NSE:ZYDUSWELL Growth Catalysts - SOIC x StockScans Report

Zydus Wellness is a branded consumer-health company that turns the logic of a pharmaceutical lab into everyday food, drink, and personal-care products - its original identity was built on creating categories rather than just entering them, starting with India’s first sugar substitute in 1991 and a pioneering skincare range even earlier. Over three decades, it grew from a pair of functional brands housed inside a pharma parent into a standalone listed business by bolting on acquisitions - a nutrition-drink and spreads portfolio from Heinz in 2019, a protein-snacking leader in 2025, and a UK-based digital vitamins platform in 2026 - each time buying a position it could then scale with its own distribution and R&D engine. The recurring approach is to own the number-one slot in a niche where the product itself does the convincing - a sweetener that tastes like sugar, a scrub that visibly peels, a protein bar that eats like a chocolate - and then stretch that brand into adjacent formats once the consumer trusts it.

Business segments

A single consumer-health platform expressed through six branded engines - three legacy category kings in glucose, sweeteners and skincare, two scaled food-and-nutrition platforms acquired and expanded, and a newly acquired digital VMS business in Europe - all pushed through one shared Indian distribution backbone.

1. Glucon-D: the summer-cash engine

A 90-year-old glucose powder that owns nearly three-fifths of its category and converts every Indian summer into a surge of replenishment demand - the business’s original and most weather-linked cash generator.

The category leader by a wide margin - it holds a 58.9% value market share in the ₹1,035-crore glucose powder category, with more than 99% brand recall, so it is the default name consumers reach for when temperatures rise.
Stretched into every format that fits the need - the core powder (Regular, Tangy Orange, Mango Blast, Nimbu Pani) has been extended into effervescent immunity tablets for kids, an oral rehydration solution, ready-to-drink electrolyte energy drinks, and a zero-caffeine drink mix, so the brand captures the same consumer across multiple consumption occasions.
Seasonal dependency is the built-in risk - the brand’s performance is largely tied to the onset of a good summer, which means the business carries an annual weather bet that can be mitigated by having flexibility in its supply chain to manage the inventory.

2. Sugar Free: the category creator that refuses to share

India’s first sugar substitute, now holding a 96% market share, and systematically converting a niche diet product into a broader better-for-you pantry brand.

Near-total ownership of the shelf - with a 96.1% value share of the ₹355-crore sugar-substitute category, the brand is effectively the market; competitors operate in the remaining sliver.
Three molecules, three consumer jobs - Sugar Free Natura uses sucralose for everyday low-calorie sweetening, Sugar Free Green uses 100% stevia for the natural-seeking buyer (and has delivered 20 consecutive quarters of double-digit growth), and Sugar Free Gold+ moved from aspartame to sucralose-plus-chromium for blood-sugar management, so each variant pulls a distinct user without cannibalising the others.
From sweetener to snack - the D’lite range extends the brand into chocolates, cookies, granola, and a choco spread, all carrying the zero/low-sugar promise, which moves the franchise from an ingredient sold in sachets to a branded food range with higher basket size.
A bridge product for the mass market - I’m lite is a blended sugar (sugar plus stevia) that cuts calories by half while behaving like regular sugar, designed to pull mainstream households into the franchise without asking them to switch to a completely artificial sweetener.

3. Everyuth: the scrub-and-peel specialist

A skincare brand that does not fight the giant face-wash category head-on but instead dominates the two sub-segments where its pharmaceutical formulation heritage is most visible - scrubs and peel-off masks.

Number one where the product is the proof - Everyuth Scrub holds a 48.6% share of the ₹405-crore facial scrub category, and Everyuth Peel-Off holds a 75.5% share of the ₹170-crore peel-off mask category; in the overall ₹4,695-crore facial cleansing market it is the number-five player with an 8.0% share in the MAT Mar 2026 period, so its strength is concentrated in the high-demonstration, high-repeat sub-categories.
Functional claims backed by lab credentials - the range includes anti-pollution clay, charcoal, tan-removal lemon-and-cherry, and anti-acne formulations, all positioned as combining natural ingredients with scientific research, which is the same “pharma-to-consumer” language that built the parent group’s credibility.
Extending into adjacent routines - the brand has added sheet masks, serums, night creams, and a newly launched Tan Removal Face Wash, so a consumer who enters through a scrub can stay within the brand for her full regimen.

4. Complan and Nutralite: the acquired nutrition platform

Two brands bought together in the 2019 Heinz India deal - a legacy milk-nutrition drink and India’s leading cholesterol-free spread - that together give the company a year-round food-and-nutrition anchor to balance its seasonal and niche portfolios.

