India-based global pharma making generics, biosimilars, vaccines, APIs and consumer wellness products
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,872 | +11.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 20.0 | −3.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 340 | −11.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 19.08 | +0.0 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -1.95 | −24.1 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 21.11 | −2.1 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 7 judged targets kept · 14 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY27 R&D Spend as % of Revenue | 8% | Q4 FY26 | No update provided on the R&D spend percentage guidance for FY27. | Ghosted |
| Saroglitazar US Launch | FY27 | Q1 FY26 | Launch delayed to FY28 (April launch). USFDA has granted priority review for PBC indication. | Delayed |
| FY26 EBITDA Margin | around 26% | Q4 FY25 | Achieved. Full year FY26 EBITDA margin reported at 31.2%. | Achieved |
4 of Zydus Lifesciences Limited's 21 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 18 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹1,004.9 on 24 Oct 2025 → ₹1,160.4. High ₹1,215 (28 Sept 2026), low ₹860.6 (23 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Zydus Lifesciences (formerly Cadila Healthcare) is an Ahmedabad-based, vertically integrated pharmaceutical company that discovers, manufactures and markets generic and branded formulations, biosimilars, vaccines, active pharmaceutical ingredients (APIs) and consumer wellness products. It earns from branded formulations in India, generic formulations in the US/North America, international and emerging markets, APIs, and a growing consumer wellness and med-tech business. It is the 5th largest generic company in the US by prescriptions and runs an integrated R&D-to-manufacturing footprint across India and overseas.
Segments
close before → close after
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.
Guidance
3 of 7 judged targets kept · 14 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY27 R&D Spend as % of Revenue | 8% | Q4 FY26 | No update provided on the R&D spend percentage guidance for FY27. | Ghosted |
| Saroglitazar US Launch | FY27 | Q1 FY26 | Launch delayed to FY28 (April launch). USFDA has granted priority review for PBC indication. | Delayed |
| FY26 EBITDA Margin | around 26% | Q4 FY25 | Achieved. Full year FY26 EBITDA margin reported at 31.2%. | Achieved |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 21 tracked commitments, with each call’s wording and source.
Call summaries
Zydus Lifesciences Limited Q1 FY27
Zydus Lifesciences reported a strong start to FY27 with robust revenue growth and healthy EBITDA margins. The company saw broad-based growth across its key segments, particularly in India branded formulations and international markets. Strategic investments in innovation, biosimilars, and acquisitions like Assertio Holdings are expected to drive future growth, despite some near-term impacts on costs and margins.
Read the full callZydus Lifesci. Q4 FY26
Zydus Lifesciences concluded FY26 with robust financial performance, reporting 17% YoY revenue growth and record operating profitability. The company saw strong growth across its US, India, and International markets, bolstered by strategic acquisitions like Comfort Click and Amplitude Surgical. Innovation and pipeline advancements, including Desidustat's approval in China and progress in biosimilars, are set to drive future growth, with management guiding for high-teens revenue growth and over 24% EBITDA margins for FY27.
Read the full callZydus Lifesci. Q3 FY26
Zydus Lifesciences delivered a strong Q3 FY26, with consolidated revenues growing 30% YoY to ₹68.6 billion and EBITDA up 31% to ₹18.2 billion, driven by robust performance across all key segments. The company launched new specialty products and secured key regulatory approvals, while managing the impact of exceptional expenses on net profit and anticipating margin adjustments from recent acquisitions.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: −12% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,621 | 2,516 | 5,820 | 2,588 | 2,871 | 2,284 | 3,741 | 2,872 |
| Expenses | 1,678 | 1,867 | 2,047 | 2,003 | 1,719 | 2,085 | 1,752 | 2,285 |
| Operating profit | 942 | 648 | 3,773 | 585 | 1,152 | 199 | 1,989 | 587 |
| Operating margin | 36.0% | 26.0% | 65.0% | 23.0% | 40.0% | 9.0% | 53.0% | 20.0% |
| Other income | 327 | 78 | 185 | 157 | 542 | 414 | 388 | 124 |
| Interest | 96 | 97 | 155 | 138 | 114 | 116 | 116 | 103 |
