India · Delayed Price · Currency is INR NATCO Pharma Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 revenue rose to INR 705.4 crore with strong subsidiary growth and no Revlimid sales. FY26 revenue is guided at INR 4,300 crore, with semaglutide expected to drive domestic growth. Cash is reserved for further acquisitions, and the Adcock integration is progressing.
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Q2 FY26 saw revenue of INR 1,463 crores and net profit of INR 517.9 crores, with strong EBITDA margins. Guidance for H2 is INR 750-800 crores revenue per quarter, with semaglutide and international launches as key growth drivers. Revlimid revenue is expected to decline due to competition.
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Q1 FY26 revenue was INR 1,390.6 crore with strong EBITDA margin but lower net profit due to U.S. pricing pressure and higher R&D. Guidance for a 20% drop in revenue and profit is maintained, with the Adcock acquisition expected to diversify earnings. Cash reserves remain robust.
Fiscal Year 2025
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A 35.75% stake in a major African pharma company is being acquired for INR 2,000 crore, funded from cash reserves. The deal brings immediate earnings accretion, access to new markets, and significant synergy potential, with integration and value realization expected over the next two to three years.
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Record FY 2025 revenue and profit growth driven by strong core business and robust cash reserves. FY 2026 guidance is conservative, anticipating a 20% revenue and 30% profit decline due to U.S. headwinds, with upside potential from key product launches and acquisitions.
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Q3 FY25 saw a sharp decline in revenue and profit due to absence of Revlimid sales and high R&D costs, but management expects a strong rebound in coming quarters with new product launches and a fresh Revlimid allocation. Significant cash reserves are earmarked for acquisitions, and volatility is expected to persist as the business remains dependent on large product events.
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Q2 FY25 saw 35% revenue and 83% net profit growth, driven by export formulations and stable domestic business. Management expects to exceed 20% profitability growth guidance, with strong margins and a robust product pipeline, while maintaining high R&D investment.
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Q1 FY25 saw 21.6% revenue and 59% profit growth, led by export formulations, with strong cash generation and a conservative 20% annual profit growth guidance. Management is focused on risk mitigation, pipeline development, and strategic acquisitions to sustain long-term growth.