ZENITH DRUGS LTD (ZENITHDRUG): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1YAll

₹39.6 latest close · −14.2% over the last 90 sessions

₹39.6 month-end · −27.6% over 12 months

₹39.6 month-end · −58.7% since Feb '24

52-week range ₹33.30 to ₹65.25 · 1-year volatility 62.1%

Was the rally earned?

-28%share price, 1 yearMultiple-driven

Mostly the multiple.

Most of the fall came from investors paying a lower multiple (P/E 9.8x to 7.1x); per-share earnings added 0 points.
The share count barely moved.

Net profit growth0 ptsNet profit was little changed.

P/E change-28 ptsThe P/E fell from 9.8x to 7.1x, which lowers the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with SUN PHARMACEUTICAL INDUSTRIES

How rough has the ride been?

Maximum drawdown-75.2%not yet recovered

1-year volatility62.1%annualised

Drawdown from peak

Largest drawdowns

-75.2% (2024-09 peak to 2026-03 low, not yet recovered)

-43.3% (2024-02 peak to 2024-05 low, recovered 2024-08)

Is it expensive against its own past and its peers?

7.1xP/E todayNear its historic low

Against its own history10th percentile

CheapestMedian 11.8xDearest

Usual range 7.1x to 17.0x since 2024-02.

Against Health Technology7.1x vs 37.0x

This company

7.1x

Sector median

37.0x

81% below the Health Technology median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Health Technology is valued

Where does it rank among Health Technology peers?

Each cell is the company's percentile rank among its Health Technology peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE86thflat vs a year ago
Revenue growth18th▼ 7 pts vs a year ago
EPS growth37th▼ 4 pts vs a year ago
Debt/equity ↓30thflat vs a year ago
Cash cycle ↓92ndflat vs a year ago
P/E ↓97thflat vs a year ago
12M momentum9th▼ 6 pts vs a year ago

Rank history

ROCE

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Health Technology sector page Watch it move against Health Technology in the Observatory

What is the price implying?

~4%annual earnings growth implied by the price

At a P/E of 7.1x, the price would imply about 3.9%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Earnings figures have not updated recently, so the company is left out of the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Health Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹39.60
P/E: 7.1x
ROCE: 27.0%
Market Cap: ₹68 cr
Revenue (TTM): ₹131 cr
P/S: 0.5x
P/B: 1.1x
ROE: 15.4%
Debt / Equity: 0.4x
Promoter Holding: 70.0%
12M Momentum: -27.6%

52-week range

₹33.30₹65.25

20% of the way from its 52-week low to its high

Price risk

1Y volatility

62.1%

Beta vs sector

1-year daily

0.99

Balance sheet & cash

Interest cover

operating profit ÷ interest

5.7x

Cash from profit, 3Y

operating cash flow ÷ net profit

-0.72x

low

Share count, 1Y

unchanged

Are profits backed by cash?

4 of 6checks within range2 beyond a threshold

Other income reliance8%Within range

Other income as a share of pre-tax profit (trailing twelve months): 7.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion-0.72xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.72x (cash from operations ₹-13 cr, net profit ₹18 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow0 of 3 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 3: 0. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history0 daysWithin range

Debtor days are below the median of the previous three fiscal years by 0 days (188 vs 188). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress36% of fixed assetsWithin range

Capital work-in-progress is 36% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days0 days / 2 yrsWithin range

Days payable changed by 0 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, FIIs trimmed 5.8 pts; DIIs trimmed 1.9 pts.
The number of shareholders rose from 1,117 to 1,435 (+28%) between Mar 2024 and Mar 2026.

Holdings, Mar '26

How each group changed

GroupMar '24Mar '26Change

Promoters70.0%70.0%0.0 pts

FIIs5.8%0.0%-5.8 pts

DIIs1.9%0.0%-1.9 pts

Public and others22.3%30.0%+7.7 pts

Number of shareholders

1,435shareholders+28% since Mar '24

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−8.1%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like ZENITH DRUGS LTD today on valuation, return on capital, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −28% to +32% vs the market, against −5% for all non-financial companies in the same months.
The gap against the base rate (−3.4%, 80% range −10.9% to +7.0%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 6 beyond the range shown, drawn at the edge

