Pharmaceuticals & Drugs · Founded 1994 · www.zenithhealthcare.com · BSE 530665 · · ISIN INE812B01026
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Business
Zenith Health Care Ltd. is a pharmaceutical company based in India. Its core business involves the research, development, manufacturing, and marketing of pharmaceutical products. The company likely operates across various therapeutic areas, serving both domestic and potentially international markets. Its business model typically focuses on either generic formulations, branded generics, active pharmaceutical ingredients (APIs), or specialty drugs. Revenue is generated through the sale of these pharmaceutical products to hospitals, pharmacies, government institutions, and distributors.
Revenue Mix
Specific segment details and revenue mix for Zenith Health Care Ltd. are not provided in the prompt. However, typical segments for a pharmaceutical company in India might include:
Formulations: Finished dosage forms (tablets, capsules, injectables, syrups) sold in various therapeutic categories (e.g., anti-infectives, cardiovascular, anti-diabetics, CNS, dermatology).
Active Pharmaceutical Ingredients (APIs): Raw materials used in the manufacture of formulations.
Domestic vs. International Sales: Revenue generated from sales within India versus exports to other countries (e.g., regulated markets like the US/Europe or emerging markets).
Contract Manufacturing/Research: Providing services to other pharma companies.
Industry
The Indian Pharmaceuticals & Drugs sector is highly competitive and fragmented, characterized by a mix of large multinational corporations, major domestic players, and numerous mid-sized to small companies. It is a generics-driven market, a global hub for affordable medicines, and significantly regulated. Given the lack of specific market share data, Zenith Health Care Ltd. likely operates within this dynamic environment. Its positioning could range from being a niche player focusing on specific therapeutic areas or geographies, a manufacturer of generic drugs, or an API supplier, competing on factors such as product portfolio, pricing, manufacturing efficiency, and regulatory compliance.
MOAT
Without specific company details, potential competitive advantages for Zenith Health Care Ltd. could include:
Cost-Efficient Manufacturing: Ability to produce high-quality drugs at competitive prices, leveraging India's cost advantage.
Regulatory Expertise: Strong track record in navigating complex regulatory approvals (e.g., US FDA, European EMA) for international market access.
Distribution Network: An extensive and efficient distribution network within India or in key export markets.
Product Portfolio & R&D: A strong pipeline of new generic molecules or a focus on complex generics/specialty products that have higher barriers to entry.
Brand Recognition: For branded generics, doctor and patient trust built over time.
Process Chemistry Skills: Expertise in developing complex APIs or intermediates.
Growth Drivers
Key factors that can drive growth for Zenith Health Care Ltd. over the next 3-5 years include:
Increasing Healthcare Expenditure: Rising disposable incomes and greater health awareness in India and emerging markets.
Growing Disease Burden: Increasing prevalence of chronic and lifestyle diseases demanding continuous medication.
Genericization Trend: Global demand for affordable generic drugs as patents for blockbuster drugs expire.
Market Expansion: Entry into new therapeutic areas, geographies, or segments (e.g., biosimilars, complex generics).
New Product Launches: Successful development and commercialization of new generic or branded generic formulations.
Government Initiatives: Supportive government policies promoting healthcare access and domestic manufacturing.
Risks
Major risks for Zenith Health Care Ltd. include:
Intense Competition & Pricing Pressure: Aggressive competition, especially in the generics segment, leading to margin erosion.
Regulatory Scrutiny: Stringent and evolving regulations, frequent inspections, and potential delays or rejections of product approvals (e.g., by US FDA, CDSCO).
Product Recalls & Quality Issues: Manufacturing defects or quality control failures leading to product recalls, reputational damage, and financial penalties.
R&D Failures: Inability to develop new products successfully or delays in securing regulatory approvals for new launches.
Supply Chain Disruptions: Volatility in raw material prices, availability issues, or geopolitical events impacting global supply chains.
Foreign Exchange Fluctuations: Exposure to currency risks, particularly for companies with significant export revenues or import costs.
Intellectual Property Challenges: Litigation related to patent infringement, particularly when entering new markets with generic versions of patented drugs.
Management & Ownership
Specific details about the promoters, management team, and ownership structure are not provided. Typically, Indian pharmaceutical companies are often promoter-driven, with the founding family holding a significant stake. The quality of management is critical, encompassing their experience in R&D, manufacturing, regulatory affairs, and market strategy, as well as their commitment to corporate governance. The ownership structure could include promoter holdings, institutional investors, and public shareholding.
Outlook
Zenith Health Care Ltd. operates in a sector with robust underlying growth drivers, driven by increasing global demand for affordable healthcare and the expanding pharmaceutical market in India. Its ability to capitalize on these trends will depend on successful new product development, efficient manufacturing, adept navigation of regulatory environments, and effective market penetration. However, the company faces significant challenges from intense competition, continuous pricing pressures, and the ever-present risk of stringent regulatory actions. Its future performance will hinge on its capacity for innovation, cost management, and strategic expansion while maintaining high quality and compliance standards.
