Consumer Food · Founded 1994 · www.zyduswellness.com · BSE 531335 · NSE ZYDUS WELL · ISIN INE768C01028
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Business
Zydus Wellness Ltd. is an Indian consumer goods company primarily focused on the health and wellness segment. It develops, manufactures, markets, and distributes a portfolio of consumer products, largely in the food and over-the-counter (OTC) personal care categories. Its core business model involves building strong brands, innovating products catering to health-conscious consumers, and distributing them through a wide retail network across India, including general trade, modern trade, and e-commerce platforms. The company makes money by selling its range of branded consumer wellness products.
Revenue Mix
Zydus Wellness's revenue is primarily driven by its flagship brands, which span across various health and wellness sub-segments. While specific revenue contributions are not publicly detailed in this overview, key brands include:
Sugar Free: A leading brand in artificial sweeteners and sugar substitutes.
Complan: A well-known health drink powder.
Glucon-D: An energy drink/glucose powder.
Nycil: A prickly heat and germ protection powder (OTC personal care).
Everyuth: A range of skincare products including face washes, scrubs, and peels (personal care).
The acquisition of Kraft Heinz's Indian consumer brands significantly diversified its portfolio beyond just food.
Industry
Zydus Wellness operates within the highly competitive Indian Fast-Moving Consumer Goods (FMCG) sector, specifically targeting the health and wellness segment. This industry is characterized by strong domestic and international players, rapid innovation, and evolving consumer preferences. Zydus Wellness holds a dominant position in the sugar substitute category with its "Sugar Free" brand. For other key brands like Complan and Glucon-D, it competes with major FMCG companies such as Nestle, Hindustan Unilever, Abbott, and Dabur. Its positioning leverages the trust associated with health-oriented products and established brand equity.
MOAT
Brand Equity & Recall: Many of Zydus Wellness's brands, particularly "Sugar Free," "Complan," and "Glucon-D," are legacy brands with high consumer recall and strong brand loyalty, often holding leadership positions in their respective niche categories.
Distribution Network: The company benefits from an established pan-India distribution network, which is crucial for FMCG penetration, potentially leveraging synergies from its parent Zydus Lifesciences.
Parentage & R&D: Being part of the Zydus Lifesciences group provides access to research & development capabilities and a reputation for quality and health science, which is beneficial for wellness products.
Category Leadership: Zydus Wellness enjoys a strong market share in the artificial sweetener category, creating an entry barrier for new competitors.
Growth Drivers
Increasing Health Consciousness: Growing awareness about health, fitness, and diet among Indian consumers is driving demand for healthier food and wellness products.
Rising Disposable Incomes: Higher disposable incomes allow consumers to spend more on premium health-oriented products.
E-commerce Penetration: Expansion through online retail channels provides broader market reach, especially to younger, digitally-savvy consumers.
Product Innovation & Portfolio Expansion: Continuous introduction of new products and variants that cater to evolving consumer needs (e.g., functional foods, natural ingredients) and potential inorganic growth through strategic acquisitions.
Urbanization & Lifestyle Changes: Modern lifestyles often lead to increased demand for convenience foods and wellness solutions.
Risks
Intense Competition: The FMCG sector is highly competitive with numerous national and international players, leading to pricing pressures and challenges in market share growth.
Raw Material Volatility: Fluctuations in prices of key raw materials can impact profit margins.
Changing Consumer Preferences: Rapid shifts in consumer tastes and preferences necessitate continuous product innovation and marketing investment, failure of which can lead to product obsolescence.
Regulatory Changes: Stricter regulations regarding food safety, labeling, and health claims for wellness products could impact business operations and product formulations.
Economic Slowdown: A general economic downturn could reduce discretionary spending on premium wellness products.
Management & Ownership
Zydus Wellness Ltd. is promoted by the Zydus Group (Zydus Lifesciences Ltd.), a prominent Indian pharmaceutical company. The management team comprises experienced professionals, often drawing expertise and best practices from its strong parent group. The Zydus Group holds a significant controlling stake in the company, ensuring aligned strategic direction and stability.
