Zydus Lifesciences Limited

NSE

ZYDUSLIFE

Stock

Yield per half year: +18.51%
Dividend yield: 0.2988%
Sector: Healthcare

Reporting Zydus Lifesciences Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹	359.51	471.5	393.54	280.13	365.3	542.35	387.36	563.64		991.75	991.75	570.08	22.11
Revenue, bln ₹		94.3	115.99	127.48	138.12	148.22	148.28	168.78	195.47	232.42	232.42	178.63	9.41
Net profit, bln ₹		14.88	17.76	18.49	11.77	21.34	44.87	19.6	38.6	45.26	45.26	33.93	16.23
EV, bln ₹				430.08	436.84	581.62	397.88	505.25	535.12	893.63	893.63	582.70	8.97
EBIT, bln ₹		16.15	23.88	24.47	20.86	27.3	29.58	27.2	48.58	59.79	59.79	38.49	16.98
EBITDA, bln ₹		19.89	29.27	30.46	27.83	34	36.71	34.42	56.22	68.95	68.95	46.06	15.19
OIBDA ₹					34.5	38.35	16.58	43.35	63.02	155.93	155.93	63.45	32.38
Book value, bln ₹		69.6	87.45	103.86	103.76	129.92	170	175.16	198.3	239.53	239.53	182.58	13.02
FCF, bln ₹		-16.29	-1.3	18.25	16.01	24.39	9.02	16.58	23.21	50.64	50.64	24.77	15.73
Operating Cash Flow, bln ₹		13.5	9.19	28.82	25.05	32.93	21.04	26.89	32.28	67.77	67.77	36.18	15.53
Operating profit, bln ₹		15.36	23	23.93	21.02	27.36	24.74	28.53	45.4	132.23	132.23	51.65	37.04
Operating expenses, bln ₹		42.57	49.56	54.76	66.06	67.15	65.32	77.15	83.11	36.81	36.81	65.91	-11.33
CAPEX, bln ₹		29.78	10.49	10.57	9.04	8.54	12.03	10.31	9.07	17.13	17.13	11.42	14.94

	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q4	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Capitalization, bln ₹	1 528.42	473.53	395.16	469.16	366.99	253.89	451.55	500.85			421.45				629.99						451.55	19.93
Revenue, bln ₹											41.6	48.53	50.53	42.59	43.44	53.66	62.08	51.14	51.24	65.28	56.68	4.00
Net profit, bln ₹											6.23	2.97	10.87	8.01	7.9	11.82	14.2	9.11	10.24	11.71	11.42	-0.19
EV, bln ₹									399.78	381.45	442.55	486.4	601.43	622.48	663.01	535.27		1 068.59		893.26	756.52	7.49
EBIT, bln ₹											8.13	11.15	13.62	10.16	9.45	15.82	19.32	12.96	12.16	19.27	15.91	4.02
EBITDA, bln ₹											9.95	12.93	15.41	12	11.4	17.87	21.47	15.3	14.45	21.56	18.13	3.83
OIBDA ₹															12.96	21.86	26.21	18.01	13.98	48.44	25.70	17.25
Book value, bln ₹											187.68	175.16	196.88	187.33	209.41	198.3	221.02	218.25	241.55	239.53	223.73	3.85
FCF, bln ₹										3.64	3.63	3.57	3.6	3.68	3.9						3.68	1.45
Operating Cash Flow, bln ₹										3.64	3.63	3.57	3.6	3.68	3.9						3.68	1.45
Operating profit, bln ₹											8.13	11.15	13.53	10.16	9.45	15.82	18.94	11.82	9.76	38.59	18.99	19.52
Operating expenses, bln ₹											18.75	23.64	20.26	19.05	19.88	23.35	16.29	36.42	25.64	9.71	22.28	-16.10

