अApnaFunda
Menu

NOVARTIS INDIA LIMITED (NOVARTIND)

Health Technology

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.65 / 100
Profitability 76Growth 18Balance sheet 100
Compare withSUN PHARMACEUTICAL INDUSTRIESDIVIS LABORATORIES LIMITEDTORRENT PHARMACEUTICALS LTD

Passes these screens: High Momentum · Debt-light & profitable

Share Price
₹1692.40
P/E
42.7x
ROCE
16.0%
Market Cap
₹4180 cr
Revenue (TTM)
₹371 cr
P/S
11.3x
P/B
5.1x
ROE
12.0%
Operating Margin
34.0%
Debt / Equity
0.0x
Promoter Holding
70.7%
12M Momentum
148.3%
P/E vs its own history34th percentilesince Oct '20
P/E vs Health Technology1.2xthe sector median

52-week range

₹567.15₹2588.80
56% of the way from its 52-week low to its high

Price risk

1Y volatility
64.8%
Beta vs sector
1-year daily
0.01

Balance sheet & cash

Interest cover
operating profit ÷ interest
100.0x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.84x

Was the rally earned?

+162%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 15.5x to 42.7x); per-share earnings took off 9 points.
  • The share count barely moved.
3 years Net profit growth: -9 pts. Points of the price return explained by net profit growing (or shrinking).P/E change: +171 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+171 ptsShare count change: -1 pts. Points of the price return explained by the share count changing. More shares count against the price. +162% 3 years Net profit growth: -9 pts. Points of the price return explained by net profit growing (or shrinking).P/E change: +171 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+171 ptsShare count change: -1 pts. Points of the price return explained by the share count changing. More shares count against the price. +162%
Net profit growth-9 ptsNet profit fell about 5%, which lowers the price.
P/E change+171 ptsThe P/E rose from 15.5x to 42.7x, which lifts the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
+135%share price, 5 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 244 points, but investors now pay less per rupee of profit (P/E 85.1x to 42.7x), which took 109 points back.
  • The share count barely moved.
5 years Net profit growth: +243 pts. Points of the price return explained by net profit growing (or shrinking).+243 ptsP/E change: -109 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-109 ptsShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price. +135% 5 years Net profit growth: +243 pts. Points of the price return explained by net profit growing (or shrinking).+243 ptsP/E change: -109 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-109 ptsShare count change: +1 pts. Points of the price return explained by the share count changing. More shares count against the price. +135%
Net profit growth+243 ptsNet profit rose about 366%, which lifts the price.
P/E change-109 ptsThe P/E fell from 85.1x to 42.7x, which lowers the price.
Share count change+1 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 1 year: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with SUN PHARMACEUTICAL INDUSTRIES

Is it expensive against its own past and its peers?

42.7xP/E todayWithin its usual range
Against its own history34th percentileMedian 77.9x; usual range 16.9x to 153.6x since 2020-10.
Against Health Technology42.7x vs 35.4xAbove the Health Technology median.
15.5x64.2x112.9x161.7xOct '20Jan '22Apr '23Jul '24Oct '25Oct '2615.5x64.2x112.9x161.7xOct '20Oct '22Oct '24Oct '26
P/E (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianHealth Technology median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dashed line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Health Technology is valued

What is the price implying?

~24%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 54.8x, a holder earning 12%/yr needs earnings to grow about 24.3%/yr for 10 years, then trade at 15x.

Delivered6.6%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+17.8 ptsimplied minus delivered
Rank169thmost demanding of 843

Over time

Implied growth by month (solid) and delivered growth (dashed).

-36%-5%26% Jun 2020Oct 2026 -36%-5%26% Jun 2020Oct 2026

Change the assumptions

Exit P/E / return11%12%13%
12x25.5%26.6%27.8%
15x23.2%24.3%25.4%
20x20.2%21.3%22.4%
Implied: 24.3%/yr

Looking back

  • Jan 2021Price implied 12%/yr; EPS has since grown 45%/yr (6.0 yrs)
  • Jan 2022Price implied 21%/yr; EPS has since grown 35%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Health Technology The market-wide Expectations lists

What changed?

