Concall transcript
Shareholders meeting 29 Sep - 26th AGM transcript: FY26 revenue rose 28.5% to ₹171.22 crore; PAT ₹3.94 crore.
Source: Nse
Zenith Drugs Ltd. (ZENITHDRUG)
SME CapPharma stocks · SME cap · NSE
Zenith Drugs Ltd. operates in Formulations, within the Pharma sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 08:00 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
50Neutralfull bear SMA stack · SMA20 -3.5% / mo · MACD − · near 52W low · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 18
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
ZENITHDRUGD candles · FIT view-9.8%Latest close ₹39.00 on 2026-10-19
Bar
+0.0%
RSI
40
MACD hist
-0.28
52W pos
18%
2026-10-19O ₹39.00H ₹39.00L ₹39.00C ₹39.00Vol 1,600 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ZENITHDRUGNifty PharmaNifty 500
- ZENITHDRUG
- -19.8%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- -14.2 pp
Chart stats
19 Oct 2026- From 52W high
- -41.6%
- 52W range position
- 17%
- ATR (14)
- 5.7%
- Volume vs 20D
- 0.15x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹38 - ₹49.5
₹66.8
₹33.3 - ₹66.8
₹2.2
Latest completed session
20-session average
79.7% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Good U-Score but weak results consistency: verify latest quarters.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · DEEP VALUE75
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +50.0% · PAT -50.0% YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model+84.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 2/100PAT -50% YoY · margin compression · Rev +50% YoY · +19% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹93 Cr | +50.0% | +19.2% |
| EBITDA | ₹6 Cr | NDF | +0.0% |
| Operating margin | 6.0% | NDF | -200 bps |
| PAT | ₹2 Cr | -50.0% | +0.0% |
| PAT margin | 2.1% | NDF | -41 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 6.94
- P/B
- 1.17
- EV/EBITDA
- 5.44
- Market Cap
- 72.90Cr
Profitability
- ROE
- 26.30%
- ROCE
- 27.10%
- ROA
- 7.41%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 19.33%
- EPS 5Y
- 82.57%
- Revenue 3Y
- 28.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.40
- Interest Coverage
- 5.67×
- Altman Z
- 2.62
- Book Value
- 36.30
Cash Flow
- FCF Yield
- 17.83%
- FCF Positive Y
- 1/5
- OCF
- -13.00 Cr
- EPS TTM
- 5.59
Shareholding
- Promoter Hold
- 69.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 93.0+19.2% vs prev
Net Profit
₹ CrLatest: 2.0+0.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 40.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.6% over last month) — short-term momentum negative.
- RSI(14) at 40 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 40% off 52W high · 17% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
20
RS percentile
Stage 4 Downtrend
1M return
-10.2%
3M return
-22.2%
6M return
-11.7%
1Y return
-37.1%
RS 1D
0
RS 20D
-7
Sector rank
#1
Industry rank
#11
Stage evidence
- Price is 10.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
258 observations
19 Oct 2026Value 63.79-2.95%
RS vs Nifty 50064
Valuation & peers
U-Score 75 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 75 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation30/30
Growth19/25
Quality17/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
75
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
75/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 17.8%.
- Fair-value margin of safety is positive at 84.5%.
- Valuation contributes 30/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
6.9
PB
1.2
EV/EBITDA
5.4
ROE
26.3%
ROCE
27.1%
FCF Yield
17.8%
Debt/Equity
0.4
MoS
+84.5%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
75
Previous: 75
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+84.5%
Previous: +84.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
74
75
75
75
75
75
75
75
75
75
75
75
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹67.57
+42.3% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹251.55
+84.5% MoS
PEG
0.11
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ARISTO
SME
Aristo Bio-Tech and Lifescience Ltd.
Pharmaceuticals
match 166
77
8.5
17.6%
+81%
DEEP VALUE
SOTAC
SME
Sotac Pharmaceuticals Ltd.
Pharmaceuticals
match 163
55
17.5
10.1%
+62%
FAIR VALUE
ONYX
SME
Onyx Biotec Ltd.
Pharmaceuticals
match 162
15
—
-0.4%
—
OVERVALUED
JFLLIFE
SME
JFL Life Sciences Ltd.
Pharmaceuticals
match 162
69
5.0
15.0%
+89%
UNDERVALUED
SUNREST
SME
Sunrest Lifescience Ltd.
Pharmaceuticals
match 160
68
5.5
15.2%
+91%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Zenith Drugs Ltd. operates in Formulations, within the Pharma sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 31 Mar 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 50th percentile within Pharma. Main check: results consistency is weak at 41/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
0 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Pharma: 50th pctile, median 70 · SME: 81st pctile, median 64
Evidence depth
Financial-only
0 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
50
watch · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
41
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 70%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 17.7%.
- ▸ROCE is 27.1%.
Trust risks
- ▸Operating cash flow is negative at ₹-13 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Zenith Drugs Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Copy of Newspaper Publication 8 Sep - Unreadable newspaper OCR; company announcement not identifiable.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.