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Cash, bln ₹				15.44	13.15	4.21	8.45	6.65	6.58	4.88	4.13	29.57	29.57	10.36	34.77
Short-Term Investments ₹				0.614	4.77	5.8	4.94	4.62	28.47	9.33	9.67	48.51	48.51	20.12	60.04
Accounts Receivable ₹				24.3	36.29	47.56	45.78	43.5	35.28	46.35	55.77	40.25	40.25	44.23	-1.54
Total Current Assets ₹				60.22	82.3	84.98	87.15	87.16	122.61	100.16	114.2	170.46	170.46	118.92	14.36
Net assets, bln ₹						103.86	61.94	63.33	64.23	175.16			122.61	93.70	11.02
Assets, bln ₹				152.21	180.65	234.83	236.87	238.85	277.95	257.56	292.81	372.02	372.02	287.84	9.27
Short-Term Debt ₹				27.39	28.52	39.5	47.85	39.83	38.43	11.75	7.79	31.81	31.81	25.92	-4.40
Long-Term Debt ₹							32.15	6.1	3.62				3.62	13.96	-51.71
Liabilities, bln ₹				81.05	91.3	118.04	119.76	89.55	87.42	60.68	71.79	108.43	108.43	83.57	3.90
Net debt, bln ₹				36.64	40.92	74.79	71.69	39.42	35.63	7.07	3.91	2.56	2.56	17.72	-42.12
Debt, bln ₹						78.99	79.99	45.93	42.21	11.95	8.04	32.13	32.13	28.05	-6.90
Interest Income ₹							0.325	0.503	0.688	0.757				0.5683	23.54
Interest Expense, bln ₹				0.568	1.05	1.91	3.24	1.6	1.14	1.3	0.492	1.66	1.66	1.24	0.74
Net interest income, bln ₹							-3	-1.19	-0.511	-1.3	1.27		0.757	-0.9462	-184.20
Goodwill ₹	8.99	8.95	8.94	11.49	13.85	52.89	53.92	53.47	53.65	48.04				52.39	-1.91
Amortization, bln ₹				3.73	5.39	5.99	6.97	6.7	7.13	7.23	7.64	9.16	9.16	7.57	6.45
Cost of production, bln ₹				36.36	43.43	49.5	51.49	54.8	58.19	63.1	106.23	63.38	63.38	69.14	2.95
Inventory ₹				18.04	23.85	26.88	27.89	32.36	37.19	34.13	34.42	39.44	39.44	35.51	4.04

	2020Q1	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Cash, bln ₹								-39.74	4.55	-17.48	4.88	-11.92	3.46	-15.2	4.13		10.61		29.57	6.51	53.59
Short-Term Investments ₹								79.47	12.93	34.95	9.33	23.85	16.71	30.39	2.53		19.34		48.51	23.50	23.76
Accounts Receivable ₹				34.25	34.25	50.32	50.32		37.69		44.25		39.15		52.2		46.7		40.25	44.51	-1.88
Total Current Assets ₹								39.74	97.12	17.48	100.16	11.92	99.35	15.2	114.2		121.57		170.46	104.16	11.40
Net assets, bln ₹							170		67.22		175.16									137.46	1.00
Assets, bln ₹				274.71	274.71	277.95	277.95		256.29		257.56		258.79		292.81		314.46		372.02	299.13	7.63
Short-Term Debt ₹				42.15	42.15	38.43	38.43		21.37		11.75		1.61		7.79		1.59		31.81	10.91	22.04
Long-Term Debt ₹							3.62		2.89											3.25	-10.65
Liabilities, bln ₹						87.42	87.42		68.62		60.68		49.39		71.79	-221.02	72.91	-241.55	108.43	-41.8880	8.60
Net debt, bln ₹								39.74	19.91	17.48	7.07	11.92	-1.54	15.2	3.91		-8.71		2.56	2.28	-210.70
Debt, bln ₹							42.05		24.26		11.95		1.92		8.04		1.91		32.13	11.19	21.87
Interest Expense, bln ₹										0.328	0.277	0.181	0.087	0.198	0.346	0.322	0.251	0.32	0.766	0.4010	17.23
Net interest income, bln ₹							0.374	-0.343	-0.351	-0.328	-0.277	-0.181	-0.087	-0.198						-0.2142	-9.60
Goodwill ₹	53.92	53.51	53.47	53.53	53.53	53.65	53.65		54.06		48.04		48.04							51.49	-2.18
Amortization, bln ₹										1.82	1.79	1.8	1.84	1.95	2.05	2.15	2.34	2.29	2.29	2.22	2.24
Cost of production, bln ₹										15.1	16.96	16.74	14.74	14.69	16.12	26.85	14.71	15.83	16.97	18.10	1.03
Inventory ₹				35.19	35.19	37.19	37.19		34.05		34.13		33.04		34.42		37.17		39.44	35.64	2.93

Share

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS			18.06	11.49	20.84	43.83	19.3	38.14	44.97	44.97	33.42	16.63
Share price	434.8	348.6	253.85	476.9	483.2	420	688.75	971	985.5	985.5	709.69	15.32
Number of shares, mln	1023.16	1023.45	1024.38	1023.69	1023.31	1023.74	1015.65	1011.93	1006.34	1006.34	1016.19	-0.33
FCF/share	-15.92	-1.27	17.81	15.64	23.83	8.81	16.32	22.94	50.32	50.32	24.44	16.12