  1. Oct '26Fell 31% from the Sep 2026 peak to the Oct 2026 low.
  2. Oct '26Volume reached 7.9x its 50-day median on 2026-10-05; price +0.1% that day.
  3. Sep '26Moved into the top quartile of Health Technology on operating margin (from the 2nd quartile).
  4. Sep '26Volume reached 103.5x its 50-day median on 2026-09-10; price +11.1% that day.
  5. Jun '26Slipped to the 2nd quartile of Health Technology on operating margin (from the top quartile).
  6. May '26Volume reached 20.4x its 50-day median on 2026-05-12; price +6.8% that day.
  7. Apr '26Regained the 2021-07 peak, 37 months after the low.
  8. Oct '23P/E fell below the 10th percentile of its own history to date (15.5x).
Show 19 earlier events
  1. Jul '23Volume reached 5.6x its 50-day median on 2023-07-19; price +1.6% that day.
  2. Jun '23EPS (TTM) turned positive.
  3. Jun '23Moved into the 2nd quartile of Health Technology on ROCE (from the bottom quartile).
  4. Jun '23Started paying a dividend (payout 113% of profit).
  5. May '23Volume reached 22.5x its 50-day median on 2023-05-11; price +6.4% that day.
  6. Mar '23Fell 48% from the Jul 2021 peak to the Mar 2023 low.
  7. Mar '23Volume reached 19.3x its 50-day median on 2023-03-21; price +2.4% that day.
  8. Dec '22Volume reached 22.6x its 50-day median on 2022-12-23; price +3.0% that day.
  9. Jul '22Volume reached 106.9x its 50-day median on 2022-07-28; price +12.3% that day.
  10. Jun '22EPS (TTM) turned negative.
  11. Jun '22Slipped to the bottom quartile of Health Technology on EPS growth (from the top quartile).
  12. Jun '22Dividend payout cut from 118% to -663% of profit.
  13. Jun '22Volume reached 6.5x its 50-day median on 2022-06-10; price +8.4% that day.
  14. Feb '22Volume reached 8.9x its 50-day median on 2022-02-10; price -1.4% that day.
  15. Nov '21Volume reached 21.9x its 50-day median on 2021-11-10; price +12.0% that day.
  16. Jul '21Volume reached 31.0x its 50-day median on 2021-07-08; price +10.1% that day.
  17. Jun '21Dividend payout cut from 245% to 118% of profit.
  18. Jun '21Volume reached 91.2x its 50-day median on 2021-06-14; price +14.4% that day.
  19. Dec '20Volume reached 27.7x its 50-day median on 2020-12-11; price +5.4% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Are profits backed by cash?

4 of 5 checks are within range, 1 near a threshold.
Tap a check to see how it is measured.

Other income reliance27%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 27.2%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.84xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.84x (cash from operations ₹235 cr, net profit ₹279 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history—Not enough data

Not enough reported data to compute this.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

How rough has the ride been?

Maximum drawdown-48.1%recovered 2026-04
1-year volatility64.8%annualised
Beta vs sector index0.493-year daily, correlation 0.13
Volume spikes12last 90 sessions, 5x the 50-day median

Monthly share price

₹527₹991₹1,455₹1,919 Oct '20Jan '22Apr '23Jul '24Oct '25Oct '26
2020-10: ₹601.50
2020-11: ₹627.00
2020-12: ₹659.60
2021-01: ₹629.20
2021-02: ₹597.00
2021-03: ₹527.00
2021-04: ₹624.45
2021-05: ₹628.15
2021-06: ₹840.50
2021-07: ₹937.80
2021-08: ₹745.25
2021-09: ₹792.95
2021-10: ₹719.90
2021-11: ₹757.85
2021-12: ₹751.20
2022-01: ₹713.95
2022-02: ₹604.30
2022-03: ₹564.70
2022-04: ₹603.30
2022-05: ₹565.00
2022-06: ₹587.55
2022-07: ₹698.55
2022-08: ₹706.10
2022-09: ₹655.45
2022-10: ₹655.65
2022-11: ₹646.95
2022-12: ₹649.55
2023-01: ₹612.60
2023-02: ₹572.65
2023-03: ₹538.70
2023-04: ₹570.40
2023-05: ₹681.50
2023-06: ₹785.55
2023-07: ₹698.40
2023-08: ₹692.45
2023-09: ₹695.35
2023-10: ₹647.25
2026-04: ₹1030.50
2026-05: ₹1556.60
2026-06: ₹1434.40
2026-07: ₹1537.10
2026-08: ₹1554.40
2026-09: ₹1919.00
2026-10: ₹1692.40
 ₹527₹991₹1,455₹1,919 Oct '20Oct '22Oct '24Oct '26
2020-10: ₹601.50
2020-11: ₹627.00
2020-12: ₹659.60
2021-01: ₹629.20
2021-02: ₹597.00
2021-03: ₹527.00
2021-04: ₹624.45
2021-05: ₹628.15
2021-06: ₹840.50
2021-07: ₹937.80
2021-08: ₹745.25
2021-09: ₹792.95
2021-10: ₹719.90
2021-11: ₹757.85
2021-12: ₹751.20
2022-01: ₹713.95
2022-02: ₹604.30
2022-03: ₹564.70
2022-04: ₹603.30
2022-05: ₹565.00
2022-06: ₹587.55
2022-07: ₹698.55
2022-08: ₹706.10
2022-09: ₹655.45
2022-10: ₹655.65
2022-11: ₹646.95
2022-12: ₹649.55
2023-01: ₹612.60
2023-02: ₹572.65
2023-03: ₹538.70
2023-04: ₹570.40
2023-05: ₹681.50
2023-06: ₹785.55
2023-07: ₹698.40
2023-08: ₹692.45
2023-09: ₹695.35
2023-10: ₹647.25
2026-04: ₹1030.50
2026-05: ₹1556.60
2026-06: ₹1434.40
2026-07: ₹1537.10
2026-08: ₹1554.40
2026-09: ₹1919.00
2026-10: ₹1692.40

