#EBITDA #GROWTH 5 Year CAGR 41.6%
In FY24, EBITDA increased by ~27% YoY to โน799 cr. The increase was primarily attributable to case mix and bed expansions. During the period, it witnessed a rise in employee benefit expense due to the launch of Medanta labs and investments towards a new asset light model project in Indore. Purchase of pharmacy, lab and medical consumables constituted ~21% of the total revenue followed by manpower expense of ~35% (which constitutes employee benefit expense of 22% and consultant fees to doctors of 13%) . In 9M FY25, EBITDA increased by ~5% YoY to โน652 cr, led by bed expansions and case mix. In Q3 FY25, EBITDA for the mature hospitals was โน162 cr (up by ~9% YoY), while that of developing hospitals stood at โน102 cr (up by ~5% YoY).
In FY24, EBITDA increased by ~27% YoY to โน799 cr. The increase was primarily attributable to case mix and bed expansions. During the period, it witnessed a rise in employee benefit expense due to the launch of Medanta labs and investments towards a new asset light model project in Indore. Purchase of pharmacy, lab and medical consumables constituted ~21% of the total revenue followed by manpower expense of ~35% (which constitutes employee benefit expense of 22% and consultant fees to doctors of 13%) . In 9M FY25, EBITDA increased by ~5% YoY to โน652 cr, led by bed expansions and case mix. In Q3 FY25, EBITDA for the mature hospitals was โน162 cr (up by ~9% YoY), while that of developing hospitals stood at โน102 cr (up by ~5% YoY).
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#PAT #GROWTH 5 Year CAGR 51.0%
In FY24, PAT increased by ~47% YoY to โน478 cr. The growth was supported by increase in operating profit and lower finance costs. During the period, other income rose significantly due to rising interest income on bank deposits. In 9M FY25, PAT increased by ~8% YoY to โน380 cr. The growth was supported by lower finance costs, offset by higher other income during the period. Increase in the occupancy rate along with ARPOB at both mature and developing units would help in improving profitability. Further, the company is focusing on ramping up their new units.
In FY24, PAT increased by ~47% YoY to โน478 cr. The growth was supported by increase in operating profit and lower finance costs. During the period, other income rose significantly due to rising interest income on bank deposits. In 9M FY25, PAT increased by ~8% YoY to โน380 cr. The growth was supported by lower finance costs, offset by higher other income during the period. Increase in the occupancy rate along with ARPOB at both mature and developing units would help in improving profitability. Further, the company is focusing on ramping up their new units.
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#EBITDA #MARGIN
In FY24, the EBITDA margin expanded by ~123 bps YoY to ~24% on account of better occupancy, brownfield additions and favorable specialty mix. The EBITDA margin of matured and developing hospitals stood at 25% and 32%, respectively in FY24. The Lucknow hospital commenced operations before the pandemic, witnessing an increase in footfalls during the pandemic. Due to this it recovered its costs, achieving break-even within a year of opening, making it a margin accretive hospital. In 9M FY25, EBITDA margin contracted by 150 bps YoY to 23.6%, due to rising employee cost due to annual increments. In Q3 FY25, EBITDA margins for mature and developing hospitals was 25% (v/s 25.3% in Q3 FY24) and 33.8% (v/s 35.3% in Q3 FY24), respectively. Given that the company follows a fixed-cost model, they are optimistic that as occupancy and volumes increase, they will leverage their fixed costs effectively and see improved profitability as they scale up.
In FY24, the EBITDA margin expanded by ~123 bps YoY to ~24% on account of better occupancy, brownfield additions and favorable specialty mix. The EBITDA margin of matured and developing hospitals stood at 25% and 32%, respectively in FY24. The Lucknow hospital commenced operations before the pandemic, witnessing an increase in footfalls during the pandemic. Due to this it recovered its costs, achieving break-even within a year of opening, making it a margin accretive hospital. In 9M FY25, EBITDA margin contracted by 150 bps YoY to 23.6%, due to rising employee cost due to annual increments. In Q3 FY25, EBITDA margins for mature and developing hospitals was 25% (v/s 25.3% in Q3 FY24) and 33.8% (v/s 35.3% in Q3 FY24), respectively. Given that the company follows a fixed-cost model, they are optimistic that as occupancy and volumes increase, they will leverage their fixed costs effectively and see improved profitability as they scale up.
