Zota Health Care LImited has informed the Exchange about Investor Presentation
October 19, 2025
To, The Manager Listing Department, The National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai – 400051
Dear Sir/Madam,
Trading Symbol: ZOTA
Sub: Investor Presentation
Ref: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
With reference to the captioned subject we, Zota Health Care Limited are submitting herewith enclosed the Investor Presentation.
This is for your information and record.
Thanking you,
Yours faithfully,
For Zota Health Care Limited
Ashvin Variya (Company Secretary & Compliance Officer) Place: Surat
Encl: a/a
Registered Office: Zota House, 2/896, Hira Modi Street, Sagrampura, Surat-395002 Ph: +91 261 2331601 Email: info@zotahealthcare.com Web: www.zotahealthcare.com
CIN: L24231GJ2000PLC038352
Investor Presentation
Zota Health Care Limited
Q 2 F Y 2 6
Safe Harbour
This presentation has been prepared by the Zota Health Care Limited (the “Company”) only for information purpose to the stakeholders and does not contain any offer or invitation to subscribe the securities of the Company. No offering of securities shall be made except by means of offer documents.
This presentation has been prepared on the basis of information and data available with the Company consider reliable. This presentation may not contain all the information that you may consider material. Any liability in respect of the content of or any omission from this presentation is expressly excluded.
Stakeholders are advised to compare the data provided in the presentation with the full financial results available on the website of the Company as well as on website of NSE.
including “future oriented This presentation contains “forward-looking statements”, financial information” and “financial outlook”. These forward-looking statements are based on management’s current expectations and beliefs and are subject to uncertainty. Actual results may vary from the information contained in this presentation due to changes in government policies, regulations, economics reforms, natural calamities, competition, technology, etc. The company is not under any obligation to provide any update or alter forward looking statements, whether as a result of any new information or future events.
2
Company Overview
3
Zota Healthcare At a Glance
Zota Health Care Ltd., a publicly listed company on NSE, has established a significant footprint in the Indian healthcare sector since its inception in 2000.
Headquartered in Surat and employing dedicated professionals, Zota Health Care Ltd. has grown notably, cementing its place in the Indian healthcare market.
Davaindia, launched in 2017, is a retail generic pharmacy chain that provides quality generic medicines consisting of 2,000+ SKUs.
The strategic business model allows Davaindia to be both backward and forward integrated, ensuring control of the entire product life cycle.
Business Verticals
Davaindia
2,000+
SKU’s in Davaindia portfolio
2,055
Operational Davaindia Stores*
1,207 848
COCO Stores*
FOFO Stores*
Domestic
4,000+
Products covering major therapeutic segments
1,050+
Distributors currently,
present across India WHO Recognized
manufacturing partners
Exports
30+
Exports markets served
250+
Formulations manufactured for exports
325
Product approvals received out of 586 dossiers applications
Everyday Herbal Group
65.98% stake in Everyday Herbal Group strengthens Zota Health Care’s supply chain and product development capabilities
Expands the product portfolio in the high-revenue over-the-counter (OTC) category
Financial Highlights (FY25 - Consolidated)
Total Revenue
₹ 29,298 lakhs
Gross Profit
₹ 15,567 lakhs
Gross Merchandise Value
₹ 24,562 lakhs
*As of 30th September 2025
4 4
Our Journey
Foundational Steps In Domestic Marketing
Setting Up Formulations Export Business
Strengthening Core And Pioneering Davaindia
2000
2004
2010
2011
2017
2018
Zota Health Care - Incorporated
Acquired all brand names of Sayona Medicare via an MOU
Inaugurated an export- oriented formulations manufacturing unit in Sachin, SEZ
Commenced exports, expanding business to African countries
Introduced Davaindia, a private sector generic pharmacy, through three pilot outlets
Achieved ₹10+ Cr in Export Sales; & 75+ Davaindia stores
2020
2007
2012
2013
Acquired Mexon Health Care Limited's trademark and brand, including Health Park Laboratories and Aaron Biotech divisions
2010
Zota Pharmaceuticals and Atoz Pharmaceuticals merged with Zota Health Care
Secured WHO- GMP approval for the manufacturing unit at SEZ
2014
Obtained regulatory approvals from Kenya (PPB) and Sri Lanka (CDDA) for the Sachin SEZ plant
Acquired trademark and brand names of Redix Lifecare
2017
Received regulatory approval for SEZ plant from Tanzania (TFDA)
Listed on NSE - SME
2019
Opened ~150 Davaindia outlets
Migrated to the Main Board of NSE
2021
With over 250 outlets, Davaindia became the largest and fastest growing private sector generic pharmacy chain
2022
Davaindia secured its position as India’s largest private sector generic pharmacy with over 500 locations nationwide
Inception of COCO stores
2024
2023
Total Davaindia stores reaching 600
Everyday Herbal Group – 56% stake acquired, licensed by Khadi and Village Industrial Commission, Government of India.