Last 90 trading days

₹1,419₹1,755₹2,092₹2,428 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹1472.10
2026-06-25: ₹1434.90
2026-06-30: ₹1434.40
2026-07-02: ₹1453.60
2026-07-06: ₹1457.40
2026-07-08: ₹1452.40
2026-07-10: ₹1494.60
2026-07-14: ₹1617.60
2026-07-16: ₹1596.20
2026-07-20: ₹1667.90
2026-07-22: ₹1699.80
2026-07-24: ₹1641.20
2026-07-28: ₹1579.30
2026-07-30: ₹1575.50
2026-08-03: ₹1635.70
2026-08-05: ₹1634.90
2026-08-07: ₹1609.60
2026-08-11: ₹1593.70
2026-08-13: ₹1548.30
2026-08-17: ₹1589.10
2026-08-19: ₹1531.70
2026-08-21: ₹1418.90
2026-08-25: ₹1486.30
2026-08-27: ₹1490.20
2026-08-31: ₹1554.40
2026-09-02: ₹1601.50
2026-09-04: ₹1646.70
2026-09-08: ₹1822.00
2026-09-10: ₹2428.20
2026-09-15: ₹2188.00
2026-09-17: ₹2082.20
2026-09-21: ₹2004.10
2026-09-23: ₹2027.40
2026-09-25: ₹1965.60
2026-09-29: ₹1924.10
2026-10-01: ₹1965.00
2026-10-06: ₹2051.20
2026-10-08: ₹1987.70
2026-10-12: ₹2013.20
2026-10-14: ₹1988.20
2026-10-16: ₹1897.60
2026-10-21: ₹1768.00
2026-10-23: ₹1824.50
2026-10-27: ₹1847.80
2026-10-29: ₹1812.80
2026-10-30: ₹1692.40
 ₹1,419₹1,755₹2,092₹2,428 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹1472.10
2026-06-25: ₹1434.90
2026-06-30: ₹1434.40
2026-07-02: ₹1453.60
2026-07-06: ₹1457.40
2026-07-08: ₹1452.40
2026-07-10: ₹1494.60
2026-07-14: ₹1617.60
2026-07-16: ₹1596.20
2026-07-20: ₹1667.90
2026-07-22: ₹1699.80
2026-07-24: ₹1641.20
2026-07-28: ₹1579.30
2026-07-30: ₹1575.50
2026-08-03: ₹1635.70
2026-08-05: ₹1634.90
2026-08-07: ₹1609.60
2026-08-11: ₹1593.70
2026-08-13: ₹1548.30
2026-08-17: ₹1589.10
2026-08-19: ₹1531.70
2026-08-21: ₹1418.90
2026-08-25: ₹1486.30
2026-08-27: ₹1490.20
2026-08-31: ₹1554.40
2026-09-02: ₹1601.50
2026-09-04: ₹1646.70
2026-09-08: ₹1822.00
2026-09-10: ₹2428.20
2026-09-15: ₹2188.00
2026-09-17: ₹2082.20
2026-09-21: ₹2004.10
2026-09-23: ₹2027.40
2026-09-25: ₹1965.60
2026-09-29: ₹1924.10
2026-10-01: ₹1965.00
2026-10-06: ₹2051.20
2026-10-08: ₹1987.70
2026-10-12: ₹2013.20
2026-10-14: ₹1988.20
2026-10-16: ₹1897.60
2026-10-21: ₹1768.00
2026-10-23: ₹1824.50
2026-10-27: ₹1847.80
2026-10-29: ₹1812.80
2026-10-30: ₹1692.40

Drawdown from peak

0% -24% -47% Oct '20Oct '23Oct '26 0% -24% -47% Oct '20Oct '23Oct '26
Largest drawdowns

-48.1% (2021-07 peak to 2023-03 low, recovered 2026-04)

-30.6% (2026-09 peak to 2026-10 low, not yet recovered)

-24.1% (2020-12 peak to 2021-03 low, recovered 2021-06)

Most recent volume spikes

2026-10-05: 7.9x the 50-day median, price +0.1% that day

2026-09-17: 6.3x the 50-day median, price +4.3% that day

2026-09-16: 5.1x the 50-day median, price -8.8% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Health Technology peers?

