Zydus Hits a 2-Year High on Chronic Push

has been one of the standout stories in Indian pharma recently, with shares touching a two-year high on October 2, though a closer look at the numbers shows a more complicated picture than the headline price action suggests. 1)The rally has real momentum. The stock is up 33% over the past six months and has rebounded 47% from its 52-week low of ₹835.85 (touched March 2, 2026), making it the best-performing pharmaceutical stock over both the past month and three months. 2)The chronic therapy shift is the core growth driver. Zydus's chronic portfolio now contributes 54% of trailing 12-month revenue, up 360 basis points over the last four years, a genuine structural shift toward higher-margin, India-focused business rather than reliance on generics alone. 3)But there's a real disconnect in the numbers. While revenue grew 22% in the most recent quarter, net profit actually fell 36% over the same period, a significant gap that investors are clearly weighing against the strong top-line growth story. 4)New launches are offsetting a known headwind. The decline in sales from the generic version of cancer drug Revlimid has reportedly been offset by new niche product launches, according to PL Research, suggesting management has managed a difficult product transition reasonably well.