NSE: ZYDUSWELL · BSE: 531335
ZYDUS WELLNESS LIMITED
Markets and sells packaged consumer health and wellness products across food, nutrition, and personal care categories in India, and runs an international vitamins, minerals and supplements (VMS) business added in FY26. The domestic portfolio spans sugar substitutes (Sugar Free), health drinks (Glucon-D), nutrition bars (RiteBite), and skincare (Everyuth), sold through general trade, modern retail and quick commerce channels, with quick commerce now 7-8% of total business and organized retail accounting for 30% of domestic sales. In Q4 FY26, domestic skin and hair care grew 39.7% and food and nutrition grew 9.4%, while seasonal brands declined 9.8% on delayed summer and weak wholesale pipelines. The international business operates through Comfort Click Limited in the UK, acquired for GBP 242 million, selling VMS brands WeightWorld, Maxmedix and Animigo online in a European VMS market management sizes at over €11 billion; Comfort Click became EPS-accretive within seven months of acquisition. Overall, raw materials and packaging at 30.6% of FY26 revenue and other operating expenses at 39.7% are the largest cost items, with EBITDA margin of 12.0% on ₹3,961 crore of FY26 sales. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic packaged FMCG, International VMS (Comfort Click). Brand-led FMCG in packaged food, nutrition and personal care, with a newly acquired international VMS arm.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,009 | 2,255 | 2,328 | 2,709 | 3,961 |
| EBITDA (ex other income) | 345 | 327 | 294 | 386 | 469 |
| margin % | 17.2 | 14.5 | 12.6 | 14.2 | 11.8 |
| Owners' profit | 308 | 310 | 267 | 347 | 197 |
| EPS, as reported (₹) | 48.54 | 48.78 | 41.94 | 54.52 | 6.20 |
| ROE % · ROCE % | 6.4 · 6.7 | 6.1 · 6.0 | 5.0 · 5.3 | 6.1 · 6.5 | 3.4 · 3.4 |
| Debt / equity (x) | 0.08 | 0.06 | 0.06 | 0.03 | 0.55 |
| Cash from operations | 237 | 92 | 246 | 380 | 226 |
| Capex | (75) | (45) | (29) | (66) | (102) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 493 | 462 | 913 | 861 | 651 | 965 | 1,485 | 1,437 |
| Profit before tax | 24 | 10 | 173 | 145 | (51) | (42) | 177 | 162 |
| Net profit | 21 | 6 | 172 | 128 | (53) | (40) | 162 | 119 |
| EPS (₹) | 3.28 | 1.01 | 27.01 | 20.10 | (1.66) | (1.25) | 5.09 | 3.74 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NESTLE INDIA LIMITED | 2,25,418 | 59.2 | 43.71 | 41.0 | 67.9 | 54.7 | — | 24.4 |
| BRITANNIA INDUSTRIES LTD | 1,10,429 | 42.4 | 21.50 | 29.6 | 49.4 | 59.8 | 7.8 | 18.0 |
| ZYDUS WELLNESS LIMITED ◆ | 14,793 | 78.6 | 2.54 | 37.6 | 3.4 | 2.4 | 16.2 | 17.1 |
| BIKAJI FOODS INTERN LTD | 11,603 | 44.9 | 6.80 | 25.7 | 14.9 | 18.3 | — | 15.3 |
| BOMBAY BURMAH TRADING COR | 8,286 | 6.4 | 0.86 | 2.4 | 26.0 | 33.5 | 7.8 | 17.7 |
| MRS BECTORS FOOD SPE LTD | 5,577 | 18.9 | 4.39 | 19.6 | 11.1 | 13.1 | 18.3 | 14.7 |
| GOPAL SNACKS LIMITED | 3,057 | 36.4 | 6.38 | — | 15.4 | 19.4 | — | 7.6 |
| ADF FOODS LIMITED | 2,635 | 28.6 | 4.61 | 17.9 | 15.7 | 18.8 | 13.1 | 18.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 78.6 | 29.5 | 33 of 38 | 14% |
| P/B | 2.5 | 2.6 | 17 of 34 | 52% |
| ROCE | 2.4 | 7.4 | 29 of 40 | 28% |
| ROE | 3.4 | 7.7 | 23 of 34 | 33% |
| Debt / Equity | 0.6 | 0.1 | 28 of 33 | 16% |
| EBITDA margin | 17.1 | 9.9 | 7 of 33 | 81% |
| Revenue growth | 66.9 | 14.1 | 8 of 36 | 80% |
| Profit growth | (7.0) | 14.1 | 26 of 33 | 22% |
| Market cap | 14793 | 96 | 3 of 43 | 95% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Zydus clarifies FSSAI notice over product claims | regulatory legal | medium | — | — |
| 22 Oct 2026 · BSE seeks clarification on FSSAI media report | regulatory legal | high | — | — |
| 19 Oct 2026 · Schedule of meeting informed to exchange | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Zydus Wellness gets ESG rating of 72, placed in Leader category | general | medium | — | — |
| 15 Oct 2026 · Board meeting on November 3 to consider Q2 and H1 FY27 financial results | results | low | — | — |
| 8 Oct 2026 · Routine quarterly certificate for share dematerialization process | compliance | minimal | — | — |
| 30 Sept 2026 · Special window opened for transfer and demat of physical shares | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1, 2026 until Q2 and H1 FY 2026-27 results | compliance | minimal | — | — |
| 18 Sept 2026 · Zydus Wellness CMO Arijit Sengupta resigns, cites personal relocation | management changes | high | — | — |
| 18 Sept 2026 · Zydus Wellness CMO Arijit Sengupta resigns | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.