Zenotech Laboratories Limited (532039) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Zenotech Laboratories Limited ₹11.63, price ₹41.99, upside -72.3%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range ₹34.29 – ₹101.67 · fair‑value band ₹8.78 – ₹16.58 · the ₹41.99 price screens above the ₹11.63 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Zenotech Laboratories Limited operates as a pharmaceutical specialty generic injectables company in India. The company manufactures oncology, biotechnology, and general injectable products, such as granulocyte-colony stimulating factor (GCSF) and granulocyte-macrophage colony-stimulating factor (GMCSF).
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Zenotech Laboratories Limited operates as a pharmaceutical specialty generic injectables company in India. The company manufactures oncology, biotechnology, and general injectable products, such as granulocyte-colony stimulating factor (GCSF) and granulocyte-macrophage colony-stimulating factor (GMCSF). Its injectable product portfolio primarily serves therapy areas, such as oncology and anesthesiology. The company was formerly known as Sunline Technologies Limited and changed its name to Zenotech Laboratories Limited in August 2004. Zenotech Laboratories Limited was incorporated in 1989 and is based in Hyderabad, India.
Stock analysis
Zenotech Laboratories Limited (532039) currently trades at ₹41.99, while our model-based Fair Value estimate is ₹11.63, 72.3% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹12.52 per share, and 0 of the 13 models we run sit above the ₹41.99 price.
Bear case: the Earnings-Based group reads lowest at ₹8.18, and 13 of the 13 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹8.78 (bear) to ₹16.58 (bull), the price of ₹41.99 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Healthcare sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Zenotech Laboratories Limited reported revenue of ₹396M in FY2026 versus ₹366M in FY2022, a compound +2.0%/yr. Reported net income was −₹10.7M in FY2026.
Key figures
Market cap ₹2.6B (≈ $26.6M) · P/E ratio 38.9 · P/S ratio 10.6 · EPS (TTM) ₹0.7090 · Net margin −2.7% · Return on equity 9.7% · Return on assets (EBIT) 8.9% · Operating margin −13.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −19% fair-value upside, at −72%, 532039 screens richer than that median.
Fair Value models
Bear ₹8.78Fair Value ₹11.63Bull ₹16.58
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹0.3613 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−8.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.3%
Start year 2021 (pandemic). Over 10 years: +33.6% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.9%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−0.4% (2021) → 5.2% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+49.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +43.2% a year for the price.
Compare Zenotech Laboratories Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 599 stocks
Beats the industry median on 2/13 measures
Overall it trails its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside−72.3% · Bottom 25%
Profitability
Return on equity (TTM)9.7% · Above median
Return on assets−1.8% · Bottom 25%
Net margin (TTM)22.1% · Top 25%
Operating margin (TTM)−13.5% · Bottom 25%
Growth and dividend
Revenue growth−58.8% · Bottom 25%
Dividend yield (TTM)0.0% · Bottom 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/E (TTM)38.9× · Pricier than median
P/B2.69× · Pricier than median
P/S (TTM)12.99× · Priciest 25%
P/FCF136.1× · Priciest 25%
EV/EBITDA75.7× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 17
FUTURE (revenue growth)0· sector 24
PAST (return on equity)39· sector 27
HEALTH (low debt)100· sector 96
DIVIDEND (yield)0· sector 30
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Zenotech Laboratories Limited (532039) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹11.63 versus a price of ₹41.99, about −72% upside (overvalued).
What is the fair value of 532039?
Our model-based fair value for Zenotech Laboratories Limited is ₹11.63 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹41.99.
What is the quality score of 532039?
Zenotech Laboratories Limited has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Zenotech Laboratories Limited (532039)?
Our model-based price target is the fair value of ₹11.63 (as of Sep 27, 2026) from 13 valuation models. Cautious scenario ₹8.78, optimistic scenario ₹16.58. It is a calculation from audited fundamentals, not an analyst target.
What is the Zenotech Laboratories Limited stock forecast for 2026?
Our models put fair value at ₹11.63, about −72% upside versus a price of ₹41.99 (overvalued). Cautious scenario ₹8.78, optimistic scenario ₹16.58. The calculation is refreshed regularly with new filings.
What is the revenue of Zenotech Laboratories Limited (532039)?
Zenotech Laboratories Limited reported trailing-twelve-month revenue of about ₹197M (latest available figure, as of Sep 27, 2026).