	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q4	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Average for 5 quarters	CAGR 5
EPS											6.15	8.87	10.74	7.91	7.8	11.68	14.11	9.06	10.17	11.64			11.33	-0.07
Share price									354.63	368.35	416.37	459.12	520.74	623.94	622.4					907.5	974.95	987.85	823.33	9.63
Number of shares, mln	1025.09	1022.57	1025	1023.16	1023.45	1024.38	1023.69	1023.31			1012.2				1012.2								1019.16	-0.24
FCF/share											3.59	3.53	3.55	3.64	3.85								3.63	1.41

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %		21.38	20.31	17.8	11.34	16.42	29.92	11.19	19.46	18.89	18.89	19.89	19.18	2.84
ROA, %		9.77	9.83	7.87	4.97	8.93	17.37	7.61	13.18	12.16	12.16	12.13	11.85	6.37
ROIC, %					10.3	12.14	22.4	13.8	20.17		20.17	18.27	15.76	14.39
ROS, %		15.78	15.31	14.5	8.52	14.4	30.26	11.61	19.74	19.47	19.47	17.45	19.10	6.22
ROCE, %		22.7	26.73	20.95	17.81	18.29	14.82	13.81	21.98	22.68	22.68	21.16	18.32	4.40
EBIT margin					13.23	17.29	19.95	16.11	24.85	25.73	25.73	20.28	20.79	8.28
EBITDA margin		21.09	25.23	23.89	20.15	22.94	24.76	20.39	28.76	29.67	29.67	25.39	25.30	5.28
Net margin		15.78	15.31	14.5	8.52	14.4	30.26	11.61	19.74	19.47	19.47	17.45	19.10	6.22
Operational efficiency, %		16.29	19.83	18.77	15.22	18.46	16.69	16.9	23.22	56.89	56.89	31.90	26.43	25.25
FCF yield, %	2.84	-3.45	-0.3303	6.51	4.38	4.5	2.33	2.94		5.11	5.11	0.64	3.85	3.13

	2021Q2	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %						3.32	1.69	5.52	4.35	4.17	5.96	6.42	4.18	4.24	4.89			19.89	5.14	-3.88
ROA, %	2.14	10.89	1.8	1.43	2.04		1.15		6.19		4.04		2.9		3.15			12.13	3.49	22.33
ROS, %								21.51	18.8	18.18	22.03	22.87	17.82	19.98	17.94	19.74	19.47	17.45	18.99	1.79
ROCE, %			3.31	2.77	3.61		5.66		4.87		7.16		5.37		7.31	21.98	22.68	21.16	12.90	25.93
EBIT margin									23.86	21.76	29.47	31.12	25.34	23.74	29.52	24.85	25.73	20.28	25.84	0.31
EBITDA margin								30.5	28.18	26.25	33.3	34.59	29.91	28.21	33.03	28.76	29.67	25.39	29.92	-0.16
Net margin						14.97	6.11	21.51	18.8	18.18	22.03	22.87	17.82	19.98	17.94			17.45	20.13	-4.02
Operational efficiency, %								26.77	23.86	21.76	29.47	30.51	23.12	19.05	59.12	23.22	56.89	31.90	36.28	19.73
FCF yield, %						0.8618				0.6184								0.64	0.7401	-15.29

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E	31.69	22.16	15.15	31.05	25.42	8.07	25.41	13.76	21.91	21.91	47.94	18.91	-2.93
P/BV	6.77	4.5	2.7	3.52	4.17	1.9	2.53	2.4	4.14	4.14	7.84	3.03	-0.14
P/S	5	3.39	2.2	2.64	3.66	2.44	2.95	2.72	4.27	4.27	7.06	3.21	3.13
P/FCF	-28.95	-302.72	15.35	22.81	22.24	42.97	34	26.75	19.58	19.58	42.97	29.11	-2.52
E/P	0.0316	0.0451	0.066	0.0322	0.0393	0.1158	0.0348	0.0621	0.0456	0.0456	0.03	0.0595	3.02
EV/EBIT				19.27	18.35	13.45	18.58	11.02	14.95	14.95	36.26	15.27	-4.02
EV/EBITDA			13.57	15.7	17.11	10.84	14.68	9.52	12.96	12.96	26.96	13.02	-5.40
EV/S				3.16	3.92	2.68	2.99	2.74	3.84	3.84	6.75	3.23	-0.41
EV/FCF				27.28	23.85	44.14	30.48	23.05	17.65	17.65	47.50	27.83	-5.84
Debt/EBITDA			2.49	2.87	1.35	1.15	0.3471	0.143	0.466	0.466	1.50	0.6912	-19.16
Netdebt/Ebitda	1.84	1.4	2.46	2.58	1.16	0.9706	0.2054	0.0696	0.0372	0.0372	0.67	0.4886	-49.74
Debt/Ratio				0.3377	0.1923	0.1519	0.0464	0.0275	0.0864	0.0864	0.16	0.1009	-14.79
Debt/Equity				0.771	0.3535	0.2483	0.0682	0.0406	0.4114	0.4114	0.76	0.2244	3.08
Debt/Net Income				6.8	2.15	0.9406	0.6095	0.2084	0.71	0.71	5.13	0.9237	-19.88
PEG									-140.71	-140.71	11.04	-140.7100	0.00
Beta							0.7646	1.91	2.12	2.12	0.21	1.60	40.49
Altman Index				3.41	4.9	3.92	14.45	22.55	32.97	32.97	14.45	15.76	46.41

