Price
Financials
Standalone, Rs crore| 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 | 79 | 85 | 81 | 92 | 87 | 93 | 84 | 88 | 90 | 86 | 91 | 104 |
| Expenses | 62 | 65 | 70 | 68 | 69 | 67 | 60 | 60 | 66 | 64 | 70 | 69 |
| Operating Profit | 17 | 20 | 11 | 24 | 18 | 26 | 24 | 27 | 24 | 22 | 21 | 35 |
| OPM % | 21% | 23% | 14% | 26% | 21% | 28% | 29% | 31% | 26% | 26% | 23% | 34% |
| Other Income | 17 | 22 | 10 | 10 | 10 | 11 | 11 | 11 | 9 | 9 | 10 | 9 |
| Interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Depreciation | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| Profit before tax | 32 | 41 | 21 | 34 | 28 | 35 | 34 | 37 | 33 | 30 | 30 | 43 |
| Tax % | 27% | 36% | 31% | 24% | 26% | 28% | 14% | 26% | 26% | 46% | 16% | 25% |
| Net Profit | 24 | 27 | 15 | 26 | 20 | 25 | 29 | 28 | 24 | 16 | 25 | 32 |
| EPS in Rs | 9.59 | 10.76 | 5.95 | 10.42 | 8.27 | 10.31 | 11.87 | 11.19 | 9.81 | 6.52 | 10.23 | 13.05 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 690 | 656 | 564 | 491 | 438 | 381 | 400 | 379 | 335 | 356 | 354 | 371 |
| Expenses | 656 | 631 | 570 | 478 | 426 | 355 | 373 | 314 | 270 | 265 | 260 | 269 |
| Operating Profit | 34 | 25 | -6 | 12 | 12 | 27 | 27 | 65 | 65 | 91 | 94 | 102 |
| OPM % | 5.0% | 3.8% | -1.1% | 2.5% | 2.8% | 7% | 7% | 17% | 19% | 26% | 27% | 27% |
| Other Income | 207 | 71 | 172 | 78 | 36 | 33 | -17 | 58 | 62 | 42 | 39 | 37 |
| Interest | 0 | 1 | 6 | 2 | 6 | 8 | 5 | 2 | 1 | 1 | 1 | 1 |
| Depreciation | 3 | 4 | 3 | 3 | 13 | 12 | 10 | 6 | 3 | 2 | 2 | 2 |
| Profit before tax | 237 | 92 | 158 | 86 | 29 | 40 | -4 | 115 | 123 | 130 | 130 | 136 |
| Tax % | 16% | 38% | 50% | 40% | 65% | 48% | -3% | 10% | 31% | 23% | 28% | |
| Net Profit | 198 | 57 | 78 | 52 | 10 | 21 | -4 | 103 | 85 | 101 | 93 | 98 |
| EPS in Rs | 62.04 | 20.33 | 31.74 | 20.97 | 4.08 | 8.46 | -1.51 | 41.86 | 34.50 | 40.87 | 37.74 | 39.61 |
| Dividend Payout % | 16% | 49% | 32% | 48% | 245% | 118% | -663% | 113% | 72% | 61% | 66% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | -6% | -1% | -2% | 5% | ||
| Compounded Profit Growth | -7% | 35% | -3% | -5% | ||
| Stock Price CAGR | 11% | 19% | 39% | 116% | ||
| Return on Equity | 8% | 11% | 12% | 12% |
| 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 |
| 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 |
| CFO/OP | 601% | 398% | 13% | -3,503% | -1,210% | 124% | -127% | 210% | 65% | 115% | 99% | 87% |
| 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% |
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Jul 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 70.68% | 70.68% | 70.68% | 70.68% | 70.68% | 70.68% | 70.68% | 70.68% | 70.68% | 70.68% | 70.68% | 70.68% |
| FIIs | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% | 0.17% | 0.16% | 0.15% |
| DIIs | 0.52% | 0.52% | 0.52% | 0.52% | 0.53% | 0.53% | 0.53% | 0.53% | 0.63% | 0.53% | 1.35% | 1.39% |
| Public | 28.60% | 28.61% | 28.60% | 28.61% | 28.60% | 28.61% | 28.60% | 28.61% | 28.50% | 28.60% | 27.81% | 27.79% |
| No. of Shareholders | 43,128 | 41,239 | 39,265 | 39,596 | 38,926 | 39,133 | 39,040 | 39,353 | 39,468 | 38,116 | 36,502 | 36,706 |
Fundamentals
Market Cap₹ 4,751 Cr.