Outlook
Zydus Wellness is well-positioned in the growing Indian health and wellness market, supported by strong, established brands and the backing of the Zydus Lifesciences group. The increasing focus on health among Indian consumers, coupled with rising disposable incomes, provides a favorable long-term demand environment. However, the company faces significant challenges from intense competition, particularly from large FMCG conglomerates with diverse portfolios and deep pockets. Sustained growth will depend on its ability to continually innovate, effectively integrate and leverage its acquired brands, and navigate the dynamic consumer landscape while managing raw material costs and competitive pressures.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 403 | 783 | 841 | 493 | 462 | 913 | 861 | 651 | 965 | 1485 |
| Other Income | 3 | 4 | 5 | 4 | 4 | 1 | 3 | 3 | 1 | 1 |
| Total Income | 407 | 787 | 846 | 497 | 466 | 914 | 864 | 654 | 966 | 1486 |
| Total Expenditure | 391 | 620 | 686 | 473 | 447 | 723 | 706 | 629 | 904 | 1215 |
| Operating Profit | 16 | 166 | 160 | 24 | 19 | 191 | 159 | 24 | 62 | 271 |
| Interest | 6 | 6 | 4 | 1 | 3 | 4 | 3 | 16 | 41 | 39 |
| Depreciation | 6 | 6 | 5 | 5 | 5 | 13 | 11 | 25 | 56 | 55 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 6 | 0 | 0 | 0 | -34 | -7 | 0 |
| Profit Before Tax | 4 | 154 | 152 | 24 | 10 | 173 | 145 | -51 | -42 | 177 |
| Provision for Tax | 3 | 4 | 4 | 3 | 4 | 2 | 17 | 2 | -2 | 15 |
| Profit After Tax | 0 | 150 | 148 | 21 | 6 | 172 | 128 | -53 | -40 | 162 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 150 | 148 | 21 | 6 | 172 | 128 | -53 | -40 | 162 |
| Adjusted Earnings Per Share | 0 | 4.7 | 4.6 | 0.7 | 0.2 | 5.4 | 4 | -1.7 | -1.3 | 5.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 431 | 397 | 431 | 513 | 843 | 1767 | 1867 | 2009 | 2255 | 2328 | 2709 | 3962 |
| Other Income | 28 | 32 | 33 | 35 | 39 | 11 | 9 | 13 | 5 | 14 | 14 | 8 |
| Total Income | 458 | 429 | 463 | 548 | 882 | 1778 | 1876 | 2022 | 2260 | 2342 | 2723 | 3970 |
| Total Expenditure | 331 | 305 | 332 | 387 | 658 | 1446 | 1522 | 1667 | 1918 | 2020 | 2330 | 3454 |
| Operating Profit | 128 | 124 | 132 | 160 | 224 | 332 | 353 | 355 | 342 | 322 | 393 | 516 |
| Interest | 0 | 0 | 1 | 2 | 30 | 140 | 84 | 26 | 16 | 24 | 12 | 99 |
| Depreciation | 8 | 7 | 7 | 9 | 13 | 26 | 25 | 24 | 25 | 24 | 28 | 147 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -10 | -44 | -132 | 0 | -10 | -14 | 6 | -41 |
| Profit Before Tax | 120 | 117 | 124 | 150 | 171 | 121 | 112 | 306 | 291 | 260 | 359 | 229 |
| Provision for Tax | 9 | 12 | 13 | 13 | -1 | -20 | -7 | -3 | -20 | -7 | 12 | 32 |
| Profit After Tax | 111 | 105 | 111 | 137 | 171 | 142 | 119 | 309 | 310 | 267 | 347 | 197 |
| Adjustments | -2 | -2 | -2 | -3 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 109 | 103 | 109 | 134 | 169 | 142 | 119 | 309 | 310 | 267 | 347 | 197 |
| Adjusted Earnings Per Share | 5.6 | 5.3 | 5.6 | 6.9 | 5.9 | 4.9 | 3.7 | 9.7 | 9.8 | 8.4 | 10.9 | 6.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 16% | 10% | 9% | 20% |
| Operating Profit CAGR | 22% | 3% | 3% | 12% |
| PAT CAGR | 30% | 4% | 20% | 12% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 24% | 19% | 3% | 12% |
| ROE Average | 6% | 6% | 5% | 12% |