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ROCE
In FY24, ROCE was 21.56%. The growth in the metric was aided by higher operating profit despite an increase in average capital employed. Ramp up of the new capacities and continuous improvements across metrics like ARPOB (Average Revenue per occupied bed), ALOS (Average length of stay) and occupancy helped in improving the operating profit and ROCE of the company.
In FY24, ROCE was 21.56%. The growth in the metric was aided by higher operating profit despite an increase in average capital employed. Ramp up of the new capacities and continuous improvements across metrics like ARPOB (Average Revenue per occupied bed), ALOS (Average length of stay) and occupancy helped in improving the operating profit and ROCE of the company.
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#ROE
In FY24, ROE witnessed an upward trend, increasing to 17.96%. Company observed a rise in the ratio, owing to an increase in the net profit. The company has a focused presence in North India, delivering quality healthcare services which in turn drives patient volumes. Strong patient volumes postpandemic and cost efficiency drove the overall profit and improved the ROE. Medanta is further foraying into Central India, supported by expansions across the NCR region. This would help to widen its patient base, thereby improving profitability and maintaining strong return ratios of the company going ahead.
In FY24, ROE witnessed an upward trend, increasing to 17.96%. Company observed a rise in the ratio, owing to an increase in the net profit. The company has a focused presence in North India, delivering quality healthcare services which in turn drives patient volumes. Strong patient volumes postpandemic and cost efficiency drove the overall profit and improved the ROE. Medanta is further foraying into Central India, supported by expansions across the NCR region. This would help to widen its patient base, thereby improving profitability and maintaining strong return ratios of the company going ahead.
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#COMPANY #POTENTIAL
โข Indian healthcare industry โ The industry is growing at a significant pace, owing to its strengthening coverage, services and increasing expenditure by the public and private sectors. Going forward, the industry is anticipated to grow, mainly driven by the increased government expenditure and initiatives to boost the healthcare sector, followed by better case mix, higher ARPOBs and bed additions. The sector is also witnessing significant private equity activity, with investments directed towards both multispecialty and single-specialty hospitals and clinics. โข Government Initiatives โ Various initiatives have been undertaken which seeks to comprehensively strengthen the healthcare system, right from primary to tertiary care, thereby providing healthcare assurance and increase the coverage of healthcare services. โข Health โข Urban/Rural โข Medical Insurance industry - The overall sector in India has undergone significant changes driven by regulatory reforms, technological advancements and increased public awareness. Standalone health insurance premiums surged by ~26% in FY24 YoY. This further propels the demand for healthcare services as insurance policies partly cover health expenses, eventually reducing the healthcare cost burden and encouraging an individual to undergo treatment. shift - Existing hospital beds and hospitalization services have a high level of concentration in urban areas, which in turn impacts the accessibility and affordability of these services in rural areas. While in the public sector, ~61% of beds are present in urban areas, the proportion jumps to 80% in case of the private sector. On an aggregate level, 72% of total beds are in urban areas while only 28% are in rural areas. Expenditure - While the all-India average medical expenditure per hospitalization case in public hospitals is low at ~โน4,452, the same for private hospitals is as high as ~โน31,845. Despite higher costs, mostly people depend on private hospitals for treatment as these largely meet service quality needs and demands
โข Indian healthcare industry โ The industry is growing at a significant pace, owing to its strengthening coverage, services and increasing expenditure by the public and private sectors. Going forward, the industry is anticipated to grow, mainly driven by the increased government expenditure and initiatives to boost the healthcare sector, followed by better case mix, higher ARPOBs and bed additions. The sector is also witnessing significant private equity activity, with investments directed towards both multispecialty and single-specialty hospitals and clinics. โข Government Initiatives โ Various initiatives have been undertaken which seeks to comprehensively strengthen the healthcare system, right from primary to tertiary care, thereby providing healthcare assurance and increase the coverage of healthcare services. โข Health โข Urban/Rural โข Medical Insurance industry - The overall sector in India has undergone significant changes driven by regulatory reforms, technological advancements and increased public awareness. Standalone health insurance premiums surged by ~26% in FY24 YoY. This further propels the demand for healthcare services as insurance policies partly cover health expenses, eventually