Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,760.00 last close on 9 Oct 2026 +0.01%
Research updated
Zydus Lifesciences Ltd.
NSE: ZYDUSLIFEHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹1,117.50
- Day change
- +₹5.50 (+0.49%)vs
- Market cap
- ₹1.13 lakh crIndian rupees
- Research updated
- 1 report
About Zydus Lifesciences
Zydus Lifesciences Ltd., formerly known as Cadila Healthcare, is a leading pharmaceutical company based in India, recognized for its commitment to innovation and healthcare excellence. The company specializes in the development, manufacturing, and distribution of a broad spectrum of pharmaceutical products including generics, specialty formulations, vaccines, and biosimilars. Focused on improving global healthcare outcomes, Zydus has a diversified portfolio that encompasses therapies for cardiovascular diseases, gastroenterology, and diabetes, among others. Zydus Lifesciences plays a pivotal role in both domestic and international markets, providing accessible healthcare solutions across over 50 countries. The company's extensive research and development capabilities highlight its dedication to advancing medical science, supported by several state-of-the-art facilities worldwide. Notably, its focus on affordable healthcare aligns with the rising demand for cost-effective medicines globally. In the financial market, Zydus Lifesciences is significant as a key player in the pharmaceutical sector, representing a crucial segment of India's healthcare industry. Its innovation-led approach and robust product pipeline foster sustained growth and reinforce its role as a healthcare leader.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: ZYDUSLIFE
- Chief executive
- Mr. Punit Patel
- Employees
- 29,980
- Headquarters
- Ahmedabad, India
- ISIN
- INE010B01027
- Website
- zyduslife.com
Public research · Report of
Business model & financial foundation
Zydus Lifesciences (NSE: ZYDUSLIFE), Pharmaceuticals - generics, branded formulations, consumer wellness and medtech: revenue of ₹27,148 crore in FY26 (+16.8% on FY25), an EBITDA margin of 31.2%, net profit of ₹5,040 crore and net debt of ₹4,577 crore.
- Revenue, FY26 (₹ crore)
- 27,148
- consolidated
- Revenue growth, FY26
- +16.8%
- on FY25
- EBITDA margin, FY26
- 31.2%
- EBITDA before other income (= company-reported EBITDA) / revenue
- Net profit, FY26 (₹ crore)
- 5,040
- to owners
- Return on equity, FY26
- 19.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 4,577
- Net debt = borrowings - cash - current investments (negative = net cash)
- Market capitalisation (₹ crore)
- 1,15,810
- at the close of 12 Oct 2026
Company profile
Zydus Lifesciences is India's tenth-largest pharma company by domestic market share and among the top US generic suppliers by prescriptions. Revenue (FY26 Rs 27,148 cr) splits into US formulations (~44% of sales), India branded formulations (~25%), consumer wellness via listed Zydus Wellness and Comfort Click (~15%), international markets (~11%), medtech via Amplitude Surgical (~3%) and APIs. Since 2025 it has spent heavily on acquisitions (Amplitude, Comfort Click, Agenus plants, Assertio) to diversify away from US generics as gRevlimid exclusivity ended.
| Item | Value |
|---|---|
| Legal name | Zydus Lifesciences Limited (formerly Cadila Healthcare Limited) |
| Exchange and ticker | NSE: ZYDUSLIFE; BSE: 532321 |
| ISIN | INE010B01027 |
| Sector | Healthcare |
| Industry | Pharmaceuticals - generics, branded formulations, consumer wellness and medtech |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2017) |
| Market capitalisation | ₹1,15,810 crore (12 Oct 2026) |
| Shares outstanding | 100.62 crore shares (FY26) |
| Price | ₹1,118 (close, 12 Oct 2026) |
| 52-week range | ₹835.5 - ₹1,232 (to 12 Oct 2026) |
| Website | https://www.zyduslife.com |
Corporate structure and shareholding
Parent: Zydus Family Trust (promoter, 75.01%).
