Zydus Wellness Ltd
Zydus Wellness Ltd
Food ProductsKey Fundamentals
SmallcapPackaged FoodsFood ProductsInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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56 extracted metrics + investor summaries across FY09–FY26.
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Technical Indicators
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 2.79 times its book value
- Company has a low return on equity of 5.08% over last 3 years.
- Company might be capitalizing the interest cost
- Dividend payout has been low at 14.1% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoZydus Wellness Ltd trades at a market cap of ₹16,213 Cr with a PE of 85.8x and ROE of approximately 5% over 3 years. The company has delivered strong TTM sales growth of 66% but profits have declined 31% over the same period, presenting a mixed fundamental picture.
- TTM revenue growth of 66% indicates strong top-line momentum and demand for its consumer brands
- 3-year compounded sales CAGR of 21% shows sustained revenue expansion beyond a single quarter
- 5-year sales CAGR of 16% demonstrates consistent long-term revenue growth trajectory
- 10-year sales CAGR of 26% reflects a strong track record of scaling the business over a full cycle
- Stock has delivered 30% return over 1 year and 19% CAGR over 3 years, showing positive price momentum
- Company is expected to deliver a good upcoming quarter, suggesting near-term earnings improvement
- 10-year compounded profit growth of 8% shows the business has historically been able to grow earnings over longer horizons
- PE ratio of 85.8x is extremely elevated for a food products company, leaving little margin of safety
- TTM profit decline of 31% shows significant earnings deterioration despite strong revenue growth
- 3-year ROE of just 5% indicates poor capital efficiency and weak shareholder returns
- 3-year compounded profit CAGR of -10% signals a sustained trend of declining profitability
- Dividend payout of only 14.1% of profits over the last 3 years provides minimal income to shareholders
- Dividend yield of 0.24% is negligible relative to risk-free alternatives
- Possible capitalization of interest costs may overstate reported profitability and asset quality
- 5-year stock CAGR of only 2% despite 16% sales growth suggests the market has historically questioned earnings conversion
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Q1 net profit dips 7% YoY Aug 5
Consolidated net profit fell to ₹1,189 million in Q1FY26 from ₹1,279 million in Q1FY25, driven by higher advertisement and promotion expenses post the Comfort Click acquisition.
- Finance cost tied to Euro rates Aug 5
Finance costs remain sensitive to Euro benchmark rates, exposing the company to international interest rate movement risk.
- Revenue surges 67% in Q1FY27 Aug 4
Net sales rose 66.7% YoY to ₹14,299 million in Q1FY27, with EBITDA margin expanding 1,071 bps to 16.8%, driven by the Comfort Click acquisition.
- ESG rating upgraded to Strong Aug 8
Crisil upgraded Zydus Wellness ESG rating to 66 for FY26, moving it from 'Adequate' to 'Strong' category with a core ESG rating of 70.
- Positive seasonal outlook flagged Aug 5
Management expects growth resumption for Nycil and Glucon-D brands, citing absence of inventory concerns and a supportive demand environment ahead of the upcoming season.
- AGM approves dividend, directors Aug 4
Shareholders approved a ₹1.20 dividend and re-elected Dr. Sharvil P. Patel; Apurva S. Diwanji appointed Independent Director with 87.48% support.
- Tax normalisation by FY28 Aug 5
FY27 tax rate projected at 25% with cash outflow of only 12%-15%; full 25% cash tax expected from FY28 as the tax cycle normalises.
- Analyst meet on Aug 14 Aug 8
Zydus Wellness will participate in the Equirus Annual India Conference 2026 on August 14 in Mumbai with group and one-on-one sessions for institutional investors.
- Q1FY27 investor call released Aug 4
Audio recording of the investor call discussing unaudited results for quarter ended June 30, 2026 has been made available on the company website.
- Q1FY27 earnings call scheduled Jul 21
Analyst call held on August 4, 2026 with CEO Tarun Arora and CFO Umesh Parikh discussing unaudited Q1FY27 results.