| Depreciation | 134 | 132 | 128 | 130 | 136 | 144 | 151 | 152 |
| Profit before tax | 1,039 | 497 | 3,675 | 475 | 1,444 | 352 | 2,111 | 456 |
| Tax rate | 24.0% | 5.0% | 23.0% | 19.0% | 20.0% | 16.0% | 18.0% | 25.0% |
| Net profit | 790 | 471 | 2,814 | 385 | 1,157 | 296 | 1,722 | 340 |
| EPS (₹ per share) | 7.85 | 4.68 | 27.96 | 3.82 | 11.49 | 2.95 | 17.11 | 3.40 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 17,476 | 10,818 | 15,117 | 11,484 |
| Expenses | 13,615 | 6,760 | 7,379 | 7,559 |
| Operating profit | 3,860 | 4,058 | 7,736 | 3,925 |
| Other income | -422 | 1,075 | 697 | 1,501 |
| Interest | 130 | 391 | 463 | 484 |
| Depreciation | 724 | 505 | 525 | 561 |
| Profit before tax | 2,585 | 4,239 | 7,445 | 4,382 |
| Net profit | 2,091 | 3,441 | 5,776 | 3,560 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 102 | 101 | 101 | 101 | 101 | 101 |
| Reserves | 13,138 | 13,538 | 15,616 | 21,090 | 25,201 | 23,571 |
| Borrowings | 2,665 | 4,825 | 6,178 | 8,342 | 9,636 | 7,442 |
| Other liabilities | 1,835 | 2,099 | 2,190 | 2,785 | 11,959 | 2,766 |
| Total liabilities | 17,740 | 20,564 | 24,085 | 32,317 | 46,897 | 33,880 |
| Fixed assets | 4,336 | 4,184 | 4,369 | 4,202 | 23,062 | 5,084 |
| Capital work in progress | 384 | 739 | 634 | 1,188 | 1,190 | 621 |
| Investments | 5,118 | 4,879 | 7,283 | 11,492 | 5,878 | 11,478 |
| Other assets | 7,902 | 10,761 | 11,798 | 15,435 | 16,767 | 16,696 |
| Total assets | 17,740 | 20,564 | 24,085 | 32,317 | 46,897 | 33,880 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 2,227 | 1,272 | 1,078 | 2,000 | 3,114 | 2,234 |
| Cash from investing | -2,714 | 586 | -1,959 | -1,832 | -4,504 | 570 |
| Cash from financing | 255 | -1,710 | 827 | -301 | 1,384 | -2,580 |
| Net cash flow | -231 | 149 | -54 | -132 | -5 | 224 |
| Free cash flow | 1,701 | 755 | 420 | 1,434 | 2,257 | 1,351 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 89 | 106 | 147 | 160 | 197 | 270 |
| Inventory days | 276 | 245 | 205 | 195 | 236 | 222 |
| Days payable | 175 | 135 | 120 | 129 | 149 | 150 |
| Cash conversion cycle | 191 | 216 | 232 | 227 | 284 | 342 |
| Working capital days | 50 | 106 | 164 | 167 | 74 | 182 |
| Return on capital employed | 12.0% | 10.0% | 14.0% | 23.0% | 31.0% | 17.0% |
| Dividend payout | 24.0% | 30.0% | 40.0% | 9.0% | 19.0% | 3.0% |
The businesses behind the company’s reported revenue.
Pharmaceuticals contributes 78.6% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹6,298.10 crore
₹1,435.90 crore
₹283.00 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Pharmaceuticals | 6,298.10 | 78.6% |
| Consumer products | 1,435.90 | 17.9% |
| Medical technologies | 283.00 | 3.5% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Pharmaceuticals shrank from 86% to 79% of revenue over the last two years.
| Segment | Mar 2024 | Jun 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Pharmaceuticals | 86% | 86% | 86% | 87% | 89% | 86% | 76% | 79% | +10.2% |
| Consumer products | — | — | — | — | — | — | 20% | 18% | — |
| Medical technologies | — | — | — | — | — | — | 4% | 4% | — |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
Ownership
Promoters hold 75.01% as of Sept 2026; institutions added 0.17 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Zydus Lifesciences Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 74.98% | unchanged | |
| Insurer | 3.77% | −1.64 pp |
| Mutual fund | 2.01% | unchanged |
| Mutual fund | 1.49% | newly disclosed |
| Mutual fund | 1.07% | −0.12 pp |
| 0.01% | 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.
Filings to Sep 2026
1 new, 5 added, 11 trimmed, 1 sold out — net −2.56 L shares (−1.1%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Parag Parikh Flexi Cap Fund PPFAS Mutual Fund | ₹2.2k Cr | held | Aug '19 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹102 Cr | −0.05 L | Sep '23 |
| Parag Parikh ELSS Tax Saver Fund PPFAS Mutual Fund | ₹94 Cr | held | Aug '19 |
| HDFC Pharma and Healthcare Fund HDFC Mutual Fund | ₹64 Cr | held | May '26 |
| Nippon India Nifty Pharma ETF Nippon India Mutual Fund | ₹51 Cr | +0.01 L | Aug '21 |
| HDFC Large & Mid Cap Fund HDFC Mutual Fund | ₹40 Cr | held | Jun '24 |
| SBI Nifty Next 50 ETF SBI Mutual Fund | ₹34 Cr | −0.06 L | Sep '23 |
| Nippon India Nifty Alpha Low Volatility 30 Index Fund Nippon India Mutual Fund | ₹33 Cr | −0.07 L | Jun '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
5 added, 11 trimmed — net −2.56 L shares (−1.1%)
Shares held by these funds +53%
Oct '23 2.34 cr shares Sep '26
Your own record
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