Zydus Lifesciences delivered a better-than-expected 2025-26 (FY26) April–June quarter (Q1), particularly on the top line. This, coupled with launches and the prospect of margin improvement, led some analysts to upgrade their outlook. While sentiment remains positive and the stock gained over 3 per cent in Wednesday’s trade, brokerages are cautious due to margin pressures and premium valuations. The stock is up about 12 per cent from its May lows.
Driven by its India and international businesses, the company recorded 6 per cent revenue growth in Q1FY26. While India sales rose 6 per cent, it was the international formulations arm that

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