Zydus Wellness Limited (ZYDUSWELL)
₹512.75 +0.55% last close, 16 Oct
Q2 FY27 results
📅 Next results: 03 Nov 2026 (board meeting)Zydus Wellness Limited's board meets on 3 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Zydus Wellness' revenue was ₹1,437 Cr, and net profit ₹119 Cr; the operating margin was 16.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,437 | — | -3.2% |
| Operating profit | ₹242 | +55.1% | -10.4% |
| Net profit | ₹119 | — | -26.5% |
| EPS (₹) | 3.74 | — | -26.5% |
| Operating margin | 16.8% | — | — |
No EPS growth against Q1 FY26: ₹10 to ₹2 split in Sep 2025.
ZYDUSWELL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.27% of the ZYDUSWELL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.79%. That is close to its usual level. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 45.9% · 55.0% · 45.2% · 50.3% · 43.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Zydus Wellness Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, provided by Registrar and Share Transfer Agent MUFG Intime India Private Limited, confirms the processing, cancellation, and substitution of depositories for share certificates received for dematerialisation. This is a standard quarterly administrative filing with no impact on business operations or financials.
- Regulation 74(5) compliance confirmed for the quarter ended September 30, 2026
- Confirmation received from RTA MUFG Intime India Private Limited on October 3, 2026
- Filing submitted to BSE and NSE on October 8, 2026
Zydus Wellness Limited announced the resignation of its Chief Marketing Officer (CMO), Arijit Sengupta, citing personal circumstances requiring relocation to Mumbai. The resignation was tendered on 18-Jun-26, with his last working day effective today, 18-Sep-26. As a key Senior Management Personnel overseeing brand initiatives for core portfolios like Complan and Glucon-D, the transition is noteworthy for brand strategy execution. The financial impact is not direct, as company operations and ongoing expansion strategies remain intact.
- Resignation tendered on 18-Jun-26 by Chief Marketing Officer Arijit Sengupta
- Last working day effective 18-Sep-26 following notice period
- Reason cited: Personal circumstances requiring relocation to Mumbai
- Employee ID cited in resignation letter: 2305767
Zydus Wellness Limited announced that Mr. Arijit Sengupta, Chief Marketing Officer and a member of Senior Management, has tendered his resignation effective from the close of business hours on September 18, 2026. The resignation letter cited personal circumstances requiring relocation to Mumbai. The departure occurs at a time when the company relies heavily on brand marketing to achieve its target direct reach of 3.5 million retail outlets and manage intense competition across brands like Complan, Glucon-D, and Nycil. A successor for the CMO role has not yet been announced.
- Resignation of Chief Marketing Officer Mr. Arijit Sengupta effective close of business hours on September 18, 2026
- Reason cited in resignation letter is relocation to Mumbai due to personal circumstances
- Resignation notice originally submitted on June 18, 2026, serving a notice period through September 18, 2026
- Company trades at a TTM P/E of 122.9 with TTM revenue of Rs 1,947 Cr
Zydus Wellness has responded to an NSE surveillance inquiry dated September 7, 2026, regarding a significant increase in trading volume. The company confirmed that all required disclosures under Regulation 30 have been made and that there are no undisclosed events or impending announcements affecting share volume or price. Management stated that the recent volume surge is purely market-driven, with no company knowledge or control over the trading activity.
- NSE issued a surveillance clarification letter ref. NSE/CM/Surveillance/17498 on September 7, 2026
- Company submitted its formal clarification on September 8, 2026
- Company confirmed zero undisclosed events or information having price/volume bearing
- Trading volume surge categorized as purely market driven
Zydus Wellness Limited disclosed that SES ESG Research Pvt. Ltd., a SEBI-registered ESG Rating Provider, has assigned an ESG score of 71.7 to the company. This marks an improvement from the score of 70 assigned for FY 2024-25. The voluntary rating report was dated September 2, 2026, and received by the company on the same day. The disclosure has no direct operational or financial impact on earnings.
- SES ESG Research assigned an ESG score of 71.7 to Zydus Wellness
- Previous ESG score stood at 70 for FY 2024-25
- Rating report dated September 2, 2026, and received at 7:02 p.m. on the same date
Zydus Wellness Limited has informed the exchanges that company representatives will participate in an investor conference. The company is scheduled to attend the Anand Rathi G-200 Summit 2026 on Tuesday, September 22, 2026, in Mumbai. The interactions will include group and one-on-one meetings with institutional investors. No price-sensitive information or financial transactions were disclosed in the filing.
