Zydus FY26 ends with margin strength and a higher R&D gear

Revenue from operations were Rs. 75,870 mn and EBITDA was Rs. 25,544 mn, with EBITDA margin of 33.7%.

FY26 revenue from operations was Rs. 2,71,484 mn and EBITDA was Rs. 84,751 mn, with EBITDA margin of 31.2%.

Q4 FY26 consolidated revenues were Rs. 74,344 mn, with disclosed contributions including North America formulations 40%, India formulations 24%, International Markets formulations 11%, Consumer Wellness 20%, MedTech 4%, APIs 2% and Alliances and Others 0.2%.

The Board recommended a dividend of 100% for FY25-26 and approved a buyback up to Rs. 11,000 mn at Rs. 1,150 per share.

Exceptional expense of Rs. 3,975 mn in Q4 FY26 was disclosed as a one-time spend towards Mirabegron litigation settlement.

Highlights included China approval for Desidustat for renal anemia, USFDA ODD for Desidustat for sickle cell disease, DCGI approval for two Phase III trials for Zintrodiazine, and completion of clinical development of in-licensed Pembrolizumab biosimilar candidate FYB206 for the US market.

Net debt was reported at Rs. 43,050 mn as at 31 March 2026, and net debt to EBITDA was 0.50x in Q4 FY26.