Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Oct - Zydus, MSN partner to Launch First Generic of Adempas (Riociguat Tablets) in the U.S.
Source: Bse
Zydus Lifesciences Limited (ZYDUSLIFE)
Large CapPharma stocks · Large cap · NSE
Zydus Lifesciences is a global life sciences organization focused on improving lives through science, innovation, care, and sustainable growth. It operates across preventives, therapeutics, wellness, diagnostics, and medical technology, with a diversified business model in India and international markets.
Data qualityFresh enough for analysisQuote updated 21 Oct, 12:17 pm ISTDetails
Quote21 Oct, 12:17 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 12:37 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
74BullishSMA20 +1.1% / mo · MACD − · sector +4.3pp vs Nifty 500 (3M)
Stock trend: 57
Sector RS: 99
Sector 3M: -1.7% vs Nifty 500 -6.0%
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
ZYDUSLIFED candles · FIT view+21.7%TODAY · PROVISIONALLatest price ₹1109.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-0.4%
RSI
42
MACD hist
-4.89
52W pos
69%
2026-10-21O ₹1113.70H ₹1126.90L ₹1107.90C ₹1109.00Vol 2.7L shIntraday candle
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
ZYDUSLIFENifty PharmaNifty 500
- ZYDUSLIFE
- -3.1%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +2.5 pp
Chart stats
19 Oct 2026- From 52W high
- -9.6%
- 52W range position
- 70%
- ATR (14)
- 2.8%
- Volume vs 20D
- 0.15x
- Avg traded value
- ₹183 Cr
- 20D price channel
- ₹1,105.4 - ₹1,232.1
₹1,232.1
₹835.5 - ₹1,232.1
₹30.8
Latest completed session
20-session average
24.2% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED63
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +21.9% · PAT -34.9% YoY
Technical
Bullish74
Price trend and sector-relative-strength timing.
Valuation
Legacy model+45.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence79
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 30 Jun 2026
Bad · 2/100PAT -35% YoY · margin compression · Rev +22% YoY · +6% QoQ
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,017 Cr | +21.9% | +5.7% |
| EBITDA | ₹1,929 Cr | -7.6% | -24.5% |
| Operating margin | 24.0% | -800 bps | -1000 bps |
| PAT | ₹990 Cr | -34.9% | -26.2% |
| PAT margin | 12.3% | -1079 bps | -532 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 23.40
- P/B
- 4.24
- EV/EBITDA
- 12.57
- Market Cap
- 113735.00Cr
Profitability
- ROE
- 21.20%
- ROCE
- 21.10%
- ROA
- 9.06%
- 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
- 16.31×
- Altman Z
- 4.94
- Book Value
- 269.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 2117.00 Cr
- EPS TTM
- 44.94
Shareholding
- Promoter Hold
- 75.01%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 77%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 11.5k-24.0% vs prev
Net Profit
₹ CrLatest: 3,515-1.3% vs prev
Return on Equity
%Latest: 14.8-11.6% vs prev
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 uptrend intact. RSI 42.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 33% 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
79
RS percentile
Stage 2 UptrendEstablished S2
1M return
-4.0%
3M return
-3.1%
6M return
+19.8%
1Y return
+11.3%
RS 1D
+1
RS 20D
+6
Sector rank
#1
Industry rank
#3
Stage evidence
- Price is 4.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.2%.
50-DMA
price below
200-DMA
price above
S2 entered
04 Jun 2026
S2 age
96 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 115.83+0.22%
RS vs Nifty 500116
Valuation & peers
U-Score 63 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 63 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · UNDERVALUEDValuation11/30
Growth21/25
Quality13/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
63
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
63/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 45.2%.
- Growth contributes 21/25 to the score.
Main drags
- Valuation is weaker at 11/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; 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
23.4
PB
4.2
EV/EBITDA
12.6
ROE
21.2%
ROCE
21.1%
FCF Yield
—
Debt/Equity
0.5
MoS
+45.2%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
63
Previous: 63
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+45.2%
Previous: +44.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
63
63
63
63
63
63
63
63
63
63
63
63
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
₹521.54
-112.6% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹2,022.3
+45.2% MoS
PEG
0.97
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
LUPIN
Mid
Lupin Limited
Pharmaceuticals
match 158
83
14.9
28.7%
+64%
DEEP VALUE
SUNPHARMA
Large
Sun Pharmaceutical Industries Limited
Pharmaceuticals
match 149
50
33.2
16.0%
+23%
FAIR VALUE
DRREDDY
Large
Dr. Reddy's Laboratories Limited
Pharmaceuticals
match 141
39
31.5
11.2%
+28%
WATCHLIST
CIPLA
Large
Cipla Limited
Pharmaceuticals
match 137
37
29.9
11.6%
-2%
WATCHLIST
AUROPHARMA
Mid
Aurobindo Pharma Limited
Pharmaceuticals
match 134
35
25.5
10.1%
-214%
WATCHLIST
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
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T09:41:04.005Z
Management commentary snapshot
FY26 consolidated revenues grew 17% YoY to Rs. 271.5 billion, with an EBITDA margin of 31.2%, driven by balanced contributions across major businesses and markets.