- Participation scheduled for Tuesday, September 22, 2026
- Attending the Anand Rathi G-200 Summit 2026 hosted by Anand Rathi in Mumbai
- Format includes both group and one-on-one institutional investor meetings
Zydus Wellness submitted the transcript of its 32nd AGM held on August 4, 2026. Management clarified that the ~₹3,000 crore borrowing was raised in GBP at ~5% interest rate to fund the Comfort Click acquisition at an 11.5x EBITDA multiple. The company plans to repay this liability over a 5.5 to 7-year horizon using internal accruals. For FY26, revenue increased 46.2% to ₹3,661 crore while international business expanded to over 30% of total revenue.
- Borrowed ~₹3,000 crore in GBP at ~5% interest rate to acquire UK-based Comfort Click
- Acquisition closed at an EBITDA multiple of 11.5x with a 5.5 to 7-year debt repayment horizon
- FY26 consolidated revenue rose 46.2% to Rs. 36,610 million, with EBITDA up 34.2% to Rs. 5,097 million
- International business now contributes >30% of overall company revenue, helping reduce summer seasonality
Zydus Wellness Limited has appointed Mr. Kapil Sharma as Chief Revenue Officer (India and Indian subcontinent), effective September 1, 2026. Mr. Sharma brings over 28 years of commercial and sales experience, including 25 years at Procter & Gamble (P&G), where he recently served as VP-Gillette for the subcontinent. The appointment comes as the company seeks to expand its direct retail distribution reach to 3.5 million outlets and scale its ₹1,947 Cr TTM revenue base.
- Appointed Mr. Kapil Sharma as Chief Revenue Officer (India and Indian subcontinent) effective September 1, 2026.
- Mr. Sharma brings 28+ years of sales and commercial leadership experience, including 25 years at P&G.
- Previously served as VP-Gillette for India and subcontinent, leading brands such as Gillette, Venus, and Braun.
- Brings specialized background in digital commerce, retail transformation, and profitability turnarounds across India and Asia.
Zydus Wellness has submitted a disclosure under SEBI (PIT) Regulations regarding an off-market transmission of 27,250 equity shares. The shares were transferred to Mr. Prashant Babubhai Patel from Late Jasodaben Babubhai Patel, both belonging to the Promoter Group. The transaction was executed on August 19, 2026, and involves no market purchase or change in the overall promoter group shareholding. This is a routine administrative filing with no financial or operational impact on the company.
- Transmission of 27,250 equity shares within the promoter group
- Shares transferred to Mr. Prashant Babubhai Patel from Late Jasodaben Babubhai Patel
- Date of acquisition / transmission: August 19, 2026
- Mode of transaction: Off-market transmission with nil monetary transaction value
CARE Ratings has assigned a 'CARE AA+; Stable' rating to the ₹12.00 crore long-term bank facilities (term loan from Bank of Baroda) of Zydus Wellness Products Limited (ZWPL), a wholly owned subsidiary of Zydus Wellness Limited. The rated facility carries repayment terms ending in June 2032. Given the company's consolidated TTM revenue of ₹1,947 crore and low debt of ₹181 crore, the ₹12 crore rated amount is immaterial in size but reflects a strong credit profile.
- CARE Ratings assigned 'CARE AA+; Stable' to ₹12.00 crore long-term bank facilities of subsidiary ZWPL
- Facility comprises a term loan from Bank of Baroda with monthly repayments ending June 2032
- Rating is valid for one year from the initial communication date of July 22, 2026
- Rated amount represents less than 0.7% of consolidated TTM revenue of ₹1,947 crore
Zydus Wellness reported a significant 66.7% YoY increase in consolidated net sales to ₹1,429.9 cr for Q1 FY27, primarily driven by the integration of the Comfort Click acquisition. While the international business grew 24.8% like-for-like, domestic growth was a modest 4.6% as seasonal brands (Nycil, Glucon-D) declined by 12% due to unseasonal rainfall. EBITDA rose 55.3% to ₹241.7 cr, although reported net profit fell 7% due to brand amortization costs. The company is successfully pivoting to digital channels, with digital commerce now accounting for 21% of total sales.
- Consolidated net sales grew 66.7% YoY to ₹1,429.9 cr, representing ~76% of previous TTM revenue in a single quarter.
- International business delivered 24.8% like-for-like growth, supported by expansion into U.S. and Middle East markets.
- Digital commerce saliency reached 21%, contributing to a total organized channel share of 38%.
- EBITDA increased 55.3% YoY to ₹241.7 cr, with margins expanding by 0.4% on a like-for-like basis.
