NSE:ZYDUSLIFE · Risk Score Report

NSE:ZYDUSLIFENSEHealthcare

Zydus Lifesciences Limited

📊 Drug Manufacturers - Specialty & Generic

Day ₹913

₹922 Neutral

52W ₹836

₹1,059 Neutral

₹917.05

▲ ₹5.75 (+0.63%)

Vol: 334,913 · Avg: 719,613

As of April 29, 2026 · 06:36 IST

COMPOSITE RISK SCORE

VAL:17/25 · FIN:14/25 · GRO:16/25 · TECH:9/25

📈 P/E RATIO

18.7x

Trailing

📖 P/B RATIO

3.6x

Price to Book

💰 EPS

₹49.05

TTM

🏛 MARKET CAP

₹92,277Cr

Large Cap

📊 ROE

18.9%

Return on Equity

📈 REV GROWTH

30.3%

YoY

🏢 Company Analysis · Zydus Lifesciences Limited

💼 BUSINESS MODEL

Zydus Lifesciences Limited engages in the research, development, production, marketing, distribution, and sale of pharmaceutical products in India, the United States, and internationally..
It operates through two segments: Pharmaceuticals and Consumer Products..
It offers active pharmaceutical ingredients, finished dosage formulations, generics, specialty, biosimilars, vaccines, novel products, consumer wellness and animal health products under the Everyuth, Nutralite, SugarFree, Complan, Glucon-D, and Nycil brands..
The company also provides a pipeline of biological products in the areas of oncology, autoimmune disease, nephrology, inflammation, rheumatology, hepatology, and infectious illnesses, as well as in the therapeutic areas of pain management, neurology, metabolic disorder, and neurology..
Operates in Drug Manufacturers - Specialty & Generic within the Healthcare sector.
Workforce of 27,917 employees.

🏰 MOAT & COMPETITION

Large-cap (₹92,277 Cr) — established player with meaningful market presence.
Profit margin of 18.9% — moderate pricing power.
Key competitors: Glaxosmi. Pharma, Sun Pharma.Inds., Abbott India, Biocon.

🚀 CATALYSTS

India's Zydus, Lupin sign deal to co‑market Semaglutide injections (Reuters)
Agenus Webcast: Zydus Manufacturing Deal Closes, France Access Expands, Phase 3 BATMAN Nears Launch (MarketBeat)
Revenue growing at 30% — strong top-line momentum.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹800 — ₹1,140 (mean ₹985, 29 analysts).
Moderate asymmetry — upside +24% vs downside -13% (1.9x).
P/E of 18.7x — fair value territory; catalysts needed for re-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: Hold (29 analysts).
Latest quarter earnings change: +2% YoY — relatively flat.
Debtor days have improved from 84.7 to 63.2 days.

✅ PROS

Company has been maintaining a healthy dividend payout of 21.1%
Debtor days have improved from 84.7 to 63.2 days.

❌ CONS

None identified

VALUATION

17/25

25% WEIGHT

P/E at 19x
P/B at 3.6x
Analyst target: ₹985 (+7.5%)
1Y return: +4.4%

FINANCIAL HEALTH

14/25

25% WEIGHT

ROE: 18.9%
Profit margin: 18.9%
Revenue growth: 30.3%
Debt/Equity: 34%

GROWTH

16/25

25% WEIGHT

Revenue growth: 30.3%
Earnings growth: 1.9%
Beta: 0.39
Sector: Healthcare

TECHNICAL

9/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

18.7x

Trailing twelve months

P/B RATIO

3.6x

Price to Book value

ROE

18.9%

Return on Equity

PROFIT MARGIN

18.9%

Net profit margin

OPM

18.8%

Operating profit margin

ANALYST TARGET

₹985

Range: ₹800 - ₹1,140

Yahoo Finance ↗

PEG RATIO

9.00

Price/Earnings to Growth

EV/EBITDA

13.3x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

1.21%

Annual yield

ROA

10.7%

Return on Assets

GROSS MARGIN

72.4%

Gross profit margin

INDUSTRY AVERAGES — PHARMACEUTICALS

P/E 34.6x (below avg)

P/B 5.0x (sector fair)

ROCE 22.7% (above avg)