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 3 | 4 | 3 | 3 | 3 | 2 | 3 | 3 | 2 | 2 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 4 | 4 | 3 | 3 | 3 | 2 | 4 | 3 | 2 | 3 |
| Total Expenditure | 3 | 4 | 3 | 2 | 3 | 3 | 3 | 3 | 2 | 2 |
| Operating Profit | 0 | 0 | -0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | -0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 |
| Profit After Tax | 0 | 0 | -0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 |
| Adjustments | 0 | -0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | -0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 |
| Adjusted Earnings Per Share | 0 | 0 | -0 | 0 | 0 | -0.1 | 0 | -0 | 0 | 0 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 4 | 3 | 5 | 10 | 10 | 12 | 14 | 22 | 13 | 14 | 11 | 10 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 |
| Total Income | 4 | 4 | 5 | 10 | 10 | 12 | 14 | 23 | 14 | 15 | 12 | 12 |
| Total Expenditure | 4 | 4 | 5 | 9 | 10 | 11 | 13 | 22 | 13 | 14 | 11 | 10 |
| Operating Profit | 0 | -0 | 0 | 1 | 0 | 1 | 1 | 1 | 0 | 0 | 1 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | -0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 |
| Provision for Tax | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | -0 | -0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | -0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | -0 | -0.1 | -0 | 0.1 | 0 | 0.1 | 0.1 | 0.1 | 0 | 0 | 0 | 0 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -21% | -21% | -2% | 11% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | -100% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -29% | -8% | -18% | 15% |
| ROE Average | 1% | 2% | 3% | 2% |
| ROCE Average | 4% | 3% | 5% | 3% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 6 | 6 | 5 | 6 | 6 | 6 | 7 | 7 | 7 | 7 | 7 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Total Current Liabilities | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 5 | 2 | 3 | 3 |
| Total Liabilities | 6 | 6 | 6 | 7 | 7 | 8 | 8 | 12 | 9 | 10 | 11 |
| Fixed Assets | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 2 |
| Other Non-Current Assets | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Total Current Assets | 4 | 4 | 4 | 5 | 5 | 6 | 6 | 9 | 7 | 7 | 8 |
| Total Assets | 6 | 6 | 6 | 7 | 7 | 8 | 8 | 12 | 9 | 10 | 11 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 1 | 1 |
| Cash Flow from Operating Activities | 0 | 0 | 0 | 1 | -0 | 2 | -1 | 1 | -1 | 2 | 1 |
| Cash Flow from Investing Activities | -0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -2 | -1 |
| Cash Flow from Financing Activities | 0 | 0 | -0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Inflow / Outflow | 0 | 0 | 0 | 0 | -0 | 1 | -2 | 1 | -1 | -0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 1 | 1 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.05 | -0.06 | -0.03 | 0.05 | 0.03 | 0.11 | 0.08 | 0.06 | 0.01 | 0.04 | 0.01 |
| CEPS(Rs) | 0.02 | 0.01 | 0.03 | 0.1 | 0.07 | 0.15 | 0.13 | 0.12 | 0.07 | 0.08 | 0.06 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 1.09 | 1.03 | 1 | 1.05 | 1.08 | 1.19 | 1.27 | 1.33 | 1.35 | 1.37 | 1.38 |
| Core EBITDA Margin(%) | -1.19 | -6.51 | 1.84 | 5.8 | 2.14 | 4.52 | 2.28 | 2.05 | 0.23 | 1.63 | 0.81 |
| EBIT Margin(%) | -9 | -12.84 | -3.32 | 4.26 | 1.72 | 4.9 | 4.12 | 2.77 | 0.96 | 2 | 2.57 |
| Pre Tax Margin(%) | -9.14 | -13.05 | -3.44 | 4.19 | 1.68 | 4.84 | 4.06 | 2.71 | 0.9 | 1.91 | 2.46 |
| PAT Margin (%) | -6.28 | -8.49 | -3.04 | 2.86 | 1.39 | 4.68 | 3.2 | 1.39 | 0.59 | 1.41 | 0.59 |
