Pharmaceuticals & Drugs · Founded 1989 · www.zenotechlab.com · BSE 532039 · · ISIN INE486F01012
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Business
Zenotech Laboratories Ltd. is an Indian pharmaceutical company operating in the Pharmaceuticals & Drugs sector. Its core business involves the manufacturing and marketing of pharmaceutical formulations and potentially active pharmaceutical ingredients (APIs). The company's business model is centered on developing, producing, and commercializing a range of pharmaceutical products for various therapeutic areas. It makes money primarily through the sale of these pharmaceutical products to domestic and potentially international markets, including retail pharmacies, hospitals, and institutional clients.
Revenue Mix
Specific information regarding Zenotech Laboratories Ltd.'s key business segments or detailed revenue mix (e.g., contribution from APIs vs. formulations, domestic vs. international sales, specific therapeutic areas) is not publicly available in the provided information. Typically, pharmaceutical companies in India may have segments like finished dosages, active pharmaceutical ingredients (APIs), and contract manufacturing services.
Industry
The Indian Pharmaceuticals & Drugs industry is highly competitive, fragmented, and dominated by a mix of large established players and numerous mid-sized to small companies. It is characterized by a strong focus on generic drugs, a growing presence in biosimilars, and increasing R&D capabilities. The industry is significantly influenced by domestic healthcare demand, government policies, and global regulatory standards. Zenotech Laboratories Ltd. operates within this competitive landscape, likely as a mid-tier or specialized player, competing with both larger domestic peers and smaller regional manufacturers. Its positioning within the market would depend on its specific product portfolio, therapeutic focus, and market reach.
MOAT
Specific competitive advantages for Zenotech Laboratories Ltd. are not explicitly provided. However, potential sources of competitive advantage for pharmaceutical companies in India can include:
Cost-efficient Manufacturing: Ability to produce drugs at a lower cost due to economies of scale or efficient processes.
Regulatory Expertise: Strong capabilities in navigating complex regulatory approvals (e.g., US FDA, EU EMA) for specific products.
Niche Product Focus: Specialization in complex generics, injectables, or specific therapeutic areas with higher barriers to entry.
Distribution Network: A robust sales and distribution network in specific geographies.
Process Patents: Proprietary manufacturing processes for specific molecules.
Without specific details, any moat would likely stem from operational efficiency or niche market focus rather than novel drug patents for a company of this nature.
Growth Drivers
Key factors that can drive Zenotech Laboratories Ltd.'s growth over the next 3-5 years include:
Rising Healthcare Expenditure: Increasing public and private spending on healthcare, particularly in India.
Growing Demand for Generics: Continued global demand for affordable generic medicines due to patent expiries of branded drugs.
New Product Launches: Successful development and launch of new generic formulations or specialized products in various therapeutic segments.
Geographic Expansion: Entry into new domestic or international markets, particularly regulated markets (e.g., US, Europe) or emerging markets.
Increased Chronic Disease Incidence: Rising prevalence of chronic and lifestyle diseases driving demand for pharmaceutical products.
Contract Manufacturing Opportunities: Leveraging manufacturing capabilities for third-party contract development and manufacturing (CDMO).
Risks
Key business risks for Zenotech Laboratories Ltd. include:
Intense Competition & Pricing Pressure: High competition in the generics market leading to pricing erosion and margin compression.
Regulatory Scrutiny: Strict regulatory environments in both domestic and international markets, including potential for warning letters, import alerts, or changes in drug pricing policies.
Raw Material Volatility: Fluctuations in the cost and availability of key active pharmaceutical ingredients (APIs) and excipients, often sourced globally.
Product Quality & Recalls: Risks associated with manufacturing defects, quality control failures, or product recalls, which can damage reputation and incur significant costs.
Exchange Rate Fluctuations: Adverse movements in foreign exchange rates, particularly for companies with significant export revenues or import costs.
R&D Failures: Unsuccessful R&D efforts or delays in obtaining regulatory approvals for new products.
