Dolat Capital maintains 'Sell' rating for Natco Pharma with a revised target price of Rs772 at 28x FY27E P/E.Natco Pharma's exports grew by 10.2% YoY in Q4 FY25, showing lower growth compared to earlier quarters despite higher gRevlimid sales.The brokerage believes Natco is facing challenges in base business growth ex Revlimid, leading to significant erosion of core margins.