reducing the healthcare cost burden and encouraging an individual to undergo treatment. shift - Existing hospital beds and hospitalization services have a high level of concentration in urban areas, which in turn impacts the accessibility and affordability of these services in rural areas. While in the public sector, ~61% of beds are present in urban areas, the proportion jumps to 80% in case of the private sector. On an aggregate level, 72% of total beds are in urban areas while only 28% are in rural areas. Expenditure - While the all-India average medical expenditure per hospitalization case in public hospitals is low at ~โน4,452, the same for private hospitals is as high as ~โน31,845. Despite higher costs, mostly people depend on private hospitals for treatment as these largely meet service quality needs and demands
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#COMPANY #OUTLOOK
โข At a group level, the key levers that would further drive growth would be ramp up of the developing hospitals and adding up new specialties. Also, by focusing on improving efficiencies, mainly driven by increasing volumes, partly supported by tariff hikes. Strategically positioned in attractive markets, Medanta is well-positioned to meet the growing demand and has established a strong reputation as a leading destination for specialized care, attracting patients from various states who require treatment for complex procedures. โข They expect international revenues (~โน54 cr in Q3 FY25) to increase going ahead. However, one of the challenges faced by the industry as a whole is that Bangladesh, being a leading country, sending patients for medical care in India has taken a hit over the course of 6-9 months period. Although, the company expects this scenario to stabilize. โข Regional Outlook โ โข The greenfield project at Medanta Noida hospital, with ~550-bedded capacity is progressing as planned. The hospital is envisaged to be commissioned by Q1/Q2 FY26 with ~300 beds being operational. โข During the quarter, it further expanded into Ranchi with a 110-bedded hospital under a lease term agreement. Strategically located ~1.2 kms from the existing Medanta Ranchi hospital, the new facility enables seamless integration and operational synergies. The hospital is expected to commence operations by the end of Q1 FY26. Overall, the complete investment is expected to be ~โน50 cr. โข Overall, the company has ~1,000 bed additions planned in the next 2 years, including Noida and the remaining expansion taking place in the existing units. They have 3 greenfield projects underway, comprising ~1,600 beds which includes Oshiwara, Mumbai with a 500-bedded hospital; Pitampura, New Delhi with a 750-bedded hospital and South Delhi project with 400 beds planned. These projects are under various stages of approval and construction, which shall take 3-4 years to commenc
โข At a group level, the key levers that would further drive growth would be ramp up of the developing hospitals and adding up new specialties. Also, by focusing on improving efficiencies, mainly driven by increasing volumes, partly supported by tariff hikes. Strategically positioned in attractive markets, Medanta is well-positioned to meet the growing demand and has established a strong reputation as a leading destination for specialized care, attracting patients from various states who require treatment for complex procedures. โข They expect international revenues (~โน54 cr in Q3 FY25) to increase going ahead. However, one of the challenges faced by the industry as a whole is that Bangladesh, being a leading country, sending patients for medical care in India has taken a hit over the course of 6-9 months period. Although, the company expects this scenario to stabilize. โข Regional Outlook โ โข The greenfield project at Medanta Noida hospital, with ~550-bedded capacity is progressing as planned. The hospital is envisaged to be commissioned by Q1/Q2 FY26 with ~300 beds being operational. โข During the quarter, it further expanded into Ranchi with a 110-bedded hospital under a lease term agreement. Strategically located ~1.2 kms from the existing Medanta Ranchi hospital, the new facility enables seamless integration and operational synergies. The hospital is expected to commence operations by the end of Q1 FY26. Overall, the complete investment is expected to be ~โน50 cr. โข Overall, the company has ~1,000 bed additions planned in the next 2 years, including Noida and the remaining expansion taking place in the existing units. They have 3 greenfield projects underway, comprising ~1,600 beds which includes Oshiwara, Mumbai with a 500-bedded hospital; Pitampura, New Delhi with a 750-bedded hospital and South Delhi project with 400 beds planned. These projects are under various stages of approval and construction, which shall take 3-4 years to commenc
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Global Health Limited MEDANTA 1000-1190
Expected level 1500
Support 850
Expected level 1500
Support 850
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Zydus Lifesciences Company details report
In 1995, the group was restructured and thus was formed Cadila Healthcare under the aegis of the Zydus group. From a humble turnover Rs. 250 crores in 1995 the group witnessed a significant financial growth and registered a turnover of over Rs. 14,253 crores in FY20.