Complan: a trusted name repositioned for growth - with 90% brand recall and a 4.0% share of the ₹6,575-crore nutrition-drink category, it is the number-four player; the company has split the franchise into Complan NutriGro for kids (taller growth, chocolate format) and Complan VieMax for adults (gut wellness with prebiotic and probiotic, marketed through doctor detailing), so the brand now addresses the 18-20% of the category that is adult nutrition rather than fighting only in the crowded children’s segment.
Nutralite: the fat-spread leader that outgrew spreads - it holds the number-one position in fat spreads and has expanded into mayonnaise, chocolate spreads, peanut butter, and a dairy range under Nutralite DoodhShakti (pure ghee, cow ghee, butter), while Nutralite Professional supplies institutional kitchens from small dhabas to five-star hotels, so the brand captures both household and food-service demand from the same manufacturing base.
Consistent growth despite input headwinds - the brand delivers double-digit growth even when gas supply disruptions hit operations, suggesting the demand pull is strong enough to absorb supply-side friction.

5. RiteBite Max Protein: the protein-snacking bet

A recent acquisition that made Zydus Wellness the number-one player in protein bars, cookies, and chips overnight - a small but fast-moving category where the product doubles as a lifestyle statement.

Bought, not built - acquired through the purchase of Naturell (India) in October 2024, the brand had been operating in healthy snacks since 2007 and already held the top slot in nutrition and protein bars and in protein cookies and chips, so Zydus bought category leadership rather than spending years trying to dislodge an incumbent.
Rapid format expansion - in its first year under Zydus, the brand entered four new categories: millet-wafer protein bars, a ready-to-drink protein beverage, a ghee-jaggery bar, and Korean-flavoured chips, which stretches the protein platform from bars into beverages and ethnic snacks.
Quick-commerce fit - the brand saw robust growth on quick-commerce platforms, and one year post acquisition its EBITDA moved from breakeven to approaching double-digit margins, suggesting the unit economics improve fast once the distribution footprint expands.

6. Comfort Click: the digital VMS entry into Europe

A UK-based, e-commerce-first vitamins and supplements platform acquired in mid-2025 - a separate geography, channel, and category from the Indian business, run independently and funded through a low-cost bridge loan.

A fast-growing asset in a large market - Comfort Click generated GBP 134 million in revenue in the year to June 2025, with a five-year CAGR of 52%, operating in a European VMS market estimated at around GBP 11 billion; it was recognised by the Financial Times as one of Europe’s fastest-growing companies for the third consecutive year.
Three brands, three consumer sets - WeightWorld covers adult plant-based supplements, vitamins, minerals, and sports nutrition; maxmedix is a paediatric gummy VMS brand; and Animigo is a natural pet VMS brand, so the platform spans human and pet health without brand overlap.
Marketplace-first, now adding retail - the majority of CCL revenue comes through e-commerce and direct-to-consumer channels in the UK and Europe, with recent launches on Boots.com and on Amazon in the UAE, which adds a wholesale and retail leg to what was a purely digital model.
Acquisition funded with external debt, not Indian cash flows - the GBP 239 million purchase was financed through a low-cost bridge loan in GBP, subsequently refinanced into a Euro facility, so the Indian balance sheet was not drained to fund the overseas move.

The shared Indian go-to-market engine

A distribution network reaching 2.8 million stores through 1,950-plus distributors and 2,700 feet-on-street representatives, with a deliberate shift toward direct relationships with modern trade and e-commerce chains - every brand in the portfolio rides this same infrastructure.

Milk procurement is vertically integrated - for the Nutralite dairy range and Complan, the company collects 400,000 litres of milk daily through 36 collection centres around Aligarh, working directly with 25,000 farmers, which gives it control over quality and cost for its single most important fresh input.
Organised channels are rising fast - modern trade and e-commerce together reached 30% of domestic sales in FY26 (up from 24% the year before), with quick commerce alone at 7-8% of total business and 44-45% of e-commerce; the company switched from a distributor-led model to direct supply for these chains, cutting out a layer to improve availability and save margin.
R&D as the product factory - a dedicated Ahmedabad centre staffed with PhDs and post-doctorates (20% of the team holds a doctorate) works with academic institutions in India and abroad; twelve new products were launched in FY25, and as of August 2021, new products launched in the preceding 36 months had contributed almost 5% of total revenue, so the pipeline is active but still a small portion of the base.

Group structure and partners

Zydus Wellness is a publicly listed company majority-held by its pharma parent, with a growing web of international subsidiaries created to hold specific acquisitions and market-entry vehicles - the structure mirrors the step-by-step expansion of the brand portfolio.

