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Novartis India Ltd

NOVARTIND
NSE
1,038.80
1.15%
Last Updated:
29 Apr '26, 4:00 PM
Company Overview
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Novartis India Ltd

NOVARTIND
NSE
1,038.80
1.15%
29 Apr '26, 4:00 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
2,565Cr
Close
Close Price
1,038.80
Industry
Industry
Pharma - MNC bulk Drugs
PE
Price To Earnings
26.37
PS
Price To Sales
7.38
Revenue
Revenue
348Cr
Rev Gr TTM
Revenue Growth TTM
-1.67%
PAT Gr TTM
PAT Growth TTM
12.69%
Peer Comparison
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NOVARTIND
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Quarterly Results

Upcoming Results on
12 May 2026
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
769179858192879384889086
Growth YoY
Revenue Growth YoY%
-22.6-25.1-22.45.56.61.910.610.03.3-5.13.7-7.6
Expenses
ExpensesCr
677362657068696760606664
Operating Profit
Operating ProfitCr
91717201124182624272422
OPM
OPM%
12.219.221.523.413.826.020.627.528.531.126.426.0
Other Income
Other IncomeCr
1612172210101011111199
Interest Expense
Interest ExpenseCr
001000000001
Depreciation
DepreciationCr
221001111110
PBT
PBTCr
232832412134283534373330
Tax
TaxCr
-2891578710510814
PAT
PATCr
252024271526202529282416
Growth YoY
PAT Growth YoY%
207.1-61.329.1249.2-41.327.1-13.8-4.299.67.318.7-36.8
NPM
NPM%
32.922.430.131.418.127.923.427.434.931.626.818.7
EPS
EPS
10.18.29.610.86.010.48.310.311.911.29.86.5

Profit & Loss

Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
873690656564491438381400379335356348
Growth
Revenue Growth%
-21.0-4.9-14.1-13.0-10.7-13.04.9-5.3-11.56.3-2.4
Expenses
ExpensesCr
877656631570478426355373314270265250
Operating Profit
Operating ProfitCr
-43425-61212272765659197
OPM
OPM%
-0.45.03.8-1.12.52.87.06.817.219.525.728.0
Other Income
Other IncomeCr
1088171172783633-1658624239
Interest Expense
Interest ExpenseCr
001626852111
Depreciation
DepreciationCr
434331312106322
PBT
PBTCr
9311192158862940-4115123130133
Tax
TaxCr
14393579341919012383036
PAT
PATCr
79725778521021-41038510197
Growth
PAT Growth%
-8.4-21.137.0-33.9-80.5107.3-117.82,878.5-17.618.4-3.6
NPM
NPM%
9.110.58.713.910.62.35.5-0.927.325.428.328.0
EPS
EPS
24.862.019.128.421.04.18.5-1.541.934.540.939.4

Balance Sheet

Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
161614121212121212121212
Reserves
ReservesCr
9861,178906721747708699679763732773763
Current Liabilities
Current LiabilitiesCr
211204183330185233159216159157142137
Non Current Liabilities
Non Current LiabilitiesCr
33344747381241324948232120
Total Liabilities
Total LiabilitiesCr
1,2461,4331,1501,1119821,0781,002958983925948932
Current Assets
Current AssetsCr
1,0631,264973952806813723709677699746760
Non Current Assets
Non Current AssetsCr
183169177158176265279249306226202172
Total Assets
Total AssetsCr
1,2461,4331,1501,1119821,0781,002958983925948932

Cash Flow

Standalone
Financial YearMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
-194-23-69394511375
Investing Cash Flow
Investing Cash FlowCr
274569587-15333-3
Financing Cash Flow
Financing Cash FlowCr
-30-41-37-36-30-121-64
Net Cash Flow
Net Cash FlowCr
50-9-1190-139267
Free Cash Flow
Free Cash FlowCr
-208-24-693845113
CFO To PAT
CFO To PAT%
-375.3-229.6-331.1-1,039.543.3133.173.9
CFO To EBITDA
CFO To EBITDA%
-1,582.1-192.3-258.3142.668.8173.881.6

