Wockhardt Margin Expansion Ahead? Chairman On Zaynich Sales, Growth Roadmap & More
📅 Aug 13, 2026NDTV Profit9 MIN17 SEGMENTS · 2 SPEAKERS
Wockhardt is entering a key phase of its growth journey. Chairman Habil Khorakiwala discusses 20%+ underlying growth, the ...
What Habil Khorakiwala said
Written from the verified transcript and checked against it. Every figure links to the moment it was said.
Habil Khorakiwala, chairman of Wockhardt, said the company's strong Q1 performance, with 26% revenue growth and EBITDA turning positive at 107 crore rupees, reflects consistent progress over several quarters. He attributed growth mainly to the international business, which will remain a key focus. He projected at least 20% growth in the normal business over the next 12-18 months, with new molecule Zanid providing additional revenue, possibly at break-even initially. He expects rapid growth beginning in FY28 and hockey-stick growth from FY29 onwards. R&D spending will stay at 10-12% of revenue for 3-5 years as products like Emrac, Mitnet, and 607 progress through global trials. Margins will improve year-on-year, significantly after FY29. Regarding Zynetic (likely misheard as Zaynich), he affirmed a peak sales target of $1.5-2 billion during the patent life, possibly earlier, and discussed spacing out product launches. He also described the Wockhardt Antibiotic Academy's first session, with over 1,000 participants, aimed at promoting correct antibiotic use and building global credibility.
Key takeaways
Normal business to grow at least 20% over next 12-18 months, with Zanid additional but possibly break-even.
Rapid growth begins FY28, hockey-stick growth from FY29 onwards.
R&D spend to remain 10-12% of revenue for next 3-5 years.
Zynetic peak sales target of $1.5-2 billion during patent life, possibly earlier.
0:00What have been the key drivers behind this sharp operating leverage, and what is that medium-term outlook looking like?
1:17Now, how much of this growth has come in from insulin, and how sustainable is this momentum going to be, Dr. Khorakiwala?
1:52So, how should one actually think about the revenue ramp-up, the capex that will be required, and the growth trajectory over the next 12 to 18 months?
3:16With regards to the R&D spends as well, they've been relatively controlled, but now, you know, with the pipeline that you have which is advancing towards commercialization, will those spends actually increase?
4:20And what is the kind of impact it will have in terms of margins?
4:45And second part is, in terms of the peak revenue target that you have, you've said 1.5 to 2 billion dollars of Zynetic, what is the expected timeline to achieve this peak?
Wockhardt is in focus as well. In fact, a sharp turnaround is what the company has delivered in the first quarter. The stock has cooled off from the day's highs but still trading in the positive — 2.5% up move is what we are seeing. If you talk about the revenue, a 26% growth, EBITDA has actually jumped 2.6 times on a year-on-year basis. So, strong numbers there. Joining us, Habil Khorakiwala, founder and chairman at Wockhardt. Welcome to the show, Mr. Khorakiwala. Always a pleasure to speak to you. A 26% revenue growth, good EBITDA growth as well, and good amount of margin expansion. What have been the key drivers behind this sharp operating leverage, and what is that medium-term outlook looking like?
See, our performance both on top line and operating results and bottom line has been consistently good in the last several quarters, and that has been continued. The major reason is that we have overall top line growth of about 26%, and our EBITDA, which was negative last year, is in a good positive space this year at 107 crore rupees. Yes.
Okay. So, that's overall growth. And what about the biotech revenue? That has more than doubled. Now, how much of this growth has come in from insulin, and how sustainable is this momentum going to be, Dr. Khorakiwala?
The major part of revenue, as you would have noticed, has come out from our international business, and that has been the important focus area for future growth. And that higher level of growth will continue during the year.
Okay. You've also in the past spoken about opportunities in biologics and new molecules. So, how should one actually think about the revenue ramp-up, the capex that will be required, and the growth trajectory over the next 12 to 18 months?
Our normal business will continue to grow at at least 20% plus over the next 12 to 18 months. And our new molecule, like Zanid, would be additional one as far as the revenue is concerned. Because there is an initial investment in creating organization, so we would be either at a break-even point or maybe plus or minus.
Okay. So, you know, the next question that I have for you, Mr. Khorakiwala, is that all of this will start to play out now. When do you see normalization, and there is going to be a point in time where you will see that hockey-stick kind of growth coming in? Will it be '28? Will it be '29? Which years will we see that?