Adhering to its brand promise of being dedicated to life in all its dimensions, Zydus continues to innovate with an unswerving focus to address the unmet healthcare needs. Simultaneously it rededicates itself to its mission of creating healthier, happier communities across the globe
In 1995, the group was restructured and thus was formed Cadila Healthcare under the aegis of the Zydus group. From a humble turnover Rs. 250 crores in 1995 the group witnessed a significant financial growth and registered a turnover of over Rs. 14,253 crores in FY20.
Adhering to its brand promise of being dedicated to life in all its dimensions, Zydus continues to innovate with an unswerving focus to address the unmet healthcare needs. Simultaneously it rededicates itself to its mission of creating healthier, happier communities across the globe
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Business Segments
1) US Formulations (51% in Q1 FY25 vs 38% in FY22) The company distributes over 200 generic products in the U.S. market, holding leadership positions in more than 20% of its product families and ranking among the top three in approximately 60% of its products. As the 5th largest generic company in the U.S., it has launched 67 new products between FY23 and Q1 FY25, including Indomethacin suppository and Zituvimet. By FY24, the company had secured 402 product approvals and 460 ANDA filings. Segment revenue grew by 49% from FY22 to FY24, driven by volume expansion and new product launches. [
2) India Business (37% in Q1 FY25 vs 45% in FY22): The segment is split into:
a) Formulations (23% in Q1 FY25 vs 32% in FY22): The company offers branded formulations focused on therapeutic areas including Cardiology, Anti-Diabetes, Respiratory, Gynaecology, GastroIntestinal, Dermatology and super specialty areas of Oncology and Nephrology. Its key brand portfolio includes Vivitra, Exemptia, Atorva, Forglyn, Lipaglyn, Ujvira, etc. The companyโs brands were ranked amongst the Top 300 brands of the Indian Pharmaceutical Market during FY24. The segment revenue grew by 12% between FY22 and FY24, as its innovation products registered strong volume growt
b) Consumer Wellness (14% in Q1 FY25 vs 13% in FY22): The company operates in two different segments viz. personal care segment comprising the Nycil and Everyuth brands and food and nutrition segment through the brands Glucon-D, Sugar Free, Complan, and Nutralite. Five out of these six brands hold leadership positions in their respective categories. The segment revenue grew by 16% between FY22 and FY24.
