global container rates sat ~124% higher YoY, while the rupee's slide from 94.49 on September 2 to ~95.95 by September 28 is a translation tailwind for the export-heavy international formulations book. Management reiterated FY27 guidance of Rs. 3,400-3,500 crores revenue and ~Rs. 750 crores PAT at the Q1 call — 'Our guidance still remains around INR750 crores.
I am not changing the guidance' — with 15-25% annual compounding framed from FY28. The call will also cover Adcock normalisation, since Q1's Rs. 843 Mn profit share was a flu-season bump management explicitly said not to annualize, with the 49% see-through consolidating from Q2 FY27.
Key Things To Watch
H1 FY27 tracking vs FY27 guidance
- FY27 PAT guidance ~INR 750 crores and revenue INR 3,400-3,500 crores — watch H1 progress against the full-year anchors
- Whether the Q1 flu-season Adcock bump (INR 843 Mn profit share) normalizes to ~INR 100 crores/quarter
- Whether management retains the '15% to 25%' compounding-from-FY28 framing given the Q1 FY27 revenue decline
CHS demerger status
- Scheme revision and refiling post-rights issue (same share swap ratio) with NCLT filing still pending
- Timeline revised from 'around Oct/Nov' to 'possibly... March instead of December' per the Q1 FY27 call
Rights proceeds deployment and M&A
- Deployment of the ~Rs. 1,279 crore rights proceeds (allotted Oct 23, 2026) — stated purpose is acquisitions/M&A
- Acquisition pipeline with potential closure in FY27; next geographic focus is Europe, especially Western Europe
US FDA, Parawada 483 and launch pipeline
- Parawada FDF Form 483 (Aug 17-21, 2026 inspection) carried 4 observations, assessed as procedural — watch resolution within stipulated timelines
- Two FY27 US launches with exclusivity and H2 FY27 launches in US/Brazil/Canada; progress on the 8-9 ANDA filing target
- 28 Para IVs with 20+ FTFs and 17 approved as of June 30, 2026
Semaglutide and emerging markets trajectory
- Semaglutide vial uptake vs the INR 75-100 crores annualized target amid expected 10-15 generic competition; brand currently earns ~INR 2 crores/month
- Brazil exports grew 180% to INR 178 crores in Q1 FY27; Canada growth target of 10-15% for FY27
- Domestic volumes guided up ~25% in FY27; R&D spend guided at 7-9% of sales
Ask about this
Ask Cofacto a question about this company. Answers cite filings and company data.
Frequently Asked Questions
Will Natco Pharma's margins stay at 40-50%?
Management has acknowledged FY27 earnings will contract to INR 700-750 crores from ~INR 1,400 crores in FY26, calling the business cyclical. Q1 FY27 EBITDA margin was 30.9% against a 46.4% margin in the Revlimid-heavy Q2 FY26.
How does Adcock Ingram contribute to Natco Pharma's earnings?
Management's thumb rule is to take 35.75% of Adcock's profit and subtract INR 10-15 crores of annual amortization, with steady state adding ~INR 35-40 crores PAT per quarter to NATCO. Adcock is consolidated as an associate since NATCO holds 49% and does not own 51%.
Is Revlimid still contributing to Natco Pharma's revenue?
No — Q2 FY26 was the last quarter of significant Revlimid sales, and management said Q1 FY27 contribution was 'very, very small. It is negligible to say the least'. Diversification into Brazil, Canada and the Middle East has been offsetting the erosion.
Is Natco Pharma on track with its FY27 guidance?
Management reiterated FY27 guidance of ~INR 750 crores PAT and INR 3,400-3,500 crores revenue at the Q1 FY27 call, with the CFO stating 'Our guidance still remains around INR750 crores. I am not changing the guidance.' Earnings are framed to compound 15-25% annually from FY28.
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Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.