ROE 20% (sector good)

OPM 22% (sector good)

Div Yield 0.99%

D/E <20 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹5,114 Cr	—	₹911 Cr	—	N/A	29.9%
Q3 FY25	₹5,124 Cr	+0.2%	₹1,024 Cr	+12.3%	N/A	28.2%
Q4 FY25	₹6,290 Cr	+22.8%	₹1,171 Cr	+14.4%	N/A	30.4%
Q1 FY26	₹6,467 Cr	+2.8%	₹1,467 Cr	+25.3%	N/A	34.7%
Q3 FY26	₹6,780 Cr	+4.8%	₹1,042 Cr	-29.0%	N/A	27.2%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹14,828 Cr	—	₹4,487 Cr	—	₹2,104 Cr	—
FY23	₹16,878 Cr	+13.8%	₹1,960 Cr	-56.3%	₹2,689 Cr	+27.8%
FY24	₹19,022 Cr	+12.7%	₹3,860 Cr	+96.9%	₹3,196 Cr	+18.9%
FY25	₹22,574 Cr	+18.7%	₹4,526 Cr	+17.3%	₹6,777 Cr	+112.0%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Zydus Lifesciences Limited Makes Its Money

🏦 Snapshot of Zydus Lifesciences Limited's Balance Sheet

💸 Looking into Zydus Lifesciences Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	5,140	4,369	4,505	5,534	6,208	5,237	5,269	6,528	6,574	6,123	6,864
YOY Sales Growth %	26.20%	5.66%	5.83%	10.44%	20.78%	19.87%	16.96%	17.96%	5.90%	16.92%	30.28%
Expenses +	3,634	3,223	3,403	3,903	4,124	3,776	3,882	4,402	4,485	4,107	5,048
Material Cost %	32.58%	33.73%	32.60%	29.12%	25.55%	28.10%	30.05%	26.00%	27.22%	27.61%	26.75%
Employee Cost %	14.21%	17.23%	18.14%	15.13%	14.23%	16.79%	17.96%	14.88%	15.29%	16.89%	16.60%
Operating Profit	1,505	1,146	1,102	1,630	2,084	1,461	1,388	2,126	2,088	2,016	1,816
OPM %	29%	26%	24%	29%	34%	28%	26%	33%	32%	33%	26%
Other Income +	21	53	60	160	63	68	57	-139	155	75	26
Exceptional items	-15	-1	22	3	0	0	-0	-220	0	-34	-85
Other income normal	36	54	38	156	63	68	58	81	155	109	111
Interest	18	9	20	35	32	25	32	77	85	101	130
Depreciation	180	184	195	205	215	234	229	238	238	302	360
Profit before tax	1,328	1,006	947	1,550	1,900	1,271	1,184	1,672	1,921	1,687	1,353
Tax %	16%	22%	23%	21%	23%	29%	15%	25%	23%	27%	29%
Net Profit +	1,134	803	790	1,246	1,482	920	1,026	1,244	1,521	1,239	1,023
Profit from Associates	22	23	56	17	19	22	22	-5	34	5	58
Minority share	-47	-2	-0	-64	-63	-9	-3	-73	-54	20	19
Exceptional items AT	-9	-1	22	3	0	0	-0	-89	0	-25	-61
Profit excl Excep	1,142	804	768	1,243	1,482	920	1,026	1,333	1,521	1,264	1,083
Profit for PE	1,095	802	768	1,179	1,420	911	1,024	1,255	1,467	1,284	1,103
Profit for EPS	1,087	801	790	1,182	1,420	911	1,024	1,171	1,467	1,259	1,042
YOY Profit Growth %	107%	55%	23%	95%	30%	14%	33%	6%	3%	41%	8%
EPS in Rs	10.74	7.91	7.80	11.75	14.11	9.06	10.17	11.64	14.58	12.51	10.36
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	11,905	13,166	14,253	15,102	15,265	17,237	19,547	23,242	26,089
Sales Growth %	26.97%	10.59%	8.26%	5.96%	1.08%	12.92%	13.40%	18.90%
Expenses +	9,074	10,174	11,455	11,758	11,923	13,378	14,163	16,183	18,043
Manufacturing Cost %	5.35%	5.72%	5.58%	5.25%	5.32%	4.84%	4.67%	4.22%
Employee Cost %	15.64%	16.18%	16.96%	16.51%	15.97%	16.07%	16.07%	15.86%
Other Cost %	20.61%	19.56%	23.31%	21.59%	20.49%	20.10%	19.85%	22.28%
Operating Profit	2,831	2,991	2,798	3,344	3,342	3,860	5,384	7,058	8,046
OPM %	24%	23%	20%	22%	22%	22%	28%	30%	31%