Promoter control with public float - Zydus Lifesciences Limited held 57.59% as of FY25, and the broader promoter group held 57.5% a year earlier, with over 80,000 shareholders making up the rest.
Indian operating subsidiary - Zydus Wellness Products Limited is the wholly owned subsidiary that runs the core domestic business operations.
International holding structure - Zydus Wellness International DMCC in Dubai (incorporated 2019) manages the majority of international operations and has recently set up new subsidiaries in Ireland and Dubai for food, nutrition, and nutraceutical expansion.
Comfort Click sits under a UK chain - Alidac UK Limited was incorporated in August 2025 as a wholly owned subsidiary, and through it Zydus acquired 100% of Comfort Click Limited, which itself has subsidiaries in India, Ireland, and the USA.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	440	403	783	841	493	462	913	861	651	965	1,485	1,437
Growth YoY Revenue Growth YoY%	2.5	-3.2	9.8	19.8	12.1	14.6	16.7	2.4	32.0	108.9	62.6	66.9
Expenses ExpensesCr	423	391	620	686	473	447	723	705	628	904	1,215	1,195
Operating Profit Operating ProfitCr	17	13	162	155	20	15	190	156	23	61	270	242
OPM OPM%	3.8	3.1	20.7	18.5	4.0	3.2	20.8	18.1	3.5	6.3	18.2	16.8
Other Income Other IncomeCr	4	3	4	5	10	4	1	3	-33	-6	1	4
Interest Expense Interest ExpenseCr	7	6	6	4	1	3	4	3	16	41	39	26
Depreciation DepreciationCr	6	6	6	5	5	5	13	11	25	56	55	57
PBT PBTCr	9	4	154	152	24	10	173	145	-51	-42	177	162
Tax TaxCr	3	3	4	4	3	4	2	17	2	-2	15	43
PAT PATCr	6	0	150	148	21	6	172	128	-53	-40	162	119
Growth YoY PAT Growth YoY%	-30.6	-98.5	3.4	33.8	254.2	2,033.3	14.4	-13.4	-352.6	-723.4	-5.8	-7.0
NPM NPM%	1.3	0.1	19.2	17.6	4.2	1.4	18.8	14.9	-8.1	-4.1	10.9	8.3
EPS EPS₹	0.2	0.0	4.7	4.6	0.7	0.2	5.4	4.0	-1.7	-1.3	5.1	3.7

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

440

403

783

841

493

462

913

861

651

965

1,485

1,437

Growth YoY

Revenue Growth YoY%

2.5

-3.2

9.8

19.8

12.1

14.6

16.7

2.4

32.0

108.9

62.6

66.9

Expenses

ExpensesCr

423

391

620

686

473

447

723

705

628

904

1,215

1,195

Operating Profit

Operating ProfitCr

162

155

190

156

270

242

OPM

OPM%

3.8

3.1

20.7

18.5

4.0

3.2

20.8

18.1

3.5

6.3

18.2

16.8

Other Income

Other IncomeCr

-33

-6

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

154

152

173

145

-51

-42

177

162

Tax

TaxCr

-2

PAT

PATCr

150

148

172

128

-53

-40

162

119

Growth YoY

PAT Growth YoY%

-30.6

-98.5

3.4

33.8

254.2

2,033.3

14.4

-13.4

-352.6

-723.4

-5.8

-7.0

NPM

NPM%

1.3

0.1

19.2

17.6

4.2

1.4

18.8

14.9

-8.1

-4.1

10.9

8.3

EPS

EPS₹

0.2

0.0

4.7

4.6

0.7

0.2

5.4

4.0

-1.7

-1.3

5.1

3.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	440	403	783	841	493	462	913	861	651	965	1,485	1,437
Growth YoY Revenue Growth YoY%	2.5	-3.2	9.8	19.8	12.1	14.6	16.7	2.4	32.0	108.9	62.6	66.9
Expenses ExpensesCr	423	391	620	686	473	447	723	705	628	904	1,215	1,195
Operating Profit Operating ProfitCr	17	13	162	155	20	15	190	156	23	61	270	242
OPM OPM%	3.8	3.1	20.7	18.5	4.0	3.2	20.8	18.1	3.5	6.3	18.2	16.8
Other Income Other IncomeCr	4	3	4	5	10	4	1	3	-33	-6	1	4
Interest Expense Interest ExpenseCr	7	6	6	4	1	3	4	3	16	41	39	26
Depreciation DepreciationCr	6	6	6	5	5	5	13	11	25	56	55	57
PBT PBTCr	9	4	154	152	24	10	173	145	-51	-42	177	162
Tax TaxCr	3	3	4	4	3	4	2	17	2	-2	15	43
PAT PATCr	6	0	150	148	21	6	172	128	-53	-40	162	119
Growth YoY PAT Growth YoY%	-30.6	-98.5	3.4	33.8	254.2	2,033.3	14.4	-13.4	-352.6	-723.4	-5.8	-7.0
NPM NPM%	1.3	0.1	19.2	17.6	4.2	1.4	18.8	14.9	-8.1	-4.1	10.9	8.3
EPS EPS₹	0.2	0.0	4.7	4.6	0.7	0.2	5.4	4.0	-1.7	-1.3	5.1	3.7

