ZOTA
Zota Health Care share price & financials
- Price
- ₹1,307.6
- Market cap
- ₹3.8k Cr
- Sector
- Healthcare
- Calls analysed
- 6
Zota Health Care LImited Q1 FY27
What went well
- Revenue from operations grew 67.6% YoY to INR 173.60 crores, driven by Davaindia network expansion and growth in existing stores.
- Gross margin improved to 61.96%, reflecting strengths of the business model and product mix.
- Added 264 new Davaindia stores in Q1 FY27, bringing the total store count to 2,825 across the country.
What to watch
- Other expenses increased to 33% of revenue in Q1 FY27, up from 21% in Q1 FY26, primarily due to INR 15-17 crore in marketing investments.
- Gross margins were slightly lower this quarter due to temporary increases in input costs (packaging, bottle costs) caused by geopolitical situations and war.
What Zota Health Care LImited does
Zota Health Care is an integrated pharmaceutical company built around Davaindia, a retail generic-pharmacy chain it runs through company-owned (COCO) and franchisee-owned (FOFO) stores selling private-label medicinal, OTC and ayurvedic products at a discount to branded equivalents. Its domestic marketing business procures finished-dose formulations from third-party WHO-GMP manufacturing partners and sells them under its own brand portfolio through a nationwide network of distributors who supply retail pharmacies. A separate exports division manufactures formulations at its own WHO-GMP certified plant at Sachin SEZ, Surat, and sells them under company-held marketing authorisations in overseas markets. The company also holds a majority stake in Everyday Herbal Group, extending its portfolio into ayurvedic and OTC personal-care products as a backward-integration move.
Segments
- Davaindia
- Domestic
- Exports
- Everyday Herbal Group
- Davaindia retail pharmacy stores
- 2,331 (1,438 company-owned COCO + 893 franchise FOFO)
- Geographic reach of Davaindia network
- 23 states and 5 union territories
- SKUs in Davaindia portfolio
- 2,000+
- Own export manufacturing facility
- WHO-GMP certified plant at Sachin SEZ, Surat, producing about 250 formulations
- Export markets served
- 30+ countries
- Regulatory dossiers in export markets
- 325 product approvals received out of 586 dossier applications filed
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 5 delivered 1 missed 8 open- COCO Store Additions delivered said Q4 FY25 Promised: 800 to 900 more COCO stores in FY26 Q1 FY27: Promise relates to FY26 and was achieved. No new updates.
- Marketing Spend % of Sales missed said Q4 FY26 Promised: Marketing spend as a percentage of sales to remain broadly in a similar range going forward. Q1 FY27: Marketing spend was INR 15-17 cr in Q1 alone (vs INR 18 cr for all of FY26), causing other expenses as a % of sales to jump significantly from 21% to 33%. This contradicts the guidance of maintaining the ratio.
- Gross Margins at risk said Q4 FY25 Promised: Expect our gross margins to improve steadily Q1 FY27: Gross margin compressed QoQ to 61.96% due to rising input costs. Management states this is a temporary issue and expects margins to revert and improve in 1-2 quarters.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 67.3%, net profit down 214.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 67 | 72 | 97 | 104 | 129 +93% | 143 +99% | 163 +68% | 174 +67% |
| EBITDA | -1 | -6 | 2 | 4 | 6 +700% | 0 +100% | 9 +350% | -12 −400% |
| Net profit | -12 | -19 | -13 | -14 | -16 −33% | -30 −58% | -14 −8% | -44 −214% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −27.5% 1Y
