NSE: WOCKPHARMA · BSE: 532300
WOCKHARDT LIMITED
Develops, manufactures and sells pharmaceutical products across generic formulations, novel antibiotics and biotechnology (insulin and biosimilars). Research-driven businesses — novel antibiotics plus biotech — accounted for 18% of FY25 sales, with the balance coming from generic formulations sold in India, Europe and emerging markets. The novel antibiotic franchise centres on ZAYNICH (cefepime–zidebactam), which received US FDA approval in May 2026 and is described as the first New Chemical Entity fully developed and commercialised by an Indian pharmaceutical company to obtain FDA approval, and Miqnaf (Nafithromycin), launched in India in May 2025. The biotechnology segment targets the gap left by Novo Nordisk's exit from disposable insulin pens and cartridges, with the company planning to double capacity in 24–36 months. The business runs on a global manufacturing footprint of 8 domestic plants and 4 international plants, employs 3,603 people, and serves 49 countries, with around 70% of revenue coming from outside India. Operating costs are dominated by raw materials and APIs (20% of revenue), employee costs (21.5%) and other operating expenses (25.6%), with depreciation at 6.7%. R&D commitment is USD 200–250 million annually, funded from existing cash and improving EBITDA. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Generic formulations, Novel antibiotics (NCE) and biotechnology (18%). Research-driven, globally diversified pharmaceutical with a novel antibiotic pipeline and emerging biotech (insulin/biosimilars) arm.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,230 | 2,651 | 2,798 | 3,012 | 3,373 |
| EBITDA (ex other income) | 115 | (193) | 25 | 393 | 567 |
| margin % | 3.6 | (7.3) | 0.9 | 13.0 | 16.8 |
| Owners' profit | (244) | (559) | (463) | (47) | 213 |
| EPS, as reported (₹) | (20.24) | (38.79) | (32.05) | (3.02) | 13.12 |
| ROE % · ROCE % | (6.6) · (2.2) | (17.0) · (7.6) | (12.9) · (2.4) | (1.2) · 3.9 | 3.8 · 6.4 |
| Debt / equity (x) | 0.44 | 0.52 | 0.58 | 0.40 | 0.40 |
| Cash from operations | 413 | 153 | 219 | (22) | 390 |
| Capex | (118) | (42) | (59) | (94) | (136) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 809 | 721 | 743 | 738 | 782 | 888 | 965 | 929 |
| Profit before tax | (9) | 21 | (22) | (109) | 91 | 67 | 189 | 116 |
| Net profit | (16) | 20 | (45) | (108) | 82 | 61 | 164 | 107 |
| EPS (₹) | (1.47) | 0.91 | (1.57) | (5.53) | 4.81 | 3.61 | 10.23 | 6.55 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 75.7 | 30.8 | 133 of 158 | 16% |
| P/B | 5.8 | 3.1 | 129 of 163 | 21% |
| ROCE | 3.4 | 10.8 | 139 of 183 | 24% |
| ROE | 3.8 | 9.8 | 124 of 166 | 26% |
| Debt / Equity | 0.4 | 0.2 | 125 of 166 | 25% |
| EBITDA margin | 24.0 | 17.5 | 58 of 165 | 65% |
| Revenue growth | 25.9 | 16.3 | 56 of 161 | 66% |
| Profit growth | 199.1 | 30.9 | 23 of 158 | 86% |
| Market cap | 30910 | 806 | 21 of 181 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · 20,000 shares allotted under employee stock options | capital market events | low | — | — |
| 27 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 24 Oct 2026 · Special window opened for re-lodging physical share transfer requests | compliance | minimal | — | — |
| 9 Oct 2026 · RTA Certificate under Reg 74(5) for Q2 FY27 filed | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window closure from 1 Oct 2026 for Q2 results | compliance | minimal | — | — |
| 25 Aug 2026 · Customs authority imposes Rs 15 crore penalty on Wockhardt over API mis-classification | regulatory legal | high | — | — |
| 25 Aug 2026 · Special window for re-lodging physical share transfers | compliance | minimal | — | — |
| 10 Aug 2026 · Wockhardt 27th AGM: Capital Raise of 3000 Crore, All 10 Resolutions Passed | board shareholder meetings | low | — | — |
| 10 Aug 2026 · 27th AGM: All 10 resolutions passed, including Rs 3,000 Crore QIP approval | board shareholder meetings | medium | — | — |
| 10 Aug 2026 · Wockhardt QIP fund utilization report for Q1 FY27 | fund raising | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.