1) US Formulations (51% in Q1 FY25 vs 38% in FY22) The company distributes over 200 generic products in the U.S. market, holding leadership positions in more than 20% of its product families and ranking among the top three in approximately 60% of its products. As the 5th largest generic company in the U.S., it has launched 67 new products between FY23 and Q1 FY25, including Indomethacin suppository and Zituvimet. By FY24, the company had secured 402 product approvals and 460 ANDA filings. Segment revenue grew by 49% from FY22 to FY24, driven by volume expansion and new product launches. [
2) India Business (37% in Q1 FY25 vs 45% in FY22): The segment is split into:
a) Formulations (23% in Q1 FY25 vs 32% in FY22): The company offers branded formulations focused on therapeutic areas including Cardiology, Anti-Diabetes, Respiratory, Gynaecology, GastroIntestinal, Dermatology and super specialty areas of Oncology and Nephrology. Its key brand portfolio includes Vivitra, Exemptia, Atorva, Forglyn, Lipaglyn, Ujvira, etc. The companyโs brands were ranked amongst the Top 300 brands of the Indian Pharmaceutical Market during FY24. The segment revenue grew by 12% between FY22 and FY24, as its innovation products registered strong volume growt
b) Consumer Wellness (14% in Q1 FY25 vs 13% in FY22): The company operates in two different segments viz. personal care segment comprising the Nycil and Everyuth brands and food and nutrition segment through the brands Glucon-D, Sugar Free, Complan, and Nutralite. Five out of these six brands hold leadership positions in their respective categories. The segment revenue grew by 16% between FY22 and FY24.
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International Markets Formulations
The company's international markets division comprises of the Emerging Markets (selected territories in Asia Pacific, Middle East, Africa and Latin America) and Europe (France, Spain and the UK). It operates in the branded generics segment with Cardiology, Diabetology, Neuro-Psychiatry, and Pain Management in the emerging markets. It has a market share of 7.4% in Sri Lanka with 30 brands ranked first in their respective molecule categories. It is also the 2nd largest company in South Africa and the 9th largest in the Phillippines in the participated market. The segment revenue grew by 34% between FY22 and FY24, driven by strong demand across all key geographies
The company's international markets division comprises of the Emerging Markets (selected territories in Asia Pacific, Middle East, Africa and Latin America) and Europe (France, Spain and the UK). It operates in the branded generics segment with Cardiology, Diabetology, Neuro-Psychiatry, and Pain Management in the emerging markets. It has a market share of 7.4% in Sri Lanka with 30 brands ranked first in their respective molecule categories. It is also the 2nd largest company in South Africa and the 9th largest in the Phillippines in the participated market. The segment revenue grew by 34% between FY22 and FY24, driven by strong demand across all key geographies
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Financial Highlights
โข In Q4 FY25 and FY25, the company achieved strong revenue growth in line with expectations. โข During the year, EBITDA was โน7,058.5 crore, up by 31.1% YoY owing to improved product mix and operating leverage. โข In FY25, they incurred a capex of โน1,214 crore. โข As on 31st March 2025, net cash stood at ~โน4,884 crore as compared to ~โน856 crore in 31st March 2024.
โข In Q4 FY25 and FY25, the company achieved strong revenue growth in line with expectations. โข During the year, EBITDA was โน7,058.5 crore, up by 31.1% YoY owing to improved product mix and operating leverage. โข In FY25, they incurred a capex of โน1,214 crore. โข As on 31st March 2025, net cash stood at ~โน4,884 crore as compared to ~โน856 crore in 31st March 2024.
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BUSINESS HIGHLIGHTS
INDIA โข During the quarter, revenue from this region grew by 13% YoY and stood at โน2,447.5 crore and it outpaced the overall market growth. In FY25, revenue was โน8,612.5 crore, an increase of 12% YoY. โข In Q4 FY25, revenue from formulation business was ~โน1,539 crore an increase of 10.7% YoY led by strong uptick in pillar and innovation brands. The strategic interventions in previous years have enabled the branded formulations business to consistently outperform the market, with a continued focus on strengthening presence in priority therapy areas. โข Secondary sales during the quarter grew by ~10% YoY. This performance was primarily fueled by the chronic segment, which delivered higher-than-market growth across key therapies. โข In Q4 FY25, the consumer wellness segment reported revenue of โน908.1 crore, a growth of 17.1% YoY with a volume growth of ~13%. Further, the personal care segment such as Nivea, EverYuth and the food & nutrition segment recorded strong double-digit growth. โข They have initiated the development of the worldโs first combination vaccine targeting shigellosis and typhoid with the support of Gates Foundation. โข The company remains confident in its ability to outperform the market in India in FY26 despite expectations of lower industry growth supported by a robust pipeline of upcoming product launches.
