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Natco Pharma Q3 Results Review: Dolat Capital Downgrades Both Rating, Target Price — Here's Why
Dolat Capital downgrades rating to ‘Sell’ from Reduce with a revised target price of Rs 913 at 28 times FY27E P/E.
14 Feb 2025, 09:52 AM IST 
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Natco Pharma's exports declined by 52.8%/76.4% YoY/QoQ in Q3FY25 on account of absence of Revlimid sales during the quarter
(Source: Company Website)
Dolat Capital believes Natco is facing challenges in base business growth ex Revlimid as the ramp up across the segments is not in line with expectations, which has also led to significant erosion of core margins ex Revlimid.
