Overview

Detailed Summary

Zydus Lifesciences Limited is an innovation-driven, vertically integrated pharmaceutical group operating across generics, branded formulations, biosimilars, vaccines, APIs, consumer wellness and MedTech, with ~41 manufacturing sites, eight R&D centres, and global revenues around $2.75 billion, positioning the company as a major Indian pharma exporter and a top generics player in the US.
Q3 FY26 financials show robust execution: consolidated revenues of Rs. 68,645 mn (▲30% YoY), EBITDA of Rs. 18,164 mn (26.5% margin), R&D spend at 8.8% of revenues, and adjusted net profit of Rs. 11,109 mn; organic capex remains high at Rs. 4,637 mn for the quarter, while net debt widened to Rs. 28,728 mn at quarter end.
The product and innovation pipeline is advancing materially: Zydus plans to file an NDA for Saroglitazar Magnesium in the US imminently, has achieved several biosimilar and specialty milestones including a first‑in‑class Menkes disease approval (Zycubo), and holds licensing deals for large‑molecule biosimilars and a CE mark for its Andy robotic surgical system.
Strategic M&A and partnerships are reshaping growth engines: full consolidation of Comfort Click doubled down Consumer Wellness scale (Q3 consumer revenue ▲113% YoY), acquisition of US biologics facilities from Agenus enables a Bio CDMO roadmap, and management retained a Rs. 5,000 crore QIP approval as an optional funding lever for future acquisitions.
Geographic and portfolio diversification is visible: Pharma remains ~81% of sales with North America contributing 41% of revenues, India branded formulations outperformed the market with 14% growth, International Markets accelerated (▲38% YoY), and consumer wellness and MedTech are emerging, higher‑growth adjacencies supporting margin and top‑line resilience.

Sector: Pharmaceuticals & Biotechnology
Industry: Pharmaceuticals
Market Cap: 1,04,744 Cr
Volatility: Low Risk
P/E Ratio: 20.8
Industry P/E: 34.8
PEG Ratio: 0.2
P/B Ratio: 3.9
52W High: 1,093.95
52W Low: 835.85

Sales CAGR

1Y: 18.90%
3Y: 24.48%
5Y: 18.95%
10Y: 8.71%

Profit CAGR

1Y: 19.73%
3Y: 88.81%
5Y: 33.66%
10Y: 12.27%

ROE

TTM: 18.59%
3Y: 15.18%
5Y: 16.61%
10Y: 17.09%

ROCE

TTM: 17.35%
3Y: 19.08%
5Y: 17.74%
10Y: 17.68%

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Peers

Healthcare Healthcare Pharmaceuticals

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CIPLA		1361.00	1,13,052 Cr	29.14	3.28	0.93	11.27	14.95	9.11
DRREDDY		1307.00	1,10,333 Cr	26.29	2.91	0.61	11.07	12.54	7.15
MANKIND		2507.00	1,06,669 Cr	55.76	6.54	0.00	11.74	13.13	6.90
ZYDUSLIFE		864.25	1,04,744 Cr	20.78	3.86	0.10	18.59	17.35	9.59
LUPIN		2326.80	1,04,401 Cr	19.58	4.65	0.79	23.76	24.88	13.96
AUROPHARMA		1415.00	88,160 Cr	25.28	2.52	0.00	9.77	12.69	6.63
LAURUSLABS		1129.60	73,491 Cr	82.69	13.87	0.09	16.77	16.14	8.47
Median: 7 Co.	—	1361.00	1,04,744 Cr	26.29	3.86	0.10	11.74	14.95	8.47