What growth is priced into Zenotech Laboratories Limited (532039)?
For today's price to be fair in a discounted-cash-flow model, Zenotech Laboratories Limited would have to grow free cash flow by +49.1 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.4 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 532039 use?
Our models discount Zenotech Laboratories Limited at 10.9 %: a base by market capitalisation (nano), damped by beta 0.22, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Zenotech Laboratories Limited that is +49.1 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Zenotech Laboratories Limited (532039) delivered so far?
Over the past 5 years revenue at Zenotech Laboratories Limited grew +15.4 % a year. The price currently implies +49.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Zenotech Laboratories Limited (532039) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Zenotech Laboratories Limited (+49.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Zenotech Laboratories Limited (532039)?
The free-cash-flow yield on the price is 0.73 %: that much free cash flow Zenotech Laboratories Limited produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zenotech Laboratories Limited (532039)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zenotech Laboratories Limited it is ₹11.63 per share (as of Sep 27, 2026), against a price of ₹41.99. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Zenotech Laboratories Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 532039 trades above its calculated fair value: price ₹41.99, fair value ₹11.63, a gap of about −72% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 532039?
No. The price is what the market pays today (₹41.99); the fair value is what the company's own numbers justify (₹11.63). For Zenotech Laboratories Limited the two are ₹30.36 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zenotech Laboratories Limited worth?
The market values Zenotech Laboratories Limited at about ₹2.6B (market capitalisation, as of Sep 27, 2026). Per share that is ₹41.99; our models calculate a fair value of ₹11.63 per share.
What do the bullish and bearish scenarios say about 532039?
Our models span a range for Zenotech Laboratories Limited: cautious scenario ₹8.78, base ₹11.63, optimistic ₹16.58 per share (as of Sep 27, 2026, price ₹41.99). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 532039?
Zenotech Laboratories Limited trades at a price-to-earnings ratio of 38.9 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹11.63 is built from several models across several years. Other multiples: P/B 2.7, P/S 13.0, EV/EBITDA 75.7.
How solid is the balance sheet of Zenotech Laboratories Limited (532039)?
Balance-sheet figures for Zenotech Laboratories Limited (as of Sep 27, 2026): return on equity 9.7%. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 532039 from its 52-week high?
Zenotech Laboratories Limited trades at ₹41.99, about 21% below its 52-week high of ₹53.49 and 22% above the low of ₹34.29 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹11.63 is for.
Which stocks are comparable to Zenotech Laboratories Limited?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Teva Pharmaceutical Industries Limited, Sun Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Zenotech Laboratories Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹41.99, calculated fair value ₹11.63 (−72%), Quality Score 53/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 532039 calculated?
We run Zenotech Laboratories Limited through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹11.63, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Zenotech Laboratories Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Zenotech Laboratories Limited (532039)?
The closing price on Oct 1, 2026 was ₹41.99. Our model-based fair value is ₹11.63, about −72% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zenotech Laboratories Limited right now?
The price sits above even our optimistic bull case (₹16.58). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹8.78 to ₹16.58) leaves room in how you read the outcome.
Key figures of Zenotech Laboratories Limited
How large is the market capitalisation of Zenotech Laboratories Limited (532039)?
The market capitalisation of Zenotech Laboratories Limited is ₹2.6B (≈ $26.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Zenotech Laboratories Limited (532039)?
The price-to-sales ratio of Zenotech Laboratories Limited is 10.6 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zenotech Laboratories Limited (532039)?
Earnings per share at Zenotech Laboratories Limited are ₹0.7090 (price ÷ EPS = P/E 38.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Zenotech Laboratories Limited (532039)?
The net margin of Zenotech Laboratories Limited is −2.7% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Zenotech Laboratories Limited (532039)?
The return on equity (ROE) of Zenotech Laboratories Limited is 9.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Zenotech Laboratories Limited (532039)?
On an EBIT basis the return on assets of Zenotech Laboratories Limited is 8.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Zenotech Laboratories Limited (532039)?
The operating margin of Zenotech Laboratories Limited is −13.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zenotech Laboratories Limited (532039)?
Revenue at Zenotech Laboratories Limited is growing −58.8% versus a year earlier (3y avg −2.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Zenotech Laboratories Limited (532039) carry?
The net debt of Zenotech Laboratories Limited is ₹35.9M (fiscal year 2022, ≈ 1.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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