2025*
Davaindia Expanded to 2055 no. of active stores with COCO 1207 & FOFO 848
*As of 30th September 2025
5
Management Profile
K e t a nk u m a r Z o t a C h a i r m a n A n d N o n - e x e c u t i v e D i r e c t o r
Total Experience: 38+ • Holds a D-Pharmacy degree • Won ‘Lifetime Achievement Award’ from DCGI & the title of ‘Pharma Ratna Asia’.
M o x e s h Z o t a M a n a g i n g D i r e c t o r
S u j i t P a u l G r o u p C h i e f E x e c u t i v e O f f i c e r
Total Experience: 10+ • Holds a Bachelor’s degree in pharmacy & Master’s degree in international marketing & business management, BPP University in UK
• Under his guidance, company has
established a global presence in 30+ countries
Total Experience: 23+ • Featured on Times Now and Brand Vision • Honored among Asia One's Top 100 Global
leaders
• Last stint was with Reliance Retail as Vice President and also worked with Apollo Pharmacy, StayHappi, Columbia Asia Hospitals, etc.
H i m a n s hu Z o t a W h o l e T i m e D i r e c t o r
K a m l e s h Z o t a W h o l e T i m e D i r e c t o r
Vi r e n Z o t a W h o l e T i m e D i r e c t o r
Total Experience: 30+ • Holds a Diploma in Pharmacy degree and a
Diploma in Computer Application • Playing a vital role in the planning & implementation of Davaindia project.
Total Experience: 27+ • Holds a bachelor’s degree in pharmacy • Earlier worked with Torrent Pharma, Unique
Pharmaceuticals Laboratories.
Total Experience: 15+ • Holds a bachelor’s degree in Business
Administration, B.R.C.M. College
• Earlier worked in Franchisee Marketing, where he gained hands-on experience across various regions of India.
6
Company Structure
Zota Health Care Limited (Listed entity)
Procurement in listed entity
Domestic
Export
FOFO
(Sales to FOFO# stores)
Step down subsidiary
Supplying products at ALP*
Davaindia
(Davaindia Health Mart Limited)
COCO
(COCO# stores)
FOFO Sales through Zota Health Care Limited
COCO Sales through Davaindia Health Mart Limited
*ALP – Arm's length price
Business Verticals
# COCO – Company-Owned Company-Operated
FOFO – Franchisee-Owned Franchisee-Operated
7
Business Overview
8
Business Verticals
DAVAINDIA
Revenue contribution (Q2FY26)
Everday Herbal Group
Exports
73%
8%
4%
14% Domestic
15%
Davaindia
6%
74%
6%
Davaindia - the retail generic pharmacy chain, has a rising prominence in the overall business and is one of the fastest growing retail generic pharmacy chains in India.
• A Retail generic pharmacy chain providing quality generic medicines. • Focuses only on private-label products in: • Medicinal | OTC | Ayurvedic | Cosmetic and Nutraceutical • Key emphasis is on chronic therapies and ailments • One-of-its-kind concept started with 3 pilot stores in 2017 • COCO Stores are large format stores operated through our wholly-
owned subsidiary
• FOFO Stores are operated on an asset-light franchisee model
Store variants
02 Company Owned Company Operated (COCO) and Franchisee Owned Franchisee Operated (FOFO)
30% – 90% Savings on medicines as compared to branded counterparts
Large Store Network* 1,207 COCO stores 848 FOFO stores
100% private labelled products
DOMESTIC MARKETING BUSINESS
• Procures finished dosage forms from domestic formulations manufactures and market them under own portfolio of brands • Markets the products across the country to the distributors, which,
in turn, cater to retail pharmacies in their respective districts
1,050+ 4,000+
WHO
Distributors currently present across India
Products covering major therapeutic segments
Partners with WHO recognized manufacturers
EXPORTS
• Commenced manufacturing operations in 2010 at Sachin (SEZ) unit • The unit facilitates production of about 250 diverse formulations • Focus on prioritizing product registrations across all countries, with the company retaining ownership of Marketing Authorizations (MAs) and registrations in these regions.
