Sharekhan's research report on Zydus Lifesciences
Revenue amounted to Rs. 5,237 crore, reflecting a 20% y-o-y increase but a 16% q-o-q decline, primarily driven by reduced performance in the Indian consumer wellness segment, US formulations and API business. EBITDA was Rs. 1,461 crore, marking a 28% y-o-y growth but a 30% q-o-q declined. Margins stood at ~28%, improving by 167 bps y-o-y, but contracting 567 bps q-o-q. PAT was Rs. 898 crore, up 15% y-o-y but down 89% q-o-q.
Outlook
We reaffirm our Buy rating with an updated price target of Rs. 1,078. The stock is currently trading at 22x and 20x its FY26E and FY27E EPS, respectively.
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