Zydus Lifesciences Ltd.Record 30% Growth, Strong Margins

Zydus Lifesciences delivered exceptional Q3 FY26 performance with consolidated revenues reaching ₹68.6 billion, up 30% year-on-year, while EBITDA grew 31% to ₹18.2 billion with margins expanding to 26.5%.

The North America business posted robust 16% growth to ₹28 billion, with US generics volume surging 11% versus market growth of just 1%, demonstrating significant market share gains. India branded formulations outperformed with 14% growth, while international markets accelerated 38% to ₹7.9 billion. Consumer wellness doubled to ₹9.6 billion following the Comfort Click acquisition. Management guided for 23%+ EBITDA margins in Q4 despite anticipated Revlimid headwinds and maintained R&D spend at 7.5-8% of revenue.

Strategic milestones include Zycubo approval as the first therapy for ultra-rare Menkes disease, licensing of Pembrolizumab biosimilar with potential first-to-file opportunity for Keytruda, and upcoming Saroglitazar NDA filing in the US market. The company targets ₹1,000 crore vaccine business within 3-4 years while expecting 20%+ international growth to continue.