INDIA โข During the quarter, revenue from this region grew by 13% YoY and stood at โน2,447.5 crore and it outpaced the overall market growth. In FY25, revenue was โน8,612.5 crore, an increase of 12% YoY. โข In Q4 FY25, revenue from formulation business was ~โน1,539 crore an increase of 10.7% YoY led by strong uptick in pillar and innovation brands. The strategic interventions in previous years have enabled the branded formulations business to consistently outperform the market, with a continued focus on strengthening presence in priority therapy areas. โข Secondary sales during the quarter grew by ~10% YoY. This performance was primarily fueled by the chronic segment, which delivered higher-than-market growth across key therapies. โข In Q4 FY25, the consumer wellness segment reported revenue of โน908.1 crore, a growth of 17.1% YoY with a volume growth of ~13%. Further, the personal care segment such as Nivea, EverYuth and the food & nutrition segment recorded strong double-digit growth. โข They have initiated the development of the worldโs first combination vaccine targeting shigellosis and typhoid with the support of Gates Foundation. โข The company remains confident in its ability to outperform the market in India in FY26 despite expectations of lower industry growth supported by a robust pipeline of upcoming product launches.
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UNITED STATES
โข In FY25, revenue from this region stood registered a growth of 27.2% YoY and stood at โน11,050 crore primarily driven by volume expansion and successful new product launches. โข The company aims to strengthen its presence by building a comprehensive portfolio across various dosage forms and therapeutic areas. This will be achieved through a combination of in-house development and strategic partnerships. โข During the quarter, the company filed 3 ANDAs (Abbreviated New Drug Application) and launched 5 new products. โข They are expanding its specialty footprint in the US by developing a portfolio of 505(B)(2) products and strengthening its presence in the paediatric rare disease segment. Further, the company entered into an exclusive development, licensing, supply and commercialization agreement with Synthon BV, for a novel 505(B)(2) oncology product. โข The company received US FDA (Food and Drug Administration) approval to initiate a Phase 2B clinical trial of Usnoflast in patients with ALS (Amyotrophic Lateral Sclerosis). โข The management highlighted that the potential impact of US imposed tariffs on pharmaceuticals remains uncertain due to multiple factors, but any tariffs would likely affect operations. In order to mitigate this, the company explores co-development and manufacturing opportunities at third-party locations within the US for select products. โข In FY26, the management anticipates single digit growth from this region with several important product launches. โข The company has ~14-15 critical product launches in FY27 and does not anticipate a significant decline from FY25 performance, contingent on timely regulatory approvals. Many of these launches involve complex products with potential semi-exclusive or exclusive market opportunities. They remain committed to consistent annual product launches, steadily expanding its portfolio and strengthening its market base.
โข In FY25, revenue from this region stood registered a growth of 27.2% YoY and stood at โน11,050 crore primarily driven by volume expansion and successful new product launches. โข The company aims to strengthen its presence by building a comprehensive portfolio across various dosage forms and therapeutic areas. This will be achieved through a combination of in-house development and strategic partnerships. โข During the quarter, the company filed 3 ANDAs (Abbreviated New Drug Application) and launched 5 new products. โข They are expanding its specialty footprint in the US by developing a portfolio of 505(B)(2) products and strengthening its presence in the paediatric rare disease segment. Further, the company entered into an exclusive development, licensing, supply and commercialization agreement with Synthon BV, for a novel 505(B)(2) oncology product. โข The company received US FDA (Food and Drug Administration) approval to initiate a Phase 2B clinical trial of Usnoflast in patients with ALS (Amyotrophic Lateral Sclerosis). โข The management highlighted that the potential impact of US imposed tariffs on pharmaceuticals remains uncertain due to multiple factors, but any tariffs would likely affect operations. In order to mitigate this, the company explores co-development and manufacturing opportunities at third-party locations within the US for select products. โข In FY26, the management anticipates single digit growth from this region with several important product launches. โข The company has ~14-15 critical product launches in FY27 and does not anticipate a significant decline from FY25 performance, contingent on timely regulatory approvals. Many of these launches involve complex products with potential semi-exclusive or exclusive market opportunities. They remain committed to consistent annual product launches, steadily expanding its portfolio and strengthening its market base.