| Entity | Holding | Business |
|---|---|---|
| Zydus Pharmaceuticals (USA) Inc. | 100% | US generics and specialty front end |
| Zydus Wellness Ltd | n.d. | Listed consumer wellness subsidiary (Glucon-D, Complan, Nycil, Sugar Free, Everyuth); owns Comfort Click (UK) since Aug 2025 |
| Amplitude Surgical SA | 100% | French orthopaedic medtech; consolidated from 29 Jul 2025 |
| Assertio Holdings Inc. | 100% | US specialty pharma (Rolvedon); consolidated from 16 Jun 2026 |
Zydus Wellness is listed and partly held; minority interest flows through NCI. Agenus biologics plants (California) acquired Jan 2026.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 75.00% | 75.00% | 75.01% | 75.01% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 7.06% | 6.95% | 6.88% | 7.05% |
| Domestic institutions | 11.09% | 11.20% | 11.27% | 11.28% |
| of which mutual funds | 4.71% | 4.88% | 5.12% | 6.88% |
| Retail | 6.85% | 6.86% | 6.83% | 6.66% |
| Other | 0.00% | 0.00% | 0.01% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Zydus Lifesciences (NSE: ZYDUSLIFE) earns FY26 revenue from operations of Rs27,148cr from: US formulations Rs11,682cr ($1,323mn), India formulations Rs6,574cr, consumer wellness Rs3,913cr (listed Zydus Wellness incl. Comfort Click from Aug 2025), international markets Rs3,070cr, MedTech Rs782cr (Amplitude Surgical from Jul 2025) and API Rs641cr. The US book is generics plus a growing specialty layer (Mirabegron after the Astellas settlement, Zycubo, Rolvedon via Assertio from Jun 2026, riociguat launched 5 Oct 2026). India is a branded chronic-skewed franchise ranked #10 with ~3.2% IPM share. It controls its manufacturing (FDA-inspected Indian sites) and pipeline; it does not control US generic pricing, FDA outcomes or US trade policy.
| Segment | revenue, FY26 (₹ crore) | Share | revenue usd, FY26 (US$ million) | Share |
|---|---|---|---|---|
| India formulations | 6,574 | 12.3% | ||
| Consumer Wellness (India + intl incl. Comfort Click from Q2FY26) | 3,913 | 7.3% | ||
| North America (US) formulations | 11,682 | 21.9% | 1,323 | 100.0% |
| International Markets formulations (EM + Europe) | 3,070 | 5.7% | ||
| API | 640.9 | 1.2% | ||
| MedTech (Amplitude Surgical, from Q2FY26) | 782.3 | 1.5% | ||
| Alliances & Others | 57.1 | 0.1% | ||
| Total business-wise sales | 26,720 | 50.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Sun Pharmaceutical Industries (SUNPHARMA) | Largest Indian pharma; US specialty plus India branded mix |
| Cipla (CIPLA) | India branded + US generics, similar size; faced gRevlimid cliff |
| Dr Reddy's Laboratories (DRREDDY) | US generics heavy with lenalidomide exposure; biosimilar ambitions |
| Lupin (LUPIN) | US generics plus India branded, similar US share of sales |
| Torrent Pharmaceuticals (TORNTPHARM) | India chronic branded franchise comparable |
| Alkem Laboratories (ALKEM) | India branded leader with US generics business |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (incl. other operating revenue) | 14,828 | 16,878 | 19,547 | 23,242 | 27,148 |
| Cost of revenue (vendor classification) * | 5,819 | 6,559 | 6,500 | 6,666 | 7,659 |