Management & Ownership
Information regarding the promoters, specific management quality assessments, or the detailed ownership structure of Zenotech Laboratories Ltd. is not provided in the prompt. In India, many companies are promoter-led, where the founding family or group maintains significant ownership and management control.
Outlook
Zenotech Laboratories Ltd. operates in the resilient Indian pharmaceutical market, which benefits from strong underlying growth drivers like increasing healthcare access and demand for affordable generics. The company's ability to innovate, maintain high-quality manufacturing standards, navigate regulatory complexities, and effectively expand its product portfolio and market reach will be crucial for its sustained growth. However, the outlook is balanced by significant industry challenges, including intense pricing pressure, stringent regulatory compliance costs, and the need for continuous investment in R&D and manufacturing upgrades. Its performance will largely depend on successfully mitigating these risks while capitalizing on market opportunities.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 11 | 9 | 10 | 10 | 11 | 12 | 10 | 11 | 13 | 10 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 |
| Total Income | 11 | 9 | 10 | 10 | 12 | 13 | 10 | 12 | 13 | 10 |
| Total Expenditure | 6 | 6 | 6 | 7 | 7 | 8 | 7 | 9 | 9 | 10 |
| Operating Profit | 6 | 3 | 4 | 3 | 4 | 5 | 3 | 3 | 5 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 1 | 1 | -0 | 0 | 0 | -0 | 0 |
| Profit Before Tax | 4 | 1 | 2 | 2 | 3 | 3 | 1 | 1 | 3 | -1 |
| Provision for Tax | 0 | 1 | 1 | 1 | 1 | 2 | 0 | 2 | 1 | 2 |
| Profit After Tax | 3 | 1 | 1 | 1 | 2 | 1 | 1 | -1 | 2 | -3 |
| Adjustments | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | 3 | 1 | 1 | 1 | 2 | 1 | 1 | -1 | 2 | -3 |
| Adjusted Earnings Per Share | 0.6 | 0.1 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | -0.1 | 0.3 | -0.5 |
| #(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 | 2 | 2 | 11 | 13 | 26 | 22 | 37 | 42 | 41 | 43 | 44 |
| Other Income | 0 | 0 | 0 | 2 | 5 | 1 | 0 | 1 | 1 | 1 | 2 | 3 |
| Total Income | 4 | 2 | 2 | 14 | 18 | 27 | 23 | 37 | 44 | 42 | 45 | 45 |
| Total Expenditure | 24 | 10 | 13 | 19 | 17 | 17 | 16 | 19 | 22 | 24 | 29 | 35 |
| Operating Profit | -20 | -8 | -10 | -5 | 1 | 10 | 7 | 18 | 22 | 18 | 16 | 12 |
| Interest | 7 | 8 | 8 | 2 | 0 | 1 | 2 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 5 | 6 | 7 | 7 | 7 | 7 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 2 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 2 | 0 |
| Profit Before Tax | -30 | -19 | -20 | -12 | -3 | 11 | -1 | 10 | 15 | 11 | 11 | 4 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12 | 3 | 3 | 5 | 5 |
| Profit After Tax | -30 | -19 | -20 | -12 | -3 | 11 | -1 | 22 | 12 | 8 | 6 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -30 | -19 | -20 | -12 | -3 | 11 | -1 | 22 | 12 | 8 | 6 | -1 |
