Wockhardt Limited (WOCKPHARMA)
₹1,954.90 +0.28% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Wockhardt's revenue was ₹929 Cr (+25.9% year on year, -3.7% on the previous quarter), and net profit ₹107 Cr (against a loss a year earlier); the operating margin was 20.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹929 | +25.9% | -3.7% |
| Operating profit | ₹192 | +166.7% | -14.7% |
| Net profit | ₹107 | from loss | -34.8% |
| EPS (₹) | 6.55 | from loss | -35.9% |
| Operating margin | 20.7% | — | — |
WOCKPHARMA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 42.55% of the WOCKPHARMA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 36.0%. That is higher than usual for this stock. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 46.1% · 32.0% · 41.8% · 42.9% · 42.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Wockhardt Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate from RTA MUFG Intime India confirms that securities received for dematerialisation during the quarter ended September 30, 2026, were processed and listed on stock exchanges within prescribed timelines. This is a standard quarterly administrative filing confirming depository compliance and carries no business or operational changes.
- Regulation 74(5) certificate submitted for the quarter ended 30th September 2026
- Confirmation provided by Registrar and Share Transfer Agent MUFG Intime India Private Limited
- RTA confirmation certificate dated 03-10-2026 and filed on 9th October, 2026
- Confirms mutilation, cancellation, and exchange listing of processed dematerialised securities
Wockhardt Limited has received an Adjudication Order from the Commissioner of Customs, Nhava Sheva-II, imposing a penalty of ₹5 Cr and a redemption fine of ₹10 Cr regarding the alleged mis-classification of exported Active Pharmaceutical Ingredients (API). An additional penalty of ₹1 Cr was also levied on a company officer. Total company financial exposure of ₹15 Cr represents ~4.2% of TTM net profit (₹353 Cr) and ~0.48% of TTM revenue (₹3,133 Cr). The company stated it is appealing the order before appropriate appellate authorities and expects no operational disruption.
- Adjudication order imposed a ₹5,00,00,000 penalty under Section 114(iii) of the Customs Act, 1962.
- Levied a redemption fine of ₹10,00,00,000 under Section 125(1) in lieu of confiscation of exported API goods.
- Imposed an individual penalty of ₹1,00,00,000 on company officer Dr. Aravind Y Merwade.
- Order received on 21st August, 2026, with the disclosure filed on 25th August, 2026 following administrative delay.
Wockhardt shareholders have approved a massive capital raise of up to ₹3,000 Cr via QIP or other offerings, representing approximately 14.7% of its current market capitalization. While the fundraise passed with 98.95% support, a notable 44.58% of institutional investors voted against the appointment and remuneration of Ms. Zahabiya Khorakiwala as Executive Co-chairperson of a subsidiary. The meeting also ratified material related-party transactions totaling over ₹2,100 Cr and a revision in the Executive Chairman's remuneration ceiling to ₹15 Cr per annum by 2028.
- Approved raising additional capital up to ₹3,000 Cr through QIP or private offerings
- Material Related Party Transactions with Wockhardt Bio AG approved for up to ₹1,000 Cr
- Institutional investors recorded a high dissent of 44.58% against Resolution 9 regarding executive remuneration
- Chairman Dr. Habil Khorakiwala's remuneration ceiling revised to ₹15 Cr per annum effective March 2028
- Approved two separate RPTs between subsidiaries Wockhardt Bio AG, CP Pharma, and Wockhardt UK for ₹550 Cr each
Wockhardt reported a significant turnaround in Q1 FY27, posting a PAT of Rs 107 Cr compared to a loss of Rs 108 Cr in the same quarter last year. Revenue grew 26% YoY to Rs 929 Cr, driven by a 112% surge in Biotech operations which reached Rs 236 Cr. A major milestone was achieved with the US FDA approval of the novel antibiotic ZAYNICH on May 30, 2026. EBITDA margins expanded to 20.2% from 13.7% YoY, reflecting improved operational efficiency and a shift toward high-margin NCEs.
- Turnaround to PAT of Rs 107 Cr in Q1 FY27 from a loss of Rs 108 Cr in Q1 FY26.
- Biotech segment revenue surged 112% YoY to Rs 236 Cr, now contributing ~25% of total revenue.