TL;DR: Zydus Wellness delivered strong top-line growth of 67% YoY in Q1FY27 led by the Comfort Click acquisition, with significant EBITDA margin expansion. However, elevated ad spends compressed net profit by 7%, and Euro-linked finance costs pose a risk. Management tone is positive with seasonal tailwinds expected for Nycil and Glucon-D. The trend is improving on revenue scale and margins, though profitability needs to catch up as integration costs normalise.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 702 | 440 | 403 | 783 | 841 | 493 | 462 | 913 | 861 | 650 | 965 | 1,485 | 1,437 |
| Expenses | 586 | 423 | 390 | 620 | 686 | 473 | 447 | 723 | 705 | 628 | 904 | 1,215 | 1,195 |
| Operating Profit | 116 | 17 | 13 | 162 | 155 | 20 | 15 | 190 | 156 | 23 | 61 | 270 | 242 |
| OPM % | 17% | 3.8% | 3.1% | 21% | 18% | 4% | 3.2% | 21% | 18% | 3.5% | 6% | 18% | 17% |
| Other Income | -12 | 4 | 3 | 4 | 5 | 10 | 4 | 1 | 3 | -33 | -6 | 1 | 4 |
| Interest | 5 | 6 | 6 | 6 | 4 | 1 | 3 | 4 | 2 | 16 | 41 | 39 | 26 |
| Depreciation | 6 | 6 | 6 | 6 | 5 | 5 | 5 | 13 | 11 | 25 | 56 | 55 | 57 |
| PBT | 93 | 9 | 4 | 154 | 152 | 24 | 10 | 173 | 145 | -51 | -42 | 177 | 162 |
| Tax % | -18% | 31% | 92% | 3% | 3% | 12% | 37% | 1% | 12% | 4% | -4% | 9% | 27% |
| Net Profit | 110 | 6 | 0 | 150 | 148 | 21 | 6 | 172 | 128 | -53 | -40 | 162 | 119 |
| EPS in Rs | 3.47 | 0.19 | 0.01 | 4.72 | 4.64 | 0.66 | 0.2 | 5.4 | 4.02 | -1.66 | -1.25 | 5.09 | 3.74 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 431 | 397 | 431 | 513 | 843 | 1,767 | 1,867 | 2,009 | 2,255 | 2,328 | 2,709 | 3,961 | 4,537 |
| Expenses | 331 | 305 | 331 | 387 | 658 | 1,446 | 1,522 | 1,664 | 1,918 | 2,020 | 2,329 | 3,451 | 3,941 |
| Operating Profit | 100 | 91 | 99 | 125 | 185 | 321 | 344 | 345 | 337 | 308 | 380 | 510 | 596 |
| OPM % | 23% | 23% | 23% | 24% | 22% | 18% | 18% | 17% | 15% | 13% | 14% | 13% | 13% |
| Other Income | 28 | 32 | 32 | 35 | 28 | -33 | -123 | 10 | -5 | 0 | 20 | -34 | -34 |
| Interest | 0 | 0 | 1 | 2 | 30 | 140 | 84 | 26 | 16 | 24 | 12 | 98 | 122 |
| Depreciation | 8 | 7 | 7 | 9 | 13 | 26 | 25 | 24 | 25 | 24 | 28 | 147 | 193 |
| PBT | 120 | 117 | 124 | 150 | 171 | 121 | 112 | 306 | 291 | 260 | 359 | 230 | 247 |
| Tax % | 7% | 10% | 10% | 9% | 0% | -17% | -6% | -1% | -7% | -3% | 3% | 14% | — |
| Net Profit | 111 | 105 | 111 | 137 | 171 | 142 | 119 | 309 | 310 | 267 | 347 | 197 | 188 |
| EPS in Rs | 5.58 | 5.28 | 5.58 | 6.85 | 5.87 | 4.92 | 3.73 | 9.71 | 9.75 | 8.39 | 10.9 | 6.2 | 5.92 |
