Natco Pharma earnings calls.

Natco Pharma delivered solid Q3 FY26 results with consolidated revenue of ₹705.4 croreCurrent reported value: ₹705.4 crore. No comparable prior figure is available in the source record. (+8.3Current reported value: 8.3. No comparable prior figure is available in the source record.% YoY) and EBITDA of ₹216.8 croreCurrent reported value: ₹216.8 crore. No comparable prior figure is available in the source record. (30.7% margin), demonstrating resilience amid zero Revlimid sales this quarter. The standout development is the DCGI approval expected shortlyCurrent reported value: DCGI approval expected shortly. No comparable prior figure is available in the source record. for generic Ozempic (semaglutide), with 350-400 MRs deployed for the India launch. Management guided FY26 revenue of ₹4,200-4,300 croreCurrent reported value: ₹4,200-4,300 crore. No comparable prior figure is available in the source record. and PAT of ₹1,280-1,300 croreCurrent reported value: ₹1,280-1,300 crore. No comparable prior figure is available in the source record., projecting 20%+ domestic growth driven by semaglutide. The Adcock Ingram stake (35.75%) will contribute ₹35-40 crore quarterly going forward after one-time amortization. CEO flagged two-three large M&A targets in pipeline, with intent to close at least one in 2026. Emerging markets (Brazil, Canada, Middle East) drove export formulation growth of ₹135 crore YoY without Revlimid. Crop health demerger targeted within 8 months. The bullish thesis rests on rich ANDA pipeline launches (US FY27), strong Atco consolidation, and Geniesis CRISPR-Cas9 xenotransplantation investment (2-3 year multi-bagger potential if 25Current reported value: 25. No comparable prior figure is available in the source record.-30 patients demonstrate success). Key risks include intense semaglutide pricing competition in India and execution uncertainty on the pending acquisition target.