- EBITDA grew 86% YoY to Rs 188 Cr, with margins expanding by 650 bps to 20.2%.
- ZAYNICH (WCK 5222) received US FDA approval on May 30, 2026, for treating cUTI.
- India Branded Business grew 21% YoY to Rs 156 Cr, supported by Diabetic and NCE therapies.
Wockhardt reported a significant financial turnaround in Q1 FY27, posting a Profit After Tax (PAT) of Rs 107 Cr compared to a loss of Rs 108 Cr in Q1 FY26. Revenue grew 26% YoY to Rs 929 Cr, while EBITDA surged 86% to Rs 188 Cr, reflecting improved operational efficiency with margins expanding to 20.2%. The growth was primarily driven by the Biotech segment, which grew 112% YoY to Rs 236 Cr, and the India Branded business, which grew 21%. Crucially, the company secured US FDA approval for its novel antibiotic ZAYNICH on May 30, 2026, marking a major milestone for its R&D pipeline.
- Reported PAT of Rs 107 Cr in Q1 FY27, a sharp recovery from a loss of Rs 108 Cr in the previous year.
- Biotech segment revenue grew 112% YoY to Rs 236 Cr, led by a 146% surge in Emerging Markets.
- EBITDA margins expanded to 20.2% in Q1 FY27 from 13.7% in Q1 FY26.
- ZAYNICH received US FDA approval on May 30, 2026, for the treatment of cUTI including Pyelonephritis.
- India Branded Business grew 21% YoY to Rs 156 Cr, aided by Diabetic and NCE (EMROK) therapies.
Wockhardt Limited reported a significant turnaround in Q1 FY27, posting a consolidated net profit of Rs 107 Cr compared to a net loss of Rs 108 Cr in the same quarter last year. Consolidated revenue from operations grew 26.6% YoY to Rs 960 Cr, although it saw a sequential decline from Rs 1,010 Cr in Q4 FY26. The company demonstrated improved operational efficiency, with total expenses as a percentage of revenue dropping to 87.9% from 101.5% YoY. Finance costs remained stable at Rs 52 Cr, reflecting better capital management post-QIP.
- Consolidated Revenue from operations increased to Rs 960 Cr, a 26.6% growth over Rs 758 Cr in Q1 FY26.
- Net Profit turned positive at Rs 107 Cr, reversing a loss of Rs 108 Cr in the year-ago period.
- Basic Earnings Per Share (EPS) improved to Rs 6.55 from a negative Rs 5.53 in June 2025.
- Total expenses were contained at Rs 844 Cr, nearly flat compared to the previous quarter's Rs 843 Cr despite higher YoY volumes.
- Standalone revenue contributed Rs 561 Cr to the consolidated total, showing strong domestic/direct performance.
Wockhardt Limited has issued an addendum to its 27th Annual General Meeting (AGM) notice scheduled for August 10, 2026. The meeting time has been moved earlier from 3:30 p.m. to 10:30 a.m. IST. Additionally, the company has inserted specific disclosures for Item Nos. 5, 6, and 7 regarding Related Party Transactions (RPTs), confirming that the Audit Committee, Managing Director, and CFO have certified these transactions as being in the company's interest. This administrative update comes as the company maintains a market cap of Rs 21,117 Cr and a TTM revenue of Rs 2,942 Cr.
- AGM rescheduled to 10:30 a.m. IST on August 10, 2026, from the previously announced 3:30 p.m.
- Additional disclosures added for Item Nos. 5, 6, and 7 of the AGM notice concerning Related Party Transactions.
- MD and CFO have provided a certificate confirming RPTs are in the interest of the company.
- Company reported a significant turnaround in FY26 with a net profit of Rs 138 Cr compared to a loss of Rs 57 Cr in FY25.
- Promoter holding remains stable at 49.08% as of June 2026.
Wockhardt Limited has convened its 27th Annual General Meeting (AGM) for August 10, 2026. Key resolutions include approving a Material Related Party Transaction (RPT) limit of ₹1,000 crore with its subsidiary, Wockhardt Bio AG, and revising the Executive Chairman's remuneration to a cap of ₹10-15 crore per annum starting March 2027. The proposed RPT limit is significant, representing approximately 34% of the company's TTM revenue of ₹2,942 crore. This follows a strong March 2026 quarter where the company reported a PAT of ₹164 crore, a sharp turnaround from previous losses.