| Cash Profit Margin (%) | 2.93 | 1.18 | 3.04 | 5.76 | 3.9 | 6.79 | 5.02 | 2.99 | 2.73 | 2.85 | 2.64 |
| ROA(%) | -3.73 | -5 | -2.55 | 4.37 | 2.03 | 7.6 | 5.28 | 3.11 | 0.75 | 2.15 | 0.65 |
| ROE(%) | -4.06 | -5.45 | -2.78 | 4.95 | 2.38 | 9.27 | 6.64 | 4.44 | 1.08 | 2.79 | 0.91 |
| ROCE(%) | -5.82 | -8.24 | -3.04 | 7.38 | 2.95 | 9.68 | 8.56 | 8.85 | 1.74 | 3.97 | 3.95 |
| Receivable days | 179.56 | 154.17 | 86.52 | 48.56 | 43.56 | 29.23 | 35.99 | 40.28 | 77.36 | 57.81 | 75.61 |
| Inventory Days | 97.2 | 128.57 | 107.14 | 55.74 | 71.02 | 64.98 | 69.94 | 56.09 | 95.57 | 66.01 | 68.4 |
| Payable days | 101.33 | 139.57 | 99.72 | 61.74 | 57.25 | 63.67 | 73.43 | 41.94 | 54.89 | 54.62 | 97.75 |
| PER(x) | 0 | 0 | 0 | 14.73 | 91.73 | 8.45 | 69.23 | 123.36 | 274.48 | 108.44 | 334.4 |
| Price/Book(x) | 0.73 | 0.83 | 0.99 | 0.71 | 2.16 | 0.75 | 4.45 | 5.36 | 2.96 | 3.01 | 3.03 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.03 | 1.12 | 0.93 | 0.31 | 1.17 | 0.2 | 2.16 | 1.63 | 1.56 | 1.35 | 1.74 |
| EV/Core EBITDA(x) | 485.23 | -32.67 | 32.42 | 4.3 | 27.73 | 2.78 | 36.34 | 37.16 | 50.47 | 39.18 | 37.69 |
| Net Sales Growth(%) | 11.06 | -4.59 | 39.16 | 97.27 | 3.37 | 21.82 | 14.7 | 62.75 | -41.29 | 10.23 | -21.72 |
| EBIT Growth(%) | 13.65 | -35.61 | 64.62 | 345.43 | -58.49 | 249.67 | -4.22 | 9.26 | -79.75 | 130.86 | 0.59 |
| PAT Growth(%) | 10.58 | -28.47 | 51.01 | 279.87 | -50.12 | 314.41 | -22.22 | -29.4 | -74.95 | 161.57 | -67.08 |
| EPS Growth(%) | 10.54 | -28.44 | 51.04 | 279.94 | -50.12 | 314.57 | -22.22 | -29.43 | -74.91 | 161.38 | -67.02 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 5.89 | 3.61 | 4.76 | 3.26 | 4.1 | 2.88 | 3.32 | 2.1 | 3.54 | 2.94 | 2.42 |
| Quick Ratio(x) | 4.18 | 2.12 | 2.89 | 2.19 | 2.11 | 1.94 | 1.62 | 1.3 | 1.92 | 2.17 | 1.76 |
| Interest Cover(x) | -62.25 | -61.02 | -27.46 | 55.63 | 45.37 | 87.63 | 66.15 | 46.91 | 17.18 | 21.13 | 24.27 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 28.74 | 28.74 | 28.74 | 28.74 | 28.74 | 28.74 | 28.74 | 28.74 | 28.74 | 28.74 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 |
| Public | 70.87 | 70.87 | 70.87 | 70.87 | 70.87 | 70.87 | 70.87 | 70.87 | 70.87 | 70.87 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.54 | 1.54 | 1.54 | 1.54 | 1.54 | 1.54 | 1.54 | 1.54 | 1.54 | 1.54 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Public | 3.81 | 3.81 | 3.81 | 3.81 | 3.81 | 3.81 | 3.81 | 3.81 | 3.81 | 3.81 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.37 | 5.37 | 5.37 | 5.37 | 5.37 | 5.37 | 5.37 | 5.37 | 5.37 | 5.37 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -21% | -21% | -2% | +11% |
| Operating Profit CAGR | — | 0% | 0% | — |
| PAT CAGR | — | — | -100% | — |
| Share Price CAGR | -29% | -8% | -18% | +15% |
| ROE Average | +1% | +2% | +3% | +2% |
| ROCE Average | +4% | +3% | +5% | +3% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 28.74 | 28.74 | 28.74 | 28.74 | 28.74 | 28.74 | 28.74 | 28.74 | 28.74 | 28.74 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 |
| Public | 71.26 | 71.26 | 71.26 | 71.26 | 71.26 | 71.26 | 71.26 | 71.26 | 71.26 | 71.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.54 | 1.54 | 1.54 | 1.54 | 1.54 | 1.54 | 1.54 | 1.54 | 1.54 | 1.54 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Public | 3.83 | 3.83 | 3.83 | 3.83 | 3.83 | 3.83 | 3.83 | 3.83 | 3.83 | 3.83 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.37 | 5.37 | 5.37 | 5.37 | 5.37 | 5.37 | 5.37 | 5.37 | 5.37 | 5.37 |
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