Ratios

Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
1,7982,0731,9031,5121,6931,2401,3631,4581,3962,5401,938
Price To Earnings
Price To Earnings
24.810.433.319.332.7123.165.20.013.529.819.2
Price To Sales
Price To Sales
2.13.02.92.73.52.33.03.03.46.95.0
Price To Book
Price To Book
1.81.72.12.12.21.71.92.11.83.42.5
EV To EBITDA
EV To EBITDA
-248.527.743.4-117.988.060.434.635.613.229.914.2
Profitability Ratios
Profitability Ratios
GPM
GPM%
59.658.553.456.559.558.461.555.546.840.443.1
OPM
OPM%
-0.45.03.8-1.12.52.87.06.817.219.525.7
NPM
NPM%
9.110.58.713.910.62.35.5-0.927.325.428.3
ROCE
ROCE%
9.39.310.122.211.54.46.20.114.716.516.6
ROE
ROE%
7.96.16.210.76.81.42.9-0.513.311.412.8
ROA
ROA%
6.35.15.07.15.30.92.1-0.410.59.210.7
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** Novartis India Limited is a leading pharmaceutical company focused on improving access to high-quality medicines across key therapeutic areas, including Bone & Pain, Transplantation Immunology, Neurosciences, and Mature Oncology. The company continues to strengthen its market position through strategic commercial partnerships, digital innovation, and robust portfolio management. A pivotal driver of growth has been its exclusive sales and distribution alliance with **Dr. Reddy’s Laboratories**, initiated in June 2022, which has significantly expanded geographic reach and market penetration. --- ### **Strategic Commercial Partnership with Dr. Reddy’s Laboratories** - **Partnership Scope (since Jun 2022):** An exclusive two-year sales and distribution agreement for Novartis’s Established Medicines portfolio, including **Voveran® (NSAIDs), Calcium range, and Methergine®**. - **Expanded Market Access (Jul 2025 Update):** - Dr. Reddy’s field force reaches **113,000 healthcare professionals (HCPs)** and **80,000 retail outlets** across urban and rural India. - This collaboration has deepened access in underserved regions, reinforcing the availability of essential treatments. - **Volume & Share Growth (Jun 2023):** - Portfolio under Dr. Reddy's distribution achieved **double-digit volume growth**. - **Voveran® range gained 2.9 percentage points in market share** (Oct 2022–Feb 2023) and improved its ranking by two positions. - **Transplant Business Resilience:** Despite a Simulect shortage, the **Transplant Maintenance portfolio grew 11% in FY2023–24**, supported by strong branding and the TRIO initiative. --- ### **Key Therapeutic Areas & Brand Portfolio** Novartis India maintains leadership positions in major therapeutic segments: | **Therapeutic Area** | **Key Brands** | |-------------------------------|---------------------------------------------------------------------------------| | **Bone & Pain** | Voveran® (flagship), Voveran SR, Voveran AQ injections | | **Transplantation Immunology**| Simulect®, Certican®, Sandimmun®, Neoral®, Myfortic® | | **Neurosciences** | Tegrital® (epilepsy), **Exelon® Patch** (Alzheimer’s disease) | > *Source: IQVIA and Healthplix data (as of Feb 2023)* --- ### **Growth Highlights by Franchise** #### **1. Pain Portfolio – Anchored by Voveran®** - **FY2024 Performance:** Grew **10% year-on-year**, driven by increased prescription share and promotional campaigns. - **Voveran SR Dominance:** Accounts for **91% of Voveran oral sales**; recorded a **positive evolution index of 102%** (Dec 2024). - **Voveran AQ Injections:** Gained traction through targeted clinical programs enhancing HCP credibility. - **Marketing Initiatives:** - “**Stronger than Pain**” campaign (in collaboration with Dr. Reddy’s) boosted brand trust and visibility. - Hospital-focused engagement improved in-clinic presence across both urban and rural markets. #### **2. Exelon® Patch – Addressing Alzheimer’s Care Gap** - **Market Opportunity:** ~**8.8 million Indians live with dementia** (Jul 2025), creating urgent need for effective