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

440

403

783

841

493

462

913

861

651

965

1,485

1,437

Growth YoY

Revenue Growth YoY%

2.5

-3.2

9.8

19.8

12.1

14.6

16.7

2.4

32.0

108.9

62.6

66.9

Expenses

ExpensesCr

423

391

620

686

473

447

723

705

628

904

1,215

1,195

Operating Profit

Operating ProfitCr

162

155

190

156

270

242

OPM

OPM%

3.8

3.1

20.7

18.5

4.0

3.2

20.8

18.1

3.5

6.3

18.2

16.8

Other Income

Other IncomeCr

-33

-6

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

154

152

173

145

-51

-42

177

162

Tax

TaxCr

-2

PAT

PATCr

150

148

172

128

-53

-40

162

119

Growth YoY

PAT Growth YoY%

-30.6

-98.5

3.4

33.8

254.2

2,033.3

14.4

-13.4

-352.6

-723.4

-5.8

-7.0

NPM

NPM%

1.3

0.1

19.2

17.6

4.2

1.4

18.8

14.9

-8.1

-4.1

10.9

8.3

EPS

EPS₹

0.2

0.0

4.7

4.6

0.7

0.2

5.4

4.0

-1.7

-1.3

5.1

3.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	397	431	513	843	1,767	1,867	2,009	2,255	2,328	2,709	3,961	4,537
Growth Revenue Growth%	-7.9	8.5	19.1	64.4	109.6	5.7	7.6	12.2	3.2	16.4	46.2	66.3
Expenses ExpensesCr	305	332	387	658	1,446	1,522	1,664	1,918	2,020	2,329	3,451	3,941
Operating Profit Operating ProfitCr	91	99	125	185	321	344	345	337	308	380	510	596
OPM OPM%	23.0	23.0	24.4	21.9	18.2	18.4	17.2	14.9	13.2	14.0	12.9	13.1
Other Income Other IncomeCr	32	33	35	28	-33	-123	10	-5	0	20	-34	-34
Interest Expense Interest ExpenseCr	0	1	2	30	140	84	26	16	24	12	98	122
Depreciation DepreciationCr	7	7	9	13	26	25	24	25	24	28	147	193
PBT PBTCr	117	124	150	171	121	112	306	291	260	359	231	247
Tax TaxCr	12	13	13	-1	-20	-7	-3	-20	-7	12	33	59
PAT PATCr	105	111	137	171	142	119	309	310	267	347	197	188
Growth PAT Growth%	-5.3	5.7	22.7	25.4	-17.2	-16.2	160.1	0.5	-14.0	30.0	-43.1	-42.5
NPM NPM%	26.5	25.8	26.6	20.3	8.0	6.4	15.4	13.8	11.5	12.8	5.0	4.2
EPS EPS₹	5.2	5.6	6.8	8.0	4.9	3.9	9.7	9.8	8.4	10.9	6.2	5.9