| Other operating costs (vendor classification) * | 3,643 | 4,309 | 4,576 | 5,964 | 7,822 |
| EBITDA (vendor classification) * | 3,428 | 3,344 | 5,511 | 7,113 | 8,904 |
| EBIT * | 2,953 | 2,715 | 4,853 | 6,120 | 6,986 |
| Finance costs | 114.4 | 125.5 | 81.2 | 165.9 | 438.9 |
| Profit before tax (after exceptional, before JV share) | 2,838 | 2,590 | 4,809 | 6,027 | 6,621 |
| Total tax expense | 511.7 | 587.8 | 977.5 | 1,412 | 1,595 |
| Net profit before NCI (incl. JV share, discontinued ops) | 4,618 | 2,092 | 3,973 | 4,673 | 5,124 |
| Diluted EPS (continuing & discontinued) (₹) | 43.83 | 19.30 | 38.14 | 44.97 | 50.09 |
| COGS: materials + stock-in-trade purchases + inventory change | 6,228 | 6,338 | 7,293 | ||
| Employee benefits expense | 3,138 | 3,681 | 4,418 | ||
| Other expenses incl. net FX (gain)/loss on transactions | 4,797 | 6,164 | 6,963 | ||
| EBITDA before other income (= company-reported EBITDA) | 5,384 | 7,059 | 8,475 | ||
| Other income | 284.1 | 269.5 | 509.5 | ||
| Depreciation and amortisation | 764.1 | 915.8 | 1,408 | ||
| Exceptional items (loss negative) | -14.2 | -219.6 | -516.6 | ||
| Share of profit/(loss) of joint ventures, net of tax | 118.4 | 57.8 | 97.1 | ||
| Profit attributable to non-controlling interests | 113.3 | 147.1 | 83.5 | ||
| Net profit attributable to owners | 3,860 | 4,526 | 5,040 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 19,054 | 19,688 | 19,830 | 23,953 | 27,111 |
| Borrowings, current + non-current (excl. lease liabilities) | 4,221 | 1,195 | 768.6 | 3,170 | 11,770 |
| Cash & cash equivalents + other bank balances | 657.8 | 487.8 | 1,105 | 2,957 | 1,417 |
| Trade receivables | 3,340 | 4,417 | 5,220 | 4,085 | 5,416 |
| Inventories | 3,719 | 3,413 | 3,442 | 3,944 | 5,628 |
| Trade payables (MSME + others) | 2,138 | 2,125 | 2,127 | 2,281 | 2,845 |
| Net property, plant and equipment * | 5,762 | 5,697 | 5,803 | 6,042 | 9,231 |
| Capital work in progress * | 661.0 | 1,130 | 1,112 | 1,518 | 1,499 |
| Total assets * | 27,795 | 25,756 | 29,281 | 37,202 | 52,407 |
| Current investments | 252.5 | 4,856 | 5,776 | ||
| Net debt = borrowings - cash - current investments (negative = net cash) | -589.0 | -4,643 | 4,577 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 2,477 | 3,172 | 3,975 | 6,781 | 2,117 |
| Free cash flow (vendor definition) * | 901.9 | 1,658 | 2,321 | 5,087 | -554.9 |
| Dividends paid | -372.2 | -267.1 | -621.0 | -302.5 | -1,106 |
| Purchase of PP&E and intangibles (incl. CWIP, IAUD, capital advances) | -1,167 | -991.5 | -882.9 | -1,694 | -2,672 |
| Payment for acquisition of businesses (net) | -369.0 | -5,879 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding (crore) | 102.37 | 101.57 | 101.19 | 100.62 | 100.62 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (incl. other operating revenue) | 5,237 | 5,269 | 6,528 | 6,574 | 6,123 | 6,865 | 7,587 | 8,017 |
| Cost of revenue (vendor classification) * | 1,790 | 1,836 | 1,976 | 2,240 | ||||
| Other operating costs (vendor classification) * | 1,748 | 2,237 | 2,462 | 2,537 | ||||
| EBITDA (vendor classification) * | 2,243 | 1,928 | 2,689 | 2,036 | ||||
| EBIT * | 2,005 | 1,483 | 1,783 | 1,463 | ||||
