NSE: NOVARTIND · BSE: 500672
NOVARTIS INDIA LIMITED
Markets established pharmaceutical brands in India across pain (Voveran), calcium supplementation (Calcium Sandoz, Macalvit, Citromacalvit), neurosciences (Tegrital), gynaecology and transplant immunology. For FY26, revenue from operations stood at Rs 354.33 crore with net profit of Rs 93.18 crore and total assets of Rs 978.27 crore. In Q1 FY27, revenue from operations rose to INR 1,038.1 million from INR 875.5 million, with PAT of INR 322.1 million and the company reporting zero outstanding debt. On July 29, 2026, ChrysCapital-backed entities (WaveRise Investments, ChrysCapital Fund X, Two Infinity Partners) completed the acquisition of Novartis AG's 70.68% stake (1,74,50,680 equity shares) for about Rs 1,376.89 crore. Under new management, the board approved a 5-year distribution deal with Novartis Pharma Services AG, a brand license for Tegrital, and the assignment of the Voveran, Macalvit and Citromacalvit trademarks, with a new corporate identity and website (nilpharma.co.in) to follow. Stated cost categories in FY26 were employee costs at 5.9% of revenue and other operating expenses at 11.5%, with depreciation at 0.6% and capex at 0.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pain, Calcium supplementation, Neurosciences, Gynaecology, Transplant immunology. Branded pharmaceutical marketing and distribution with a recently completed change of control from Novartis AG to ChrysCapital
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 400 | 379 | 335 | 356 | 354 |
| EBITDA (ex other income) | (23) | 65 | 65 | 91 | 94 |
| margin % | (5.6) | 17.2 | 19.5 | 25.7 | 26.6 |
| Owners' profit | (4) | 103 | 85 | 101 | 93 |
| EPS, as reported (₹) | (1.51) | 41.86 | 34.50 | 40.87 | 37.74 |
| ROE % · ROCE % | (0.5) · 0.1 | 13.3 · 14.2 | 11.4 · 16.2 | 12.9 · 16.3 | 11.4 · 15.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 39 | 45 | 113 | 75 | 47 |
| Capex | (1) | (0) | 0 | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 92 | 87 | 93 | 84 | 88 | 90 | 86 | 91 |
| Profit before tax | 34 | 28 | 35 | 34 | 37 | 33 | 30 | 30 |
| Net profit | 26 | 20 | 25 | 29 | 28 | 24 | 16 | 25 |
| EPS (₹) | 10.42 | 8.27 | 10.31 | 11.87 | 11.19 | 9.81 | 6.52 | 10.23 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.8 | 30.1 | 113 of 158 | 29% |
| P/B | 5.6 | 3.0 | 125 of 163 | 24% |
| ROCE | 15.6 | 10.8 | 60 of 183 | 68% |
| ROE | 11.4 | 9.8 | 74 of 166 | 56% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| EBITDA margin | 33.8 | 17.5 | 21 of 165 | 88% |
| Revenue growth | 8.0 | 16.3 | 101 of 161 | 38% |
| Profit growth | (13.8) | 30.9 | 114 of 158 | 28% |
| Market cap | 4544 | 810 | 59 of 181 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Evonile Pharma schedules Q2 and half-year FY2026-27 earnings call | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Gagan Sharma designated as senior management person | management changes | medium | — | — |
| 14 Oct 2026 · Newspaper ad on Postal Ballot notice dispatch to members | compliance | minimal | — | — |
| 13 Oct 2026 · Postal ballot: ESOP grant to MD and borrowing charge approval | board shareholder meetings | low | — | — |
| 13 Oct 2026 · RTA certificate filed for Q2 and H1 FY27 under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 8 Oct 2026 · Board approves Rights Issue to raise up to Rs 900 crore | corporate actions | high | — | — |
| 8 Oct 2026 · Board approves rights issue of up to Rs 900 crore | board shareholder meetings | medium | — | — |
| 7 Oct 2026 · CARE assigns A/Stable rating to Evonile Pharma bank facilities | credit debt | medium | — | — |
| 5 Oct 2026 · Board to consider rights issue of equity shares on October 8 | fund raising | medium | — | — |
| 1 Oct 2026 · Novartis India to be renamed Evonile Pharma Limited | general | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.