325
30+
Product approvals out of 586 dossiers applications
Countries’ approval mainly in the semi regulated and regulated markets
Growth led by exclusive foreign distribution network and exclusive MA holding
EVERYDAY HERBAL GROUP
• Zota Health Care’s 65.98% stake in Everyday Herbal Group demonstrates a strategic move toward backward integration • This integration strengthens the product portfolio, particularly in the over-the-counter (OTC) segment, a key contributor to
revenue
9
Case Study – Savings on Davaindia margins
Company marketed by >
Indian Pharma MNC 1
Indian Pharma MNC 2
Davaindia
Tablet / Medicine Name
Rosuvas – 10 mg
Rosubest - 10
Rosuvastatin 10
Molecule
Generic Type
Margins
Trade Margins %
Big Pharma / Promotions %
Consumer Price for 10 Tablets
Rosuvastatin 10mg
Branded Generic
Trade Generic
Generic
30%
60%
₹ 208
70%
20%
₹ 115
25-30%
0
₹ 25
Same Tablet with same molecule
Significant savings in margins
Multiple brands selling same medicine consisting of same molecule manufactured by same manufacturers with different brand names
High intermediary margins for other companies leading to much higher consumer price vs Davaindia
Tablet
Manufacturer
Telmisartan 40 mg & Hydrochlorothiazide 12.5 mg
Levocarnitine 500 mg
Rabeprazole 40 mg
Aceclofenac 100 mg, Paracetamol 325 mg & Serratiopeptidase 15 mg
Same Manufacturer
Marketed By
Foreign Pharma MNC
Foreign Pharma MNC
Foreign Pharma MNC
Foreign Pharma MNC
MRP
₹ 187.9
₹ 25.0
₹ 404.95
₹ 82.0
₹ 202.5
₹ 35.0
₹ 147.48
₹ 35.0
10
DAVAINDIA
11
Davaindia - Retail Pharmacy Chain data
Revolutionizing the generic pharmacy industry with affordable, accessible, quality healthcare solutions through retail pharmacies’ chain.
2000+
SKUs
2,055* Total no. of stores
*As of 30th September 2025
1,207
COCO stores
848
FOFO Stores
•
•
•
•
•
Launched in 2017, Davaindia has rapidly grown into India’s leading private-sector generic pharmacy chain expanded to 2,055 active stores as of September 2025
Fundamentally driven by providing quality generic medicines at substantial discounts - remarkably 30% to 90% lower than their branded counterparts
Focuses exclusively on private-label products in medicinal, OTC, and ayurvedic categories, with a significant emphasis on chronic therapies and ailments
Every 10 hours, a new davaindia store opens to serve customers better
Every 5 hours, a new employment generation.
2 store Variants
• Company-Owned Company-Operated (COCO)
• Franchisee-Owned Franchisee-Operated (FOFO)
25 States
6 Union Territories
12
Davaindia - Operating Model
Offers a cluster-based store model, optimizing accessibility and convenience for customers across diverse regions
2,000+ SKUs with 70% medicinal products and 30% OTC products, with a special emphasis on chronic ailments such as cardiac, diabetic and thyroid.
Cloud-based software and AI- based tools for real-time supply chain and operations management
CLUSTER BASED APPROACH
COMPREHENSIVE PORTFOLIO
TECHNOLOGY- BASED MODEL
Davaindia Health Mart Limited has implemented a hyperlocal e-commerce model for on-demand medicine delivery, leveraging its company-operated (COCO) retail outlets as fulfilment centres to ensure fast and efficient order processing and doorstep delivery.
