Natco Pharma Limited — Investor Meet, 04-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Natco Pharma reported FY25 consolidated revenue of INR4,784 Cr, up 16% YoY, with PAT increasing 36% to INR1,883 Cr—the highest ever. Q4 revenue was INR1,287 Cr, PAT INR406 Cr despite INR75 Cr impairment charges. FY26 outlook expects a 20% revenue and 30% PAT decline due to U.S. pricing and geopolitical risks, with a stronger H1. R&D spend was INR373 Cr (~8.5% of standalone revenue), focusing on specialty launches like Risdiplam and Semaglutide. Non-U.S. exports stand at ~INR800-900 Cr, led by cancer drugs. Crop Health Sciences aims to break even in FY26. Acquisition and capex plans remain active. Management is cautiously optimistic on pipeline and growth balance.