Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹2,565Cr
Rev Gr TTM
Revenue Growth TTM
-1.67%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

NOVARTIND
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -22.6 | -25.1 | -22.4 | 5.5 | 6.6 | 1.9 | 10.6 | 10.0 | 3.3 | -5.1 | 3.7 | -7.6 |
| 67 | 73 | 62 | 65 | 70 | 68 | 69 | 67 | 60 | 60 | 66 | 64 |
Operating Profit Operating ProfitCr |
| 12.2 | 19.2 | 21.5 | 23.4 | 13.8 | 26.0 | 20.6 | 27.5 | 28.5 | 31.1 | 26.4 | 26.0 |
Other Income Other IncomeCr | 16 | 12 | 17 | 22 | 10 | 10 | 10 | 11 | 11 | 11 | 9 | 9 |
Interest Expense Interest ExpenseCr | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
Depreciation DepreciationCr | 2 | 2 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| 23 | 28 | 32 | 41 | 21 | 34 | 28 | 35 | 34 | 37 | 33 | 30 |
| -2 | 8 | 9 | 15 | 7 | 8 | 7 | 10 | 5 | 10 | 8 | 14 |
|
Growth YoY PAT Growth YoY% | 207.1 | -61.3 | 29.1 | 249.2 | -41.3 | 27.1 | -13.8 | -4.2 | 99.6 | 7.3 | 18.7 | -36.8 |
| 32.9 | 22.4 | 30.1 | 31.4 | 18.1 | 27.9 | 23.4 | 27.4 | 34.9 | 31.6 | 26.8 | 18.7 |
| 10.1 | 8.2 | 9.6 | 10.8 | 6.0 | 10.4 | 8.3 | 10.3 | 11.9 | 11.2 | 9.8 | 6.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | -21.0 | -4.9 | -14.1 | -13.0 | -10.7 | -13.0 | 4.9 | -5.3 | -11.5 | 6.3 | -2.4 |
| 877 | 656 | 631 | 570 | 478 | 426 | 355 | 373 | 314 | 270 | 265 | 250 |
Operating Profit Operating ProfitCr |
| -0.4 | 5.0 | 3.8 | -1.1 | 2.5 | 2.8 | 7.0 | 6.8 | 17.2 | 19.5 | 25.7 | 28.0 |
Other Income Other IncomeCr | 108 | 81 | 71 | 172 | 78 | 36 | 33 | -16 | 58 | 62 | 42 | 39 |
Interest Expense Interest ExpenseCr | 0 | 0 | 1 | 6 | 2 | 6 | 8 | 5 | 2 | 1 | 1 | 1 |
Depreciation DepreciationCr | 4 | 3 | 4 | 3 | 3 | 13 | 12 | 10 | 6 | 3 | 2 | 2 |
| 93 | 111 | 92 | 158 | 86 | 29 | 40 | -4 | 115 | 123 | 130 | 133 |
| 14 | 39 | 35 | 79 | 34 | 19 | 19 | 0 | 12 | 38 | 30 | 36 |
|
| | -8.4 | -21.1 | 37.0 | -33.9 | -80.5 | 107.3 | -117.8 | 2,878.5 | -17.6 | 18.4 | -3.6 |
| 9.1 | 10.5 | 8.7 | 13.9 | 10.6 | 2.3 | 5.5 | -0.9 | 27.3 | 25.4 | 28.3 | 28.0 |
| 24.8 | 62.0 | 19.1 | 28.4 | 21.0 | 4.1 | 8.5 | -1.5 | 41.9 | 34.5 | 40.9 | 39.4 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 16 | 16 | 14 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| 986 | 1,178 | 906 | 721 | 747 | 708 | 699 | 679 | 763 | 732 | 773 | 763 |
Current Liabilities Current LiabilitiesCr | 211 | 204 | 183 | 330 | 185 | 233 | 159 | 216 | 159 | 157 | 142 | 137 |
Non Current Liabilities Non Current LiabilitiesCr | 33 | 34 | 47 | 47 | 38 | 124 | 132 | 49 | 48 | 23 | 21 | 20 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,063 | 1,264 | 973 | 952 | 806 | 813 | 723 | 709 | 677 | 699 | 746 | 760 |
Non Current Assets Non Current AssetsCr | 183 | 169 | 177 | 158 | 176 | 265 | 279 | 249 | 306 | 226 | 202 | 172 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | -194 | -23 | -69 | 39 | 45 | 113 | 75 |
Investing Cash Flow Investing Cash FlowCr | 274 | 56 | 95 | 87 | -153 | 33 | -3 |
Financing Cash Flow Financing Cash FlowCr | -30 | -41 | -37 | -36 | -30 | -121 | -64 |
|
Free Cash Flow Free Cash FlowCr | -208 | -24 | -69 | 38 | 45 | 113 | |
| -375.3 | -229.6 | -331.1 | -1,039.5 | 43.3 | 133.1 | 73.9 |
CFO To EBITDA CFO To EBITDA% | -1,582.1 | -192.3 | -258.3 | 142.6 | 68.8 | 173.8 | 81.6 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 1,798 | 2,073 | 1,903 | 1,512 | 1,693 | 1,240 | 1,363 | 1,458 | 1,396 | 2,540 | 1,938 |
Price To Earnings Price To Earnings | 24.8 | 10.4 | 33.3 | 19.3 | 32.7 | 123.1 | 65.2 | 0.0 | 13.5 | 29.8 | 19.2 |
Price To Sales Price To Sales | 2.1 | 3.0 | 2.9 | 2.7 | 3.5 | 2.3 | 3.0 | 3.0 | 3.4 | 6.9 | 5.0 |
Price To Book Price To Book | 1.8 | 1.7 | 2.1 | 2.1 | 2.2 | 1.7 | 1.9 | 2.1 | 1.8 | 3.4 | 2.5 |
| -248.5 | 27.7 | 43.4 | -117.9 | 88.0 | 60.4 | 34.6 | 35.6 | 13.2 | 29.9 | 14.2 |
Profitability Ratios Profitability Ratios |
| 59.6 | 58.5 | 53.4 | 56.5 | 59.5 | 58.4 | 61.5 | 55.5 | 46.8 | 40.4 | 43.1 |
| -0.4 | 5.0 | 3.8 | -1.1 | 2.5 | 2.8 | 7.0 | 6.8 | 17.2 | 19.5 | 25.7 |
| 9.1 | 10.5 | 8.7 | 13.9 | 10.6 | 2.3 | 5.5 | -0.9 | 27.3 | 25.4 | 28.3 |
| 9.3 | 9.3 | 10.1 | 22.2 | 11.5 | 4.4 | 6.2 | 0.1 | 14.7 | 16.5 | 16.6 |
| 7.9 | 6.1 | 6.2 | 10.7 | 6.8 | 1.4 | 2.9 | -0.5 | 13.3 | 11.4 | 12.8 |
| 6.3 | 5.1 | 5.0 | 7.1 | 5.3 | 0.9 | 2.1 | -0.4 | 10.5 | 9.2 | 10.7 |
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.