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Zydus Lifesciences revenues grew 22% YoY to ₹ 8017 crore

ICICIdirect Research 12 Aug 2026 DISCLAIMER

News: Zydus Lifesciences revenues grew 22% YoY to ₹ 8017 crore with growth across the segments and consolidation of France based Amplitude Surgical SA business and UK-based Comfort Click Limited in Wellness segment. GPM were firm at 72.1% but EBITDA de-grew ~8% YoY to ₹ 1872 crore with margins declined by 755 bps YoY to 23.4% due to higher base and due to one-time settlement cost of Mirabegron in other expenses. Adjusted PAT de-grew by 35.9% to ₹911.6 crore.  India Formulations grew ~19% YoY to ₹ 1815.8 crore, driven by sustained traction in innovation products and pillar brands. International Formulations grew 34% YoY to ₹ 973.5 crore driven by growth in both emerging markets and Europe. US formulations grew ~3% YoY to ₹3181.7 crore due to high gRevlimid base. Consumer Wellness business grew 67% YoY to ₹1429 crore, which saw the full consolidation of acquired UK-based Comfort Click Limited (CCL). India consumer growth was 5%.

View: The management has guided for High teen growth in FY27 along with 24%+ EBITDA margins, despite a high base of gRevlimid and the confidence stems from new launches and niche 505 (b) (2) products. The company over the years has invested significantly towards scaling up capability for niche and differentiated products. It is now bearing the fruits for the same with scores of niche launches across US, India and other geographies and more such launches planned over the next two-three years which should continue the growth momentum. We expect the launches that are planned can fill the void created by wanning momentum of earlier launches. The company has specifically identified the Rare and Orphan disease segment as the new growth opportunity in the future. Going ahead, traction from its key​acquisitions such as Amplitude Surgical, Assertio along with new launches are expected to drive growth.

Impact: Positive

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