ZIM LABORATORIES LIMITED

Develops and manufactures pharmaceutical formulations, with a base business in generics and a growing pipeline of Novel Innovative Products (NIP) and Oral Thin Film (OTF) drug-delivery formats. FY26 operating income was ~INR 3,744M, with EBITDA of ~INR 414M and PAT of INR 58M, while Q4 FY26 operating income was ~INR 1,053M at 12.7% EBITDA margin. Exports accounted for 82% of revenue, making overseas regulated markets (especially the EU) and ROW/pharmerging geographies its principal customer base; the EU GMP re-inspection was completed May 4–7, 2026, with reinstatement targeted within 2–3 months. NIP+OTF contributed ~22% of Q4 operating income (INR 254M) and management is targeting 50% of revenue from this segment, backed by 17 products in the pipeline and 5 already approved for supply once EU GMP is restored. The Dabigatran capsule marketing approval has been received in Italy, addressing a ~$400M EU opportunity, with first regulated-market commercial supplies expected from Q4 FY27. The nutraceutical segment is guided at 10–15% annual steady-state growth, and R&D spend is held at ~8.3% of revenue with INR 311M deployed on BE studies in FY26. Materials were the largest cost at 43.8% of revenue, with employee cost at 17.1% and other opex at 30.7%; MENA geopolitical disruption and EU GMP-related pipeline freezes together cost ~INR 20–25 crore of FY26 revenue.