- 27th AGM scheduled for August 10, 2026, to be held via video conferencing.
- Proposed Related Party Transaction limit of ₹1,000 crore with subsidiary Wockhardt Bio AG for goods, services, and IP transfer.
- Executive Chairman Dr. Habil Khorakiwala's remuneration cap proposed at ₹10 crore/year from March 2027, potentially rising to ₹15 crore.
- Ratification of ₹3,85,000 remuneration for Cost Auditors Kirit Mehta & Co. LLP for FY 2026-27.
- The ₹1,000 crore RPT limit constitutes ~34% of the TTM revenue of ₹2,942 crore.
Wockhardt Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and listed on the stock exchanges. The registrar also confirmed that physical certificates were mutilated and cancelled as per regulatory requirements. This is a standard administrative filing and does not impact the company's financial or operational status.
- Compliance certificate issued for the quarter ended June 30, 2026
- Registrar confirmed dematerialization requests were processed within prescribed timelines
- Physical certificates were mutilated and cancelled after verification
- Registrar identified as MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
Wockhardt's promoter group, led by Dr. Habil Khorakiwala, has filed its annual declaration under SEBI Takeover Regulations for the financial year ended March 31, 2026. The filing confirms that no new encumbrances or pledges were created on promoter shares during the year, beyond what was previously disclosed. The total promoter stake remains at 49.09%, comprising 79,758,848 shares. This routine disclosure provides transparency regarding the stability of the promoter's equity position.
- Promoter group holds a total of 79,758,848 equity shares as of March 31, 2026.
- Total promoter and promoter group stake is maintained at 49.09% of the company's share capital.
- Themisto Trustee Company Private Limited is the largest promoter entity with a 40.15% stake (65,244,744 shares).
- Declaration confirms zero new direct or indirect encumbrances were made during the FY26 period.
Wockhardt Limited has informed the exchanges that its trading window for dealing in equity shares will be closed starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q1 financial results. The window will remain closed until 48 hours after the declaration of the unaudited financial results for the quarter ending June 30, 2026. The specific date for the board meeting to approve these results is yet to be announced.
- Trading window closure effective from July 1, 2026
- Closure is for the purpose of declaring unaudited financial results for the quarter ended June 30, 2026
- Window to reopen 48 hours after the financial results are made public
- Compliance with SEBI Insider Trading Regulations and the Company's Code of Conduct
Wockhardt Limited has transitioned from a liquidity management phase to a growth phase, reporting a top line of INR 3,373 crores and an EBITDA of INR 630 crores (18.6% margin). The company has significantly deleveraged, achieving a net debt-to-equity ratio of 0.1 with cash equivalents of INR 662 crores. A major milestone is the US FDA approval of Zaynich, the first Indian research product to receive such approval, with launches planned for the US and India in the current year. The company is also scaling its diabetes biosimilar platform, targeting a $7-8 billion market in India and emerging markets.
- EBITDA increased by 51% to INR 630 crores, with margins expanding from 5.4% to 18.6% over three years.
- Zaynich approved by US FDA, marking the first Indian research product to achieve this milestone.
- Net debt-to-equity ratio reduced to 0.1 with a cash balance of INR 662 crores.
- Emerging market business grew by 35%, while the biosimilar/biotech segment saw 27% growth.
- Pipeline includes 5 new diabetes biosimilar products including Semaglutide and Degludec.
Wockhardt Limited reported a strong financial performance for FY26 with total income reaching INR 3,373 Cr and EBITDA growing 51% YoY to INR 630 Cr. The company has successfully transitioned its focus from US generics to high-margin specialty products and novel antibiotics, resulting in a healthy Net Debt to Equity ratio of 0.10. A major growth catalyst is the US FDA and CDSCO approval of Zaynich, a novel antibiotic targeting a market of 1.2 million hospital infections in the USA. Additionally, the company is scaling its biotech franchise with a 2x increase in Human Insulin production capacity.
- FY26 EBITDA increased by 51% YoY to INR 630 Cr with margins improving to 18.6%.
- Zaynich received US FDA and CDSCO approval, targeting a significant market of ~1.2 million Gram-negative infections in the US.