HYPERLOCAL MODEL - Davaindia B2C Online Portal and Mobile App
COCO MODEL (NEW FORMAT STORES) Large-format, walk-in, Company-Owned Company- Operated stores in key metropolitans & cities across the country
EXCLUSIVE SALE
BRAND BUILDING
FOFO (Franchisee) MODEL
100% of our product portfolio comprises exclusive sales of private-label generic medicines, OTC, and ayurvedic products
Brand building and consumer-facing advertisement and promotional campaigns with Mr. Mahendra Singh Dhoni & Mr. Suniel Shetty as the brand ambassador undertaken by Davaindia
Franchisee-Owned Franchisee- Operated stores adhere to an asset-light model, contributing to scalability and accessibility
13
Davaindia - Eliminating traditional supply chain
By sourcing directly from manufacturers and selling straight to consumers, traditional pharma supply chain is eliminated & the cost benefits are transferred to the consumer
Doctors
Traditional Pharma
Davaindia Model
Manufacturer
Pharma Marketing Company
Distributors
Retailers
Consumers
Manufacturer
Consumers
Average consumer price
~75% savings on Davaindia medicines as compared to branded counterparts on expenses related to retailers, distributors and marketing.
₹ 100 Traditional Pharma
₹ 25 Davaindia
14
Strengthening the Visibility
Zota Group Welcomes Mr. Mahendra Singh Dhoni & Mr. Suniel Shetty as Brand Ambassador of Davaindia
15
Davaindia – What are COCO Stores
COCO stores are modern walk-in stores providing a distinct contrast to traditional counter-based pharmacies enhancing customer satisfaction and loyalty.
Rapid Expansion
& growth
The timeline for launching a new COCO store has been significantly shortened, enabling faster rollout and supporting accelerated business expansion. Further improvements are underway to streamline the process even more
Profitable
COCO stores have not only been well-received by consumers but have also proven to be more profitable
Store Size
Average size of a COCO store is 350-500 sq. feet, which is leading to lower rental and maintenance costs while still offering wide range of products to meet varied customer needs.
Efficient Inventory Management
With a working capital cycle of 30-40 days, COCO stores can maintain optimal inventory levels, thus reducing storage costs and potential wastage.
Company-Owned Company-Operated
(COCO)
16
Davaindia – COCO Stores
17
Davaindia - COCO Stores
1,207
Operational COCO stores
388
6
2
22
12
51
64
87
47
229
14
41
29
116
1
3
33
2
63
States
West Bengal
Uttar Pradesh
Maharashtra Enhancing Store Delhi Economics Odisha
Haryana
Gujarat
Madhya Pradesh
Kerala
Rajasthan
Uttarakhand
Telangana
Karnataka
Punjab
Himachal Pradesh
Chhattisgarh
Goa
Pondicherry
Total
Company-Owned Company-Operated
No. of Stores
Operated by wholly-owned subsidiary Davaindia Health Mart Ltd
388
229
116
87
2
64
29
14
63
47
51
41
33
22
12
6
1
2
1,207
As of 30th September 2025
18
Davaindia COCO - KPI’s (1/2)
No. of Stores
Quarterly Footfall
1,207
986
852
658
494
19.0
15.7
11.8
in lakhs
29.6
23.0
Q2 FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
Q2 FY25
Q3 FY25
Q4FY25
Q1FY26
Q2FY26
19
Davaindia COCO - KPI’s (2/2)
Quarterly GMV
₹ lakhs
Avg. Wallet Spend
₹
₹ 6,780
₹ 5,290
₹ 229
₹ 224
₹ 227
₹ 231
₹ 229
₹ 4,297
₹ 3,507
₹ 2,714
Q2 FY25
Q3 FY25
Q4FY25
Q1FY26
Q2FY26
Q2 FY25
Q3 FY25
Q4FY25
Q1FY26
Q2FY26
20
Same Store Growth Performance: Period Wise Analysis (852 Store – Till March 2025)
GMV in ₹lakhs/Month
7.02
6.65
5.52
4.63
4.27
3.67
3.23
2.94
1.59
1.14
1.6
1.31
1.97
1.70
2.30
1.98
2.58
2.33
2.13
1.28
3+ Months
6+ Months
9+ Months
12+ Months
15+ Months
18 to 24 Months
24 to 30 Months
36 to 48 Months
195 Stores
164 Stores
123 Stores
136 Stores
99 Stores
52 Stores
54 Stores
29 Stores
Q1FY25
Q1FY26
Q2FY26
Note: 1. The Revenue is calculated on average GMV per month per store
A new store's monthly revenue grows significantly from ₹76,000 in Month 1 to ₹2,25,000 by Month 10, showcasing a robust maturation curve
2. Net Revenue can be arrived at by deducting GST from the GMV
21
Davaindia – What are FOFO Stores
Franchisee-Owned Franchisee-Operated (FOFO)
Asset-light franchise model
FOFO stores employ an asset-light franchise model, contributing to the scalability and accessibility of our product offerings.