Management reported robust FY26 performance with strong revenue growth and healthy EBITDA margins. Strategic investments in R&D, acquisitions, and a diversified portfolio are expected to drive high-teen revenue growth in FY27. The focus on differentiated products and biosimilars in key markets supports long-term value creation.
Growth engines
Saroglitazar Magnesium (NCE)
US FDA has granted Priority Review of the NDA of the saroglitazar for Primary Biliary Cholangitis. Subject to approval, a US launch is planned for Q4 FY2027.
Biosimilars Portfolio
Tishtha®, the world’s first nivolumab biosimilar, has reached over 25,000 cancer patients in India within seven months. Global strategy for first biosimilars in West from 2029 onwards.
India Formulations Business
Our India formulations business maintained its momentum and continued to outperform the market. Committed to showing better than market growth in coming years.
MedTech Entry
Added a new dimension to our portfolio through our entry into MedTech, focusing on integrating Amplitude Surgical and developing capabilities in nephrology and cardiology.
Tailwinds
Robust US Pipeline
We have 30+ ANDAs that we file every year and see about 35-40 approvals, helping us remain relevant to customers in the US market.
Digital & AI Capabilities
Accelerated investments to build a future-ready organisation, rapidly expanding digital and AI-enabled capabilities across research, manufacturing, and commercial functions.
Sustainability Initiatives
Making steady progress towards net water neutrality by 2028. Renewable energy now contributes 42% of our overall energy mix.
Headwinds
US Market Pricing Pressure
Pricing is an ongoing aspect of the US market which we are able to manage through our portfolio of products.
US Regulatory Challenges
Regulatory is a regular challenge to be there in US market, but our Company and people are competent enough to address this.
Semaglutide Competition
There is a lot of competition in Semaglutide, the obesity drug, among our Indian manufacturers.
Potential US Tariffs
Recent tariffs imposed by Mr. Trump and our 30%-35% exports in the US is a regular challenge to be there in US market.
Risk radar
US Market Dynamics
The US market presents challenges related to pricing, regulatory compliance, and potential tariffs, which the company aims to manage through its strategy.
Data Security Concerns
A shareholder raised concerns about sensitive promoter family and Board of Directors' data being exposed through the website, which the Chairman acknowledged.
Plant Security & Compliance
A shareholder reported open smoking inside the Zydus Pharmez facility, a highly protected area, which the Chairman stated would be looked into.
Infrastructure & Environment
Shareholder noted significant water accumulation at Pharmez and surrounding facilities during rains, indicating a lack of water drainage system, acknowledged by Chairman.
Management accountability
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.
Analyst reading lens
Compare YOY
The company explicitly reported financial results for FY2025-26 'over the previous year,' indicating an annual comparison. This is standard for full fiscal year performance.
Sector KPIs management disclosed
Consolidated Revenues
Consolidated revenues reached Rs. 271.5 billion, representing growth of 17% over the previous year.
EBITDA Margin
The Company also delivered higher operating profit and profitability levels, with an EBITDA margin at 31.2%.
R&D Spend
Maintained investment in research and development at approximately 8% of our revenues during the year.
India Formulations Growth
Our India formulations business maintained its momentum and continued to outperform the market.
Management forward view
FY27 Revenue Outlook
We enter FY27 confident in delivering high-teen revenue growth, powered by the momentum of our Indian and international businesses, new product launches, and disciplined integration of recent acquisitions.
Acquisition Strategy
Our policy is to acquire only where we can get additional market access or capability, not just to add value.
Dividend & Payout Policy
Our policy is to continue to giving at least around close to 30% of our profits to dividend and we will continue to do that policy going forward.
Debt Reduction Target
We have a small debt, but we believe in the next two years, we should be able to pay out all the debts.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Growth | High-teen revenue growth target. | Actual revenue growth rate achieved in FY27 against the stated target. |
| Saroglitazar US Launch | Planned for Q4 FY2027. | Successful US FDA approval and timely market launch of Saroglitazar for Primary Biliary Cholangitis. |
| Debt Reduction | Small debt. | Progress towards becoming debt-free within the next two years as projected by management. |
| Global Biosimilar Launches | First biosimilars in the West from 2029 onwards. | Specific product launches and market penetration in Western markets from 2029. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
79Limited 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 88th percentile of the scored universe and 83rd percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
162 docs text-extracted · 49 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
88th percentile
overall median 67 · Pharma: 83rd pctile, median 70 · Large: 74th pctile, median 73
Evidence depth
Financial-only
162 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
Can support position sizing if valuation and trend also agree.
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
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
60
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸ROCE is 21.1%.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Zydus Lifesciences Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Sep - Newspaper publication of Notice of loss of share certificate of the Company, published in the Financial Express English and Gujarati editions, both on September 24, …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Sep - Newspaper publication of Notice of opening of Special Window for transfer and dematerialization of physical securities, published in the Financial Express English and Gujarati editions, …
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 11 Sep - CRISIL reaffirmed Zydus Lifesciences' ratings: AAA/Stable for ₹4,724 crore facilities and debt instruments.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Sep - Newspaper publication of Notice of loss of share certificate of the Company, published in the Financial Express English and Gujarati editions, both on September 9, …
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.