- Net Debt to Equity ratio stands at a low 0.10 with cash and cash equivalents of INR 662 Cr as of March 2026.
- Biotech production capacity scaled up 2x for Human Insulin and 1.5x for Glargine to meet rising global demand.
- Strategic exit from the underperforming US generics business has sharpened the portfolio focus on high-margin core products.
Wockhardt Limited has scheduled an in-person Investor Meet on June 4, 2026, at the NSE Exchange Plaza in Mumbai starting at 4:00 PM IST. The meeting will feature a strategic overview from Managing Director Dr. Murtaza Khorakiwala and specific presentations on the US and India business segments. A significant portion of the agenda is dedicated to 'Zaynich,' a key product in their pipeline, suggesting upcoming milestones or commercialization updates. The entire top management, including Founder Chairman Dr. Habil Khorakiwala, will be present for a Q&A session.
- Investor Meet scheduled for June 4, 2026, at 4:00 PM IST at Atrium, NSE Exchange Plaza, BKC.
- Agenda includes a strategic overview and detailed presentations on US and India business operations.
- Specific focus on 'Zaynich' with dedicated presentations and films, indicating its critical role in the company's future growth.
- Full leadership team present for Q&A, including Founder Chairman Dr. Habil Khorakiwala and MD Dr. Murtaza Khorakiwala.
Wockhardt has achieved a historic milestone by receiving US FDA approval for ZAYNICH (cefepime and zidebactam), a novel intravenous antibiotic for complicated urinary tract infections (cUTI). In Phase 3 trials, ZAYNICH demonstrated a superior composite cure rate of 89.0% compared to 68.4% for meropenem, a treatment difference of 20.6%. This is the first New Chemical Entity (NCE) fully developed and commercialized by an Indian pharmaceutical company to receive FDA approval. The drug targets a significant market, as cUTI accounts for over 600,000 hospitalizations annually in the U.S.
- US FDA approved ZAYNICH for treating adult patients with cUTI including pyelonephritis.
- Phase 3 ENHANCE-1 trial showed 89.0% clinical cure rate vs 68.4% for the comparator meropenem.
- First New Chemical Entity (NCE) fully developed by an Indian company to receive US FDA approval.
- ZAYNICH received DCGI approval in India on May 27, 2026, and has a pending MAA with the EMA.
- The drug addresses a critical need in the U.S. where 2.8 million antimicrobial-resistant infections occur annually.
Financial Performance
Revenue Growth by Segment
The Domestic Business grew by 11% YoY, while the Rest of the World (ROW) business recorded a 12% growth. UK operations also reflected a healthy 12% growth, whereas EU operations remained stagnant (0% growth) during FY2025.
Geographic Revenue Split
The UK is the largest contributor at 39% of total revenue. India and Emerging Markets each contribute 23%, while the European Union (excluding UK/Ireland) accounts for 12% of the revenue mix as of FY2025.
Profitability Margins
Gross margins improved as material consumption dropped from 40.4% to 37.3% of revenue. Net profit margin showed a remarkable recovery, improving from -16.1% in FY2024 to -1.5% in FY2025, driven by an exit from low-margin US generics and cost rationalization.
EBITDA Margin
EBITDA margin improved significantly to 13.1% (INR 418 Cr) in FY2025 from 6.1% (INR 251 Cr) in FY2024, representing a 67% YoY growth in EBITDA value due to a shift toward high-margin New Chemical Entities (NCEs).
Capital Expenditure
The company has planned a capital expenditure of INR 300 Cr for FY2026 and INR 250 Cr for FY2027, primarily funded by QIP proceeds and incremental term debt to double manufacturing capacity within 24-36 months.
Credit Rating & Borrowing
ICRA upgraded the rating to [ICRA]BBB- with a Positive outlook. Interest costs as a percentage of sales fell by 2.2% YoY following deleveraging; the interest coverage ratio improved to 1.5 times in FY2025 from 0.6 times in FY2024.
Operational Drivers
Raw Materials
Active Pharmaceutical Ingredients (API) and Key Starting Materials (KSM) represent the primary raw material costs, which accounted for 37.3% of total revenue in FY2025, down from 40.4% in the previous year.
