Wockhardt Limited (WOCKPHARMA)
Small CapPharma stocks · Small cap · NSE
Wockhardt is a global innovation-led healthcare company focused on Pharmaceuticals, Biotechnology, and Novel Antibiotics. It operates 11 manufacturing facilities and 2 R&D centers in India and the UK, specializing in first-in-class new chemical entities for antimicrobial resistance and integrated diabetes-biosimilars.
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.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/3 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 45/100Rev +26% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹929 Cr | +25.9% | -3.7% |
| EBITDA | ₹192 Cr | +166.7% | -14.7% |
| Operating margin | 21.0% | +1100 bps | -200 bps |
| PAT | ₹107 Cr | NDF | -34.8% |
| PAT margin | 11.5% | +2615 bps | -547 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Wockhardt reports strong FY26 performance with 51% YoY EBITDA growth to INR 630 Cr, driven by specialty business and regional market expansion, alongside US and India approvals for novel antibiotic Zaynich.
The company has demonstrated a clear turnaround in profitability and deleveraging. The approval and planned global launch of Zaynich, a novel antibiotic, represents a significant growth engine. Execution on market penetration and biosimilar pipeline expansion will be key to sustaining momentum.
Regional Business Contribution (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Zaynich Global Launch
Approved by US FDA and CDSCO, India; planned launch in US, India, Europe, and Emerging Markets.
Biotech Business Acceleration
Enhanced biotech capacity to address surge in insulin demand and deeper diabetes biosimilars pipeline (Aspart, Degludec, Semaglutide).
Pharma Business Expansion
Focus on EU growth and accelerating India business with new launches in Ortho & Pain and rapid portfolio expansion in Trade & Quality Generics.
Novel Antibiotics Franchise
Strengthening Emrok & Emrok O franchise and extending reach & additional indications for Miqnaf.
Biotech Capacity Enhancement
Enhanced biotech capacity to address surge in insulin demand, with production scale-up of 2x for Human Insulin & 1.5x for Glargine.
Manufacturing Restructuring
Optimized plant capacity and footprint for efficiency gains.
Rising Carbapenem Resistance Burden
High unmet need for managing CR organism infections in US (~1.2 Mn cases), India (~35-45% CR rate), and EM (~1.5 Mn+ cases).
Limited Competition in Biosimilars
Focus on Human Insulin & Glargine, a > US$ 1.5 Billion market with limited competition (6-7 players).
Strategic Business Partnerships
Emerging Markets saw +35% YoY growth due to strategic business partnerships in Brazil, Thailand, Algeria & Malaysia.
Intellectual Property Challenges
Risks include challenges to intellectual property.
Competition from Other Products
Risks include competition from other products.
R&D Process Difficulties
Difficulties inherent in the research and development process.
Regulatory and Legal Actions
Adverse litigation or government action, and changes to laws and regulations applicable to our industry.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The presentation explicitly compares FY26 financials to FY25 and FY22-23, indicating a focus on annual performance trends and the impact of strategic shifts over time, rather than sequential quarterly fluctuations.
FY26 Income
INR 3,373 Cr.
FY26 EBITDA
INR 630 Cr.
FY26 PBT
INR 238 Cr.
Y-o-Y EBITDA growth
51% (FY26 vs FY25)
Objectives for Next Two Years
Growth acceleration, sustainable operational excellence enabled by AI.
Zaynich US Launch Strategy
Establish a 'competency & capability heavy, but operationally light' integrated launch architecture, leveraging Wockhardt USA Leadership team.
Zaynich India Launch Priorities
Drive accelerated market penetration, maximize patient impact through tiered access centric pricing, and shape AMR management ecosystem.
Emerging Markets Strategy
Aim for registration & launch in 7-8 key markets with high CR burden in next 18-24 months.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Zaynich Market Penetration (US, India, EM) | Approved by US FDA and CDSCO, India; leadership onboarded for US commercialization. | Initial sales traction, hospital formulary inclusions, and progress on registrations/launches in Europe and other Emerging Markets. |
| Biosimilar Pipeline Progress | 5 pipeline assets (Aspart, Degludec, Semaglutide) in R&D through Phase III. | Advancement of pipeline assets to commercialization and expansion of market share for Human Insulin & Glargine. |
| EBITDA Margin Sustainability | FY26 EBITDA margin at 18.6%, up from 5.4% in FY22-23, driven by profitability focus and US generics exit. | Continued margin expansion through high-margin product focus, supply chain optimization, and operational excellence initiatives. |
| Net Debt : Equity Ratio | 0.10 as on 31st March 2026, excluding promoter debt. | Maintenance of low debt levels and efficient capital allocation for growth initiatives. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
61BullishMACD + · near 52W high · sector +2.2pp vs Nifty (3M)
Technical chart
WOCKPHARMAdaily · 1Y · AUTO+60.0%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 64.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 64 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 14% off 52W high · 92% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 26.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.5%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 20 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 20 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 6/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -3232.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 66th percentile of the scored universe and 54th percentile within Pharma. Main check: financial discipline is weak at 48/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROCE is low at 7.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 54th pctile, median 70 · Small: 69th pctile, median 66
26 documents have extracted text, but claim history is not strong enough yet.
3 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 pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸9 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE is low at 7.6%.
- ▸ROE is low at 6.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 85.10
- P/B
- 6.87
- EV/EBITDA
- 36.25
- Market Cap
- 33940.00Cr
Profitability
- ROE
- 6.11%
- ROCE
- 7.55%
- ROA
- 4.83%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 4.00%
- EPS 5Y
- -19.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 43.00%
Balance Sheet
- Debt/Equity
- 0.45
- Interest Coverage
- 3.56×
- Altman Z
- 7.31
- Book Value
- 304.00
Cash Flow
- FCF Yield
- 0.47%
- FCF Positive Y
- 9/5
- OCF
- 390.00 Cr
- EPS TTM
- 25.17
Shareholding
- Promoter Hold
- 49.09%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 75%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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