NSE: ZIMLAB · BSE: 541400
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Base pharmaceutical formulations (generics), NIP + OTF (Novel Innovative Products + Oral Thin Film) (22%), Nutraceuticals, Exports (82%). Innovation-driven, export-heavy pharmaceutical formulations business with significant regulatory exposure (EU GMP) and geopolitical exposure (MENA).
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 333 | 399 | 367 | 379 | 374 |
| EBITDA (ex other income) | 41 | 52 | 41 | 44 | 30 |
| margin % | 12.3 | 13.0 | 11.2 | 11.5 | 8.0 |
| Owners' profit | 15 | 24 | 17 | 12 | 6 |
| EPS, as reported (₹) | 8.96 | 5.01 | 3.54 | 2.50 | 1.19 |
| ROE % · ROCE % | 8.3 · 15.0 | 12.2 · 17.7 | 7.2 · 10.6 | 4.8 · 9.6 | 2.0 · 6.1 |
| Debt / equity (x) | 0.29 | 0.30 | 0.45 | 0.44 | 0.42 |
| Cash from operations | 49 | 38 | 16 | 41 | 50 |
| Capex | (15) | (37) | (74) | (41) | (44) |
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 | 92 | 96 | 109 | 72 | 89 | 109 | 105 | 94 |
| Profit before tax | 3 | 6 | 8 | (2) | (0) | 6 | 5 | (6) |
| Net profit | 2 | 4 | 5 | (2) | (0) | 4 | 4 | (4) |
| EPS (₹) | 0.49 | 0.82 | 1.01 | (0.38) | (0.09) | 0.90 | 0.76 | (0.75) |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September quarter unaudited results | results | low | — | — |
| 16 Oct 2026 · Zim Laboratories gets TGA GMP certification for Nagpur facility | regulatory legal | high | — | — |
| 8 Oct 2026 · CARE reaffirms Zim Labs at BBB, outlook revised to Negative | credit debt | medium | — | — |
| 8 Oct 2026 · Quarterly RTA compliance certificate under SEBI Regulation 74(5) for Sep 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closed From Oct 1 Ahead of Q2 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Zim Labs incorporates wholly owned subsidiary in Chile for LATAM expansion | business updates | low | — | — |
| 15 Sept 2026 · ZIM Labs completes investment in step-down subsidiary ZIM Scientific Office | strategic transactions | low | — | — |
| 12 Aug 2026 · Q1 FY27 Earnings Call Transcript: EU-GMP Final Report Expected in 2 Weeks | investor communications | medium | — | — |
| 12 Aug 2026 · Postal ballot results: pay revision for MD and whole-time director approved | board shareholder meetings | low | — | — |
| 8 Aug 2026 · Zim Labs shares Q1 FY27 earnings call audio recording link | investor communications | low | — | — |
How to read this document
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|---|---|---|
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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.