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Natco Pharma Q4 Results Review: Dolat Capital Maintains 'Sell', Sees 11% Downside
Dolat Capital maintains ‘Sell’ rating with a revised target price of Rs772 at 28x FY27E P/E.
30 May 2025, 07:49 PM IST 
Natco Pharma's exports grew by 10.2% YoY in Q4 FY25, a lower growth compared to Q1/Q2 FY25, despite gRevlimid sales, which were higher in H1 compared to Q4. (Source: freepik)
The brokerage 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.