| ROCE Average | 6% | 6% | 6% | 13% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 406 | 479 | 557 | 691 | 3386 | 3461 | 4568 | 4844 | 5123 | 5358 | 5672 |
| Minority's Interest | 7 | 9 | 11 | 13 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 1500 | 1500 | 313 | 63 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5 | 5 | -55 | -71 | -77 | -107 | -111 | -23 | -131 | -135 | -120 |
| Total Current Liabilities | 90 | 75 | 113 | 122 | 546 | 615 | 771 | 767 | 692 | 769 | 746 |
| Total Liabilities | 508 | 568 | 626 | 755 | 5356 | 5469 | 5540 | 5651 | 5684 | 5992 | 6297 |
| Fixed Assets | 84 | 82 | 103 | 104 | 4567 | 4674 | 4667 | 4710 | 4732 | 4708 | 5125 |
| Other Non-Current Assets | 38 | 53 | 7 | 4 | 90 | 20 | 26 | 127 | 43 | 35 | 68 |
| Total Current Assets | 385 | 433 | 516 | 647 | 698 | 776 | 847 | 814 | 908 | 1214 | 1104 |
| Total Assets | 508 | 568 | 626 | 755 | 5356 | 5469 | 5540 | 5651 | 5684 | 5992 | 6297 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 268 | 19 | 23 | 21 | 30 | 210 | 193 | 253 | 170 | 37 | 80 |
| Cash Flow from Operating Activities | 69 | 90 | 77 | 69 | 149 | 259 | 287 | 237 | 92 | 246 | 380 |
| Cash Flow from Investing Activities | 29 | -28 | -72 | -59 | -4162 | -17 | -10 | -86 | -85 | -178 | -224 |
| Cash Flow from Financing Activities | -27 | -58 | -6 | -2 | 4052 | -260 | -216 | -234 | -139 | -26 | -186 |
| Net Cash Inflow / Outflow | 71 | 4 | -1 | 8 | 39 | -18 | 60 | -83 | -132 | 43 | -30 |
| Closing Cash & Cash Equivalent | 339 | 23 | 21 | 30 | 138 | 193 | 253 | 170 | 38 | 80 | 67 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 5.58 | 5.29 | 5.58 | 6.85 | 5.87 | 4.92 | 3.73 | 9.71 | 9.76 | 8.39 | 10.91 |
| CEPS(Rs) | 6.09 | 5.74 | 6.06 | 7.44 | 6.37 | 5.83 | 4.52 | 10.45 | 10.55 | 9.14 | 11.8 |
| DPS(Rs) | 1.2 | 1.3 | 1.3 | 1.6 | 1 | 1 | 1 | 1 | 1 | 1 | 1.2 |
| Book NAV/Share(Rs) | 20.79 | 24.5 | 28.52 | 35.38 | 117.46 | 120.04 | 143.57 | 152.26 | 161.09 | 168.47 | 178.35 |
| Core EBITDA Margin(%) | 22.06 | 21.44 | 21.42 | 24.04 | 21.93 | 16.63 | 17.11 | 15.91 | 13.95 | 12.36 | 12.91 |
| EBIT Margin(%) | 26.44 | 27.45 | 26.93 | 29.06 | 23.82 | 13.53 | 9.74 | 15.4 | 12.7 | 11.4 | 12.63 |
| Pre Tax Margin(%) | 26.41 | 27.42 | 26.81 | 28.73 | 20.25 | 6.28 | 5.57 | 14.22 | 12.03 | 10.44 | 12.22 |
| PAT Margin (%) | 24.54 | 24.7 | 24.06 | 26.19 | 20.32 | 7.34 | 5.9 | 14.35 | 12.84 | 10.71 | 11.82 |
| Cash Profit Margin (%) | 26.24 | 26.3 | 25.61 | 27.9 | 21.8 | 8.71 | 7.15 | 15.45 | 13.87 | 11.67 | 12.78 |
| ROA(%) | 23.83 | 19.57 | 18.64 | 19.77 | 5.6 | 2.62 | 2.16 | 5.52 | 5.48 | 4.57 | 5.65 |
| ROE(%) | 30.39 | 23.79 | 21.49 | 21.87 | 8.4 | 4.14 | 2.96 | 6.56 | 6.23 | 5.09 | 6.29 |
| ROCE(%) | 32.74 | 26.44 | 23.48 | 23.33 | 7.08 | 5.26 | 3.88 | 6.41 | 5.77 | 5.12 | 6.43 |
| Receivable days | 1.66 | 1.81 | 2.68 | 4.48 | 22.69 | 20.25 | 19.26 | 20.06 | 26.43 | 35.97 | 40.43 |
| Inventory Days | 21.73 | 21.41 | 22.05 | 23.44 | 58.06 | 49.65 | 59.57 | 61.58 | 61.84 | 67.75 | 61.24 |
| Payable days | 219.01 | 256.06 | 257.37 | 234.51 | 397.09 | 210.15 | 203.71 | 149.46 | 107.9 | 108.4 | 113.05 |
| PER(x) | 36.41 | 28.12 | 31.17 | 34.23 | 44.26 | 52.77 | 105.73 | 30.92 | 31.76 | 35.05 | 30.65 |
| Price/Book(x) | 9.77 | 6.07 | 6.1 | 6.63 | 2.21 | 2.16 | 2.75 | 1.97 | 1.92 | 1.75 | 1.87 |
| Dividend Yield(%) | 0.59 | 0.87 | 0.75 | 0.68 | 0.39 | 0.39 | 0.25 | 0.33 | 0.32 | 0.34 | 0.36 |
| EV/Net Sales(x) | 8.42 | 6.55 | 6.92 | 8.18 | 10.55 | 5.05 | 6.88 | 4.86 | 4.48 | 4.06 | 3.97 |
| EV/Core EBITDA(x) | 28.45 | 21 | 22.63 | 26.16 | 39.75 | 26.87 | 36.37 | 27.48 | 29.56 | 29.31 | 27.31 |
| Net Sales Growth(%) | 6.71 | -7.9 | 8.54 | 19.06 | 64.41 | 109.63 | 5.65 | 7.63 | 12.23 | 3.24 | 16.37 |
| EBIT Growth(%) | 15.44 | -2.37 | 6.51 | 21.59 | 32.54 | 30.12 | -24.95 | 69.14 | -7.4 | -7.46 | 30.52 |
| PAT Growth(%) | 13.06 | -5.32 | 5.74 | 22.67 | 25.44 | -17.24 | -16.22 | 160.14 | 0.5 | -14.01 | 29.97 |
| EPS Growth(%) | 12.96 | -5.22 | 5.54 | 22.87 | -14.41 | -16.21 | -24.08 | 160.15 | 0.54 | -14.01 | 29.97 |
| Debt/Equity(x) | 0 | 0 | 0.04 | 0.04 | 0.46 | 0.44 | 0.12 | 0.08 | 0.06 | 0.06 | 0.03 |
| Current Ratio(x) | 4.29 | 5.74 | 4.55 | 5.32 | 1.28 | 1.26 | 1.1 | 1.06 | 1.31 | 1.58 | 1.48 |
| Quick Ratio(x) | 4 | 5.42 | 4.27 | 5.03 | 0.85 | 0.79 | 0.63 | 0.59 | 0.65 | 0.97 | 0.79 |
| Interest Cover(x) | 921.38 | 835.29 | 226.45 | 89.08 | 6.67 | 1.87 | 2.34 | 13 | 19.07 | 11.84 | 30.9 |
| Total Debt/Mcap(x) | 0 | 0 | 0.01 | 0.01 | 0.21 | 0.2 | 0.04 | 0.04 | 0.03 | 0.03 | 0.02 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.15 | 69.62 | 69.62 | 69.62 | 69.62 | 69.63 | 69.63 | 69.63 | 69.63 | 69.64 |
| FII | 3.25 | 3.26 | 3.29 | 3.37 | 3.37 | 3.29 | 3.25 | 3.43 | 3.27 | 3.18 |
| DII | 19.68 | 19.41 | 19.44 | 20.35 | 20.12 | 19.76 | 19.28 | 18.76 | 18.58 | 18.87 |
| Public | 7.93 | 7.71 | 7.65 | 6.67 | 6.89 | 7.31 | 7.83 | 8.18 | 8.52 | 8.32 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 4.4 | 4.43 | 4.43 | 4.43 | 4.43 | 4.43 | 4.43 | 22.16 | 22.16 | 22.16 |
| FII | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 1.09 | 1.04 | 1.01 |
| DII | 1.25 | 1.24 | 1.24 | 1.3 | 1.28 | 1.26 | 1.23 | 5.97 | 5.91 | 6 |
| Public | 0.5 | 0.49 | 0.49 | 0.42 | 0.44 | 0.47 | 0.5 | 2.6 | 2.71 | 2.65 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6.36 | 6.36 | 6.36 | 6.36 | 6.36 | 6.36 | 6.36 | 31.82 | 31.82 | 31.82 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +16% | +10% | +9% | +20% |
| Operating Profit CAGR | +22% | +3% | +3% | +12% |
| PAT CAGR | +30% | +4% | +20% | +12% |
| Share Price CAGR | +24% | +19% | +3% | +12% |
| ROE Average | +6% | +6% | +5% | +12% |
| ROCE Average | +6% | +6% | +6% | +13% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.15 | 69.62 | 69.62 | 69.62 | 69.62 | 69.63 | 69.63 | 69.63 | 69.63 | 69.64 |
| FII | 3.25 | 3.26 | 3.29 | 3.37 | 3.37 | 3.29 | 3.25 | 3.43 | 3.27 | 3.18 |
| DII | 19.68 | 19.41 | 19.44 | 20.35 | 20.12 | 19.76 | 19.28 | 18.76 | 18.58 | 18.87 |
| Public | 30.85 | 30.38 | 30.38 | 30.38 | 30.38 | 30.37 | 30.37 | 30.37 | 30.37 | 30.36 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 4.4 | 4.43 | 4.43 | 4.43 | 4.43 | 4.43 | 4.43 | 22.16 | 22.16 | 22.16 |
| FII | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 1.09 | 1.04 | 1.01 |
| DII | 1.25 | 1.24 | 1.24 | 1.3 | 1.28 | 1.26 | 1.23 | 5.97 | 5.91 | 6 |
| Public | 1.96 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 9.66 | 9.66 | 9.66 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6.36 | 6.36 | 6.36 | 6.36 | 6.36 | 6.36 | 6.36 | 31.82 | 31.82 | 31.82 |
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