FY27 Revenue Growth: Strong double-digit growth
India formulations expected to deliver mid-teens growth (300-500bps above market); international markets to sustain strong performance; US generics ~single-digit growth.
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Zydus Lifesciences · forward-looking guidance across the available source record.
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FY27 EBITDA Margin: 24%+
Despite meaningful incremental SRO investments in second half, management maintains 24%+ EBITDA margin guidance. Current quarterly run-rate (ex-R&D) is ₹1,900-2,000 crore.
FY27 Capex: ₹1,500-1,600 crore
Investments include SEZ3 facility, formulation R&D center, biologics/vaccines DS facility, consumer wellness land acquisition, and ongoing Zydus injectable capacity expansion.
Medium-term Branded Revenue Mix: >2/3 of total revenue
Branded portfolio currently >55% of revenue; management targets >66% share as India branded, US specialty, and innovation businesses scale. Margins expected to improve to 28-30% range over 5-year horizon.
Q4 FY26 EBITDA margin: 23%+
Despite zero Revlimid revenue in Q4 and no lenalidomide sales, management guided for at least 23% EBITDA margin, down from 26.5% in Q3 due to lower-margin acquisitions and seasonal factors.
CDMO commercialization: H2 FY27
Commercialization of the biologics CDMO facility (from Alijins acquisition) will begin in second half of FY27, starting with Botaller supply to a partner, with full ramp-up expected over 2-3 years.
US volume growth: sustained double-digit
Management expects continued 11%+ volume growth in US generics business, supported by 40-45 new product launches in FY27 and upcoming specialty/specialty-biologic launches.
International markets: 20%+ growth
Management sees 20%+ growth continuing in international formulations business for the next 2-3 years, driven by EM therapy-led approach and Europe portfolio expansion.