Smaller Store size
FOFO stores are compact and over-the-counter format stores, typically having an average size of about 200-300 sq.ft.
Enhancing Customer Experience: Walk-In FOFO Stores since Q4FY23
Starting Q4FY23, all newly added Franchisee-Owned Franchisee-Operated (FOFO) stores will be made walk-in, aimed at enhancing the shopping experience by allowing customers to interact and familiarize with the products.
22
Davaindia - FOFO Stores
3
9
15
848
Operational FOFO stores
13
6
2
12
42 1
30
28
167
26
9
164
1
112
57
1
43
2
9
65
4
2
9
16
17
As of 30th September 2025
FOFO
Franchise Owned Franchise Operated
States
West Bengal Uttar Pradesh Maharashtra Delhi Odisha Haryana Gujarat Madhya Pradesh Kerala Rajasthan Uttarakhand Telangana Karnataka Punjab Bihar Tripura Himachal Pradesh Jammu & Kashmir Tamil Nadu Assam Jharkhand Chhattisgarh Arunachal Pradesh Goa Andhra Pradesh Chandigarh Daman & Diu Total
No. of Stores 164 167 43 30 112 42 57 65 16 28 12 4 9 6 26 15 2 13 9 9 9 1 3 2 2 1 1 848
23
Davaindia FOFO - KPI’s (1/2)
No. of Stores
Quarterly Footfall
664
697
730
759
848
13.9
11.9
12.4
11.3
10.4
Q2 FY25
Q3 FY25
Q4FY25
Q1FY26
Q2FY26
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
24
Davaindia FOFO - KPI’s (2/2)
Quarterly GMV
₹ lakhs
Avg. Wallet Spend
₹ 3,385
₹ 3,488
₹ 3,923
₹ 3,161
₹ 2,840
₹ 285
₹ 282
₹ 281
₹ 279
₹ 274
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
25
OTC Over-the-counter products
Strategic Acquisition as a move towards backward integration
Acquired 65.98% stake in the Everyday Herbal Group*, licensed by the Khadi and Village Industrial Commission, a strategic move towards backward integration.
~30% SKUs
OTC products make up ~30% of the stock keeping units (SKUs) offered by our company making it an important part of the business
MOU with Everyday Herbal Group leverages the REGP license granted by the Government of India, giving additional credibility and leveraging the well-known 'Khadi' mark.
