Novartis India Limited
NSE: NOVARTINDPharmaceuticals
Share price
₹1,987.70
-1.13% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
54
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹4,770 Cr
P/E ratio
49.2
P/B ratio
6.0
ROCE
16.3%
ROE
11.6%
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 5.4% over the past year, and -3.5% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 11.4% to 27.2% over the last four years.
Whether it grew faster than its sector
It grew -3.5% a year against a sector median of 13.1% — 16.5 percentage points slower.
Room to re-rate, or risk of de-rating
At 49.2× earnings it costs 2.1× the market, which pays 23.9× across 2199 companies we can price. Its own industry sits at 78.7×, across 5 companies. It is against its own five-year median of 23.5×, the 99th percentile of its own range.
Whether growth justifies the valuation
Its earnings are falling, so growth cannot justify the price.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Novartis India Limited — this one | -3%/yr | 49.2× | — |
| Sun Pharmaceutical | 13%/yr | 33.4× | ₹2.6 |
| Divi's Laboratories | 13%/yr | 83.3× | ₹6.4 |
| Torrent Pharmaceuticals | 22%/yr | 78.7× | ₹3.6 |
| Zydus Lifesciences | 32%/yr | 23.1× | ₹0.72 |
| Laurus Labs Limited | 4%/yr | 98.6× | ₹24.7 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Pharmaceuticals), it ranks 53 of 130 on returns, 123 of 127 on growth, 35 of 130 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A narrow advantage: it earns 16.3% on capital, ahead of 59% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹319 crore of cash from the business, spent ₹2 crore on plant and equipment, and returned ₹315 crore to lenders and shareholders. But only about 17 of every 100 rupees of profit it reported over 12 years arrived as cash — the rest is tied up. Its cash comes back faster than it used to: it went from being paid 23 days before it paid its own suppliers to paid 46 days before it paid its own suppliers.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 9 checks clear · 89%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Announced 23 Jul 2026 · Standalone · Unaudited
Revenue
₹104 Cr
Revenue vs last year
+18.6%
Revenue vs last quarter
+14.6%
Net profit
₹32 Cr
Profit vs last year
+15.0%
Profit vs last quarter
+28.8%
Net margin
31.0%
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹4,770 Cr
- Prev close
- ₹1,987.70
- 52w High
- ₹2,589
- 52w Low
- ₹750
- Enterprise value
- ₹4,911 Cr
- Beta
- 0.3
- Price CAGR 1y
- 130.0%
- Price CAGR 3y
- 42.0%
- Price CAGR 5y
- 20.0%
- Price CAGR 10y
- 11.0%
Ratios
- Return on assets
- 9.5%
- PEG ratio
- -16.7
- P/E ratio
- 49.2
- P/B ratio
- 6.0
- EV / EBITDA
- 52.2
- Industry P/E
- 38.0
- ROCE
- 16.3%
- ROCE 5y average
- 14.0%
- ROE
- 11.6%
- Debt / Equity
- 0.0
- Interest coverage
- 131.0
- Dividend yield
- 0.0%
- ROE 3y average
- 12.0%
- ROE last year
- 12.0%
Annual P&L
- Annual revenue
- ₹354 Cr
- Annual profit
- ₹93 Cr
- Operating margin
- 27.0%
- Net profit margin
- 26.3%
- EBITDA margin
- 26.6%
- Sales growth 3y
- -2.2%
- Sales growth 5y
- -1.5%
- Profit growth 3y
- -3.0%
- Profit growth 5y
- 35.0%
- EPS
- ₹37.7
- Sales growth TTM
- 5.0%
- Profit growth TTM
- -5.0%
- Dividend payout
- 66.0%
Quarter P&L
- Sales latest quarter
- ₹104 Cr
- Profit latest quarter
- ₹32 Cr
