Natco Pharma Limited has released the transcript of its earnings conference call for the fourth quarter and year ended FY25-26, held on May 29, 2026. The call, hosted by 360 ONE Capital Markets Private Limited, featured management including Mr. Rajeev Nannapaneni (Vice Chairman and CEO) and Mr. Amit Parekh (CFO). During the call, the company reported consolidated total revenue of ₹4,375.9 crores for FY26, a decrease from ₹4,784 crores in the previous year. The consolidated net profit for FY26 was ₹1,418.5 crores, down from ₹1,883.4 crores in FY25. For the fourth quarter of FY26, consolidated net revenue stood at ₹816.9 crores, compared to ₹1,287.3 crores in the same period last year. The fourth-quarter consolidated profit was ₹269 crores, down from ₹406 crores in Q4 FY25. The net profit for the quarter and full year includes a one-time benefit of ₹115 crores due to the company's election to move to the new tax regime. Revenue from associate company Adcock Ingram Holdings Limited, South Africa, for Q4 FY26 was ₹1,208.2 crores with a profit after tax of ₹102.5 crores. Natco's share of profit from this associate was ₹35.7 crores. The management provided guidance for FY27, expecting revenue between ₹3,400 crores and ₹3,500 crores, with a PAT expectation of ₹700 crores to ₹750 crores. The South African associate is projected to achieve revenues of $580 million to $600 million with a PAT of $47 million to $48 million. Key growth drivers discussed include the launch of semaglutide (vial version being the first generic), and future exclusivities expected post-FY27. The company also highlighted its investment in eGenesis, a company involved in genetically modified pig kidney transplants, as a significant innovative pipeline. Management indicated plans for further acquisitions, with a preference for international markets due to more reasonable valuations compared to India. The company holds approximately ₹2,400 crores in net cash, which it intends to use for strategic acquisitions rather than buybacks. The Crop Health Sciences division reported revenues of ₹140 crores in FY26, with aspirations for significant growth following its demerger. The company also provided an update on its US FDA-inspected facilities, with three facilities cleared and one pending inspection.
