Investor Presentation
ZYDUSWELL · price
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Zydus Wellness reported strong Q4 FY26 revenue of ₹14,847 million, up 62.6% YoY, driven by acquisitions and organic growth. Full-year FY26 revenue reached ₹39,610 million, up 46.4% YoY. Gross margin expanded significantly by 1000 bps in Q4 to 64.8%, supported by portfolio strength and newly acquired brands. However, EBITDA margin contracted to 18.2% in Q4 (vs 20.8% in Q4 FY25) due to higher amortization from acquisitions (₹467 million in Q4 vs ₹64 million YoY) and increased finance costs from acquisition-related debt. PAT declined 5.8% YoY to ₹1,620 million in Q4, with adjusted PAT down 30.2% for FY26 at ₹2,380 million. Key brands maintained leadership: Sugar Free holds 96.1% market share with 24 bps YoY gain; Max Protein continues strong momentum; Everyuth ranks 5th in facial cleansing with 8.0% market share. International business (excluding Comfort Click) delivered high double-digit growth despite geopolitical disruptions.
The stock benefits from strong revenue growth and gross margin expansion, but investors should note EBITDA margin pressure and lower PAT due to acquisition-related costs (higher depreciation, interest, and brand amortization). The ₹10,000 million capital raise and NCD repurchase signal improved balance sheet management. Long-term growth appears intact given brand leadership and new product launches.