- Seasonal brands declined by 12% due to frequent summer showers in North and East India, impacting Nycil and Glucon-D.
Zydus Wellness has received an upgraded ESG rating from Crisil ESG Ratings & Analytics Ltd. for the fiscal year 2026. The company's ESG score improved to 66, up from 59 in FY2025, resulting in a category upgrade from 'Adequate' to 'Strong'. Additionally, the company was assigned a fresh 'Crisil Core ESG 70' rating, reflecting improved sustainability disclosures and practices.
- ESG score improved to 66 for FY2026 compared to 59 in FY2025
- ESG category upgraded from 'Adequate' to 'Strong' by Crisil
- Assigned a fresh 'Crisil Core ESG 70' rating based on FY2026 disclosures
- Rating received via email on August 7, 2026, at 6:44 p.m.
Zydus Wellness has announced its participation in the Equirus Annual India Conference 2026 scheduled for August 14 in Mumbai. The engagement will include both group and one-on-one meetings with institutional investors. This comes at a time when the company is trading at a P/E of 65.9 with a TTM revenue of Rs 1,881 Cr. Investors typically look for updates on distribution expansion and the performance of seasonal brands like Glucon-D and Nycil during such meets.
- Conference scheduled for Friday, August 14, 2026, in Mumbai.
- Hosted by Equirus Securities, featuring group and one-on-one meeting formats.
- Company maintains a TTM Operating Profit Margin (OPM) of 27.4%.
- Management is currently targeting a distribution reach expansion to 3.5 million outlets.
- Promoter holding remains stable at 69.64% as of the latest filing.
Zydus Wellness has published the audio recording of its investor conference call held on August 4, 2026, regarding the unaudited financial results for the quarter ended June 30, 2026. This is a standard regulatory disclosure following the quarterly earnings announcement. The call typically covers management's commentary on the peak summer season performance, which historically accounts for approximately 70% of the company's annual revenue due to brands like Glucon-D and Nycil.
- Audio recording for the quarter ended June 30, 2026, is now publicly available.
- The call follows the release of unaudited financial results for the first quarter of FY27.
- Management commentary focuses on the critical summer season which drives 70% of annual revenue.
- Company continues to target a distribution expansion to 3.5 million outlets from its current reach.
Zydus Wellness shareholders have ratified the appointment of Mr. Apurva S. Diwanji as a Non-Executive Independent Director for a five-year term ending May 17, 2031. Mr. Diwanji brings over 32 years of legal expertise in mergers, acquisitions, and corporate governance from his tenure at Desai & Diwanji. This appointment follows his previous role as an Independent Director at Zydus Lifesciences, which ended in May 2026. Given the company's history of large-scale acquisitions like the Rs 4,700 Cr Heinz deal, his expertise aligns with the company's strategic growth profile.
- Appointment is for a fixed term of 5 years, effective from May 18, 2026, to May 17, 2031.
- Mr. Diwanji has over 32 years of experience specializing in M&A, private equity, and joint ventures.
- Shareholders approved the appointment via special resolution at the 32nd AGM on August 4, 2026.
- He previously served as an Independent Director at Zydus Lifesciences Limited until May 12, 2026.
- The director will receive sitting fees and commission as decided by the Board.
Financial Performance
Revenue Growth by Segment
Consolidated revenue reached INR 1,766.8 Cr in FY20, a 109.7% increase from INR 842.3 Cr in FY19, reflecting the first full year of the Heinz acquisition. Revenue is expected to marginally de-grow in FY21 due to COVID-19 lockdowns but grow by 10-12% over the medium term. E-commerce channels for Complan are seeing growth rates of 15-20%.
Geographic Revenue Split
The company is expanding its international footprint, specifically building presence in Europe and the U.S. through the Comfort Click acquisition. Domestic revenue is heavily concentrated in India, with a direct reach of 6.2 lakh outlets and a total availability of 2.9 million outlets.
Profitability Margins
Operating margins stood at 18.2% in FY20, down from 20.7% in FY19 due to higher agro-commodity prices and one-time acquisition costs. Adjusted PAT margin was -17.1% in FY20 (INR -302 Cr) after accounting for brand/goodwill amortization over 10 years, compared to 11.8% (INR 99 Cr) in FY19.
EBITDA Margin
Operating margin is expected to sustain at 18-19% over the medium term. EBITDA interest coverage was 2.33 times in FY20, down from 6.47 times in FY19. Debt to EBITDA is projected to improve to less than 2 times in FY21 from 4.7 times in FY20.
