Zydus Lifesciences reported a revenue of Rs. 5,237 crore, a 20% year-on-year increase, but a 16% quarter-on-quarter decline, largely due to weaker performance in the Indian consumer wellness segment and US formulations. EBITDA rose 28% year-on-year to Rs. 1,461 crore, though it fell 30% quarter-on-quarter, with margins at ~28%. The company reaffirmed a Buy rating with a target price of Rs. 1,078, trading at 22x and 20x its FY26E and FY27E EPS, respectively.