| Div. Payout % | 22% | 25% | 23% | 23% | 17% | 20% | 27% | 10% | 10% | 12% | 11% | 19% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 39 | 39 | 39 | 39 | 58 | 58 | 64 | 64 | 64 | 64 | 64 | 64 |
| Reserves | 367 | 439 | 518 | 652 | 3,329 | 3,403 | 4,504 | 4,780 | 5,059 | 5,294 | 5,608 | 5,762 |
| Borrowings | 0 | 0 | 25 | 25 | 1,569 | 1,519 | 550 | 387 | 297 | 329 | 188 | 3,203 |
| Other Liabilities | 102 | 89 | 100 | 112 | 503 | 610 | 548 | 461 | 413 | 462 | 582 | 1,161 |
| Total Liabilities | 508 | 568 | 682 | 829 | 5,459 | 5,590 | 5,666 | 5,692 | 5,833 | 6,148 | 6,442 | 10,190 |
| Fixed Assets | 84 | 82 | 103 | 104 | 4,567 | 4,674 | 4,667 | 4,710 | 4,732 | 4,708 | 5,125 | 8,596 |
| CWIP | 0 | 0 | 0 | 0 | 10 | 4 | 4 | 12 | 13 | 10 | 15 | 23 |
| Investments | 0 | 94 | 30 | 148 | 46 | 110 | 0 | 27 | 70 | 78 | 36 | 5 |
| Other Assets | 423 | 391 | 550 | 577 | 835 | 802 | 995 | 943 | 1,018 | 1,354 | 1,266 | 1,566 |
| Total Assets | 508 | 568 | 682 | 829 | 5,459 | 5,590 | 5,666 | 5,692 | 5,833 | 6,148 | 6,442 | 10,190 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 69 | 90 | 77 | 69 | 149 | 259 | 287 | 237 | 92 | 246 | 380 | 226 |
| Investing | 29 | -28 | -72 | -59 | -4,092 | -17 | -10 | -59 | -85 | -178 | -207 | -2,881 |
| Financing | -27 | -58 | -6 | -2 | 4,052 | -260 | -216 | -234 | -138 | -26 | -186 | 2,698 |
| Net Cash Flow | 71 | 4 | -1 | 8 | 109 | -18 | 60 | -56 | -132 | 43 | -13 | 44 |
| Free Cash Flow | 72 | 86 | 46 | 61 | 132 | 235 | 269 | 162 | 47 | 220 | 315 | 126 |
| CFO/OP | 80 | 114 | 86 | 64 | 115 | 81 | 83 | 70 | 28 | 81 | 99 | 50 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 1 | 3 | 3 | 6 | 42 | 24 | 18 | 26 | 34 | 44 | 49 | 35 |
| Inventory Days | 76 | 73 | 127 | 113 | 393 | 168 | 158 | 135 | 146 | 150 | 148 | 178 |
| Days Payable | 146 | 191 | 264 | 254 | 662 | 289 | 189 | 136 | 100 | 116 | 122 | 107 |
| Cash Conversion Cycle | -69 | -116 | -134 | -135 | -227 | -97 | -13 | 25 | 80 | 78 | 75 | 106 |
| Working Capital Days | -37 | -38 | -57 | -26 | -26 | -7 | -35 | -27 | 17 | 20 | 34 | 48 |
| ROCE % | 32% | 26% | 23% | 22% | 7% | 6% | 6% | 6% | 6% | 5% | 6% | 5% |
Documents
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Company Information
Zydus Wellness operates as an integrated consumer Company with business encompassing the entire value chain in the development, production, marketing and distribution of health and wellness products. The product portfolio of the Company includes brands like Sugar free, Everyuth and Nutralite.(Source : 202003 Annual Report Page No: 83)