1Y: ₹1,499.8 on 10 Sept 2025 → ₹1,087.2. High ₹1,687 (15 Dec 2025), low ₹1,028.1 (1 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −8.9%
- 14 Aug
- Q4 FY26
- −5.9%
- 25 May
- Q3 FY26
- −2.6%
- 5 Feb
- Q2 FY26
- −0.2%
- 28 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 56.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 3.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹140 Cr | ₹181 Cr | ₹292 Cr | ₹539 Cr |
| Operating profit | ₹7 Cr | ₹7 Cr | ₹-6 Cr | ₹19 Cr |
| Operating margin | 5.0% | 3.9% | -2.1% | 3.5% |
| Interest | ₹3 Cr | ₹5 Cr | ₹11 Cr | ₹17 Cr |
| Depreciation | ₹12 Cr | ₹20 Cr | ₹43 Cr | ₹83 Cr |
| Net profit | ₹-6 Cr | ₹-15 Cr | ₹-57 Cr | ₹-74 Cr |
| Net margin | -4.3% | -8.3% | -19.5% | -13.7% |
| Cash from operations | ₹-2 Cr | ₹-6 Cr | ₹-50 Cr | ₹-84 Cr |
| Free cash flow | ₹-13 Cr | ₹-23 Cr | ₹-96 Cr | ₹-197 Cr |
| ROCE | -2.0% | -7.0% | -17.0% | -8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹26 Cr | ₹31 Cr | ₹35 Cr |
| Reserves | ₹42 Cr | ₹64 Cr | ₹55 Cr | ₹64 Cr | ₹285 Cr | ₹659 Cr |
| Borrowings | ₹0 Cr | ₹15 Cr | ₹45 Cr | ₹95 Cr | ₹181 Cr | ₹270 Cr |
| Other liabilities | ₹19 Cr | ₹35 Cr | ₹33 Cr | ₹43 Cr | ₹109 Cr | ₹167 Cr |
| Total liabilities | ₹85 Cr | ₹139 Cr | ₹158 Cr | ₹228 Cr | ₹606 Cr | ₹1.1k Cr |
| Fixed assets | ₹14 Cr | ₹29 Cr | ₹62 Cr | ₹103 Cr | ₹251 Cr | ₹383 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹3 Cr | ₹5 Cr | ₹7 Cr | ₹2 Cr |
| Investments | ₹10 Cr | ₹33 Cr | ₹8 Cr | ₹5 Cr | ₹92 Cr | ₹264 Cr |
| Other assets | ₹61 Cr | ₹77 Cr | ₹85 Cr | ₹116 Cr | ₹256 Cr | ₹483 Cr |
| Total assets | ₹85 Cr | ₹139 Cr | ₹158 Cr | ₹228 Cr | ₹606 Cr | ₹1.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −8.04 pp while FIIs added +4.10 pp. The shareholder count grew 42% to 14,678.
- Promoters
- 49.4%
- FIIs
- 7.9%
- DIIs
- 6.8%
- Public
- 36.0%
Since Jun 2025
- Promoters −8.04 pp
- FIIs +4.10 pp
- DIIs +2.50 pp
How it drifted, 12 quarters
Over this window promoters fell from 66.2% to 49.4% — −16.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 66.2%, FIIs 0.0%, Public 33.8%.Dec '23: Promoters 66.2%, Public 33.9%.Mar '24: Promoters 66.2%, Public 33.9%.Jun '24: Promoters 64.4%, FIIs 0.0%, Public 35.5%.Sep '24: Promoters 62.4%, FIIs 0.0%, DIIs 1.0%, Public 36.6%.Dec '24: Promoters 62.0%, FIIs 0.2%, DIIs 1.0%, Public 36.7%.Mar '25: Promoters 59.7%, FIIs 0.9%, DIIs 3.1%, Public 36.3%.Jun '25: Promoters 57.4%, FIIs 3.8%, DIIs 4.3%, Public 34.5%.Sep '25: Promoters 55.8%, FIIs 3.5%, DIIs 5.0%, Public 35.8%.Dec '25: Promoters 50.6%, FIIs 8.1%, DIIs 7.2%, Public 34.1%.Mar '26: Promoters 49.4%, FIIs 8.2%, DIIs 6.4%, Public 36.0%.Jun '26: Promoters 49.4%, FIIs 7.9%, DIIs 6.8%, Public 36.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Viren Manukant Zota newly disclosed 1.47% held
- Kenvi Megh Gandhi newly disclosed 0.27% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Zota Health Care LImited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Himansubhai Muktilal Zota | 9.05% | unchanged |
| Ketankumar Chandulal Zota | 8.81% | unchanged |
| Manukant Chandulal Zota | 6.27% | unchanged |
| Kamlesh Rajanikant Zota | 5.75% | unchanged |
| Asha Mukul Agrawal | 5.14% | unchanged |
| Manishaben Kamleshkumar Zota | 4.14% | unchanged |
| Valiant Mauritius Partners Offshore Limited FPI fund | 3.38% | unchanged |
| Rasilaben Manukantbhai Zota | 2.89% | unchanged |
| Zota Ketankumar Chandulal | 2.83% | unchanged |
| Varshaben Himanshubhai Zota | 2.60% | unchanged |
| 3P India Equity Fund 1 AIF | 2.28% | unchanged |
| Anilaben Ketankumar Zota | 2.22% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Zota Health Care LImited
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