Board Meeting Details

The Board of Directors meeting was held on November 13, 2026, commencing at 11:50 AM and concluding at 2:00 PM.

Key Approvals

1. Approved unaudited financial results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026, prepared under Indian Accounting Standards (IND-AS) and as per Regulation 33 of SEBI Listing Regulations, along with Limited Review Report of the Statutory Auditors.

2. Declared second interim dividend of ₹1.25 (Rupees one rupee twenty five paise only) (62.50%) per equity share of ₹2 each for FY 2026-27.

Dividend Details

  • Record date: Thursday, November 19, 2026
  • Payment start date: November 27, 2026

Consolidated Financial Results (₹ in millions)

Quarterly Performance (Q2 FY27)

  • Revenue from operations: ₹9,673
  • Other income: ₹521
  • Total income: ₹10,194
  • Profit before tax and share of profit of associate: ₹2,432
  • Total tax expense: ₹698 (Current tax: ₹436, Deferred tax: ₹262)
  • Profit for the period before share of profit of associate: ₹1,734
  • Share of profit of associate (net of tax): ₹292
  • Profit for the period: ₹2,026
  • Other comprehensive income (net of tax): ₹505
  • Total comprehensive income: ₹2,531
  • Earnings per share (Basic & Diluted): ₹11.31

Half-Yearly Performance (H1 FY27)

  • Revenue from operations: ₹17,025
  • Other income: ₹1,113
  • Total income: ₹18,138
  • Profit before tax and share of profit of associate: ₹4,288
  • Total tax expense: ₹1,332 (Current tax: ₹924, Deferred tax: ₹408)
  • Profit for the period before share of profit of associate: ₹2,956
  • Share of profit of associate (net of tax): ₹1,135
  • Profit for the period: ₹4,091
  • Other comprehensive income (net of tax): ₹1,615
  • Total comprehensive income: ₹5,706
  • Earnings per share (Basic & Diluted): ₹22.84

Comparative Figures (Q2 FY26)

  • Revenue from operations: ₹13,630
  • Profit for the period: ₹5,179
  • EPS: ₹28.94

Segment Reporting (Consolidated)

Q2 FY27 Revenue

  • Pharmaceuticals: ₹9,063
  • Agro chemicals: ₹610
  • Total: ₹9,673

Q2 FY27 Segment Results

  • Pharmaceuticals: ₹2,607
  • Agro chemicals: ₹1
  • Total segment result: ₹2,608

H1 FY27 Revenue

  • Pharmaceuticals: ₹16,007
  • Agro chemicals: ₹1,018
  • Total: ₹17,025

H1 FY27 Segment Results

  • Pharmaceuticals: ₹4,646
  • Agro chemicals: ₹(52)
  • Total segment result: ₹4,594

Key Subsidiaries and Associate

The consolidated results include financials of 14 entities:

1. NATCO Pharma Inc. (USA)

2. NATCO Pharma USA LLC (USA)

3. Time Cap Overseas Limited (Mauritius)

4. NatcoFarma do Brasil Ltda. (Brazil)

5. NATCO Pharma (Canada) Inc. (Canada)

6. NATCO Pharma Asia Pte. Ltd. (Singapore)

7. NATCO Pharma Australia Pty Ltd (Australia)

8. NATCO Lifesciences Philippines Inc. (Philippines)

9. NATCO Pharma UK Limited (UK)

10. PT. NATCO Lotus Farma (Indonesia)

11. NATCO Pharma Colombia S.A.S. (Colombia)

12. NATCO Pharma South Africa Proprietary Limited (South Africa)

13. Adcock Ingram Holdings Limited (South Africa) - Associate

14. NATCO Crop Health Sciences Limited (India)

Significant Events

1. Adcock Ingram Acquisition: On July 14, 2026, NATCO Pharma South Africa Proprietary Limited completed acquisition of 19,618,825 shares (13.25% stake) in Adcock Ingram Holdings Limited at ZAR 92.50 per share for total consideration of ZAR 1,914.74 million (₹10,600 million). Total holding now stands at 49%.

2. Rights Issue: On September 28, 2026, Fund Raising Committee approved issuance of 17,089,082 Equity shares of ₹2 each at ₹750 per share (including premium of ₹748) in ratio of 2:21. Allotment completed on October 23, 2026.

3. Scheme of Arrangement: Board approved Scheme of Arrangement on March 24, 2026 (subject to approvals) for transfer of Agrochemicals business to NATCO Crop Health Sciences Limited. Scheme being revised post Rights Issue to maintain share swap ratio.

4. Taxation: Company elected to exercise option under Section 115BAA of Income-tax Act effective FY 2026-27, subject to tax at 22% plus surcharge and cess. Impact of ₹1,150 million recognized as deferred tax asset in FY 2025-26.

Standalone Financial Results (₹ in millions)

Q2 FY27

  • Total income: ₹8,948
  • Profit before tax: ₹1,970
  • Net profit: ₹1,432
  • EPS: ₹8.00

H1 FY27

  • Total income: ₹15,397
  • Profit before tax: ₹2,990
  • Net profit: ₹2,178
  • EPS: ₹12.16

Auditor's Review

B S R and Co. Chartered Accountants issued unmodified limited review reports for both consolidated and standalone financial results dated November 13, 2026.

Press Release Highlights

  • Consolidated total revenue: ₹1,019.4 crore for Q2 FY27 (₹794.4 crore in Q1 FY27; ₹1,463.0 crore in Q2 FY26)
  • Profit after tax: ₹202.6 crore for Q2 FY27 (₹206.5 crore in Q1 FY27; ₹517.9 crore in Q2 FY26)
  • Associate company (Adcock Ingram) revenue: ₹1,343.8 crores, PAT: ₹80.5 crores for Q2 FY27
  • Share of profit from associate: ₹29.2 crores (49% holding)
  • EBITDA before share of associate: ₹310.0 crore (30.4% margin)

Segmental Revenue (₹ Crore)

  • Active Pharmaceutical Ingredients (API): ₹61.3
  • Domestic Pharmaceutical Formulations: ₹145.7
  • International Formulations: ₹668.4
  • Crop Health Sciences (CHS): ₹61.0
  • Other operating and non-operating income: ₹83.0

Earnings Call Details

Date: November 13, 2026, Friday at 4:00 PM IST