ZYDUSLIFE
Large CapZydus Lifesciences Limited
Pharma
Zydus Lifesciences is an Indian pharmaceutical company with a global presence, operating across branded formulations (India, North America, International Markets), Consumer Wellness, MedTech, and API. It has 43 manufacturing sites and 8 R&D centers for various product types.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 65/100Rev +16% YoY · PAT +8% YoY · margin expansion · +11% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,587 Cr | +16.2% | +10.5% |
| EBITDA | ₹2,554 Cr | +20.1% | +40.6% |
| Operating margin | 34.0% | +100 bps | +800 bps |
| PAT | ₹1,341 Cr | +7.8% | +31.1% |
| PAT margin | 17.7% | -139 bps | +277 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Zydus Lifesciences reported robust Q4 FY26 performance with 16% YoY revenue growth, 20% YoY EBITDA growth, and a 110 bps YoY improvement in EBITDA margin to 33.7%, driven by strong domestic and international market performance.
The company delivered strong Q4 FY26 results, with significant revenue and EBITDA growth. Key segments like India formulations, International Markets, and Consumer Wellness showed robust performance. North America, while sequentially growing, saw a YoY decline. R&D investments are high, supporting a strong pipeline.
Q4 FY26 Revenue by Segment/Geography
Latest issuer-disclosed distribution across 6 reported categories.
Chronic Portfolio Expansion
Share of Chronic portfolio in India formulations reached 46.3%, improving 620 bps over 3 years.
New Product Launches (India)
Launched TishthaTM (Nivolumab biosimilar), AnyraTM (Aflibercept biosimilar), and Semaglutide injection in India.
Rare Disease Portfolio (US)
Sustained traction in rare disease portfolio, including the launch of Zycubo® for Menkes disease.
International Market Expansion
Strong growth in Emerging Markets and Europe driven by focused, therapy-led approach and portfolio broadening.
Organic Capex
Organic Capex for Q4 FY26 was Rs. 3,577 mn.
Acquisition for US Specialty
Signed agreement to acquire Assertio Holdings Inc., a US specialty and oncology supportive-care company, for US$ 166 mn.
Strong Demand in EM & Europe
Growth was broad based in both Emerging markets and Europe driven by strong demand and focused execution.
Domestic Market Outperformance
India branded formulations sustained growth momentum and outpaced the market growth.
Domestic Seasonal Brands Decline
Domestic seasonal brands declined by 9.8% y-o-y in Consumer Wellness.
Increased Finance Cost
Finance cost increased 60.6% YoY in Q4 FY26 and 164.6% YoY for FY26.
Higher Depreciation & Amortization
Depreciation and amortization increased 113.7% YoY in Q4 FY26 and 53.7% YoY for FY26.
Exceptional Expenses
Exceptional Expenses increased 81.0% YoY in Q4 FY26 and 135.2% YoY for FY26.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall financial health and growth trends, especially for a global pharma company. QoQ comparison is relevant for tracking sequential momentum in key markets like North America and International Markets, and for R&D pipeline progress.
Domestic Formulations Growth
India branded formulations grew 15% YoY in Q4 FY26, outpacing the market growth.
North America Formulations Growth
North America formulations sales declined 5.7% YoY in Q4 FY26, but grew 5.3% QoQ.
International Markets Growth
International Markets formulations sales grew 45.0% YoY in Q4 FY26, with broad-based growth.
R&D Spend
R&D expenses were Rs. 6,982 mn in Q4 FY26, representing 9.2% of revenues, up 45.5% YoY.
Shareholder Return
Board approved buy-back of upto Rs. 11,000 mn at Rs. 1,150 per equity share.
US Specialty Expansion
Filed 2 new products dossiers through 505(b)(2) route in April 2026.
Global Biosimilar Development
Successfully completed clinical development of an in-licensed Pembrolizumab biosimilar candidate FYB206 for the US market.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| North America Formulations Growth | -5.7% YoY (Q4 FY26) | Sustained sequential growth and return to YoY growth. |
| R&D Pipeline Progress | Multiple Phase I/III trials, 9 ANDA approvals in Q4. | Further approvals, successful trial completions, and new filings. |
| EBITDA Margin | 33.7% (Q4 FY26) | Sustained margin expansion despite R&D and other operating expenses. |
| Net Debt to EBITDA | 0.50x (Q4 FY26) | Prudent debt management given capex and acquisition. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +13.4% / mo · near 52W high
Technical chart
ZYDUSLIFEweekly · 6M+19.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 71.
- RSI(14) at 71 — overbought zone; risk of mean reversion.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 47.5%.
- Growth contributes 21/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 12/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 91st percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 75%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 91st pctile, median 70 · Large: 84th pctile, median 74
151 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸ROCE is 21.2%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 20.50
- P/B
- 4.11
- EV/EBITDA
- 12.52
- Market Cap
- 111265.00Cr
Profitability
- ROE
- 21.20%
- ROCE
- 21.20%
- ROA
- 9.78%
- Dividend Y
- 0.09%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.46
- Interest Coverage
- 19.31×
- Altman Z
- 4.60
- Book Value
- 269.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 2117.00 Cr
- EPS TTM
- 50.09
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 96%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.