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	4,505	5,534	6,208	5,237	5,269	6,528	6,574	6,123	6,865	7,587
Expenses	3,403	3,903	4,124	3,776	3,882	4,402	4,485	4,107	5,048	5,033
Operating Profit	1,102	1,631	2,084	1,461	1,388	2,125	2,089	2,016	1,816	2,554
OPM %	24.47	29.46	33.57	27.91	26.33	32.56	31.77	32.92	26.46	33.67
Other Income	38	156	63	68	58	-139	155	75	27	-263
Interest	20	35	32	25	32	77	85	101	130	123
Depreciation	195	205	215	234	229	238	238	302	360	508
Profit Before Tax	926	1,547	1,900	1,271	1,184	1,672	1,921	1,687	1,353	1,660
Tax %	23.10	20.76	22.96	29.36	15.16	25.31	22.60	26.91	28.69	19.18
Net Profit	712	1,226	1,464	898	1,005	1,249	1,487	1,233	965	1,341
EPS in Rs	7.85	11.69	14.11	9.06	10.17	11.64	14.58	12.51	10.36	—

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	9,572	11,954	13,166	14,253	14,404	15,110	17,237	19,547	23,242	23,608
Expenses	7,472	9,057	10,182	11,470	11,016	11,769	13,378	14,163	16,183	16,545
Operating Profit	2,100	2,897	2,984	2,783	3,387	3,341	3,860	5,384	7,059	7,063
OPM %	21.94	24.23	22.66	19.53	23.52	22.11	22.39	27.54	30.37	29.92
Other Income	128	113	191	-250	-160	337	-418	270	50	142
Interest	45	91	194	342	159	127	130	81	166	218
Depreciation	373	539	599	697	670	713	723	764	916	939
Profit Before Tax	1,615	2,331	2,382	1,495	2,399	2,838	2,590	4,809	6,027	6,048
Tax %	7.98	24.21	22.26	21.39	8.07	18.03	22.70	20.33	23.43	23.31
Net Profit	1,486	1,766	1,852	1,176	2,206	2,326	2,002	3,831	4,615	4,638
EPS in Rs	14.78	17.65	18.28	11.70	21.20	44.59	19.46	38.30	44.98	49.09
Dividend Payout %	22.02	20.17	19.38	30.46	16.79	5.70	31.09	7.87	24.46	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	102	102	102	102	102	102	102	101	101	101
Reserves	5,597	6,858	8,642	10,284	10,273	12,890	16,897	17,415	19,729	23,853
Borrowings	2,107	4,945	5,113	7,147	7,041	4,608	4,221	1,195	804	3,213
Other Liabilities	2,744	3,315	4,208	5,950	6,270	6,285	6,575	7,046	8,647	10,035
Total Liabilities	10,551	15,221	18,065	23,483	23,687	23,885	27,795	25,756	29,281	37,202
Fixed Assets	3,748	5,755	6,483	12,164	12,231	12,133	12,189	11,521	12,369	13,134
CWIP	951	1,543	1,527	837	742	783	726	1,201	2,423	2,692
Investments	416	435	746	674	765	830	3,288	1,547	1,221	6,408
Other Assets	5,436	7,488	9,310	9,809	9,950	10,139	11,593	11,488	13,269	14,968
Total Assets	10,551	15,221	18,065	23,483	23,687	23,885	27,795	25,756	29,281	37,202

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1,894	1,312	919	1,282	2,932	3,294	2,105	2,689	3,228	6,777
Cash from Investing Activity	-864	-2,872	-974	-3,977	-1,004	-837	-1,026	1,535	-1,469	-8,356
Cash from Financing Activity	-935	2,316	52	1,885	-1,528	-2,548	-868	-4,400	-1,810	2,014
Net Cash Flow	95	756	-2.90	-811	399	-91	210	-177	-52	435

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	74.99%	74.99%	74.99%	75.00%	75.00%
FIIs	4.04%	4.86%	5.00%	5.72%	5.59%	7.52%	7.53%	7.32%	7.13%	7.34%	7.06%	6.95%
DIIs	13.52%	13.09%	13.03%	12.63%	12.64%	10.65%	10.65%	11.01%	11.13%	10.86%	11.09%	11.20%
Public	7.47%	7.07%	6.99%	6.66%	6.80%	6.85%	6.84%	6.68%	6.74%	6.80%	6.85%	6.86%
Total Shareholders	3,11,764	2,97,953	3,06,495	2,94,324	3,36,309	3,70,863	3,65,356	3,71,619	3,86,127	3,96,105	4,03,266	4,18,314

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Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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