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

397

431

513

843

1,767

1,867

2,009

2,255

2,328

2,709

3,961

4,537

Growth

Revenue Growth%

-7.9

8.5

19.1

64.4

109.6

5.7

7.6

12.2

3.2

16.4

46.2

66.3

Expenses

ExpensesCr

305

332

387

658

1,446

1,522

1,664

1,918

2,020

2,329

3,451

3,941

Operating Profit

Operating ProfitCr

125

185

321

344

345

337

308

380

510

596

OPM

OPM%

23.0

24.4

21.9

18.2

18.4

17.2

14.9

13.2

14.0

12.9

13.1

Other Income

Other IncomeCr

-33

-123

-5

-34

Interest Expense

Interest ExpenseCr

140

122

Depreciation

DepreciationCr

147

193

PBT

PBTCr

117

124

150

171

121

112

306

291

260

359

231

247

Tax

TaxCr

-1

-20

-7

-3

-20

-7

PAT

PATCr

105

111

137

171

142

119

309

310

267

347

197

188

Growth

PAT Growth%

-5.3

5.7

22.7

25.4

-17.2

-16.2

160.1

0.5

-14.0

30.0

-43.1

-42.5

NPM

NPM%

26.5

25.8

26.6

20.3

8.0

6.4

15.4

13.8

11.5

12.8

5.0

4.2

EPS

EPS₹

5.2

5.6

6.8

8.0

4.9

3.9

9.7

9.8

8.4

10.9

6.2

5.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	397	431	513	843	1,767	1,867	2,009	2,255	2,328	2,709	3,961	4,537
Growth Revenue Growth%	-7.9	8.5	19.1	64.4	109.6	5.7	7.6	12.2	3.2	16.4	46.2	66.3
Expenses ExpensesCr	305	332	387	658	1,446	1,522	1,664	1,918	2,020	2,329	3,451	3,941
Operating Profit Operating ProfitCr	91	99	125	185	321	344	345	337	308	380	510	596
OPM OPM%	23.0	23.0	24.4	21.9	18.2	18.4	17.2	14.9	13.2	14.0	12.9	13.1
Other Income Other IncomeCr	32	33	35	28	-33	-123	10	-5	0	20	-34	-34
Interest Expense Interest ExpenseCr	0	1	2	30	140	84	26	16	24	12	98	122
Depreciation DepreciationCr	7	7	9	13	26	25	24	25	24	28	147	193
PBT PBTCr	117	124	150	171	121	112	306	291	260	359	231	247
Tax TaxCr	12	13	13	-1	-20	-7	-3	-20	-7	12	33	59
PAT PATCr	105	111	137	171	142	119	309	310	267	347	197	188
Growth PAT Growth%	-5.3	5.7	22.7	25.4	-17.2	-16.2	160.1	0.5	-14.0	30.0	-43.1	-42.5
NPM NPM%	26.5	25.8	26.6	20.3	8.0	6.4	15.4	13.8	11.5	12.8	5.0	4.2
EPS EPS₹	5.2	5.6	6.8	8.0	4.9	3.9	9.7	9.8	8.4	10.9	6.2	5.9

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

397

431

513

843

1,767

1,867

2,009

2,255

2,328

2,709

3,961

4,537

Growth

Revenue Growth%

-7.9

8.5

19.1

64.4

109.6

5.7

7.6

12.2

3.2

16.4

46.2

66.3

Expenses

ExpensesCr

305

332

387

658

1,446

1,522

1,664

1,918

2,020

2,329

3,451

3,941

Operating Profit

Operating ProfitCr

125

185

321

344

345

337

308

380

510

596

OPM

OPM%

23.0

24.4

21.9

18.2

18.4

17.2

14.9

13.2

14.0

12.9

13.1

Other Income

Other IncomeCr

-33

-123

-5

-34

Interest Expense

Interest ExpenseCr

140

122

Depreciation

DepreciationCr

147

193

PBT

PBTCr

117

124

150

171

121

112

306

291

260

359

231

247

Tax

TaxCr

-1

-20

-7

-3

-20

-7

PAT

PATCr

105

111

137

171

142

119

309

310

267

347

197

188

Growth

PAT Growth%

-5.3

5.7

22.7

25.4

-17.2

-16.2

160.1

0.5

-14.0

30.0

-43.1

-42.5

NPM

NPM%

26.5

25.8

26.6

20.3

8.0

6.4

15.4

13.8

11.5

12.8

5.0

4.2

EPS

EPS₹

5.2

5.6

6.8

8.0

4.9

3.9

9.7

9.8

8.4

10.9

6.2

5.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	39	39	39	58	58	64	64	64	64	64	64
Reserves ReservesCr	439	518	652	3,329	3,403	4,504	4,780	5,059	5,294	5,608	5,762
Current Liabilities Current LiabilitiesCr	75	113	122	546	615	771	767	692	769	746	729
Non Current Liabilities Non Current LiabilitiesCr	5	2	3	1,526	1,514	328	81	18	22	25	3,753
Total Liabilities Total LiabilitiesCr	568	683	829	5,459	5,590	5,666	5,692	5,833	6,148	6,442	10,308
Current Assets Current AssetsCr	433	516	647	698	776	847	814	908	1,214	1,104	1,367
Non Current Assets Non Current AssetsCr	135	167	182	4,761	4,814	4,820	4,878	4,925	4,934	5,338	8,941
Total Assets Total AssetsCr	568	683	829	5,459	5,590	5,666	5,692	5,833	6,148	6,442	10,308

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

439

518

652

3,329

3,403

4,504

4,780

5,059

5,294

5,608

5,762

Current Liabilities

Current LiabilitiesCr

113

122

546

615

771

767

692

769

746

729

Non Current Liabilities

Non Current LiabilitiesCr

1,526

1,514

328

3,753

Total Liabilities

Total LiabilitiesCr

568

683

829

5,459

5,590

5,666

5,692

5,833

6,148

6,442

10,308

Current Assets

Current AssetsCr

433

516

647

698

776

847

814

908

1,214

1,104

1,367

Non Current Assets

Non Current AssetsCr

135

167

182

4,761

4,814

4,820

4,878

4,925

4,934

5,338

8,941

Total Assets

Total AssetsCr

568

683

829

5,459

5,590

5,666

5,692

5,833

6,148

6,442

10,308

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	39	39	39	58	58	64	64	64	64	64	64
Reserves ReservesCr	439	518	652	3,329	3,403	4,504	4,780	5,059	5,294	5,608	5,762
Current Liabilities Current LiabilitiesCr	75	113	122	546	615	771	767	692	769	746	729
Non Current Liabilities Non Current LiabilitiesCr	5	2	3	1,526	1,514	328	81	18	22	25	3,753
Total Liabilities Total LiabilitiesCr	568	683	829	5,459	5,590	5,666	5,692	5,833	6,148	6,442	10,308
Current Assets Current AssetsCr	433	516	647	698	776	847	814	908	1,214	1,104	1,367
Non Current Assets Non Current AssetsCr	135	167	182	4,761	4,814	4,820	4,878	4,925	4,934	5,338	8,941
Total Assets Total AssetsCr	568	683	829	5,459	5,590	5,666	5,692	5,833	6,148	6,442	10,308