| Finance costs | 25.1 | 32.0 | 76.6 | 84.7 | 101.3 | 129.9 | 123.0 | 156.0 |
| Profit before tax (after exceptional, before JV share) | 1,271 | 1,184 | 1,672 | 1,921 | 1,687 | 1,353 | 1,660 | 1,307 |
| Total tax expense | 373.1 | 179.5 | 423.2 | 434.0 | 454.0 | 388.3 | 318.4 | 354.2 |
| Net profit before NCI (incl. JV share, discontinued ops) | 920.2 | 1,026 | 1,244 | 1,521 | 1,239 | 1,023 | 1,341 | 990.2 |
| Diluted EPS (continuing & discontinued) (₹) | 9.06 | 10.17 | 11.64 | 14.58 | 12.51 | 10.36 | 12.65 | 9.35 |
| COGS: materials + stock-in-trade purchases + inventory change | 1,471 | 1,583 | 1,697 | 1,790 | 1,691 | 1,836 | 1,976 | 2,240 |
| Employee benefits expense | 879.2 | 946.5 | 971.4 | 1,005 | 1,034 | 1,140 | 1,239 | 1,368 |
| Other expenses incl. net FX (gain)/loss on transactions | 1,425 | 1,352 | 1,734 | 1,691 | 1,383 | 2,072 | 1,818 | 2,480 |
| EBITDA before other income (= company-reported EBITDA) | 1,461 | 1,388 | 2,126 | 2,089 | 2,016 | 1,816 | 2,554 | 1,929 |
| Other income | 68.2 | 57.5 | 80.6 | 154.9 | 109.0 | 111.4 | 134.2 | 106.1 |
| Depreciation and amortisation | 233.6 | 229.0 | 237.9 | 238.1 | 301.9 | 359.6 | 508.4 | 554.7 |
| Exceptional items (loss negative) | 0.00 | 0.00 | -219.6 | 0.00 | -34.2 | -84.9 | -397.5 | -18.2 |
| Share of profit/(loss) of joint ventures, net of tax | 22.1 | 21.9 | -5.10 | 34.4 | 5.20 | 57.8 | -0.30 | 37.8 |
| Profit attributable to non-controlling interests | 9.00 | 2.70 | 72.8 | 54.2 | -20.0 | -19.2 | 68.5 | 50.4 |
| Net profit attributable to owners | 911.2 | 1,024 | 1,171 | 1,467 | 1,259 | 1,042 | 1,273 | 939.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 5.0% | 13.8% | 15.8% | 18.9% | 16.8% |
| EBITDA margin | 27.5% | 30.4% | 31.2% | ||
| Net margin | 19.7% | 19.5% | 18.6% | ||
| Return on equity | 19.5% | 20.7% | 19.7% | ||
| Return on capital employed | 13.8% | 12.3% | 23.4% | 25.7% | 21.2% |
| Return on assets | 14.0% | 13.6% | 11.2% | ||
| Net debt (₹ crore) | -589.0 | -4,643 | 4,577 | ||
| Net debt / EBITDA | -0.11x | -0.66x | 0.54x | ||
| Interest cover | 25.8x | 21.6x | 59.8x | 36.9x | 15.9x |
| Asset turnover | 0.57x | 0.63x | 0.71x | 0.70x | 0.61x |
| Receivable days | 82 | 96 | 97 | 64 | 73 |
| Inventory days (on revenue) | 92 | 74 | 64 | 62 | 76 |
| Payable days (on revenue) | 53 | 46 | 40 | 36 | 38 |
| Cash conversion | 1.03x | 1.50x | 0.42x | ||
| Capex intensity | 7.9% | 5.9% | 4.5% | 7.3% | 9.8% |
| Free cash flow (₹ crore) | 1,310 | 2,180 | 3,092 | 5,087 | -554.9 |
| Dividend payout | 16.1% | 6.7% | 22.0% | ||
| EPS, diluted (₹) | 43.83 | 19.30 | 38.14 | 44.97 | 50.09 |
| Book value per share (₹) | 186.1 | 193.8 | 196.0 | 238.1 | 269.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA before other income (= company-reported EBITDA) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt = borrowings - cash - current investments (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA before other income (= company-reported EBITDA).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (continuing & discontinued)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Reports on Zydus Lifesciences
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