Current Price₹ 1,924
Stock P/E48.6
Book Value₹ 331
ROCE16.3 %
ROE11.6 %
Dividend Yield1.30 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)5%
Compounded Profit Growth (TTM)-5%
Standalone figures.
Valuation
Market capRs 4,852 Cr
Enterprise valueRs 4,187 Cr
P/E (TTM)49.62x
Price to book5.93x
Price to sales13.09x
EV / EBITDA30.20x
EV / EBIT30.60x
EV / sales11.30x
Price to cash flow103.83x
Earnings yield2.02%
Dividend yield1.27%
P/E, 3-year average24.92x
P/B, 3-year average2.94x
P/E, 5-year average22.05x
P/B, 5-year average2.54x
Profitability
Operating margin (excl. other income)26.57%
Operating margin (incl. other income)37.50%
EBITDA margin37.42%
Pre-tax margin36.59%
Net profit margin26.38%
Net margin, latest quarter31.03%
ROE11.63%
ROCE16.25%
ROA9.68%
ROE, 3-year average12.01%
ROCE, 3-year average16.44%
ROA, 3-year average9.79%
ROE, 5-year average9.92%
ROCE, 5-year average12.99%
ROA, 5-year average7.93%
ROIC (approx.)64.13%
Tax rate28.14%
Other income / net worth4.74%
Growth
Sales growth (latest year)-0.54%
Profit growth (latest year)-7.65%
Sales CAGR, 3 years-2.20%
Sales CAGR, 5 years-1.46%
Profit CAGR, 3 years-3.40%
Profit CAGR, 5 years34.85%
Sales growth QoQ14.64%
Profit growth QoQ27.56%
Sales growth YoY (latest quarter)18.57%
Profit growth YoY (latest quarter)16.62%
Per share
EPS (TTM)Rs 39.60
EPS (latest year)Rs 37.74
EPS (latest quarter)Rs 13.05
EPS, 3-year averageRs 37.70
EPS, 5-year averageRs 30.69
Book value per shareRs 331.23
Sales per shareRs 150.09
Cash flow per shareRs 18.93
Free cash flow per shareRs 18.63
Dividend per share (latest year)Rs 24.99
Dividend per share, 3-year averageRs 24.99
Dividend per share, 5-year averageRs 26.49
Dividends
Dividend payout66.22%
Dividend payout, 3-year average66.60%
Dividend payout, 5-year average78.30%
Efficiency
Asset turnover0.36x
Fixed asset turnover123.03x
Inventory turnover3.90x
Inventory days94 days
Debtor days38 days
Debtors turnover9.56x
Creditor days101 days
Cash conversion cycle36 days
Working capital days-46 days
Leverage
Total debtRs 3 Cr
Cash and bankRs 668 Cr
Net debtRs -664 Cr
Debt to equity0.00x
Net debt / EBITDA-4.79x
Interest coverage112.16x
Owners' fund to total sources83.60%
Debt to assets0.33%
Cash flow
Cash from Operating Activity (latest year)Rs 47 Cr
Cash from Investing Activity (latest year)Rs 18 Cr
Cash from Financing Activity (latest year)Rs -64 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs 46 Cr
FCFE (approx.: FCF + change in debt)Rs 44 Cr
Cash from ops / profit, 5 years0.84x
Sales to cash flow7.58x
Statement figures
Net sales (TTM)Rs 371 Cr
Net sales (latest year)Rs 354 Cr
Sales (latest quarter)Rs 104 Cr
Operating profit excl. other income (latest year)Rs 94 Cr
Operating profit (latest quarter)Rs 35 Cr
Other income (TTM)Rs 37 Cr
EBITDA (TTM)Rs 139 Cr
PBDT (TTM)Rs 137 Cr
Profit before tax (TTM)Rs 136 Cr
Tax (latest year)Rs 36 Cr
Net profit (TTM)Rs 98 Cr
Net profit (latest year)Rs 93 Cr
Net profit (latest quarter)Rs 32 Cr
Depreciation (TTM)Rs 2 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 208 Cr
Total expenditure (latest year)Rs 260 Cr
Total income (latest year)Rs 393 Cr
Share capitalRs 12 Cr
ReservesRs 805 Cr
Shareholders' fundsRs 818 Cr
Total assetsRs 978 Cr
Net blockRs 3 Cr
ReceivablesRs 37 Cr
InventoryRs 53 Cr
Other liabilitiesRs 157 Cr
Shares outstanding (crore)2.47
Ownership
Promoter holding70.68% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 49.6 is at the 65th percentile of its own 6.0-year range
(median 30.4, low 16.1, high 167.7).