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

439

518

652

3,329

3,403

4,504

4,780

5,059

5,294

5,608

5,762

Current Liabilities

Current LiabilitiesCr

113

122

546

615

771

767

692

769

746

729

Non Current Liabilities

Non Current LiabilitiesCr

1,526

1,514

328

3,753

Total Liabilities

Total LiabilitiesCr

568

683

829

5,459

5,590

5,666

5,692

5,833

6,148

6,442

10,308

Current Assets

Current AssetsCr

433

516

647

698

776

847

814

908

1,214

1,104

1,367

Non Current Assets

Non Current AssetsCr

135

167

182

4,761

4,814

4,820

4,878

4,925

4,934

5,338

8,941

Total Assets

Total AssetsCr

568

683

829

5,459

5,590

5,666

5,692

5,833

6,148

6,442

10,308

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	90	77	69	149	259	287	237	92	246	380	226
Investing Cash Flow Investing Cash FlowCr	-28	-72	-59	-4,162	-17	-10	-59	-85	-178	-224	-2,910
Financing Cash Flow Financing Cash FlowCr	-58	-6	-2	4,052	-260	-216	-234	-139	-26	-186	2,698
Net Cash Flow Net Cash FlowCr	4	-1	8	39	-18	60	-56	-132	43	-30	15
Free Cash Flow Free Cash FlowCr	86	46	61	132	235	269	162	47	220	315	126
CFO To PAT CFO To PAT%	85.4	69.2	50.6	87.2	182.9	241.5	76.7	29.5	92.3	109.5	114.8
CFO To EBITDA CFO To EBITDA%	98.4	77.7	55.1	80.8	80.8	83.3	68.7	27.2	80.0	100.1	44.4

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

149

259

287

237

246

380

226

Investing Cash Flow

Investing Cash FlowCr

-28

-72

-59

-4,162

-17

-10

-59

-85

-178

-224

-2,910

Financing Cash Flow

Financing Cash FlowCr

-58

-6

-2

4,052

-260

-216

-234

-139

-26

-186

2,698

Net Cash Flow

Net Cash FlowCr

-1

-18

-56

-132

-30

Free Cash Flow

Free Cash FlowCr

132

235

269

162

220

315

126

CFO To PAT

CFO To PAT%

85.4

69.2

50.6

87.2

182.9

241.5

76.7

29.5

92.3

109.5

114.8

CFO To EBITDA

CFO To EBITDA%

98.4

77.7

55.1

80.8

83.3

68.7

27.2

80.0

100.1

44.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	90	77	69	149	259	287	237	92	246	380	226
Investing Cash Flow Investing Cash FlowCr	-28	-72	-59	-4,162	-17	-10	-59	-85	-178	-224	-2,910
Financing Cash Flow Financing Cash FlowCr	-58	-6	-2	4,052	-260	-216	-234	-139	-26	-186	2,698
Net Cash Flow Net Cash FlowCr	4	-1	8	39	-18	60	-56	-132	43	-30	15
Free Cash Flow Free Cash FlowCr	86	46	61	132	235	269	162	47	220	315	126
CFO To PAT CFO To PAT%	85.4	69.2	50.6	87.2	182.9	241.5	76.7	29.5	92.3	109.5	114.8
CFO To EBITDA CFO To EBITDA%	98.4	77.7	55.1	80.8	80.8	83.3	68.7	27.2	80.0	100.1	44.4