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INTERNATIONAL MARKETS
โข During the quarter, revenue from this region grew by 11.8% YoY and stood at โน554.7 crore. In FY25, the same increased by 13.8% YoY and was โน2,194.7 crore primarily attributed to solid demand across geographies. โข The management highlighted that emerging markets, continued to grow at a strong double-digit rate while also improving profitability and this trend is expected to persist in the future. โข Going forward, they are trying to expand the companyโs presence in targeted therapy areas across key geographies driven by leveraging the companyโs global R&D (research and development) capabilities, with a strong pipeline of differentiated and complex generics as well as specialty product.
โข During the quarter, revenue from this region grew by 11.8% YoY and stood at โน554.7 crore. In FY25, the same increased by 13.8% YoY and was โน2,194.7 crore primarily attributed to solid demand across geographies. โข The management highlighted that emerging markets, continued to grow at a strong double-digit rate while also improving profitability and this trend is expected to persist in the future. โข Going forward, they are trying to expand the companyโs presence in targeted therapy areas across key geographies driven by leveraging the companyโs global R&D (research and development) capabilities, with a strong pipeline of differentiated and complex generics as well as specialty product.
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FUTURE OUTLOOK
โข They are aiming for double-digit revenue growth in FY26, driven by strong performance in India and international markets, along with the expansion of new growth areas like biologics and vaccines. โข In FY26, the management envisages EBITDA margin to be ~26.5% owing to pricing pressures, increased competition, a loss of market share in FY25 and higher R&D spending. However, they anticipate gradual margin improvement in the range of ~50-70 bps in the future primarily led by operational efficiency initiatives. Kredent Infoedge Private Limited is a SEBI registered Research Analyst and Investment Advisor. Research Analyst SEBI Registration Number โ INH300007493. Investment Advisor SEBI Registration Number โ INA000017781. Registered Office Address: J-1/14, Block - EP and GP, 9th Floor, Sector V Saltlake City, Kolkata WB 700091 IN. CIN: U72400WB2006PTC111010 Disclaimer: This document has been prepared to provide a brief summary of the conference call conducted by the companies and is intended to be used for learning enhancements. Nothing contained herein should be construed as a recommendation on any stock or sector.
โข They are aiming for double-digit revenue growth in FY26, driven by strong performance in India and international markets, along with the expansion of new growth areas like biologics and vaccines. โข In FY26, the management envisages EBITDA margin to be ~26.5% owing to pricing pressures, increased competition, a loss of market share in FY25 and higher R&D spending. However, they anticipate gradual margin improvement in the range of ~50-70 bps in the future primarily led by operational efficiency initiatives. Kredent Infoedge Private Limited is a SEBI registered Research Analyst and Investment Advisor. Research Analyst SEBI Registration Number โ INH300007493. Investment Advisor SEBI Registration Number โ INA000017781. Registered Office Address: J-1/14, Block - EP and GP, 9th Floor, Sector V Saltlake City, Kolkata WB 700091 IN. CIN: U72400WB2006PTC111010 Disclaimer: This document has been prepared to provide a brief summary of the conference call conducted by the companies and is intended to be used for learning enhancements. Nothing contained herein should be construed as a recommendation on any stock or sector.
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Zydus Lifesciences Limited 750-890
Expected level 1100
Support 650
Expected level 1100
Support 650
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๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
HDFC BANK 1600-1760 Expected level 2000 Support 1500
1949๐ฅ๐ฏ๐ฏ
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