treatments. - **Product Advantage:** Exelon® Patch offers **improved convenience and safety** over oral formulations, leading to better adherence and growing patient acceptance. - **Portfolio Growth Driver:** Emerging as a key growth contributor within the Neurosciences segment. #### **3. Transplant Business – Resilient Through Digital Transformation** - **Pandemic Impact (2021):** Transplant procedures declined by **55%** due to NOTTO-imposed suspensions, but sales dropped only **24%**, indicating operational resilience. - **Digital Engagement Success:** - Launched **Transtalk** (digital platform for nephrologists/transplant surgeons) and QR-code-based patient education tools. - Digital induction share rose from **35% (FY2019–20) to 48% (FY2020–21)**. - **Hybrid Model Post-Pandemic:** Continued use of webinars, video calls, and email campaigns ensures sustained scientific dialogue. --- ### **Innovation & Digital Transformation** Novartis India has emerged as a digital leader in the pharmaceutical sector: - **Digital Launches:** - **Voltaflam® TH** was launched **digitally-only in 2021**, marking a strategic shift toward virtual product introductions. - First multinational in India to execute a digital launch for a combination muscle relaxant. - **Targeted Digital Engagement:** - Sales reps use iPad apps to send **personalized emails** to doctors; engagement is tracked in real-time. - Strong interaction from high-priority physicians ("super target 1"), enabling refined outreach. - **Novartis TransTalk (Aug 2020):** - Online peer-to-peer platform with **380,000+ medical professionals**, promoting science-based decision-making in transplant care. - **Future Readiness:** - Investment in **data science, AI, and advanced analytics** to enhance customer engagement and operational efficiency. - Alignment with India’s national digital health mission. --- ### **Social Impact & Access Initiatives** - **Arogya Parivar Program:** - Reaches **44,000 rural doctors** via **1,000+ distributors and 35,000 chemists** across 22,000 villages. - Uses **RTGS payments** — rare in rural pharma — ensuring transparency and financial discipline. - **Pandemic Response (2021):** Anticipated azithromycin shortage and increased inventory **from 1,700 to 16,000 boxes**, ensuring uninterrupted supply. - **Drone Delivery Exploration (Jul 2021):** - Evaluating **drone technology (inspired by Zipline, Ghana)** to deliver medicines in remote areas. - Aims to improve access and reduce patient travel burden. - **Leopard Project – Leprosy Care Digitization (Aug 2020):** - Cloud-based EHR system at Sivananda Rehabilitation Home (Hyderabad). - Digitized **20,000+ historical patient records**; created **pin-code-level heat maps** using Google Maps. - Features **predictive analytics** for MDT demand forecasting and automated reporting. - Supports epidemiological research and early outbreak detection. - **Vocational Training for Leprosy-Affected Communities (Jul 2024):** - Trained **over 100 individuals** in tailoring, beautician services, and mobile repair. - Focus on **gender equity** – increasing female participation in non-traditional trades. - Includes **post-training hand-holding support** to ensure successful livelihood transition. --- ### **Financial & Operational Performance** - **Operating Margins Surge:** - Increased from **4.4% (FY2021–22)** to **15.6% (FY2022–23)** due to higher volumes, improved efficiency, and cost optimization under the Dr. Reddy’s partnership. - **Market Position:** - **Second-largest multinational in the Indian pain market** (as of Jul 2021). - Voveran® remains a **top-three NSAID brand** in India. - **Growth Outlook:** - Indian pharma market projected to grow at **CAGR of 7.7% (±2.0%)** over next four years. - Novartis is well-positioned to outperform average growth through innovation, access expansion, and digital leverage.