Date: 04.11.2026

Financial Results (Standalone & Consolidated)

Q2 FY27 Performance:

  • Total Operating Income: ₹1,054 Mn, up 18.9% YoY (Q2 FY26: ₹887 Mn) and up 12.0% QoQ
  • EBITDA: ₹77 Mn, compared to ₹78 Mn in Q2 FY26 (-1.2% YoY)
  • EBITDA Margin: 7.3%, down 150 bps from 8.8% in Q2 FY26
  • Profit After Tax (PAT): ₹(21) Mn, compared to ₹(4) Mn in Q2 FY26
  • PAT Margin: -1.9%, compared to -0.5% in Q2 FY26
  • EPS: (₹0.38) per share (not annualized)
  • Other Income: ₹23 Mn, up 12.6% YoY
  • Finance Cost: ₹39 Mn, up 23.5% YoY
  • Depreciation: ₹65 Mn, up 30.0% YoY

H1 FY27 Performance:

  • Total Operating Income: ₹1,996 Mn, up 24.4% YoY (H1 FY26: ₹1,605 Mn)
  • EBITDA: ₹111 Mn, down 17.6% YoY
  • EBITDA Margin: 5.6%, down 280 bps from 8.4% in H1 FY26
  • Profit After Tax (PAT): ₹(61) Mn, compared to ₹(23) Mn in H1 FY26
  • PAT Margin: -3.0%, compared to -1.4% in H1 FY26
  • EPS: (₹1.13) per share (not annualized)

Balance Sheet (H1 FY27):

  • Gross Block (Tangible & Intangible Assets including WIP): ₹4,188 Mn (FY26: ₹3,862 Mn)
  • Net Block (Tangible & Intangible Assets including WIP): ₹2,811 Mn (FY26: ₹2,573 Mn)
  • Total Assets: ₹5,478 Mn (FY26: ₹5,394 Mn)
  • Net Worth: ₹2,924 Mn (FY26: ₹2,961 Mn)
  • Total Borrowings: ₹1,462 Mn (FY26: ₹1,230 Mn)
  • Term Loan: ₹841 Mn (FY26: ₹607 Mn)
  • Working Capital Loan: ₹621 Mn (FY26: ₹623 Mn)
  • Current Assets: ₹2,497 Mn (FY26: ₹2,758 Mn)
  • Current Liabilities: ₹983 Mn (FY26: ₹1,090 Mn)

Business Mix

Product Mix (Q2 FY27):

  • Pharmaceutical business contributed 79% (₹830 Mn) of total revenue
  • Nutraceutical business contributed 21% (₹225 Mn) of total revenue
  • For H1 FY27, Pharma revenue grew 16% YoY and Nutra revenue grew 58% YoY

Geographic Mix (Q2 FY27):

  • Export business share: 86% of revenue (₹908 Mn), up 24.7% YoY
  • Domestic business: ₹128 Mn, tracking YoY

Innovation Product Contribution:

  • Innovative Product revenue (NIP + OTF) grew 84% YoY to ₹149 Mn in Q2 FY27
  • Contribution to Total Operating Income increased to 14% from 9% in previous year
  • Including dossier licensing fees, contribution increased to 16% of Total Operating Income
  • H1 FY27 contribution including licensing income was ₹337 Mn vs ₹201 Mn in H1 FY26 (68% YoY increase)

R&D & Innovation

R&D Investment:

  • Total R&D allocation of ₹99 Mn in Q2 FY27 focused on product development, dossier upgrades, registrations & infrastructure
  • ₹45 Mn allocated specifically for BE studies & registrations, advancing the Innovative Products (NIP + OTF) pipeline
  • R&D team consists of 87 people with 75 Postgraduates and 2 PhDs (includes 27 people from Regulatory Affairs)

Product Pipeline:

  • NIP Pipeline (EU/UK): 12 products in active development across 7 therapy areas with 3 regulatory approvals secured
  • OTF Pipeline (EU/UK): 5 OTF products across 3 therapy areas with 3 regulatory approvals secured
  • 3 products are at "end of process" (EOP) in EU and awaiting EU GMP certification for completion of MA process
  • Some products have been commercialized in RoW markets including India (B2B)

Regulatory Updates & Market Access

Certifications & Approvals:

  • Received GMP approval from Australia's Therapeutic Goods Administration (TGA), opening the Australian market
  • EU-GMP re-certification: CAPA submitted to EU authorities, final response being sent this week
  • 4 marketing authorizations received in Q2 FY27 (1 NIP, 3 OTF)
  • 48 filings across developed, Pharmerging & RoW markets

EU-GMP CAPA Remediation Status:

  • Most of the CAPA remediation plan has been completed and implemented
  • Final comments from EU Inspectors received, response being submitted to EU Authorities
  • Independent assessment by European + Indian Consultant completed
  • Validation by Consultants completed
  • Contract Manufacturing for alternate site with accreditations finalized for Star Product 1
  • Filing Batches from CMO Partners for Star Product 1 completed

Operational Updates

Cost Rationalization:

  • Old Cephalosporin unit being closed (new Cepha plant commissioned)
  • Old Unit 3 (nutraceutical ancillary unit) has been shut down, production shifted to new nutraceutical facility
  • EU-GMP consultant and CAPA remediation related costs (₹180 Mn spent in previous 15 months) are mostly one-time and not expected to fully recur in H2
  • Some one-time separation costs incurred in Q2 and H1 FY27 will not be fully recurring

Outlook:

  • A leaner cost base, combined with widening developed-market access, positions ZIM for improved operating leverage benefits
  • Building for supply readiness for EU and UK markets by planning for Raw Material availability and production readiness
  • Order secured for Star Product 1 in developed markets

Shareholding

Ownership Structure (September 2026):

  • Promoters & Promoter Group: 58.56%
  • Public: 41.44%
  • Institutions: 3.59%
  • Non-Institutions: 37.85%

Investor Relations Contacts

  • Company Contact: Mr. Zain Daud (zain.daud@zimlab.in, +91 9022 434631)
  • Investor Relations: Go India Advisors (Deepika Sharma, Priya Sen, Sheetal Khanduja)