Founded in 1981 by VC Nannapaneni, the Hyderabad-based drugmaker has a niche focus on oncology in which it controls a quarter of the domestic market. It has restricted its focus on developed markets to sell complex generics and partnered with other pharma companies to mitigate development and litigation-related risks. As it expands its business across new therapeutic areas such as Hepatitis C and cardio-diabetology, the Street believes Natco is well-placed to counter macro headwinds facing the pharma sector.