Overview

• Zydus Lifesciences reported an 18% year-on-year revenue increase in Q4 FY25, reaching Rs. 65,279 million, driven by strong US generic sales.
• EBITDA for the quarter rose 30% year-on-year to Rs. 21,255 million, with margins improving by 310 basis points to 32.6%.
• Despite positive results, Citi retained a 'sell' rating with a target price of Rs. 900, citing reliance on a concentrated product portfolio and margin risks.
• Systematix issued a 'hold' rating with a target price of Rs. 1,009, highlighting uncertainties around the sustainability of US generic growth, including gMirabegron and gCopaxone.
• The company projects FY26 EBITDA margins above 26%, approximately 300–400 basis points lower than FY25, underscoring potential challenges ahead.