Zydus Lifesciences Limited

ZYDUSLIFE.NS

Drug Manufacturers - Specialty & Generic · Healthcare

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Weak

Stability

Mixed

Valuation

Mixed

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Winston Score History

The full picture

Zydus Lifesciences is an Indian pharmaceutical company that makes and sells medicines, including both generic drugs (copies of existing medicines sold at lower prices) and branded specialty drugs. Its products cover areas like heart disease, diabetes, pain relief, and infectious diseases, sold to hospitals, pharmacies, and patients. The company is one of India's largest drugmakers and is known for developing India's first homegrown COVID-19 vaccine, ZyCoV-D.

Zydus earns money by selling finished medicines, active pharmaceutical ingredients (the chemical building blocks of drugs), and wellness products. It operates across India, the United States, Europe, and emerging markets, with the US being its largest export destination. Its competitive edge comes from a strong pipeline of complex generics and biosimilars, along with low-cost manufacturing in India. The key growth driver is expanding its portfolio of difficult-to-make drugs in the US market, though pricing pressure on US generics and regulatory scrutiny of Indian manufacturing facilities remain ongoing risks.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+8.7% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

75.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹89.9B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Zydus Lifesciences Limited is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

48.1%

Healthy — 48.1% gross margin

Profit after running costs

Operating Margin

16.4%

Healthy — 16.4% operating margin

Return on the money invested

ROCE

18.0%

Strong — 18.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+21.1%

Fast-growing sales (+21.1% YoY)

Profit growth

EPS YoY

-1.3%

Earnings shrinking (-1.3% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

21%

Weak — only 21% of profit becomes cash

Spare cash per sale

FCF Margin

0.3%

Thin free cash flow (0.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

10.41x

Comfortably covers interest (10.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

25.4x

no trend

Growth-priced — P/E 25.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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