- YoY quarterly sales growth
- 18.6%
- YoY quarterly profit growth
- 14.3%
- OPM latest quarter
- 33.6%
Balance Sheet
- Book Value
- ₹340
- Face Value
- ₹5.0
- Total debt
- ₹3 Cr
- Total cash
- ₹668 Cr
- Borrowings
- ₹3 Cr
- Reserves / Equity
- 67.1
Cash Flow
- Operating cash flow
- ₹47 Cr
- Free cash flow
- ₹46 Cr
- FCF yield
- 0.9%
- Net cash flow
- ₹0 Cr
Shareholding
- Promoter holding
- 70.7%
- FII holding
- 0.1%
- DII holding
- 1.4%
- Public holding
- 27.8%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Sun Pharma.Inds. | 1,766.00 | 33.5 | 4,23,723 | 0.90 | 2,901.2 | 6.0 | 15,299.9 | 10.5 | 20.5 |
| Divi's Lab. | 9,499.50 | 84.6 | 2,52,182 | 0.31 | 902.0 | 65.5 | 3,080.0 | 27.8 | 22.0 |
| Torrent Pharma. | 4,648.30 | 79.2 | 1,76,806 | 0.81 | 566.0 | 5.8 | 4,921.0 | 54.9 | 15.2 |
| Zydus Lifesci. | 1,117.00 | 22.9 | 1,11,421 | 0.09 | 990.2 | -35.1 | 8,017.0 | 22.0 | 21.1 |
| Laurus Labs | 2,022.80 | 100.0 | 1,09,294 | 0.10 | 362.1 | 125.5 | 2,026.3 | 29.1 | 17.8 |
| Cipla | 1,304.40 | 29.4 | 1,05,379 | 0.98 | 785.6 | -39.2 | 7,119.3 | 2.3 | 15.5 |
| Mankind Pharma | 2,426.80 | 47.0 | 1,00,238 | 0.04 | 574.1 | 29.6 | 4,030.6 | 12.9 | 13.5 |
| Novartis India | 2,012.20 | 50.8 | 4,968 | 0.00 | 32.2 | 16.6 | 103.8 | 18.6 | 16.3 |
| Median | 416.70 | 34.3 | 2,130 | 0.07 | 13.5 | 29.5 | 164.0 | 18.4 | 15.0 |
Competes with: Aurobindo Pharma, Cipla, Divi's Laboratories, Dr Reddy's Laboratories, Laurus Labs Limited, Lupin, Mankind Pharma Limited, Sun Pharmaceutical, Torrent Pharmaceuticals, Zydus Lifesciences
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 91 | 79 | 85 | 81 | 92 | 87 | 93 | 84 | 88 | 90 | 86 | 91 | 104 |
| Expenses | 73 | 62 | 65 | 70 | 68 | 69 | 67 | 60 | 60 | 66 | 64 | 70 | 69 |
| Material Cost | 0 | ||||||||||||
| Change in Inventories | -20 | ||||||||||||
| Purchases of Stock-in-Trade | 76 | ||||||||||||
| Employee Cost | 4.72 | ||||||||||||
| Other Expenses | 8.51 | ||||||||||||
| Operating Profit | 17 | 17 | 20 | 11 | 24 | 18 | 26 | 24 | 27 | 24 | 22 | 21 | 35 |
| OPM % | 19 | 21 | 23 | 14 | 26 | 21 | 28 | 29 | 31 | 26 | 26 | 23 | 34 |
| Other Income | 12 | 17 | 22 | 10 | 10 | 10 | 11 | 11 | 11 | 9 | 9 | 10 | 9 |
| Exceptional items (within Other Income) | 0 | ||||||||||||
| Interest | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Depreciation | 2 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| Profit before tax | 28 | 32 | 41 | 21 | 34 | 28 | 35 | 34 | 37 | 33 | 30 | 30 | 43 |
| Tax % | 27 | 27 | 36 | 31 | 24 | 26 | 28 | 14 | 26 | 26 | 46 | 16 | 25 |
| Net Profit | 20 | 24 | 27 | 15 | 26 | 20 | 25 | 29 | 28 | 24 | 16 | 25 | 32 |
| EPS in Rs | 8.21 | 9.59 | 11 | 5.95 | 10 | 8.27 | 10 | 12 | 11 | 9.81 | 6.52 | 10 | 13 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 870 | 690 | 656 | 564 | 491 | 438 | 381 | 400 | 379 | 335 | 356 | 354 | 371 |
| Expenses | 874 | 656 | 631 | 570 | 478 | 426 | 355 | 373 | 314 | 270 | 265 | 260 | 269 |
| Operating Profit | -4 | 34 | 25 | -6 | 12 | 12 | 27 | 27 | 65 | 65 | 91 | 94 | 102 |
| OPM % | -0.40 | 5 | 3.80 | -1.10 | 2.50 | 2.80 | 7 | 7 | 17 | 19 | 26 | 27 | 27 |
| Other Income | 101 | 207 | 71 | 172 | 78 | 36 | 33 | -17 | 58 | 62 | 42 | 39 | 37 |
| Interest | 0 | 0 | 1 | 6 | 2 | 6 | 8 | 5 | 2 | 1 | 0.77 | 1 | 1 |
| Depreciation | 4 | 3 | 4 | 3 | 3 | 13 | 12 | 10 | 6 | 2.61 | 2.19 | 2 | 2 |
