Zim Laboratories Ltd(ZIMLAB)

NSE: ZIMLABBSE: 541400

₹ 126.85-3.68%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 681 crWebsite: www.zimlab.inUpdated: 24 Oct 2026

About

Zim Laboratories is a pharmaceutical formulation and nutraceutical maker. It runs a manufacturing facility at Kalmeshwar, District Nagpur, and develops innovative products (NIP and OTF) for regulated and emerging markets. Its total operating income was ₹3,744 Mn in FY26 (reported revenue of 374.4 crore), and exports were 84% of that in FY26.^[1][2]

Business segments

Pharma brought in ₹673 Mn (72% of revenue) in Q1 FY27, up 20% YoY.^[3]
Nutra brought in ₹268 Mn (28% of revenue) in Q1 FY27, up 71% YoY. Its share was 22% in Q1 FY26.^[3]
Pharma's share of revenue rose to 80% in FY26 from 75% in FY25.^[1]
Nutraceutical revenue, which is concentrated in MENA, fell from about ₹95 cr to about ₹75 cr YoY in FY26.^[1]

Products and brands

Established in 1989, the company makes differentiated and complex generics in oral solid dosage forms using novel drug delivery techniques.^[4]
It sells Pre-Formulation Intermediates (pellets, DC granules, taste-masked powders) and Finished Formulations (tablets, capsules, dry syrups, Oral Thin Films).^[4]
As of FY25 it had developed 20 products under its in-house nutraceutical brand ZimUNat.^[4]
Its proprietary Oral Thin Film technologies include Thinoral® (patented), Mucostrip®, Spinoral® and Printoral®.^[4]

Innovative products (NIP and OTF)

NIP+OTF revenue tripled YoY to ₹138 Mn in Q1 FY27. Including dossier licensing fees, it was 18% of operating income, up from 6% in Q1 FY26.^[3]
NIP+OTF revenue was ₹479 Mn in FY26 vs ₹624 Mn in FY25, after EU product launches were deferred. Licensing fees were ₹87 Mn in FY26.^[1]
The portfolio has 17 NIP and OTF products, with six more products in development.^[1]
As of Q1 FY27, 8 NIPs had been filed in the EU and 10 marketing authorisations (NIP+ODS+FF) had been received.^[3]
Key products include pancreatin (a gastrointestinal enzyme), tamsulosin+dutasteride (urology) and dimethyl fumarate, which holds an MHRA marketing authorisation.^[1]
In FY25 ZIM and its partners received 6 NIP, 7 OTF and 14 FF marketing authorisations, including EU approvals for Azithromycin Oral Suspension and Dimethyl Fumarate.^[4]

Operations and R&D

The manufacturing facility is at B-21/22 MIDC Area, Kalmeshwar, District Nagpur.^[1]
Production utilisation rate was 65% in FY25.^[4]
R&D spend was ₹82 Mn (8.7% of operating income) in Q1 FY27, and ₹311 Mn (8.3%) in FY26, including ₹108 Mn for BE studies and regulatory filings.^[3]
The R&D team had 90 people, including 2 PhDs and 76 postgraduates, in FY25; wholly-owned ZIM Health Technologies Ltd is the extended R&D arm.^[4]
Gross contribution margin was about 55-58% in Q1 FY27.^[3]
As of Q3 FY26, one NIP product had been transferred to an alternate contract manufacturing site and two more transfers were under way.^[5]
The company had 603 employees as of 31 March 2025.^[4]

Regulatory status

German and Portuguese authorities re-inspected the Kalmeshwar site for EU-GMP on May 4-7, 2026. The draft report had no critical observations, only major and minor ones.^[1]
EU product launches were deferred after the site failed its EU-GMP audit in July 2025.^[1]
Australia's TGA audited the company in April 2026 and its CAPA has been submitted. The first product order for Australia has been received.^[3]

Customers and markets

Exports were 84% of revenue in Q1 FY27 and grew 31.7% YoY.^[3]
Export revenue was ₹3,150 Mn (84%) in FY26 vs ₹3,125 Mn (83%) in FY25.^[1]
As of FY25 the company was present in 50+ countries across Asia, Africa, MENA, Latin America and CIS, plus the EU, Turkey, Canada and Australia.^[4]
All PFI products are registered and marketed under clients' own brands.^[4]
Conflict in the Middle East cut an estimated ₹20-25 cr from MENA revenue in FY26 and contributed to a 10.5% QoQ revenue fall in Q1 FY27.^[1]
Neuraxpharm is the partner for the buprenorphine OTF product, which won an EU-wide authorisation across 24 countries in FY25; launch timing awaits EU-GMP reinstatement.^[3][4]
In FY25 the company agreed to out-license its OTF technology to a UAE partner for local manufacturing in the GCC region.^[4]

Expansion and capex

₹15-20 cr of capex remained for the enzyme plant and nutraceutical plant upgrades as of Q1 FY27.^[3]
The dedicated pancreatin block is to become a separately accredited site by March 2027.^[5]
Management expects EU NIP commercial supplies to start in Q4 FY27, after EU-GMP clearance.^[3]

Recent developments

In FY26 the company completed a preferential issue of about ₹35 cr to Florintree Trinex LLP at ₹73.46 per share, for the pancreatin block, nutraceutical facility conversion and CAPA work.^[5]
Vikrant Bendre joined as President, International Business in FY26, and VPs for QA, HR and Purchase were added.^[1]
ZIM Scientific Office LLC was formed in November 2024 to support registration and marketing in MENA, alongside ZIM Laboratories FZE (UAE).^[4]

Market Cap

₹681 Cr

High / Low

₹160 / 60

Stock P/E

189.5

Price / Book

2.6

Book Value

₹55

EPS

₹1.1

No. of Shares

5.35 Cr

ROCE

5.5%

ROE

2.1%

OPM

5.5%

Debt / Equity

0.42

Sales

₹374 Cr

Net Profit

₹6 Cr

Promoter holding

30.3%

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