Capital Expenditure
The company undertook a massive acquisition of Heinz for INR 4,700 Cr. Recent equity infusions of INR 1,000 Cr (INR 350 Cr from Zydus Family Trust and INR 650 Cr via QIP) are being utilized for debt reduction.
Credit Rating & Borrowing
CRISIL AA+/Stable (Reaffirmed as of October 2020). Borrowing costs are being optimized by refinancing INR 500 Cr of NCDs and reducing total debt by INR 1,000 Cr to improve gearing to 0.14x.
Operational Drivers
Raw Materials
Agro-commodities including milk, sugar, and other food ingredients represent the primary cost base. Specific percentage of total cost for each is not disclosed, but price hikes in these commodities reduced margins by approximately 250 basis points in FY20.
Import Sources
Primarily sourced from domestic Indian markets for legacy brands; international sourcing for Comfort Click operations in Europe.
Capacity Expansion
Focus is on distribution expansion rather than just manufacturing capacity; aiming to increase direct reach from 6.2 lakh outlets to 3.5 million outlets in the coming quarters.
Raw Material Costs
Raw material costs are subject to agro-commodity price volatility. The company uses its scale post-Heinz acquisition to drive procurement synergies with the Zydus Cadila group.
Manufacturing Efficiency
Synergies with Zydus Cadila pharma distribution channels are expected to improve blended operating efficiency.
Logistics & Distribution
Direct distribution reach of 6.2 lakh outlets; total availability across 2.9 million outlets. Distribution is a key growth lever for the RiteBite and legacy portfolios.
Strategic Growth
Expected Growth Rate
10-12%
Growth Strategy
Growth will be driven by integrating the distribution of acquired brands (Heinz, RiteBite, Comfort Click), expanding direct reach to 3.5 million outlets, and launching new product variants. The company is also leveraging e-commerce (15-20% growth in Complan) and international expansion into the US and Europe.
Products & Services
Health food drinks, energy drinks, skin care powders, sugar substitutes, spreads, and protein bars.
Brand Portfolio
Sugar Free, Everyuth, Nutralite, Glucon D, Complan, Nycil, Sampriti Ghee, RiteBite Max Protein, WeightWorld, maxmedix, animigo.
New Products/Services
Expansion of the RiteBite Max Protein range and off-season variants for seasonal brands to balance the 70:30 revenue skew.
Market Expansion
Targeting 3.5 million total outlets in India and expanding the Comfort Click model in Europe and the U.S.
Market Share & Ranking
Complan market share is being 'protected' in key segments by focusing on larger, more profitable packs rather than value-eroding sachets.
Strategic Alliances
Strategic importance to parent Cadila Healthcare Ltd, which provides need-based financial support and management control.
External Factors
Industry Trends
Shift toward 'Low Sugar/No Sugar', 'High Protein', and 'Active Lifestyle' products. The industry is evolving toward functional wellness, and ZWL is positioning itself with brands like Sugar Free and RiteBite.
Competitive Landscape
Intense competition in the HFD (Health Food Drink) category from 2-3 major players, restricting pricing power and market share growth for Complan.
Competitive Moat
Strong brand equity in niche categories (Sugar Free, Glucon D) and a massive distribution network of 2.9 million outlets. Sustainability is backed by the Zydus Cadila group's pharma distribution synergy.
Macro Economic Sensitivity
Highly sensitive to domestic consumption trends and agro-commodity inflation (milk/sugar prices).
Consumer Behavior
Increasing consumer preference for e-commerce and larger, bulk-pack formats over small sachets.
Geopolitical Risks
Trade barriers could affect the expansion of Comfort Click into the U.S. and European markets.
Regulatory & Governance
Industry Regulations
Subject to food safety standards and SEBI Prohibition of Insider Trading regulations (as evidenced by CEO share acquisition disclosures).
Legal Contingencies
Amortization of goodwill and brands from the Heinz acquisition (INR 3,797 Cr) impacts reported PAT, requiring adjusted net worth calculations.
Risk Analysis
Key Uncertainties
Seasonality risk (70% revenue concentration in H1) and the ability to successfully scale acquired brands to achieve an RoCE of over 12%.
Geographic Concentration Risk
Heavy reliance on the Indian market, though international expansion is underway via Comfort Click.
Third Party Dependencies
Dependency on general trade and chemist channels for 2.9 million outlet reach.
Technology Obsolescence Risk
Risk of falling behind in e-commerce; currently mitigating by focusing on marketplace efficiency with Comfort Click.
Credit & Counterparty Risk
Receivables quality is supported by a diversified distribution base and parent support from Cadila Healthcare.
