ZYDUSLIFE Q3 FY26 earnings call.
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Revenue
₹6,864 Cr
verified against source
Revenue YoY
30%
reported change
EBITDA
₹1,820 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Zydus Lifesciences delivered a strong Q3 FY26 with consolidated revenue of ₹6,860 crore, up 30% YoY, driven by broad-based performance across all segments. EBITDA grew 31% to ₹1,820 crore with margin expansion of 20bps to 26.5%. PAT stood at ₹1,110 crore, up 9% YoY despite the exceptional charge. North America grew 16% to ₹2,800 crore on volume expansion and new launches, while India branded formulations sustained 14% growth with chronic portfolio mix improving to 45.3%. International markets accelerated at 38% growth, and consumer wellness surged 113% to ₹960 crore with full Comfort Click consolidation. Management guided Q4 margins of 23%+ despite Revlimid revenue cessation, while projecting 20%+ growth in emerging markets for the near term. Key upcoming catalysts include Sariglitazar NDA filing, Ranibizumab biosimilar launch in H2 FY27, and 40-45 new US product launches. CDMO commercialization expected from H2 FY27, with full ramp-up over 2-3 years. Risk includes ongoing Miraaben litigation and margin pressure from lower-margin acquisitions.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- 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.
- 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.
Risks flagged
- The trial for Miraaben commenced on February 9, 2026, with jury selection completed. Management declined to comment on maximum risk exposure or potential exclusivity duration. A negative outcome could significantly impact US specialty revenue trajectory.
- Consumer wellness (Comfort Click) and medical devices (Amplitude Surgical) have lower margins than the base business. With full consolidation, blended margins face structural compression. Management guided 23%+ for Q4 but declined to provide FY27 margin guidance.
- Sandoz held ~48% market share in Ranibizumab before withdrawing. Management attributed this to commercial rather than regulatory reasons. The attractiveness of reentering with Formicon-partnered biosimilar remains unclear, with launch planned for H2 FY27.
- Management confirmed filing timeline depends on whether pediatric exclusion is granted. If excluded, the opportunity shifts from FY27 to FY28, affecting near-term specialty revenue expectations.
Key quotes
- We will see a meaningful cost on Saro in FY27 and we are not quantifying. I think it's too early to give a guidance but it'll be meaningful and it'll be building up as we move through the year.
- We are quite bullish on double-digit growth for India. We have a strong momentum for our innovative brands. Also, we will have Saro launch as well as many other interesting first day one launches in the market.
- It is mostly contingent on if we get to see any major opportunity. Our internal approvals are in place and cash flows are sufficient for us to continue to do what we need to do without fundraise. Fund raise is an enabling provision for us to use if we feel we need to provided we can see any meaningful acquisition.
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