Q2FY26 OTC Revenue contribution
Khadi
27%
*Everyday Herbal Beauty Care & Everyday Health And Beauty Care
26 26
OTC – Products
27
Davaindia is Revolutionising the Indian Healthcare Scenario
₹10,703 lacs
~60 %
Gross Merchandise Value in Q2FY26
Gross Margin in COCO format
2,055
Fast growing FOFO & COCO store network*
*As on 30th September 2025
30-90 %
Savings to consumers on Generic medicines
25-30 %
Mature COCO Stores EBITDA#
# Calculated prior to IND AS 116
28 28
State-Wise Presence of Davaindia Across India (COCO & FOFO Models)
States West Bengal Uttar Pradesh Maharashtra Delhi Odisha Haryana Gujarat Madhya Pradesh Kerala Rajasthan Uttarakhand Telangana Karnataka Punjab Bihar Tripura Himachal Pradesh Jammu & Kashmir Tamil Nadu Assam Jharkhand Chhattisgarh Arunachal Pradesh Goa Andhra Pradesh Pondicherry Chandigarh Daman & Diu Andman & nicobar
Total
* As on 30th September 2025
COCO 388 229 116 87 2 64 29 14 63 47 51 41 33 22 0 0 12 0 0 0 0 6 0 1 0 2 0 0 0 1,207
FOFO 164 167 43 30 112 42 57 65 16 28 12 4 9 6 26 15 2 13 9 9 9 1 3 2 2 0 1 1 0 848
Total 552 396 159 117 114 106 86 79 79 75 63 45 42 28 26 15 14 13 9 9 9 7 3 3 2 2 1 1 0 2,055
29
Davaindia Competitive Edge
The USP of Davaindia: Affordable, Trustworthy, and Innovative Pharmacy Solutions
BENEFITS TO THE CUSTOMERS
BENEFITS TO THE FRANCHISEES
Medicines priced at low MRP thereby ensuring affordability for the masses
Private labels offered, helps in building customer trust by ensuring consistency
Continuously adding to its product range thereby offering variety
Products procured from WHO & GMP approved plants and quality attested
Store operations and the supply chain efficiently managed by cloud-based software & AI
Widespread marketing activities help in promoting the brand and improving sales
Elimination of distributors ensures timely supply of stock
30
Healthy Repeats
With a strong base of 80% repeat
customers, Davaindia demonstrates
a high level of customer satisfaction
and loyalty.
Total Average (in %)
80%
Repeat Customers
12%
New Customers
08%
Lost Customers
31 31
Higher Chronic category share Click to edit Master title style
CATEGORY MIX FY25
CATEGORY MIX Q2FY26
57%
60%
27%
16%
27%
13%
Chronic
OTC
Other
Chronic
OTC
Other
Higher chronic share: A significant 60% of our revenue comes from chronic disease category, signalling high realization and retention rates, reflecting our crucial role in sustaining long-term patient care.
A pronounced emphasis is placed on chronic therapies and ailments such as cardiac, diabetic, thyroid, and neuropsychiatric, resonating with the core healthcare needs of our customers.
32
Supply Chain Management Click to edit Master title style
• The Company has outsourced supply chain management to a third-party warehousing & logistics partner.
• A state-of-art central warehousing & processing center has been built in Surat, in Phase 1.
• Eventually the Company will replicate such infrastructure across different zones in the country.
Click the link below for more details
Click here
33
Domestic Operations
34
Marketing Value Chain:
FDF Manufacturers
WHO-GMP certified manufacturing partners
Branding Quality check, packaging and branding under the umbrella of Zota brands
Distribution
Direct distribution to 1,050+ distributors spread across the country
Retail Pharmacies Ethical marketing, sales distribution and promotional activities undertaken by distributors
Domestic Operations
Domestic marketing has been the oldest business vertical for the
Company and has remained its mainstay in the past. Until 2017,
this vertical contributed most of the Company’s revenues. This
business vertical distributes generic drugs, OTC products, and
other pharmaceutical products through the Company’s
distribution network spread across India.
1,050+ Distributors spread across India
4,000+ Products in the portfolio
35
Export Operations
36
Export Operations
Dossiers Registered In Global Markets
1. Benin 2. Bolivia 3. Cambodia 4. Cameroon 5. Costa Rica 6. Ethiopia 7. Georgia 8. Ivory coast 9. Kenya 10. Mali 11. Myanmar 12. Nepal 13. Nigeria 14. South Africa
15. Sri Lanka 16. Swaziland 17. Tanzania 18. Turkmenistan 19. Uganda 20. Ukraine 21. Uzbekistan 22. Vietnam 23. Zambia 24. Kyrgyzstan 25. Libya 26. Yemen
Our Exports business vertical, which started in 2010, serves
clients in over 30 countries, mainly in the CIS, Latin America,
Africa, and Asia. At its plant in Sachin, SEZ, the Company
manufactures generic formulations for the dossiers it has
registered in overseas markets.
At present, the Company has registered over 325 dossiers,
while another 261 dossiers have been filed and are awaiting
approval from the relevant regulatory agencies.
250+
325
261
Products manufactured
Dossiers registered
Dossiers pending approval
37
Financial Overview
38
Management Commentary
“We are pleased to report another strong quarter driven by robust operational execution and strategic expansion taking our total store count to 2,055. This includes 1,207 COCO and 848 FOFO outlets as on 30th September 2025. The rapid expansion, especially in COCO format, is not just about scale but about deepening access to affordable, quality generic medicines across India.