P/B 5.93 is at the 99th percentile (median 2.22).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | NOVARTIND | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -0.3% | -2.8% | +2.5 pts |
| 1 month | +24.2% | -6.8% | +31.0 pts |
| 3 months | +33.7% | -7.6% | +41.3 pts |
| 6 months | +177.9% | +0.4% | +177.5 pts |
| 1 year | +226.8% | -9.9% | +236.8 pts |
| 2 years | +206.6% | -13.6% | +220.2 pts |
| 3 years | +172.8% | +14.2% | +158.6 pts |
| 5 years | +141.4% | +27.9% | +113.5 pts |
7 mutual fund schemes hold about ₹26 Cr.
Over three months 2 bought more and 4 sold (share counts, price move removed).
| Fund | Weight | Est. Cr | 3m shares |
|---|---|---|---|
| HDFC Pharma and Healthcare Fund | 0.47% | 16 | -34% |
| Bandhan Healthcare Fund | 1.50% | 5 | +152% |
| HDFC MNC Fund | 0.56% | 3 | -17% |
| DynaSIF Equity Ex-Top 100 Long-Short Fund | 1.25% | 2 | +100% |
| Bandhan BSE Healthcare Index Fund | 0.07% | 0 | -23% |
| Bandhan Innovation Fund | 0.00% | 0 | -100% |
| Motilal Oswal BSE 1000 Index Fund | 0.01% | 0 |
Red flags
F-score 5 of 8| look | Inventory outrunning sales Inventory grew 30% vs sales -1% in 2026 |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹104 Cr +18.2% vs Jun 2025.
Net profit ₹32 Cr +14.3%.
Against our estimate for Jun 2026: sales +17.7%, profit +33.8% beat. Our estimate for Sep 2026: sales Rs 102 Cr, profit Rs 28 Cr (how).
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| Sun Pharmaceutical Industries Ltd | 447,476 | 35.4 | 20.5 % |
| Divis Laboratories Ltd | 250,363 | 84.0 | 22.0 % |
| Torrent Pharmaceuticals Ltd | 186,152 | 83.4 | 15.2 % |
| Zydus Lifesciences Ltd | 119,750 | 24.6 | 21.1 % |
| Cipla Ltd | 111,430 | 31.1 | 15.5 % |
| Laurus Labs Ltd | 106,928 | 97.8 | 17.8 % |
| Mankind Pharma Ltd | 105,120 | 49.3 | 13.5 % |
| Dr Reddys Laboratories Ltd | 104,494 | 32.4 | 13.0 % |
| Aurobindo Pharma Ltd | 97,682 | 25.8 | 12.9 % |
| Lupin Ltd | 93,840 | 15.8 | 29.9 % |
| Glenmark Pharmaceuticals Ltd | 68,905 | 22.1 | 39.8 % |
| Alkem Laboratories Ltd | 62,772 | 27.6 | 21.2 % |
| Biocon Ltd | 61,439 | 84.5 | 3.61 % |
| Abbott India Ltd | 57,949 | 35.9 | 44.8 % |
| Gland Pharma Ltd | 49,333 | 43.1 | 15.1 % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2023-07-20 | Annual General Meeting/Dividend - Rs 10 Per Share/Special Dividend - Rs 37.50 Per Share | |
| 2022-07-20 | Dividend - Rs 10 Per Share | |
| 2021-08-17 | Dividend - Rs 10 Per Share |
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Close to Close price movement greater than 75perc in previous 6 monthsHigh low price variation greater than 100perc in previous 6 monthsHigh low price variation greater than 75perc in previous 3 months
Quick answers
What is the market cap of Novartis India Ltd?
Novartis India Ltd (NOVARTIND) has a market capitalisation of Rs 4,751 Cr. at the 2026-10-01 close.
What is the P/E ratio of Novartis India Ltd?
Novartis India Ltd trades at a P/E of 48.6 on trailing twelve-month profit, at the 2026-10-01 close.
What were Novartis India Ltd's latest quarterly results?
In the Jun 2026 quarter, Novartis India Ltd sales was Rs 104 Cr (+18.2% vs Jun 2025) and net profit was Rs 32 Cr.
What is the 52-week high and low of Novartis India Ltd?
The 52-week high is Rs 2,588.80 and the 52-week low is Rs 950.00.