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Novartis

NOVARTIND NSE

Key Fundamentals

MicrocapPharmaceuticalsHealthcare
Market Cap
₹5,773 Cr
Volatility
High Risk
P/E Ratio
60.37
EBITDA
₹133 Cr
Return on Equity
11.39%
Debt to Equity
0
Book Value
₹331.23
52W High
₹2,588.8
52W Low
₹950

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 66.6%

Weaknesses

4
  • Stock is trading at 7.22 times its book value
  • The company has delivered a poor sales growth of -1.46% over past five years.
  • Company has a low return on equity of 11.9% over last 3 years.
  • Earnings include an other income of Rs.36.9 Cr.

Growth Rate

Revenue Growth
-1.28% higher than 3Y
Net Income Growth
-7.63% lower than 3Y
Cash Flow Change
-37.33% higher than 3Y
ROE
-11.36% lower than 3Y
ROCE
-3.5% lower than 3Y
EBITDA Margin (Avg.)
0.93% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk medium

Novartis India Ltd is a nearly debt-free healthcare company with a market cap of Rs.3,933 Cr trading at a PE of 39.7x. The stock has delivered a 61% return over the past year despite underlying sales declining at -2% CAGR over 3 years and profit declining at -3% CAGR over the same period.

Bull Case 7
  • Company is virtually debt-free, providing strong balance sheet resilience and financial flexibility
  • Stock has delivered 61% returns over the past 1 year, reflecting strong market re-rating
  • 3-year stock CAGR of 29% significantly outpaces underlying earnings growth, indicating investor confidence in turnaround potential
  • ROE has improved to 12% in the last year from a 10-year average of 8%, showing improving capital efficiency
  • Dividend yield of 1.59% provides income support, relatively attractive for a healthcare company
  • 5-year compounded profit CAGR of 35% indicates the company has delivered strong bottom-line expansion over the medium term
  • Backed by global parent Novartis AG, providing access to a pipeline of patented therapies and operational expertise
Bear Case 8
  • Sales have declined at -2% CAGR over 3 years and -6% CAGR over 10 years, indicating a structurally shrinking revenue base
  • PE of 39.7x is elevated for a company with negative sales growth of -1.46% over 5 years, suggesting limited margin of safety
  • TTM profit growth is negative at -5%, indicating near-term earnings deterioration
  • ROE of 11.9% over 3 years is low for a pharma company with negligible debt, suggesting suboptimal capital deployment
  • Other income of Rs.36.9 Cr forms a significant portion of earnings, meaning core operating profitability may be overstated
  • 10-year compounded profit CAGR of -7% reflects long-term structural decline in earnings power
  • Price-to-book ratio of 4.75x is high relative to the modest ROE of 12%, implying expensive valuation on asset basis
  • TTM sales growth of just 5% after years of decline does not yet confirm a sustained revenue recovery

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 44d ago
Positives 1
  • ChrysCapital acquires 70.68% stake Jul 29

    WaveRise Investments, ChrysCapital Fund X, and Two Infinity Partners acquired a combined 70.68% stake in Novartis India Limited, as disclosed in a SEBI SAST filing on July 29, 2026.

Neutral 2
  • Board reconstituted post takeover Jul 29

    Novartis India's board was reconstituted on July 29, 2026, with six new directors appointed and six outgoing directors resigning following ChrysCapital's acquisition of control from Novartis AG.

  • Open offer sees minimal acceptance Jul 10

    The open offer by WaveRise, ChrysCapital, and Two Infinity concluded with only 40 shares tendered at ₹860.64 per share, indicating existing shareholders largely preferred to hold their positions.