We delivered an impressive 92% year-on-year consolidated revenue growth in Q2FY26 supported by our strategic expansion. EBITDA reached ₹796 lakhs. Quarterly footfalls more than doubled to 43.53 lakhs, up from 22.23 lakhs in Q2 FY25. This surge in footfall translated into a 91% increase in (GMV), which rose to ₹10,703 lakhs from ₹ 5,554 lakhs in the same period last year.
To fuel ongoing growth, the Board has approved a fund-raising proposal of up to ₹500 crore through Qualified Institutional Placement. This will help us accelerate our store expansion, and drive business scalability. Our brand continues to gain strong visibility, with M.S. Dhoni joining as the brand ambassador for Davaindia, following Suniel Shetty, reinforcing our commitment to credibility and trust. In line with our backward integration strategy, we increased our stake in Everyday Herbal Beauty Care Pvt. Ltd. by 9.98%, raising our total holding to 65.98%, which further strengthens our OTC product portfolio.
Looking ahead, we remain committed to driving sustainable growth by expanding our national footprint, enhancing store-level efficiencies, and staying aligned with the evolving needs of the Indian generics market.”
Mr. Ketankumar Zota Chairman
39
Quarterly Revenue Segmentation
Business Verticals – Consolidated Revenue bifurcation
Davaindia
₹ lakhs
Domestic Operations
₹ lakhs
Export Operations
₹ lakhs
Everyday Herbal
₹ lakhs
9,559
1,587
1,507
1,791
624
1,095
451
655
664
226
7,563
4,260
Q2 FY25 Q1 FY26 Q2 FY26
Q2 FY25 Q1 FY26 Q2 FY26
Q2 FY25
Q1 FY26
Q2 FY26
Q2 FY25
Q1 FY26
Q2 FY26
40
Annually Financial Snapshot
Davaindia
₹ lakhs
Domestic Operations
₹ lakhs
Export Operations
₹ lakhs
18,621
17,122
5,983
5,950
6,342
5,689
3,014
3,190
2,467
2,004
3,297
1,759
10,356
5,578
4,122
FY22
FY23
FY24
FY25
H1FY26
FY22
FY23
FY24
FY25
H1FY26
FY22
FY23
FY24
FY25
H1FY26
Davaindia has driven revenue growth, recording an impressive increase of ~ 65% CAGR since FY22 to FY25 .
41
₹ in lakhs
Particulars
Revenue from Operation
Cost of Goods Sold
Gross Profit
% Margin
Employee cost
Other expenses
Operational Expenses
Operating Profit ( Pre IND AS)
% Margin
Other Income
EBITDA (Pre IND AS)
% Margin
Business Vertical Performance (Consolidated)
Q2 FY26
Business Vertical
Davaindia
Domestic
Exports
Everyday
9558.6
3230.1
6328.5
66.2%
3454.8
3834.4
7289.2
-960.7
-10%
72.5
-888.2
-
1790.5
1190.7
599.8
33.5%
149.4
361.2
510.6
89.2
5%
19
108.2
6%
1095.0
476.3
618.7
56.5%
143.0
142.1
285.0
333.6
30%
65.8
399.4
36%
450.8
347.5
103.3
22.9%
72.6
51.8
124.4
-21.1
-5%
1.7
-19.4
-
(Consolidated)
Consolidated
12894.8
5244.6
7650.3
59.3%
3819.7
4389.5
8209.2
-558.9
-4%
163
-399.9
-
42
₹ in lakhs
Particulars
Export Sales (SEZ)
Davaindia Sales
Domestic Sales
Everyday Herbal Group Revenues from Operations
Cost of Goods Sold
Gross Profit
% Margin
Employee cost
Other expenses
Operational Exp
Operating Profit
% Margin
Other Income
EBITDA
% Margin
Depreciation
EBIT
Interest Cost
EBT
Taxes
