NATCO Pharma Limited – Q2 FY26 Results Summary
Announcement Date: November 14, 2025
Key Financial Metrics (Consolidated):
- Revenue: ₹1,363 crore, down 0.6% YoY (₹1,371 crore in Q2 FY25), up 2.5% QoQ (₹1,329 crore in Q1 FY26)
- EBITDA Margin: 46.4% (including other income)
- Net Profit: ₹518 crore, down 23.5% YoY (₹676 crore in Q2 FY25), up 7.8% QoQ (₹480 crore in Q1 FY26)
- EPS: ₹28.94, down from ₹37.81 YoY
Segment Performance:
- Pharmaceuticals: Revenue ₹1,311 crore (-3.3% YoY, +1.3% QoQ), EBIT margin 48.3%
- Agro Chemicals: Revenue ₹53 crore (+252% YoY, +51.3% QoQ), EBIT loss narrowed to ₹(6.6) crore
Balance Sheet & Cash Flow Highlights:
- Total assets increased to ₹10,430 crore from ₹8,631 crore (Mar 2025)
- Equity rose to ₹8,654 crore from ₹7,612 crore
- Operating cash flow for H1 FY26 at ₹1,191 crore, investing outflows increased due to acquisitions
- Moderate capex of ~₹180 crore in H1 FY26
Corporate Actions & Management Commentary:
- Completed acquisition of 35.75% stake in Adcock Ingram Holdings Limited (South Africa) for ~USD 225 million
- Board approved incorporation of wholly owned subsidiary to demerge Crop Health Sciences (Agro Chemicals) division
- Declared second interim dividend of ₹1.50 per share for Q2 FY26
- Incurred one-time employee bonus and increased R&D expenses related to bioequivalence studies
- No changes in accounting policies or material adjustments
Outlook:
- Management is evaluating the demerger of Agro Chemicals business to unlock value and enhance operational focus
- Continued focus on geographic expansion and integration of recent acquisition
This summary captures the key financials, segment performance, corporate developments, and management commentary relevant for investment analysis.