	2016Q4	2017Q4	2018Q4	2019Q4	2020Q4	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E									67.66	24.54	23.32	22.23	21.78	13.77	25.99	25.11	21.4	19.69			47.94	21.19	7.41
P/BV						2.76	1.91	1.93	2.25	2.43		2.98	3.01	2.4		4.46		3.38			7.84	3.25	2.55
P/S									10.13	2.85	3.28	3.41	3.5	2.79	5.4	5.14	4.45	3.88			7.06	4.33	6.82
P/FCF									116.04				161.7						26.75	19.58	42.97	81.02	-35.91
E/P	0.0068	0.0116	0.0139	0.0147	0.0117	0.01			0.0148				0.0125						0.0621	0.0456	0.03	0.0290	35.45
EV/EBIT												61.27	70.14	33.84		82.45		46.36	11.02	14.95	36.26	37.72	-15.07
EV/EBITDA							6.91	11.57	12.77	12.02	39.02	14.1	14.54	29.96		69.86		41.43			26.96	33.98	24.06
EV/S											11.9	14.62	15.26	9.97		20.9		13.68	2.74	3.84	6.75	10.23	-17.37
EV/FCF											167.25	168.97	170.18						23.05	17.65	47.50	109.42	-36.22
Debt/EBITDA							5.9	2.82		0.9238		0.1599		0.4501		0.1245		1.49	0.143	0.466	1.50	0.5347	0.70
Netdebt/Ebitda									1.76	0.5467	0.7736	-0.1287	1.33	0.2189		-0.5694		0.1189	0.0696	0.0372	0.67	-0.0250	-29.84
Debt/Ratio							0.1513	0.0946				0.0074		0.0275		0.0061		0.0864	0.0275	0.0864	0.16	0.0468	25.73
Debt/Equity							0.2473	0.1456				0.0102		0.0406		0.0087		0.1341	0.3248	0.4114	0.76	0.1839	58.91
Debt/Net Income							10.58	4.64				0.2397		0.6802		0.2091		2.74	0.2084	0.71	5.13	0.9095	0.86
PEG																			-95.82	-140.71	11.04	-118.2650	21.18
Beta																		1.2	0.6589	2.12	0.21	1.33	20.89
Altman Index																		22.49	22.57	32.97	14.45	26.01	13.60

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Dividend payout, bln	5.79	3.27	0.01	3.58	7.17	0.015	2.67	6.21	3.03		3.03		3.82	-15.82
Dividend		3.2	3.5	3.5	3.5	3.5	2.5	6	3	11	11		5.20	25.74
Dividend yield, %		0.6944	0.9102	1.28	0.9808	0.6604	1.68	0.4762	0.5168	0.2988	0.2988	0.76	0.7264	-14.67
Dividends / profit, %		21.99	0.0563	19.38	60.9	0.0703	8.29	13.63	16.09	6.68	6.68	28.70	8.95	148.64
Dividend coverage ratio						5.73	16.8	3.16	12.76	14.96	14.96	71.53	10.68	21.16

	2014Q3	2015Q3	2016Q1	2017Q1	2018Q3	2019Q3	2020Q1	2021Q3	2022Q3	2023Q3	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Dividend	1.8	2.4	3.2	3.2	3.5	3.5	3.5	3.5	2.5	6				3.80	11.38
Dividend yield, %	0.1523	0.1257	0.9966	0.8003	0.913	1.51	1.32	0.6033	0.6787	0.9616			0.76	1.01	-8.63
Dividend coverage ratio											12.76	14.96	71.53	13.86	8.28

	Industry average	Average for 5 quarters	CAGR 5

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IFRS

Reporting Annual

	2020	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Revenue, %	6.55	5.76	8.11	6.11	4.64	7.37	7.37	5.05
Staff, people				23 026	23 026			0.00

	CAGR 5

	CAGR 5