| Profit before tax | 93 | 237 | 92 | 158 | 86 | 29 | 40 | -4 | 115 | 123 | 130 | 130 | 136 |
| Tax % | 15 | 16 | 38 | 50 | 40 | 65 | 48 | -3 | 10 | 31 | 23 | 28 | |
| Net Profit | 79 | 198 | 57 | 78 | 52 | 10 | 21 | -4 | 103 | 85 | 101 | 93 | 98 |
| EPS in Rs | 25 | 62 | 20 | 32 | 21 | 4.08 | 8.46 | -1.51 | 42 | 35 | 41 | 38 | 40 |
| Dividend Payout % | 40 | 16 | 49 | 32 | 48 | 245 | 118 | -663 | 113 | 72 | 61 | 66 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- -6%
- 5 years
- -1%
- 3 years
- -2%
- TTM
- 5%
Compounded profit growth
- 10 years
- -7%
- 5 years
- 35%
- 3 years
- -3%
- TTM
- -5%
Stock price CAGR
- 10 years
- 11%
- 5 years
- 20%
- 3 years
- 42%
- 1 year
- 130%
Return on equity
- 10 years
- 8%
- 5 years
- 11%
- 3 years
- 12%
- Last year
- 12%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 14 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| Reserves | 986 | 1,178 | 906 | 721 | 747 | 708 | 699 | 679 | 763 | 732 | 773 | 805 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 68 | 62 | 24 | 22 | 7 | 5 | 3 |
| Other Liabilities | 244 | 239 | 230 | 377 | 223 | 289 | 229 | 242 | 186 | 173 | 158 | 157 |
| Total Liabilities | 1,246 | 1,433 | 1,150 | 1,111 | 982 | 1,078 | 1,002 | 958 | 983 | 925 | 948 | 978 |
| Fixed Assets | 8 | 6 | 6 | 5 | 15 | 76 | 64 | 24 | 19 | 7 | 5 | 3 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 1,238 | 1,426 | 1,144 | 1,106 | 967 | 1,001 | 938 | 934 | 964 | 918 | 943 | 975 |
| Total Assets | 1,246 | 1,433 | 1,150 | 1,111 | 982 | 1,078 | 1,002 | 958 | 983 | 925 | 948 | 978 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -60 | 57 | -41 | 161 | -194 | -23 | -69 | 39 | 45 | 113 | 75 | 47 |
| Cash from Investing Activity | 719 | -630 | 424 | 69 | 274 | 56 | 95 | 87 | -153 | 33 | -3 | 18 |
| Cash from Financing Activity | -38 | -39 | -332 | -268 | -30 | -41 | -37 | -36 | -30 | -121 | -64 | -64 |
| Net Cash Flow | 622 | -612 | 51 | -38 | 50 | -9 | -11 | 90 | -139 | 26 | 7 | 0 |
| Free Cash Flow | -64 | 54 | -44 | 160 | -208 | -24 | -69 | 38 | 45 | 113 | 75 | 46 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 35 | 27 | 23 | 28 | 34 | 31 | 37 | 41 | 35 | 45 | 41 | 38 |
| Inventory Days | 103 | 92 | 104 | 84 | 111 | 117 | 119 | 117 | 99 | 82 | 74 | 98 |
| Days Payable | 98 | 89 | 87 | 158 | 168 | 145 | 137 | 148 | 108 | 112 | 93 | 101 |
| Cash Conversion Cycle | 40 | 30 | 40 | -45 | -23 | 3 | 19 | 10 | 26 | 15 | 22 | 36 |
| Working Capital Days | 6 | -35 | -14 | -99 | 7 | -1 | 62 | -23 | -37 | -59 | -45 | -46 |
| ROCE % | 9 | 22 | 9 | 17 | 12 | 5 | 6 | 6 | 15 | 16 | 17 | 16 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
News
News and filings about Novartis India Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- Imported finished pharmaceutical formulations / stock-in-trade purchased from Novartis Pharma AG (parent) and other global group sources
Sells to
- Dr Reddy's Laboratories · Exclusive sales & distribution arrangement (2022) for the Voveran range, Calcium (Sandoz)…
Buys from
- Kilitch Drugs (India) Limited · contract-manufactured pharmaceutical formulations
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Healthcare
- Industry
- Pharmaceuticals
- Classification
- Healthcare › Pharmaceuticals
- ISIN
- INE234A01025
News impact
Big market events that reach Novartis India Limited, and how the effect spreads.