| Adjusted Earnings Per Share | -8.4 | -5.3 | -5.5 | -1.9 | -0.5 | 1.8 | -0.2 | 3.6 | 1.9 | 1.4 | 0.9 | -0.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 5% | 5% | 11% | 27% |
| Operating Profit CAGR | -11% | -4% | 10% | 0% |
| PAT CAGR | -25% | -35% | -11% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -30% | -5% | 1% | -0% |
| ROE Average | 6% | 10% | 13% | 7% |
| ROCE Average | 11% | 14% | 12% | -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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | -27 | -46 | -66 | 42 | 39 | 50 | 48 | 71 | 82 | 91 | 96 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 21 | 6 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 2 | -10 | -7 | -4 | -2 |
| Total Current Liabilities | 91 | 99 | 116 | 39 | 45 | 35 | 15 | 16 | 17 | 14 | 13 |
| Total Liabilities | 64 | 53 | 51 | 82 | 85 | 86 | 86 | 82 | 92 | 100 | 107 |
| Fixed Assets | 52 | 48 | 47 | 44 | 43 | 49 | 74 | 71 | 65 | 66 | 61 |
| Other Non-Current Assets | 3 | 2 | 2 | 6 | 22 | 31 | 4 | 4 | 10 | 8 | 10 |
| Total Current Assets | 8 | 3 | 2 | 31 | 19 | 6 | 7 | 7 | 16 | 26 | 36 |
| Total Assets | 64 | 53 | 51 | 82 | 85 | 86 | 86 | 82 | 92 | 100 | 107 |
| #(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 | 6 | 0 | 0 | 0 | 28 | 13 | 1 | 2 | 2 | 11 | 2 |
| Cash Flow from Operating Activities | -8 | -5 | 2 | -16 | -14 | 11 | 6 | 18 | 21 | 12 | 9 |
| Cash Flow from Investing Activities | 0 | 5 | -1 | -3 | -16 | -21 | -5 | -2 | -6 | -21 | 15 |
| Cash Flow from Financing Activities | 7 | -1 | -1 | 47 | 15 | -3 | 0 | -16 | -6 | 0 | 0 |
| Net Cash Inflow / Outflow | -1 | -0 | 0 | 28 | -15 | -12 | 1 | -0 | 9 | -9 | 25 |
| Closing Cash & Cash Equivalent | 6 | 0 | 0 | 28 | 13 | 1 | 2 | 2 | 11 | 2 | 27 |
| # | 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) | -8.38 | -5.28 | -5.48 | -1.94 | -0.51 | 1.77 | -0.2 | 3.63 | 1.9 | 1.36 | 0.92 |
| CEPS(Rs) | -7.27 | -4.18 | -4.41 | -1.3 | 0.18 | 2.56 | 0.86 | 4.78 | 3.07 | 2.52 | 2.06 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -7.51 | -12.7 | -18.17 | 6.88 | 6.37 | 8.13 | 7.93 | 11.57 | 13.48 | 14.84 | 15.75 |
| Core EBITDA Margin(%) | -446.74 | -366.52 | -461.57 | -70.6 | -26.99 | 34.51 | 28.42 | 47.75 | 48.8 | 42.16 | 32.94 |
| EBIT Margin(%) | -529.43 | -529.96 | -548.68 | -84.36 | -23.1 | 44.85 | 1.48 | 30.4 | 34.45 | 27.29 | 24.84 |
| Pre Tax Margin(%) | -677.65 | -874.97 | -881.41 | -106.34 | -24 | 41.42 | -5.41 | 27.08 | 34.18 | 27.29 | 24.84 |
| PAT Margin (%) | -677.65 | -874.97 | -881.41 | -106.34 | -24 | 41.42 | -5.41 | 60.65 | 27.31 | 20.32 | 13.04 |
| Cash Profit Margin (%) | -587.27 | -693.81 | -709.55 | -71.32 | 8.25 | 60.06 | 23.35 | 79.72 | 44.22 | 37.68 | 29.21 |
| ROA(%) | -45.43 | -32.82 | -38.33 | -17.89 | -3.76 | 12.67 | -1.42 | 26.45 | 13.37 | 8.68 | 5.43 |
| ROE(%) | 0 | 0 | 0 | 0 | -7.73 | 24.35 | -2.48 | 37.26 | 15.15 | 9.6 | 6.01 |
| ROCE(%) | -61.52 | -65.68 | 0 | -61.88 | -5.95 | 18.32 | 0.48 | 15.26 | 18.39 | 12.89 | 11.46 |
| Receivable days | 19.78 | 61.96 | 28.21 | 0.08 | 33.08 | 29.56 | 46.02 | 38.59 | 31.2 | 29.38 | 45.38 |