Each cell is the company's percentile rank among its Health Technology peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Health Technology sector page Watch it move against Health Technology in the Observatory

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

CompanySectorSimilarityClosest on
FOSECO INDIA (FOSECOIND)Process Industries67%debt/equity, market cap
MOIL (MOIL)Non-Energy Minerals67%market cap, revenue growth
MAN INFRACONSTRUCTION (MANINFRA)Finance57%operating margin, market cap
LA OPALA RG (LAOPALA)Consumer Durables52%operating margin, revenue
ORIENTAL HOTELS (ORIENTHOT)Consumer Services50%P/E, revenue
RPG LIFE SCIENCES (RPGLIFE)Health Technology54%P/E, market cap
PFIZER (PFIZER)Health Technology52%revenue growth, EPS growth
JAGSONPAL PHARMACEUTICALS LIMI (JAGSNPHARM)Health Technology43%revenue, promoter holding

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

Monthly history (73 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1042.7x₹371 cr12.0%16.0%0.0x
2026-0948.4x₹371 cr11.9%16.0%0.0x
2026-0841.2x₹355 cr11.4%16.0%0.0x
2026-0740.7x₹355 cr11.4%16.0%0.0x
2026-0638.0x₹355 cr11.4%16.0%0.0x
2026-0539.5x₹348 cr12.4%17.0%0.0x
2026-0426.2x₹348 cr12.4%17.0%0.0x
2026-03—————
2026-02—————
2026-01—————
2025-12—————
2025-11—————
2025-10—————
2025-09—————
2025-08—————
2025-07—————
2025-06—————
2025-05—————
2025-04—————
2025-03—————
2025-02—————
2025-01—————
2024-12—————
2024-11—————
2024-10—————
2024-09—————
2024-08—————
2024-07—————
2024-06—————
2024-05—————
2024-04—————
2024-03—————
2024-02—————
2024-01—————
2023-12—————
2023-11—————
2023-1015.5x₹379 cr13.3%15.0%0.0x
2023-0916.6x₹379 cr13.3%15.0%0.0x
2023-0816.5x₹379 cr13.3%15.0%0.0x
2023-0716.7x₹379 cr13.3%15.0%0.0x
2023-0618.8x₹379 cr13.3%15.0%0.0x
2023-05—₹400 cr-0.5%6.0%0.0x
2023-04—₹400 cr-0.5%6.0%0.0x
2023-03—₹400 cr-0.5%6.0%0.0x
2023-02—₹400 cr-0.5%6.0%0.0x
2023-01—₹400 cr-0.5%6.0%0.0x
2022-12—₹400 cr-0.5%6.0%0.0x
2022-11—₹400 cr-0.5%6.0%0.0x
2022-10—₹400 cr-0.5%6.0%0.0x
2022-09—₹400 cr-0.5%6.0%0.0x
2022-08—₹400 cr-0.5%6.0%0.0x
2022-07—₹400 cr-0.5%6.0%0.0x
2022-06—₹400 cr-0.5%6.0%0.0x
2022-0566.8x₹381 cr3.0%6.0%0.1x
2022-0471.3x₹381 cr3.0%6.0%0.1x
2022-0366.7x₹381 cr3.0%6.0%0.1x
2022-0271.4x₹381 cr3.0%6.0%0.1x
2022-0184.4x₹381 cr3.0%6.0%0.1x
2021-1288.8x₹381 cr3.0%6.0%0.1x
2021-1189.6x₹381 cr3.0%6.0%0.1x
2021-1085.1x₹381 cr3.0%6.0%0.1x
2021-0993.7x₹381 cr3.0%6.0%0.1x
2021-0888.1x₹381 cr3.0%6.0%0.1x
2021-07110.9x₹381 cr3.0%6.0%0.1x
2021-0699.3x₹381 cr3.0%6.0%0.1x
2021-05154.0x₹438 cr1.4%5.0%0.1x
2021-04153.1x₹438 cr1.4%5.0%0.1x
2021-03129.2x₹438 cr1.4%5.0%0.1x
2021-02146.3x₹438 cr1.4%5.0%0.1x
2021-01154.2x₹438 cr1.4%5.0%0.1x
2020-12161.7x₹438 cr1.4%5.0%0.1x
2020-11153.7x₹438 cr1.4%5.0%0.1x
2020-10147.4x₹438 cr1.4%5.0%0.1x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

Feedback