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

149

259

287

237

246

380

226

Investing Cash Flow

Investing Cash FlowCr

-28

-72

-59

-4,162

-17

-10

-59

-85

-178

-224

-2,910

Financing Cash Flow

Financing Cash FlowCr

-58

-6

-2

4,052

-260

-216

-234

-139

-26

-186

2,698

Net Cash Flow

Net Cash FlowCr

-1

-18

-56

-132

-30

Free Cash Flow

Free Cash FlowCr

132

235

269

162

220

315

126

CFO To PAT

CFO To PAT%

85.4

69.2

50.6

87.2

182.9

241.5

76.7

29.5

92.3

109.5

114.8

CFO To EBITDA

CFO To EBITDA%

98.4

77.7

55.1

80.8

83.3

68.7

27.2

80.0

100.1

44.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	2,903	3,396	4,583	7,487	7,479	12,553	9,550	9,862	9,360	10,636	13,557	16,417
Price To Earnings Price To Earnings	29.6	31.2	34.2	44.3	52.8	105.7	30.9	31.8	35.0	30.6	68.7	87.2
Price To Sales Price To Sales	7.3	7.9	8.9	8.9	4.2	6.7	4.8	4.4	4.0	3.9	3.4	3.6
Price To Book Price To Book	6.1	6.1	6.6	2.2	2.2	2.8	2.0	1.9	1.8	1.9	2.3	2.8
EV To EBITDA EV To EBITDA	28.5	30.1	33.5	48.1	27.8	37.3	28.3	30.0	30.7	28.3	32.7	32.6
Profitability Ratios Profitability Ratios
GPM GPM%	66.0	65.7	65.0	61.5	51.9	51.0	47.3	44.8	46.6	48.5	57.1	57.1
OPM OPM%	23.0	23.0	24.4	21.9	18.2	18.4	17.2	14.9	13.2	14.0	12.9	13.1
NPM NPM%	26.5	25.8	26.6	20.3	8.0	6.4	15.4	13.8	11.5	12.8	5.0	4.2
ROCE ROCE%	24.4	21.4	21.1	4.0	5.2	3.8	6.3	5.7	5.0	6.3	3.6	3.6
ROE ROE%	22.0	20.0	19.8	5.1	4.1	2.6	6.4	6.1	5.0	6.1	3.4	3.4
ROA ROA%	18.5	16.3	16.5	3.1	2.5	2.1	5.4	5.3	4.3	5.4	1.9	1.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

2,903

3,396

4,583

7,487

7,479

12,553

9,550

9,862

9,360

10,636

13,557

16,417

Price To Earnings

29.6

31.2

34.2

44.3

52.8

105.7

30.9

31.8

35.0

30.6

68.7

87.2

Price To Sales

7.3

7.9

8.9

4.2

6.7

4.8

4.4

4.0

3.9

3.4

3.6

Price To Book

6.1

6.6

2.2

2.8

2.0

1.9

1.8

1.9

2.3

2.8

EV To EBITDA

28.5

30.1

33.5

48.1

27.8

37.3

28.3

30.0

30.7

28.3

32.7

32.6

Profitability Ratios

GPM

GPM%

66.0

65.7

65.0

61.5

51.9

51.0

47.3

44.8

46.6

48.5

57.1

OPM

OPM%

23.0

24.4

21.9

18.2

18.4

17.2

14.9

13.2

14.0

12.9

13.1

NPM

NPM%

26.5

25.8

26.6

20.3

8.0

6.4

15.4

13.8

11.5

12.8

5.0

4.2

ROCE

ROCE%

24.4

21.4

21.1

4.0

5.2

3.8

6.3

5.7

5.0

6.3

3.6

ROE

ROE%

22.0

20.0

19.8

5.1

4.1

2.6

6.4

6.1

5.0

6.1

3.4

ROA

ROA%

18.5

16.3

16.5

3.1

2.5

2.1

5.4

5.3

4.3

5.4

1.9

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	2,903	3,396	4,583	7,487	7,479	12,553	9,550	9,862	9,360	10,636	13,557	16,417
Price To Earnings Price To Earnings	29.6	31.2	34.2	44.3	52.8	105.7	30.9	31.8	35.0	30.6	68.7	87.2
Price To Sales Price To Sales	7.3	7.9	8.9	8.9	4.2	6.7	4.8	4.4	4.0	3.9	3.4	3.6
Price To Book Price To Book	6.1	6.1	6.6	2.2	2.2	2.8	2.0	1.9	1.8	1.9	2.3	2.8
EV To EBITDA EV To EBITDA	28.5	30.1	33.5	48.1	27.8	37.3	28.3	30.0	30.7	28.3	32.7	32.6
Profitability Ratios Profitability Ratios
GPM GPM%	66.0	65.7	65.0	61.5	51.9	51.0	47.3	44.8	46.6	48.5	57.1	57.1
OPM OPM%	23.0	23.0	24.4	21.9	18.2	18.4	17.2	14.9	13.2	14.0	12.9	13.1
NPM NPM%	26.5	25.8	26.6	20.3	8.0	6.4	15.4	13.8	11.5	12.8	5.0	4.2
ROCE ROCE%	24.4	21.4	21.1	4.0	5.2	3.8	6.3	5.7	5.0	6.3	3.6	3.6
ROE ROE%	22.0	20.0	19.8	5.1	4.1	2.6	6.4	6.1	5.0	6.1	3.4	3.4
ROA ROA%	18.5	16.3	16.5	3.1	2.5	2.1	5.4	5.3	4.3	5.4	1.9	1.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