Profit After Taxes
Profit & Loss Statement (Consolidated)
Q2FY26
Q1FY26
Q2FY25
H1FY26
H1FY25
FY25
(Consolidated)
1095.0
9558.6
1790.5
450.8 12894.8
5,244.6
7,650.3
59.3%
3819.7
3198.5
7018.2
632.1
4.9%
163.7
795.7
6.2%
1850.8
-1055.1
382.8
-1437.9
181.5
-1619.4
664.2
7562.9
1506.9
624.4
10358.3
4,513.3
5,845.1
56.4%
3317.3
2132.0
5449.3
395.7
3.8%
87.6
483.4
4.7%
1467.8
-984.5
323.9
-1308.4
69.4
-1377.8
654.7
4260.4
1586.5
226.0
6727.6
3,125.5
3,602.1
53.5%
2006.4
1682.7
3689.1
-87.0
-1.3%
54.3
-32.8
-0.5%
951.2
-984.0
285.3
-1269.3
-51.2
-1218.1
1759.2
17121.5
3297.4
1075.2 23253.1
9,757.8
13,495.3
58.0%
7137.0
5330.5
12467.5
1027.7
4.4%
251.3
1279.0
5.5%
3318.6
-2039.7
706.7
-2746.4
250.8
-2997.1
1126.8
7841.3
2977.4
412.3
12357.8
5759.6
6,598.2
53.4% 3631.0
3179.9
6810.9
-212.8
-1.72%
56.1
-156.7
-1.3%
1753.6
-1910.3
575.1
-2485.4
4.9
-2490.4
3190.3
18621.4
6341.5
1144.2
29297.5
13730.3
15,567.1
53.1% 8606.6
7533.8
16140.4
-573.3
-1.96%
206.8
-366.5
-1.3%
4319.6
-4686.1
1078.3
-5764.5
90.6
-5673.9
43
₹ in lakhs
Assets
Non-Current Assets
Property, plant and equipment
Right-of-use assets
Intangible Assets
Capital Work in Progress
Intangible Assest Under Development
Financial Assets
(i) Investments
(ii) Loans
Deffered tax assets (Net)
Other Non Current Assets
Total Non Current Assets
Current Assets
Inventories
Trade Receivables
Cash and Cash Equivalents
Bank Balance and other than Cash and Cash Equivalent Loans
Other Current Assets
Total Current Assets
Total Assets
Balance Sheet Statement (Consolidated)
As at 30th September 2025
As at 31st March 2025
Equity and Liabilities
As at 30th September 2025
As at 31st March 2025
(Consolidated)
7,593.5
16,211.8
417.8
651.5
858.0
9,228.4
11.0
1,176.5
-
36,148.5
11,783.4
5,814.2
417.3
214.5
4,060.5
2,152.5
24,442.3
60,590.8
(i) Equity Share capital
5,598.9 (ii) Other Equity
12,538.1 Non-Controlling Interest
401.4 Total Equity
557.6 Liabilities
90.3 Non-Current Liabilities
Financial Liabilities
5,435.3 (i) Borrowings
11.0 (ii) Lease liabilities
865.2 Provisions
- Total Non Current Liabilities
25,497.8 Current liabilities
(i) Borrowings
10,568.4 (ii) Lease liabilities
4,050.2
213.2
(ii) Trade payables Total outstanding dues of micro and small enterprises (ii) Trade payables Total outstanding dues of Creditors other than micro and small enterprises
148.7 Other Current liabilities
1,699.1 Provisions
1,736.8 Total Current Liabilities
18,416.3 Total Liabilities
43,914.1 Total Equity and Liabilities
3,064.4
28510.1
311.5
31,886.0
503.9
13,187.5
602.5
14,293.9
163.9
4,287.9
1,715.5
4,533.8
806.2
2,903.7
14,410.9
28,704.8
60,590.8
2,863.5
19505.0
347.0
22,715.5
499.5
10,255.5
382.2
11,137.2
61.0
3,144.5
1,248.2
2,991.9
1,008.3
1,607.6
10,061.4
21,198.6
43,914.1
44
Thank You
"ZOTA HOUSE", 2/896, Hira Modi Street, Sagrampura, -Surat-395 002 (Gujarat)
Siddesh Chawan - siddesh.chawan@in.ey.com
cszota@zotahealthcare.com
Ajit Mishra - ajit.j.mishra@in.ey.com
www.zotahealthcare.com
45