11 Sept, 04:38 IST · Market event · low impact
Novartis India enters brand acquisition deal; NALCO partners EGA for Odisha smelter expansion
Novartis India bought brands to grow its portfolio while NALCO tied up with EGA to expand its Odisha smelter, two company-specific positives.
Who it hits first
- Novartis India scales its domestic brand portfolio
- NALCO's EGA tie-up de-risks smelter expansion tech and capital
- Pharma and aluminium peers see no spillover
Who may gain
- Odisha gains smelter capex and jobs
- Novartis India's field force gains more to sell
Along the supply chain
Downstream
Aluminium buyers gain long-term domestic supply.
Upstream
Smelter-equipment and construction vendors gain NALCO orders.
Where demand moves
Business
NALCO procures construction and equipment for expansion; Novartis integrates acquired brands into distribution.
Capital
Stock-specific buying without sector rotation.
How it spreads across sectors
Healthcare
Novartis brand deal only; no sector read
Metals & Mining
NALCO expansion adds structural supply
When it plays out
Immediate
Both stocks firm on deal headlines.
Medium term
Smelter output and brand scale compound over 3-5 years.
Short term
Watch deal financials and EGA equity structure.
31 Jul, 04:12 IST · Market event · medium impact
Novartis India recast as ChrysCapital-led buyout of Swiss parent's stake completes
A private-equity group led by ChrysCapital has taken control of Novartis India from its Swiss parent, but this mainly formalises a deal announced back in February 2026 - the stock already jumped about 18-20% then and now trades far above the buyout's offer price, so there is little fresh upside from the news itself.
Who it hits first
- Novartis India (NOVARTIND) is the company affected - ownership passes from Novartis AG to a ChrysCapital-led private-equity consortium, and the company will be rebranded.
Who may gain
- Public shareholders who wanted to exit already had the chance via the Rs 860.64 open offer months ago; with the stock now near Rs 1,575 the deal offers no fresh premium to today's holders.
Along the supply chain
Downstream
No direct downstream link - hospitals and distributors that buy its medicines face no supply change from the ownership transfer.
Upstream
No direct upstream link - a change in who owns Novartis India does not alter what raw materials or active ingredients it buys.
Where demand moves
Business
No supply-chain demand shift - this is an ownership change at one drugmaker and does not move orders toward or away from pharma peers like Cipla, Lupin or Sun Pharma.
Capital
Any deal-driven buying already occurred in Feb-March 2026; the completion may draw minor attention but capital rotation is negligible because the news is already known.
How it spreads across sectors
Healthcare
Minimal ripple - a single already-priced MNC-pharma buyout completion does not move the broader pharma sector.
When it plays out
Immediate
Little price impact expected - the catalyst played out in Feb-March 2026.
Medium term
Private-equity control could bring operational changes or a future strategic move, which is the only reason to keep the stock on a watchlist.
Short term
Watch for the rebranding and any change in strategy or capital allocation under the new private-equity owner.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 20 Jul 2023 | unspecified | ₹10 |
|---|---|---|
| 20 Jul 2023 | special | ₹37.5 |
| 20 Jul 2022 | unspecified | ₹10 |
| 17 Aug 2021 | unspecified | ₹10 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.