2,903

3,396

4,583

7,487

7,479

12,553

9,550

9,862

9,360

10,636

13,557

16,417

Price To Earnings

29.6

31.2

34.2

44.3

52.8

105.7

30.9

31.8

35.0

30.6

68.7

87.2

Price To Sales

7.3

7.9

8.9

4.2

6.7

4.8

4.4

4.0

3.9

3.4

3.6

Price To Book

6.1

6.6

2.2

2.8

2.0

1.9

1.8

1.9

2.3

2.8

EV To EBITDA

28.5

30.1

33.5

48.1

27.8

37.3

28.3

30.0

30.7

28.3

32.7

32.6

Profitability Ratios

GPM

GPM%

66.0

65.7

65.0

61.5

51.9

51.0

47.3

44.8

46.6

48.5

57.1

OPM

OPM%

23.0

24.4

21.9

18.2

18.4

17.2

14.9

13.2

14.0

12.9

13.1

NPM

NPM%

26.5

25.8

26.6

20.3

8.0

6.4

15.4

13.8

11.5

12.8

5.0

4.2

ROCE

ROCE%

24.4

21.4

21.1

4.0

5.2

3.8

6.3

5.7

5.0

6.3

3.6

ROE

ROE%

22.0

20.0

19.8

5.1

4.1

2.6

6.4

6.1

5.0

6.1

3.4

ROA

ROA%

18.5

16.3

16.5

3.1

2.5

2.1

5.4

5.3

4.3

5.4

1.9

Operational Ratios

Solvency Ratios

Liquidity Ratios

	COLPAL	GILLETTE	PGHH	ZYDUSWELL	EMAMILTD	JYOTHYLAB	BAJAJCON
Market CapitalizationMkt CapCr	47,355	23,673	23,080	16,417	16,388	6,904	5,852
Close PriceClose₹	1,741.10	7,265.00	7,110.00	516.00	375.45	188.00	448.05
IndustryIndustry	FMCG Personal Care	FMCG Personal Care	FMCG Personal Care	FMCG Personal Care	FMCG Personal Care	FMCG Personal Care	FMCG Personal Care
Price To EarningsPE	35.14	35.44	29.19	87.16	21.89	24.29	23.61
Price To SalesPS	7.63	7.45	5.44	3.62	4.19	2.33	4.48
RevenueRevenueCr	6,204	3,176	4,245	4,537	3,915	2,966	1,307
Revenue Growth TTMRev Gr TTM%	3.8%	8.0%	-1.5%	66.3%	2.8%	3.9%	27.7%
PAT Growth TTMPAT Gr TTM%	-3.3%	18.6%	-4.6%	-42.5%	-8.1%	-22.4%	83.3%

Market CapitalizationMkt CapCr

47,355

23,673

23,080

16,417

16,388

6,904

5,852

Close PriceClose₹

1,741.10

7,265.00

7,110.00

516.00

375.45

188.00

448.05

IndustryIndustry

FMCG Personal Care

Price To EarningsPE

35.14

35.44

29.19

87.16

21.89

24.29

23.61

Price To SalesPS

7.63

7.45

5.44

3.62

4.19

2.33

4.48

RevenueRevenueCr

6,204

3,176

4,245

4,537

3,915

2,966

1,307

Revenue Growth TTMRev Gr TTM%

3.8%

8.0%

-1.5%

66.3%

2.8%

3.9%

27.7%

PAT Growth TTMPAT Gr TTM%

-3.3%

18.6%

-4.6%

-42.5%

-8.1%

-22.4%

83.3%

	COLPAL	GILLETTE	PGHH	ZYDUSWELL	EMAMILTD	JYOTHYLAB	BAJAJCON
Market CapitalizationMkt CapCr	47,355	23,673	23,080	16,417	16,388	6,904	5,852
Close PriceClose₹	1,741.10	7,265.00	7,110.00	516.00	375.45	188.00	448.05
IndustryIndustry	FMCG Personal Care	FMCG Personal Care	FMCG Personal Care	FMCG Personal Care	FMCG Personal Care	FMCG Personal Care	FMCG Personal Care
Price To EarningsPE	35.14	35.44	29.19	87.16	21.89	24.29	23.61
Price To SalesPS	7.63	7.45	5.44	3.62	4.19	2.33	4.48
RevenueRevenueCr	6,204	3,176	4,245	4,537	3,915	2,966	1,307
Revenue Growth TTMRev Gr TTM%	3.8%	8.0%	-1.5%	66.3%	2.8%	3.9%	27.7%
PAT Growth TTMPAT Gr TTM%	-3.3%	18.6%	-4.6%	-42.5%	-8.1%	-22.4%	83.3%

Market CapitalizationMkt CapCr

47,355

23,673

23,080

16,417

16,388

6,904

5,852

Close PriceClose₹

1,741.10

7,265.00

7,110.00

516.00

375.45

188.00

448.05

IndustryIndustry

FMCG Personal Care

Price To EarningsPE

35.14

35.44

29.19

87.16

21.89

24.29

23.61

Price To SalesPS

7.63

7.45

5.44

3.62

4.19

2.33

4.48

RevenueRevenueCr

6,204

3,176

4,245

4,537

3,915

2,966

1,307

Revenue Growth TTMRev Gr TTM%

3.8%

8.0%

-1.5%

66.3%

2.8%

3.9%

27.7%

PAT Growth TTMPAT Gr TTM%

-3.3%

18.6%

-4.6%

-42.5%

-8.1%

-22.4%

83.3%

Zydus Wellness Ltd

Zydus Wellness Ltd

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison