Natco Pharma (NSE:NATCOPHARM) Cyclically Adjusted PB Ratio: (As of Aug. 26, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NSE:NATCOPHARM Natco Pharma Ltd NSE:NATCOPHARM
87 GF Score
Price ₹866.25
GF Value ₹824.59
Valuation Fairly Valued
! 2 Warning Signs
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What is Natco Pharma Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Natco Pharma  (NSE:NATCOPHARM) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Natco Pharma Cyclically Adjusted PB Ratio Related Terms


Natco Pharma Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Natco Pharma's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Natco Pharma Cyclically Adjusted PB Ratio Chart

Natco Pharma Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.05 3.15 4.51 3.19 3.26

Natco Pharma Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 2.88 0.00 3.26 0.00

NSE:NATCOPHARM vs ZTS: Cyclically Adjusted PB Ratio Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Natco Pharma's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Natco Pharma Cyclically Adjusted PB Ratio vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Natco Pharma's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Natco Pharma's Cyclically Adjusted PB Ratio falls into.


NSE:NATCOPHARM
87GF Score
Natco Pharma Ltd NSE:NATCOPHARM
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Natco Pharma Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Natco Pharma's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Natco Pharma's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=0/167.3573*167.3573
=0.000

Current CPI (Jun. 2026) = 167.3573.

Natco Pharma Quarterly Data

Book Value per Share CPI Adj_Book
201609 80.370 105.961 126.938
201612 0.000 105.196 0.000
201703 94.620 105.196 150.532
201706 0.000 107.109 0.000
201709 103.862 109.021 159.437
201712 0.000 109.404 0.000
201803 166.521 109.786 253.843
201806 0.000 111.317 0.000
201809 185.074 115.142 269.003
201812 0.000 115.142 0.000
201903 190.921 118.202 270.317
201906 0.000 120.880 0.000
201909 202.598 123.175 275.269
201912 0.000 126.235 0.000
202003 207.258 124.705 278.145
202006 0.000 127.000 0.000
202009 223.162 130.118 287.030
202012 0.000 130.889 0.000
202103 226.042 131.771 287.088
202106 0.000 134.084 0.000
202109 231.915 135.847 285.709
202112 0.000 138.161 0.000
202203 233.596 138.822 281.613
202206 0.000 142.347 0.000
202209 250.404 144.661 289.690
202212 0.000 145.763 0.000
202303 267.101 146.865 304.371
202306 0.000 150.280 0.000
202309 295.545 151.492 326.497
202312 0.000 152.924 0.000
202403 326.788 153.035 357.373
202406 0.000 155.789 0.000
202409 399.190 157.882 423.147
202412 0.000 158.323 0.000
202503 424.711 157.552 451.144
202506 0.000 159.755 0.000
202509 482.932 162.289 498.013
202512 0.000 163.281 0.000
202603 514.829 164.272 524.497
202606 0.000 167.357 0.000

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Natco Pharma (NSE:NATCOPHARM) Overvalued in 2026?

Based on GuruFocus' analysis, Natco Pharma stock appears to be overvalued. The current stock price of ₹866.25 is trading 5.1% above its estimated GF Value™ of ₹824.59. GuruFocus considers Natco Pharma to be Fairly Valued.

Key valuation signals for NSE:NATCOPHARM:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: ₹824.59 vs. price of ₹866.25 (5.1% above fair value)
  • GF Score™: 87/100 with 2 warning signs

No single metric tells the full story. See the NSE:NATCOPHARM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Natco Pharma Business Description

Other Exchanges 524816:India
Address Road No. 2, NATCO House, Banjara Hills, Hyderabad, TG, IND, 500034
Natco Pharma Ltd is a drug manufacturing company. Natco aims to make specialty medicines accessible to all by manufacturing niche pharmaceutical products backed by its research and development capabilities. While the vast majority of the company's revenue is generated in India, the company looks internationally for growth opportunities. The company maintains a presence in Oncology and Hepatology treatment areas. Natco's active pharmaceutical ingredient segment APIs forms a core part of the company's business. The company operates in two different business segments: pharmaceuticals and agrochemicals. It derives maximum revenue from Pharmaceuticals Segment.
87GF Score

Get the complete analysis for NSE:NATCOPHARM

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹866.25
Price
₹824.59
GF Value