NATCOPHARM Q3 FY26 Guidance vs Delivery (NATCOPHARM Management Mirror)

Financial Outlook & Revenue Guidance

Reaffirmed (Dec'25 Qtr): Management maintained full-year FY26 revenue expectations of approximately 4,200–4,300 crores. Current quarter revenue (Dec'25) was ~705 crores, with momentum expected to hold at 700–750 crores for the Mar'26 Qtr.

Consolidated (Sep'25 Qtr): Projected H2 revenue of 750–800 crores per quarter and H2 PAT of 275–300 crores. Full-year PAT was guided to 1,275–1,300 crores, consistent with start-of-year estimates despite the projected drop in Revlimid contribution.

Sequential Evolution: In Jun'25 Qtr, management guided for a 20% revenue drop and 30% profit drop annually due to the "base effect" of Revlimid. By Sep'25 Qtr, they clarified that FY26/FY27 would be "a little dull" due to earnings resets before picking up in FY28.