TL;DR: Novartis India has undergone a complete change of control, with ChrysCapital-led investors acquiring 70.68% from Novartis AG and reconstituting the board. The minimal open offer acceptance (just 40 shares) suggests minority shareholders see upside beyond the ₹860.64 offer price. The key forward-looking question is whether ChrysCapital's new management can unlock value through a refreshed strategy, though execution under new ownership remains uncertain.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
91
79
85
81
92
87
93
84
88
90
86
91
104
Expenses
73
62
65
70
68
69
67
60
60
66
64
70
69
Operating Profit
17
17
20
11
24
18
26
24
27
24
22
21
35
OPM %
19%
21%
23%
14%
26%
21%
28%
29%
31%
26%
26%
23%
34%
Other Income
12
17
22
10
10
10
11
11
11
9
9
10
9
Interest
0
1
0
0
0
0
0
0
0
0
1
0
0
Depreciation
2
1
0
0
1
1
1
1
1
1
0
0
0
PBT
28
32
41
21
34
28
35
34
37
33
30
30
43
Tax %
27%
27%
36%
31%
24%
26%
28%
14%
26%
26%
46%
16%
25%
Net Profit
20
24
27
15
26
20
25
29
28
24
16
25
32
EPS in Rs
8.21
9.59
10.76
5.95
10.42
8.27
10.31
11.87
11.19
9.81
6.52
10.23
13.05
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
870
690
656
564
491
438
381
400
379
335
356
354
371
Expenses
874
656
631
570
478
426
355
373
314
270
265
260
269
Operating Profit
-4
34
25
-6
12
12
27
27
65
65
91
94
102
OPM %
-0.4%
5%
3.8%
-1.1%
2.5%
2.8%
7%
7%
17%
19%
26%
27%
27%
Other Income
101
207
71
172
78
36
33
-17
58
62
42
39
37
Interest
0
0
1
6
2
6
8
5
2
1
1
1
1
Depreciation
4
3
4
3
3
13
12
10
6
3
2
2
2
PBT
93
237
92
158
86
29
40
-4
115
123
130
130
136
Tax %
15%
16%
38%
50%
40%
65%
48%
-3%
10%
31%
23%
28%
—
Net Profit
79
198
57
78
52
10
21
-4
103
85
101
93
98
EPS in Rs
24.75
62.04
20.33
31.74
20.97
4.08
8.46
-1.51
41.86
34.5
40.87
37.74
39.61
Div. Payout %
40%
16%
49%
32%
48%
245%
118%
-663%
113%
72%
61%
66%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
16
16
14
12
12
12
12
12
12
12
12
12
Reserves
986
1,178
906
721
747
708
699
679
763
732
773
805
Borrowings
0
0
0
0
0
68
62
24
22
7
5
3
Other Liabilities
244
239
230
377
223
289
229
242
186
173
158
157
Total Liabilities
1,246
1,433
1,150
1,111
982
1,078
1,002
958
983
925
948
978
Fixed Assets
8
6
6
5
15
76
64
24
19
7
5
3
CWIP
0
0
0
0
0
0
0
0
0
0
0
0
Investments
0
0
0
0
0
0
0
0
0
0
0
0
Other Assets
1,238
1,426
1,144
1,106
967
1,001
938
934
964
918
943
975
Total Assets
1,246
1,433
1,150
1,111
982
1,078
1,002
958
983
925
948
978
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-60
57
-41
161
-194
-23
-69
39
45
113
75
47
Investing
719
-630
424
69
274
56
95
87
-153
33
-3
18
Financing
-38
-39
-332
-268
-30
-41
-37
-36
-30
-121
-64
-64
Net Cash Flow
622
-612
51
-38
50
-9
-11
90
-139
26
7
0
Free Cash Flow
-64
54
-44
160
-208
-24
-69
38
45
113
75
46
CFO/OP
601
398
13
-3,503
-1,210
124
-127
210
65
115
99
87
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
35
27
23
28
34
31
37
41
35
45
41
38
Inventory Days
103
92
104
84
111
117
119
117
99
82
74
98
Days Payable
98
89
87
158
168
145
137
148
108
112
93
101
Cash Conversion Cycle
40
30
40
-45
-23
3
19
10
26
15
22
36
Working Capital Days
6
-35
-14
-99
7
-1
62
-23
-37
-59
-45
-46
ROCE %
9%
22%
9%
17%
12%
5%
6%
6%
15%
16%
17%
16%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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61 extracted metrics + investor summaries across FY04–FY26.

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Shareholding Pattern

FIIs0.16%Promot.70.68%DIIs1.36%Others5.31%Public22.50%As ofJun 2026

Documents

Frequently Asked Questions about Novartis

What does Novartis India Ltd do?
Novartis India Ltd is primarily engaged in the Business of Wholesale of pharmaceuticals and medical goods. [1] It imports various medicines to India from different sources across the globe.[2]
Where is Novartis India Ltd (NOVARTIND) listed?
Novartis India Ltd trades as NOVARTIND on the NSE and under code 500672 on the BSE.
Which sector does Novartis India Ltd belong to?
Novartis India Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the market capitalisation of Novartis India Ltd?
Novartis India Ltd has a market capitalisation of ₹5,773 Cr, which places it in the Mid Cap band.
What is the PE ratio of Novartis India Ltd?
Novartis India Ltd trades at a PE ratio of 60.37, against a book value of ₹331.23 per share.
What is the 52-week high and low of Novartis India Ltd?
Over the last 52 weeks Novartis India Ltd has traded between ₹950 and ₹2,588.8.
Does Novartis India Ltd pay dividends?
Novartis India Ltd has a dividend yield of 1.03%.
What is the Return on Equity (ROE) of Novartis India Ltd?
Novartis India Ltd reported a return on equity of 11.39%. Its debt-to-equity ratio is 0.00.

Company Information

Novartis India Ltd is primarily engaged in the Business of Wholesale of pharmaceuticals and medical goods. [1] It imports various medicines to India from different sources across the globe.[2]

Website novartis.in
CEO Ms. Shilpa Shashank Joshi
Employees 56
Listed 2026-04-20
Face Value ₹ 5

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