NATCO Pharma (NATCOPHARM) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was INR 10,194 Mn, up from INR 7,944 Mn QoQ but down from INR 14,630 Mn YoY; lower Lenalidomide revenue drove the YoY decline.

• Profit after associate share was INR 2,026 Mn, versus INR 2,065 Mn in Q1 FY27 and INR 5,179 Mn in Q2 FY26.

Financial highlights

• EBITDA, including other income and before associate share, was INR 3,100 Mn, versus INR 2,457 Mn QoQ and INR 6,792 Mn YoY.

• PBT before exceptional items was INR 2,432 Mn; tax was INR 698 Mn and PAT before associate share was INR 1,734 Mn.

• Associate profit was INR 292 Mn after provisional PPA adjustment; reported basic and diluted EPS was INR 11.31, versus INR 11.53 QoQ and INR 28.94 YoY.

Outlook and guidance

• US pipeline comprised 29 Para IVs and 20+ FTFs, including sole and shared filings, as of September 30, 2026; semaglutide pen products include Ozempic and Wegovy strengths for diabetes and weight-loss indications.

• eGenesis plans a 33-patient kidney xenotransplantation registration study in early 2027; recruitment is underway for the US- and India-based Phase 2 NRC-2694 trial.