Capacity Expansion
Wockhardt currently operates 12 manufacturing facilities globally. The company is planning to double its capacity in the next 24 to 36 months to support the $3 billion opportunity in the diabetes portfolio (Insulin Glargine and Aspart).
Raw Material Costs
Raw material costs (material consumption) stood at 37.3% of revenue in FY2025. The company achieved a 3.1% reduction in material costs through portfolio swings in favor of high-margin segments and better procurement hygiene.
Manufacturing Efficiency
Average utilization of sanctioned working capital limits declined sharply to 31% post-November 2024 QIP, compared to 92.5% in the April-October 2024 period, indicating significantly improved capital efficiency.
Logistics & Distribution
Other expenditures, which include distribution and administrative costs, were rationalized to 24.7% of revenue in FY2025 from 25.9% in FY2024.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be driven by the launch of novel antibiotics like MIQNAF (launched May 2025) and ZAYNICH, which targets a $9 billion global market. Additionally, the company is targeting a 20% growth in the biosimilars segment in emerging markets and plans to double production capacity for its $3 billion diabetes portfolio within 3 years.
Products & Services
The company sells finished dosage formulations, vaccines, biotechnology products (Insulin), and New Chemical Entities (NCEs) such as antibiotics for respiratory and skin infections.
Brand Portfolio
ZAYNICH, MIQNAF, Emrok, Emrok O, Insulin Glargine, and Aspart.
New Products/Services
MIQNAF was launched in May 2025 with an addressable Indian market of INR 10,800 Cr. WCK 5222 is filed for approval in India and expected to be filed in the US by August 2025.
Market Expansion
Targeting expansion in Emerging Markets, the US, and Europe with the novel antibiotic portfolio and doubling capacity for diabetes products in the next 24-36 months.
External Factors
Industry Trends
The industry is shifting from simple generics to complex biosimilars and NCEs. Wockhardt is positioning itself as a research-driven multinational, moving its R&D spend to 11.2% of revenue to lead in the antibiotic resistance (AMR) therapeutic area.
Competitive Landscape
Faces intense competition from both global MNCs and Indian generic players, leading to pricing pressure in regulated markets.
Competitive Moat
The moat is built on a portfolio of 6 antibiotics with USFDA QIDP status, providing 5 years of market exclusivity post-approval. This patent-backed drug discovery program is a durable advantage against generic competitors.
Macro Economic Sensitivity
The company is highly sensitive to government intervention regarding price caps and controls in the pharmaceutical sector, which can directly limit revenue growth in the domestic market.
Consumer Behavior
Increasing global unmet need for antibiotics to treat drug-resistant pathogens is driving demand for Wockhardt's NCE portfolio.
Geopolitical Risks
Operations in multiple countries (India, UK, Ireland, US) expose the company to changes in import/export policies and environmental/regulatory shifts in those specific jurisdictions.
Regulatory & Governance
Industry Regulations
The company must comply with strict US FDA and international standards; it currently has outstanding import alerts and warning letters for some manufacturing facilities which remain a key monitorable.
Environmental Compliance
Wockhardt is exposed to tightening environmental regulations regarding waste and pollution norms, which could increase capital investment requirements for manufacturing compliance.
Taxation Policy Impact
The effective tax rate was 1.4% of revenue in FY2025. The company faces ongoing tax disputes with various departments, though the total value has reduced from the previous year.
Legal Contingencies
The company has 'sizeable' contingent liabilities and ongoing tax disputes as of March 31, 2025. Specific INR values for these cases are not disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The success of NCE molecules (like WCK 5222 and WCK 4282) is critical; failure in clinical trials or lack of market adoption could jeopardize the recovery in profitability metrics.
Geographic Concentration Risk
High concentration in the UK market, which accounts for 39% of total revenue, making the company vulnerable to UK-specific regulatory or economic shifts.
Third Party Dependencies
The company relies on third-party manufacturers for its US market supply, creating a dependency on external production quality and timelines.
Technology Obsolescence Risk
The drug discovery team (145 members) is tasked with preventing obsolescence by developing next-generation antibiotics to combat evolving bacterial resistance.
Credit & Counterparty Risk
Receivables quality is supported by an improved liquidity position following the INR 1,000 Cr QIP, which reduced reliance on high-cost working capital (utilization down to 31%).