| Inventory Days | 239.52 | 302.43 | 203.13 | 28.57 | 19.68 | 4.76 | 1.27 | 0.61 | 0 | 7.51 | 0 |
| Payable days | 302.61 | 594.05 | 1026.31 | 2410.04 | 2423.96 | 3153.54 | 0 | 0 | 0 | 0 | 1263.19 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 8.32 | 0 | 13.86 | 24.79 | 43.47 | 56.45 |
| Price/Book(x) | -5.72 | -2.51 | -1.95 | 5.91 | 3.33 | 1.81 | 4.41 | 4.35 | 3.49 | 3.98 | 3.3 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 50.12 | 82.3 | 80.67 | 19.67 | 10.49 | 4.12 | 10.33 | 8.5 | 6.51 | 8.35 | 6.74 |
| EV/Core EBITDA(x) | -10.37 | -22.22 | -17.61 | -39.87 | 114.6 | 10.57 | 34.15 | 17.18 | 12.67 | 18.71 | 18.45 |
| Net Sales Growth(%) | 47.94 | -49.47 | 9.44 | 394.37 | 16.91 | 99.71 | -13.74 | 62.91 | 16.02 | -3.75 | 5.42 |
| EBIT Growth(%) | -30.78 | 51.22 | -6.7 | 23.99 | 67.99 | 487.8 | -97.15 | 3244.31 | 31.47 | -23.76 | -4.03 |
| PAT Growth(%) | -33.07 | 37.08 | -3.82 | 40.35 | 73.61 | 444.66 | -111.27 | 1925.03 | -47.76 | -28.37 | -32.36 |
| EPS Growth(%) | -33.07 | 37.08 | -3.82 | 64.55 | 73.61 | 444.66 | -111.27 | 1925.01 | -47.76 | -28.37 | -32.37 |
| Debt/Equity(x) | -1.99 | -1.18 | -0.82 | 0 | 0.52 | 0.38 | 0.43 | 0.08 | 0 | 0 | 0 |
| Current Ratio(x) | 0.09 | 0.03 | 0.02 | 0.8 | 0.42 | 0.16 | 0.49 | 0.47 | 0.98 | 1.93 | 2.86 |
| Quick Ratio(x) | 0.07 | 0.01 | 0.01 | 0.78 | 0.41 | 0.16 | 0.49 | 0.47 | 0.98 | 1.87 | 2.86 |
| Interest Cover(x) | -3.57 | -1.54 | -1.65 | -3.84 | -25.57 | 13.08 | 0.21 | 9.15 | 130.25 | 0 | 0 |
| Total Debt/Mcap(x) | 0.35 | 0.47 | 0.42 | 0 | 0.16 | 0.21 | 0.1 | 0.02 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 68.84 | 68.84 | 68.84 | 68.84 | 68.84 | 68.84 | 68.84 | 68.84 | 68.84 | 68.84 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
| Public | 30.17 | 30.17 | 30.17 | 30.17 | 30.17 | 30.17 | 30.17 | 30.17 | 30.17 | 30.17 |
| 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 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 |
| Public | 1.84 | 1.84 | 1.84 | 1.84 | 1.84 | 1.84 | 1.84 | 1.84 | 1.84 | 1.84 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6.1 | 6.1 | 6.1 | 6.1 | 6.1 | 6.1 | 6.1 | 6.1 | 6.1 | 6.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +5% | +5% | +11% | +27% |
| Operating Profit CAGR | -11% | -4% | +10% | — |
| PAT CAGR | -25% | -35% | -11% | — |
| Share Price CAGR | -30% | -5% | +1% | 0% |
| ROE Average | +6% | +10% | +13% | +7% |
| ROCE Average | +11% | +14% | +12% | -11% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 68.84 | 68.84 | 68.84 | 68.84 | 68.84 | 68.84 | 68.84 | 68.84 | 68.84 | 68.84 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 |
| Public | 31.16 | 31.16 | 31.16 | 31.16 | 31.16 | 31.16 | 31.16 | 31.16 | 31.16 | 31.16 |
| 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 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 |
| Public | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6.1 | 6.1 | 6.1 | 6.1 | 6.1 | 6.1 | 6.1 | 6.1 | 6.1 | 6.1 |
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