Zota Health Care Ltd(ZOTA)

NSE: ZOTA

₹ 1,241.1-2.51%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,298 crNext results: 28 Oct 2026Website: www.zotahealthcare.comUpdated: 24 Oct 2026

About

Zota Health Care Ltd operates three verticals - a rapidly expanding retail generic pharmacy chain (Davaindia), a domestic branded-generic marketing business, and a pharmaceutical exports business. Davaindia, described as India's largest private sector generic pharmacy chain, had 2,840 stores in Q2FY27. Consolidated revenue was 538.66 crore in FY26.^[1][2][3][4]

Business segments

Davaindia retail pharmacy contributed 77% of consolidated revenue in FY26, up from 64% in FY25 and 29% in FY21, and generated GMV of ₹45,706 lakhs in FY26.^[5]
The domestic marketing vertical's share of consolidated revenue fell from 49% in FY21 to 22% in FY25; it markets over 4,000 products via 1,050+ distributors across India.^[1]
The export vertical sells to 30+ countries across CIS, Latin America, Africa and Asia; as of FY26, 325 products were registered in various countries with another 261 in the process of registration.^[1][2]
The company holds an 87.78% stake in Everyday Herbal Beauty Care, which makes and markets cosmetic, ayurvedic and OTC products under the Khadi India brand and runs the All Day Stores chain on a COCO model (FY26).^[2]

Davaindia store network

Total Davaindia stores went from 2,825 to 2,840 in Q2FY27 after 20 openings and 5 closures; COCO stores rose from 1,855 to 1,859 and FOFO from 970 to 981.^[3]
As at March 31, 2026, Davaindia had 2,597 stores: 1,656 COCO and 923 FOFO. FOFO stores started in 2017 and COCO in 2020, run through wholly owned subsidiary Davaindia Health Mart Limited.^[2]
FY26 saw a record 997 net new Davaindia stores added (804 COCO, 193 FOFO), described as the highest ever single-year addition in pharmaceutical retail.^[5]
In Q1FY27, 264 gross stores were opened (201 COCO, 63 FOFO) with 18 closures, yielding 246 net additions; the network operates across 23 states and 5 union territories.^[6]

Products and portfolio

Davaindia sells generic medicines at 30% - 90% lower cost than branded alternatives, stocking 2,000+ SKUs: 70% medicinal and 30% OTC, with a focus on chronic therapies (cardiac, diabetic, thyroid).^[1]
Chronic category revenue mix for Davaindia reached 60% in FY26, up from 57% in FY25; OTC contributes 27% and other products 16%.^[6]
The domestic vertical markets over 4,000 products spanning generics, OTCs, allopathic and ayurvedic medicines under Zota brands, sourced from WHO-GMP certified manufacturers.^[1]
All Day Stores sells personal care, household essentials, cosmetics, OTC, ayurvedic, surgical and nutraceutical products under its own private labels (FY26).^[2]

Manufacturing and operations

The export manufacturing facility at Sachin Special Economic Zone, Surat, is WHO-GMP approved, spans 30,000 sq. ft., and manufactures over 250 generic formulations.^[1]
Davaindia's central warehousing and processing hub is in Surat; total retail space across the network was 3.07 lakh sq. ft. as of FY25.^[1]
Davaindia sources exclusively from over 45 WHO-GMP approved manufacturing plants.^[1]
The company buys its entire Khadi range of products from Everyday (FY26).^[2]
Total workforce was 3,307 employees as of March 31, 2025 - 520 in Zota Health Care and 2,787 in Davaindia Health Mart.^[1]

Key operating metrics

Davaindia total GMV in Q1FY27 was ₹16,402 lakhs (COCO: ₹11,569 lakhs; FOFO: ₹4,833 lakhs); customer footfall reached ~60 lakh in Q1FY27 vs ~35 lakh in Q1FY26.^[6]
The 234-store mature COCO cohort averaged ₹4.13 lakh GMV/store/month in Q1FY27, up from ₹3.84 lakh in Q4FY26; store-level EBITDA for this cohort is estimated at 12 - 15%.^[6]
COCO average wallet spend was ₹262 and FOFO ₹309 in Q1FY27; repeat customer rate is approximately 80%.^[6]
All 852 stores operational as of March 2025 delivered 40%+ same-store growth in FY26; the 12 - 24 month cohort delivered 55 - 60% and the 24+ month cohort 35 - 40%.^[5]

Customers and distribution

The domestic vertical distributes through 1,050+ distributors across India; Davaindia has served 2.44 crore+ consumers to date.^[1]
Davaindia's brand ambassadors include MS Dhoni, Suniel Shetty and Akshay Kumar (for UGO Generic); FY27 marketing budget is guided at ₹40 - 45 crore vs ₹18 crore in FY26.^[6]
The company runs FOFO stores of All Day Stores and pays Everyday a royalty of 3% of total sales to those stores (FY26).^[2]

Expansion and new formats

Store expansion was slowed in Q2FY27 as a pre-planned strategy; management says rapid Davaindia expansion resumes from Q3FY27.^[3]
FY27 Davaindia store addition target is 600 - 650; the long-term target is 5,000+ stores by March 2029.^[6]
Zota is piloting two new formats: SKIA (via Curexis) and UGO Generics (B2B/B2C generic pharmacy), both in early pilot as of Q1FY27.^[6]
All Day Stores was launched as a third retail concept alongside Davaindia and UGO Generic, targeted for build-out over the next 1,000 days from FY26.^[5]
Of preferential issue funds, the revised COCO store expansion allocation was 7651.42 lakh with 5547.53 utilised, per the FY25 annual report.^[1]

Recent developments

On October 1, 2026, Zota acquired 20,20,000 equity shares of wholly owned subsidiary Curexis Ventures for ₹4,04,00,000 via a rights issue.^[7]
Proposed FY27 related-party transactions with Everyday total Rs 15,000 lakh (27.85% of consolidated turnover), including a loan up to Rs 40 cr and goods up to Rs 100 cr.^[2]
Promoter directors' combined remuneration is voluntarily capped at Rs 12 crore a year until FY2030 (FY26 annual report).^[2]
Zota acquired Globotask IT Consultancy in Q1FY27 to internalise enterprise IT infrastructure.^[6]
A ₹350 crore QIP was completed in FY26; the stake in Everyday Herbal Beauty Care was raised to 87.78%.^[5]
KMHP Ventures Limited, a wholly owned pharma marketing and trading subsidiary, was incorporated in Q3FY26 with paid-up capital of ₹10 lakh.^[8]

Market Cap

₹4,298 Cr

High / Low

₹1,740 / 1,022

Stock P/E

-42.9

Price / Book

6.6

Book Value

₹200

EPS

₹-21.4

No. of Shares

3.46 Cr

ROCE

-9.1%

ROE

-16.1%

OPM

-10.3%

Debt / Equity

0.04

Sales

₹539 Cr

Net Profit

₹-74 Cr

Promoter holding

49.4%

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