Other Income +	111	183	-264	-171	2,581	-422	293	50	117
Exceptional items	45	75	-331	-209	2,357	-588	22	-185
Other income normal	66	108	67	37	225	166	271	235
Interest	91	194	342	164	127	130	81	166	392
Depreciation	539	599	696	725	713	723	764	916	1,138
Profit before tax	2,312	2,382	1,495	2,285	5,084	2,585	4,832	6,027	6,633
Tax %	24%	22%	21%	6%	10%	23%	20%	23%
Net Profit +	1,810	1,899	1,204	2,185	4,618	2,092	3,973	4,673	5,026
Profit from Associates	63	47	29	47	46	95	118	58
Minority share	-35	-50	-28	-51	-131	-132	-113	-147
Exceptional items AT	32	56	-260	-166	122	-428	-1	-122
Profit excl Excep	1,778	1,843	1,465	2,351	4,496	2,519	3,973	4,795
Profit for PE	1,744	1,794	1,431	2,296	4,369	2,361	3,860	4,644
Profit for EPS	1,776	1,849	1,177	2,134	4,487	1,960	3,860	4,526
Profit Growth %	17%	3%	-20%	60%	90%	-46%	63%	20%
EPS in Rs	17.35	18.06	11.49	20.84	43.83	19.37	38.36	44.97	49.09
Dividend Payout %	20%	19%	30%	17%	6%	31%	8%	24%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	102	102	102	102	102	101	101	101	101
Reserves	8,642	10,284	10,273	12,890	16,897	17,415	19,729	23,852	25,201
Borrowings +	5,407	7,899	7,986	4,584	4,221	1,195	804	3,213	9,636
Long term Borrowings	2,555	3,950	3,215	610	362	0	0	0	6,779
Short term Borrowings	2,558	3,197	3,826	3,071	3,834	1,163	769	3,170	2,815
Lease Liabilities	0	0	0	0	25	32	36	44	42
Other Borrowings	294	753	945	903	0	0	0	0
Other Liabilities +	3,632	4,945	5,115	6,189	6,421	6,851	8,201	9,523	11,959
Non controlling int	191	1,293	1,335	1,937	2,054	2,172	2,272	2,405	2,788
Trade Payables	1,888	1,923	2,031	2,206	2,138	2,125	2,127	2,306	2,462
Advance from Customers	40	50	49	43	49	72	73	73
Other liability items	1,512	1,680	1,700	2,003	2,180	2,482	3,729	4,739	6,710
Total Liabilities	17,783	23,231	23,477	23,765	27,642	25,562	28,834	36,689	46,897
Fixed Assets +	6,483	12,164	12,230	12,133	12,253	11,521	12,368	13,134	23,062
Land	422	509	541	570	573	626	617	642
Building	1,231	1,500	1,884	2,045	1,969	2,075	2,191	2,373
Plant Machinery	3,997	5,399	5,705	6,096	6,652	6,993	7,525	8,043
Equipments	78	96	145	150	155	165	176	182
Furniture n fittings	119	128	198	203	200	205	218	226
Vehicles	79	98	105	111	118	135	159	194
Intangible Assets	3,330	7,838	8,020	7,969	7,843	7,889	8,653	9,610	15,963
Other fixed assets	93	135	184	201	205	256	382	428
Gross Block	9,349	15,702	16,782	17,345	17,716	18,344	19,920	21,700
Accumulated Depreciation	2,866	3,539	4,551	5,212	5,462	6,823	7,551	8,566
CWIP	1,527	837	742	783	661	1,201	2,423	2,692	1,190
Investments	746	674	765	830	3,288	1,547	1,220	6,408	5,878
Other Assets +	9,028	9,556	9,740	10,019	11,439	11,294	12,822	14,456	16,767
Inventories	2,385	2,688	2,789	3,236	3,719	3,413	3,442	3,944	4,750
Trade receivables	3,206	3,951	3,663	3,127	3,340	4,417	5,220	4,025	4,963
Cash Equivalents	1,315	549	965	888	1,107	573	1,105	2,957	2,782
Loans n Advances	162	168	162	382	322	332	350	342	56
Other asset items	1,959	2,200	2,161	2,385	2,950	2,558	2,705	3,188	4,215
Total Assets	17,783	23,231	23,477	23,765	27,642	25,562	28,834	36,689	46,897