Similar setups' median

−8.1%

All companies' median

−4.7%

Beat the market

44% vs 45%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
AIROLAM Non-Energy Minerals	Apr 2021	8x	—	+26%	−31%	+139%
BAWEJA Consumer Services	Sep 2025	11x	—	−37%	−43%	−49%
NAGREEKEXP Process Industries	Feb 2020	—	—	−40%	−47%	+3%
KELLTONTEC Technology Services	May 2020	2x	28%	−55%	−56%	+167%
AKSHARCHEM Process Industries	May 2024	8x	27%	+14%	−28%	−7%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
LAMBODHARA Process Industries	Jan 2024	12x	18%	+21%	−12%	−30%
PRLIND Producer Manufacturing	Jul 2025	13x	—	−33%	−37%	−53%
ARCHIES Retail Trade	Aug 2025	8x	16%	−30%	−47%	−34%

How reliable is this?

Matched on P/E, P/S, ROCE, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, P/S and interest cover. Not used (unavailable for this company): operating margin. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to ZENITH DRUGS LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What changed?

10 events since May '24

2026
OctValuationP/E fell below the 10th percentile of its own history to date (6.6x).
JunValuationP/E fell below the 10th percentile of its own history to date (8.2x).
MarPriceFell 75% from the Sep 2024 peak to the Mar 2026 low.
2025
FebDebtDebt / equity halved over 12 months to 0.40x.
FebSharesShare count is up 200.0% over 12 months.
2024
DecInstitutionsFII + DII holding fell 7.3 pts over 1 quarter to 0.4%.
AugPriceRegained the 2024-02 peak, 3 months after the low.
JunDebtDebt / equity fell below 1.0x (0.40x).

Show 2 earlier events

2024
JunDividendStarted paying a dividend (payout 9% of profit).
MayPriceFell 43% from the Feb 2024 peak to the May 2024 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history34 months · 2024-02 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	7.1x	₹131 cr	15.4%	27.0%	0.4x
2026-10	6.6x	₹131 cr	15.4%	27.0%	0.4x
2026-09	8.0x	₹131 cr	15.4%	27.0%	0.4x
2026-08	7.5x	₹131 cr	15.4%	27.0%	0.4x
2026-07	8.6x	₹131 cr	15.4%	27.0%	0.4x
2026-06	8.2x	₹131 cr	15.4%	27.0%	0.4x
2026-05	8.6x	₹131 cr	15.4%	27.0%	0.4x
2026-04	7.1x	₹131 cr	15.4%	27.0%	0.4x
2026-03	6.3x	₹131 cr	15.4%	27.0%	0.4x
2026-02	8.9x	₹131 cr	15.4%	27.0%	0.4x
2026-01	9.8x	₹131 cr	15.4%	27.0%	0.4x
2025-12	9.0x	₹131 cr	15.4%	27.0%	0.4x
2025-11	9.8x	₹131 cr	15.4%	27.0%	0.4x
2025-10	11.6x	₹131 cr	15.4%	27.0%	0.4x
2025-09	11.9x	₹131 cr	15.4%	27.0%	0.4x
2025-08	12.3x	₹131 cr	15.4%	27.0%	0.4x
2025-07	12.0x	₹131 cr	15.4%	27.0%	0.4x
2025-06	12.8x	₹131 cr	15.4%	27.0%	0.4x
2025-05	13.6x	₹131 cr	15.4%	27.0%	0.4x
2025-04	14.2x	₹131 cr	15.4%	27.0%	0.4x
2025-03	12.8x	₹131 cr	15.4%	27.0%	0.4x
2025-02	12.3x	₹131 cr	15.4%	27.0%	0.4x
2025-01	13.6x	₹131 cr	15.4%	27.0%	0.4x
2024-12	14.5x	₹131 cr	15.4%	27.0%	0.4x
2024-11	16.9x	₹131 cr	15.4%	27.0%	0.4x
2024-10	18.6x	₹131 cr	15.4%	27.0%	0.4x
2024-09	24.5x	₹131 cr	15.4%	27.0%	0.4x
2024-08	19.2x	₹131 cr	15.4%	27.0%	0.4x
2024-07	16.0x	₹131 cr	15.4%	27.0%	0.4x
2024-06	11.3x	₹131 cr	15.4%	27.0%	0.4x
2024-05	—	₹114 cr	28.7%	24.0%	1.5x
2024-04	—	₹114 cr	28.7%	24.0%	1.5x
2024-03	—	₹114 cr	28.7%	24.0%	1.5x
2024-02	—	₹114 cr	28.7%	24.0%	1.5x

Methodology and data notes