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Zenotech Laboratories Limited (532039) Fair Value & Analysis

Other · IN · Market cap ₹2.1B

ZL Zenotech Laboratories Limited 532039 · BSE
Price₹47.62
Fair Value₹7.78
Upside-83.7%
Quality53/100
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Expensive Growth
Highly profitable · 22.1% net margin
Low debt · generates free cash flow
Trails peers (3/14)
Narrow moat 34/100
Evidence: Medium Range ₹7.44 – ₹8.07 Share as image

Fair value as of: Aug 13, 2026

From 13 valuation models · updated 5 days ago

A solid business, but screening 84% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹8.07). The favourable scenario is already priced in.
  • Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
  • The models converge in a tight band (₹7.44 to ₹8.07), unusually little disagreement for a valuation.
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Price vs Fair Value (5 years)

₹101.67 ₹34.29 Fair Value ₹7.78 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹34.29 – ₹101.67 · fair‑value band ₹7.44 – ₹8.07 · the ₹47.62 price screens above the ₹7.78 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Zenotech Laboratories Limited (532039) currently trades at ₹47.62, while our model-based Fair Value estimate is ₹7.78, implying the stock looks roughly 83.7% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Other sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Zenotech Laboratories Limited generated revenue of ₹197M at a net margin of 22.1%. Revenue declined 58.8% year over year. It earns a return on equity of 9.7%. Net debt stands at ₹35.9M. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹7.44 (bear case) to ₹8.07 (bull case); at ₹47.62, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 27% below its 52-week high and 42% above its 52-week low, currently above its 200-day average. For context, the median of 10 Other peers we cover trades at -24% fair-value upside, at -84%, 532039 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF ₹9.37 ₹13.25 ₹20.44 80
Rev-Margin DCF ₹8.61 ₹12.02 ₹17.14 74
ROIC Compounder ₹7.74 ₹8.18 ₹8.56 72
All 13 models by family
DCF Models
FCF DCF ₹9.60 ₹12.52 ₹20.77 38
5Y Revenue Exit ₹8.61 ₹11.56 ₹17.31 39
5Y EBITDA Exit ₹14.14 ₹23.47 ₹40.71 41
10Y Revenue Exit ₹8.77 ₹12.51 ₹16.72 36
10Y EBITDA Exit ₹12.71 ₹22.83 ₹41.97 37
Earnings-Based
EPV ₹7.74 ₹8.18 ₹8.56 59
Multiples
EV/EBIT ₹8.53 ₹9.72 ₹10.91 53
EV/EBITDA ₹16.25 ₹20.02 ₹23.78 54
EV/Revenue ₹8.06 ₹9.38 ₹10.71 43
Asset-Based
NCAV (Graham) ₹7.79 ₹10.44 ₹15.59 50
Growth DCF
Growth DCF ₹9.37 ₹13.25 ₹20.44 80
Rev-Margin DCF ₹8.61 ₹12.02 ₹17.14 74
Economic Profit
ROIC Compounder ₹7.74 ₹8.18 ₹8.56 72

Widest divergence: DCF Models (₹12.52) versus Earnings-Based (₹8.18). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹197M
Revenue growth (YoY) -58.8%
Net margin 22.1%
Return on equity 9.7%
Free cash flow ₹18.8M FY2026
P/E ratio 38.9 as of Jul 4, 2026
More key figures
Operating margin -13.5%
EPS (TTM) ₹0.7090
Net debt ₹35.9M FY2022

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 55 · Market factors (momentum, volatility) 41

Profitability 22
Margins and returns on capital today
Quality Growth 34
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 53
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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).

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

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.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹396M
Latest YoY
−8.1%
Avg. growth/yr (3Y) 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.
−2.3%
Avg. growth/yr (5Y) 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.
+15.3%
Avg. growth/yr (12Y) 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.
+24.9%
Revenue +2.0%/yr
FY22 ₹366M
FY23 ₹424M
FY24 ₹408M
FY25 ₹430M
FY26 ₹396M
Net income
FY22 ₹222M
FY23 ₹116M
FY24 ₹83.0M
FY25 ₹56.1M
FY26 −₹10.7M

532039 screens 84% overvalued. Compare with Federal Home Loan Mortgage Corporation →

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Cite: Fair Value Calculator (2026). "Zenotech Laboratories Limited Fair Value". https://www.fairvalue-calculator.com/stock/532039

Peer Group

Other · 373 stocks

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.

Quality Score 53 · Below median
Fair Value upside −84% · Bottom 25%
Return on equity (TTM) 10% · Top 25%
Return on assets -2% · Bottom 25%
Net margin (TTM) 22% · Top 25%
Operating margin (TTM) -13% · Bottom 25%
Revenue growth -59% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Other median · lower = cheaper

P/E (TTM) 38.9× · Pricier than 75% of peers
P/B 2.20× · Pricier than 75% of peers
P/S (TTM) 10.61× · Pricier than 75% of peers
P/FCF 1.2× · Pricier than 75% of peers
EV/EBITDA 60.0× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 9
FUTURE 0 · sector 0
PAST 39 · sector 0
HEALTH 100 · sector 97
DIVIDEND 0 · sector 31

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is Zenotech Laboratories Limited (532039) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹7.78 versus a price of ₹47.62, about −84% (overvalued).
What is the fair value of 532039?
Our model-based fair value for Zenotech Laboratories Limited is ₹7.78 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹47.62.
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 revenue of Zenotech Laboratories Limited (532039)?
Zenotech Laboratories Limited reported trailing-twelve-month revenue of about ₹197M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 532039?
The net profit margin of Zenotech Laboratories Limited is about 22.1%, meaning it keeps roughly 22.1% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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