ZIM Laboratories Q4 FY26: steady revenue, softer margins, and a clearer path back to EU

FY26 total operating income was ₹3,744 Mn (374.4 crore), EBITDA was ₹414 Mn (41.4 crore) and PAT was ₹58 Mn (5.8 crore), as per the presentation.

Management cited lower operating income in parts of the year, higher costs due to geopolitical issues and inflation in raw materials/utilities/employee costs, and higher depreciation and finance costs from capex.

FY26 pharma revenue was ₹2,990 Mn (299.0 crore) and nutraceutical revenue was ₹754 Mn (75.4 crore), with pharma contributing about 80% of total revenue.

FY26 export revenue was ₹3,150 Mn (315.0 crore), about 84% of revenue. Region-wise mix in FY26 was India 16%, MENA 35%, Asia (ex-India) 30%, Africa 11%, Latam 2%, CIS 2% and Others 4%.

Management stated most CAPA remediation has been completed and implemented, and the facility underwent a re-inspection by German and Portuguese authorities from 4 May to 7 May 2026, with an expected positive outcome subject to closure of CAPA items.

Total R&D spend in FY26 was ₹311 Mn (31.1 crore), about 8.3% of revenue, including ₹108 Mn (10.8 crore) towards bioequivalence studies and regulatory filings/registrations to advance the NIP and OTF pipeline.

FY26 NIP + OTF revenue was ₹479 Mn (47.9 crore), contributing 13% of total operating income. Q4FY26 NIP + OTF operating income was ₹220 Mn (22.0 crore) with 21% contribution in the quarter, as per the presentation.