NATCO Pharma Limited (NATCOPHARM.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+351.2%

₹3,541.68

vs ₹785.00 price

Levered DCF

₹5,076.73

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	12.65×	7.65×	12.59×	14.38×	81.13×	34.11×	19.96×	16.21×
P/B	1.95×	1.9×	2.99×	2.11×	3.23×	3.66×	2.44×	2.99×
P/S	4.4×	3.25×	4.37×	3.8×	7.09×	7.33×	4.82×	4.99×
EV / EBITDA	9.86×	5.82×	10.12×	10.61×	53.06×	25.11×	16.28×	13.55×
Gross margin	83.1%	83.6%	81.3%	75.8%	70.0%	74.1%	78.8%	81.8%
Operating margin	30.2%	67.7%	64.9%	55.1%	35.6%	45.3%	45.8%	51.5%
Net margin	34.8%	42.5%	34.7%	26.4%	8.7%	21.4%	24.1%	30.8%
Current ratio	3.01×	5.59×	4.14×	4.39×	3.52×	4.45×	3.39×	3.22×
Debt / equity	0.08×	0.04×	0.07×	0.04×	0.1×	0.07×	0.09×	0.11×
Interest coverage	33.51×	163.95×	135.22×	102.87×	39.15×	70.01×	40.8×	55.88×
Dividend yield	0.5%	0.7%	1.0%	1.0%	0.6%	0.8%	1.7%	1.1%
Payout ratio	6.4%	5.7%	12.3%	14.0%	48.4%	25.8%	33.3%	17.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.4%	24.8%	23.7%	14.7%	4.0%	10.7%	12.2%	18.5%
Return on invested capital	11.3%	31.0%	34.1%	24.0%	12.1%	15.6%	16.7%	21.3%
Return on assets	12.8%	21.8%	20.1%	12.6%	3.3%	9.2%	10.0%	15.0%
Free cash flow yield	7.7%	9.9%	5.0%	6.3%	-1.4%	0.3%	0.6%	2.0%
Earnings yield	7.9%	13.1%	7.9%	7.0%	1.2%	2.9%	5.0%	6.2%
Enterprise value	₹171B	₹125.2B	₹177.9B	₹103.3B	₹141.1B	₹153.2B	₹95.3B	₹108B
Net debt / EBITDA	-0.48×	-0.88×	0.18×	0.05×	1.21×	0.42×	0.53×	0.45×
Cash conversion cycle (days)	344	350	387	426	566	613	393	403