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	1,312	919	1,282	2,505	3,293	2,104	2,689	3,228	6,777
Profit from operations	1,946	2,936	2,921	2,678	3,451	3,130	3,517	5,385	7,047
Receivables	-505	-969	-643	282	432	-182	-848	-747	1,256
Inventory	-467	-592	-100	-101	-480	-526	441	-2	-445
Payables	234	316	-226	56	171	-120	-171	-45	99
Loans Advances	0	0	0	0	0	0	0	0	0
Other WC items	327	-139	-3	-108	64	476	343	-77	622
Working capital changes	-411	-1,384	-972	129	187	-352	-236	-871	1,532
Direct taxes	-238	-602	-675	-302	-345	-675	-592	-1,286	-1,802
Other operating items	0	0	0	0	0	0	0	0	0
Exceptional CF items	15	-31	8	0	0	0	0	0	0
Cash from Investing Activity +	-2,872	-974	-3,977	-1,012	-835	1,137	1,178	-1,492	-8,377
Fixed assets purchased	-2,940	-1,049	-1,057	-904	-854	-1,203	-1,031	-907	-1,713
Fixed assets sold	5	14	11	15	7	148	39	24	51
Investments purchased	0	0	-4,881	-185	-40	-270	0	-107	-4,576
Investments sold	5	12	1,635	28	10	75	1,784	408	216
Interest received	57	49	53	32	50	58	76	127	182
Dividends received	0	1	1	0	0	1	1	1	1
Investment in group cos	0	0	0	0	0	0	0	0	-671
Redemp n Canc of Shares	0	0	0	0	104	0	40	55	18
Other investing items	0	0	261	0	-112	2,328	267	-1,094	-1,886
Cash from Financing Activity +	2,316	52	1,885	-1,094	-2,549	-868	-4,400	-1,810	2,014
Proceeds from shares	0	0	0	0	987	0	0	0	0
Proceeds from borrowings	3,410	422	2,660	437	0	1,037	158	1	2,406
Repayment of borrowings	-645	-265	-265	-786	-3,211	-1,421	-3,302	-393	0
Interest paid fin	-56	-105	-80	0	-191	-111	-126	-73	-90
Dividends paid	-327	0	-358	-717	-2	-372	-267	-621	-302
Financial liabilities	0	0	0	0	0	-1	0	0	0
Other financing items	-67	-1	-73	-29	-132	0	-863	-725	0
Net Cash Flow	756	-3	-811	399	-90	2,373	-534	-75	414
Free Cash Flow	-1,623	-116	236	1,617	2,446	1,050	1,697	2,345	5,116
CFO/OP	81%	54%	65%	100%	109%	83%	85%	84%	122%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	89	98	110	94	76	80	94	97	63
Inventory Days	193	211	208	207	227	245	197	202	227
Days Payable	165	167	149	151	155	141	123	125	133
Cash Conversion Cycle	116	142	169	150	148	184	168	175	158
Working Capital Days	-34	17	10	-19	-6	19	70	88	3
ROCE %	16%	18%	15%	11%	14%	13%	15%	22%	24%

