NSE: ZOTA
ZOTA HEALTH CARE LIMITED
Operates a generic-medicine retail pharmacy chain primarily under the Davaindia brand, with 2,579 stores across 23 states at end of FY26, after adding 997 new stores during the year (804 COCO + 193 FOFO). Davaindia contributed 77% of consolidated revenue in FY26. The chain runs two store formats: Company Owned Company Operated (COCO) and Franchise Owned Franchise Operated (FOFO). COCO gross margins exceed 70% and overall gross margin reached 60.28% in FY26. The network expanded further to 2,825 stores by end of Q1FY27 (1,855 COCO + 970 FOFO). Same-store growth has been 35-40% for stores aged 24+ months and 55-60% for stores aged 12-24 months. Through subsidiaries, additional retail pharmacy formats are being developed: Ugo Generic (KMHP Ventures, targeting B2B and B2C models) and SKIA (Curexis Ventures). Management has guided to 500-700 new Davaindia stores in FY27, with a long-term target of 5,000+ stores by FY29. Employee cost is the largest expense at 33.1% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Davaindia retail pharmacy chain (77%), Other / legacy pharma and subsidiary operations (23%). Rapidly expanding, retail pharmacy chain focused on generic medicines, running both company-operated and franchise store models.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 131 | 140 | 180 | 293 | 539 |
| EBITDA (ex other income) | 15 | 8 | 8 | (6) | 13 |
| margin % | 11.3 | 5.6 | 4.2 | (2.0) | 2.3 |
| Owners' profit | 9 | (6) | (14) | (56) | (74) |
| EPS, as reported (₹) | 3.58 | (2.29) | (5.59) | (20.68) | (22.46) |
| ROE % · ROCE % | — · — | (7.2) · (1.8) | (15.9) · (7.4) | (25.0) · (13.8) | (10.6) · (7.0) |
| Debt / equity (x) | — | 0.11 | 0.16 | 0.02 | 0.04 |
| Cash from operations | 13 | (2) | (6) | (50) | (84) |
| Capex | (3) | (12) | 0 | 0 | 0 |
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 | 67 | 72 | 97 | 104 | 129 | 143 | 163 | 174 |
| Profit before tax | (13) | (18) | (14) | (13) | (14) | (26) | (26) | (44) |
| Net profit | (12) | (19) | (13) | (14) | (16) | (30) | (14) | (44) |
| EPS (₹) | (4.57) | (6.80) | (4.57) | (4.92) | (5.26) | (9.44) | (4.13) | (12.58) |
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/B | 6.3 | 3.1 | 134 of 163 | 18% |
| ROCE | (8.9) | 10.8 | 166 of 183 | 9% |
| ROE | (10.6) | 9.8 | 157 of 166 | 6% |
| Debt / Equity | 0.0 | 0.2 | 62 of 166 | 63% |
| EBITDA margin | (5.5) | 17.5 | 158 of 165 | 4% |
| Revenue growth | 67.6 | 16.3 | 15 of 161 | 91% |
| Profit growth | (218.9) | 30.9 | 149 of 158 | 6% |
| Market cap | 4398 | 806 | 61 of 181 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · No deviation in use of placement proceeds through September 2026 | compliance | minimal | — | — |
| 28 Oct 2026 · Q2FY27 revenue up 55%, EBITDA turns positive; faster store expansion planned | investor communications | medium | — | — |
| 28 Oct 2026 · Q2FY27 revenue up 54.58%, EBITDA turns positive | compliance | minimal | — | — |
| 28 Oct 2026 · Revenue rises sharply, but losses deepen and cash burn increases | results | high | — | — |
| 23 Oct 2026 · Zota schedules Q2 FY27 earnings call for October 29 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Zota Health Care says no undisclosed info behind recent volume surge | compliance | minimal | — | — |
| 15 Oct 2026 · Routine filing of dematerialization certificate for Q2 FY27 | compliance | minimal | — | — |
| 15 Oct 2026 · Zota Health Care clarifies on recent rise in trading volume | regulatory legal | medium | — | — |
| 14 Oct 2026 · NSE queries unusual trading volume in Zota Health Care | regulatory legal | medium | — | — |
| 1 Oct 2026 · Davaindia store count rises to 2,840 in Q2FY27; expansion to resume from Q3FY27 | business updates | medium | — | — |
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.