🏭 Industry Peers — Pharmaceuticals

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Glaxosmi. Pharma ★	₹2,383	40.1	₹40,363	63.2%	+22.8%	58
2	Sun Pharma.Inds.	₹1,755	34.7	₹420,999	20.2%	+18.7%	57
3	Abbott India	₹25,655	35.8	₹54,517	46.2%	+4.2%	51
4	Biocon	₹365	72.1	₹59,179	6.2%	+1470.0%	45
5	Zydus Lifesci.	₹917	18.0	₹92,277	24.3%	+7.7%	45
6	Lupin	₹2,330	21.4	₹106,523	21.3%	+76.0%	45
7	Dr Reddy's Labs	₹1,350	20.2	₹112,679	22.7%	-14.4%	45
8	Ajanta Pharma	₹2,814	34.6	₹35,158	32.4%	+17.6%	44
9	Cipla	₹1,318	22.4	₹106,425	22.7%	-43.7%	44

★ Glaxosmi. Pharma ranks higher on combined P/E, ROCE, and growth metrics in Pharmaceuticals

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	74.98%	75.00%	75.00%	75.00%	75.00%	75.00%
FIIs	7.53%	7.31%	7.13%	7.34%	7.06%	6.95%
DIIs	10.61%	10.95%	11.09%	10.86%	11.08%	11.20%
Government	0.05%	0.05%	0.04%	0.00%	0.00%	0.00%
Public	6.85%	6.69%	6.74%	6.81%	6.86%	6.86%
No. of Shareholders	3,65,356	3,71,619	3,86,127	3,96,105	4,03,266	4,18,314

🟢 CATALYSTS

🏆Revenue Growth 30%: Above sector norm of 25% — strong top-line momentum.

💹Low Beta (0.39): Less volatile than market — defensive play.

🔀Sector Opportunity: Healthcare / Drug Manufacturers - Specialty & Generic — positioned in growth sector.

🔴 RISKS

📜Market Risk: Broader market correction or sentiment shift could impact stock.

💰Sector Risk: Regulatory or competitive changes in Healthcare space.

🔓Execution Risk: Growth may not meet elevated expectations.

🕸 Factor Analysis · Radar

Momentum 3/10
1M +5.3%, 6M -8.6%, RSI 51, MACD bearish, Below 200DMA

Sentiment 6/10
Analyst upside +7.5%, Rec: hold

Value 5/10
P/E 18.7, P/B 3.6, PEG 9.00, EV/EBITDA 13.3

Quality 5/10
Margin 18.9%, D/E 34

Low Volatility 10/10
Beta 0.39, Ann. vol 20%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 7.5% analyst upside; strong 24% ROCE compounds	OPM of 19% provides margin buffer
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.11%)	Miss further upside if momentum continues; 1M return of +5.3% shows momentum
SELL	Lock in +4.4% 1Y return	Avoid further drawdown

REASONS TO BUY

Analyst upside of 7.5% with mean target of ₹985
ROCE at 24% indicates strong capital efficiency
Revenue growing at 30.3% YoY (sector norm: 10%)

REASONS TO SELL / AVOID

FII stake falling (-0.11%) — institutional exit signal

📰 Latest News

India's Zydus, Lupin sign deal to co‑market Semaglutide injections

Reuters · 2026-03-17T07:27

Zydus Lifesciences Ltd (BOM:532321) Q3 2026 Earnings Call Highlights: Strong Revenue Growth ...

GuruFocus.com · 2026-02-13T01:02

India's Zydus Life agrees $120 million settlement with Astellas over bladder drug

Reuters · 2026-02-12T18:50

India's Zydus Life posts surprise profit rise on strong North American sales

Reuters · 2026-02-09T08:14

Agenus Webcast: Zydus Manufacturing Deal Closes, France Access Expands, Phase 3 BATMAN Nears Launch

MarketBeat · 2026-01-29T01:00

Agenus and Zydus complete $141m BOT+BAL immunotherapy collaboration deal

Hospital Management · 2026-01-16T10:08

RECOMMENDATION

HOLD

COMPOSITE SCORE

56/100

Zydus Lifesciences Limited trades at ₹917.05 with a composite risk score of 56/100. The stock scores 17/25 on valuation, 14/25 on financial health, 16/25 on growth, and 9/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 7.5% with a mean target of ₹985. Revenue growth is at 30.3% — a strong positive signal.

Within Pharmaceuticals, Glaxosmi. Pharma (P/E 40.1, ROCE 63.2%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Neutral for Healthcare — wait for better entry or catalyst. The current recommendation is HOLD.

PROFITABLE HIGH ROE STRONG GROWTH CHEAP