Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
Zydus Wellness Ltd.
NSE: ZYDUSWELLConsumer DefensivePackaged Foods
- Last close
- ₹463.35
- Day change
- −₹11.95 (−2.51%)vs
- Market cap
- ₹16,314 crIndian rupees
- Research updated
- 1 report
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About Zydus Wellness
Zydus Wellness Ltd. is a prominent player in the health and wellness sector, primarily engaged in the development, production, and marketing of a diverse range of consumer health products. The company's product portfolio includes popular brands like Sugar Free, India's leading sugar substitute, and Glucon-D, a high-energy fast-absorbing glucose drink, catering to health-conscious consumers and athletes alike. Additionally, Zydus Wellness offers a variety of nutritious products under the Complan brand and skin care solutions with Everyuth and Nycil brands. The company’s strategic focus on health and nutrition allows it to address the growing demand for wellness products across India and neighboring countries. Zydus Wellness operates in sectors that include nutraceuticals, skincare, and personal care, emphasizing innovation and quality to meet consumer needs. As a part of the Zydus Group, a respected name in pharmaceuticals, Zydus Wellness holds a significant place in both retail and wholesale markets, contributing to healthier lifestyle choices and catering to the evolving trends in consumer preferences for health-oriented products.
- Sector
- Consumer Defensive
- Industry
- Packaged Foods
- Listing
- NSE: ZYDUSWELL
- Next results
- Chief executive
- Mr. Tarun G. Arora
- Employees
- 1,685
- Headquarters
- Ahmedabad, India
- ISIN
- INE768C01028
- Website
- zyduswellness.com
Public research · Report of
Business model & financial foundation
Zydus Wellness (NSE: ZYDUSWELL), Personal products, food & nutrition and consumer health (FMCG) incl. UK online VMS supplements: revenue of ₹3,961 crore in FY26 (+46.2% on FY25), an EBITDA margin of 12.9%, net profit of ₹197.2 crore and net debt of ₹3,088 crore.
- Revenue, FY26 (₹ crore)
- 3,961
- consolidated
- Revenue growth, FY26
- +46.2%
- on FY25
- EBITDA margin, FY26
- 12.9%
- EBITDA (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 197.2
- to owners
- Return on equity, FY26
- 3.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,088
- Net debt (negative = net cash)
- Market capitalisation (₹ crore)
- 17,556
- at the close of 16 Oct 2026
Company profile
Zydus Wellness, a Zydus Lifesciences subsidiary, owns Indian consumer brands Sugar Free, Glucon-D, Complan, Nutralite, Nycil, Everyuth and RiteBite Max Protein, mostly market leaders in niche categories. In August 2025 it bought UK online supplements seller Comfort Click for GBP 239m with debt, taking international to about a third of sales. Business is seasonal: Q1 and Q4 (summer) carry most of the profit.
| Item | Value |
|---|---|
| Legal name | Zydus Wellness Limited |
| Exchange and ticker | NSE: ZYDUSWELL; BSE: 531335 |
| ISIN | INE768C01028 |
| Sector | Consumer Staples |
| Industry | Personal products, food & nutrition and consumer health (FMCG) incl. UK online VMS supplements |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Mukesh M. Shah & Co. (FRN 106625W) |
| Market capitalisation | ₹17,556 crore (16 Oct 2026) |
| Shares outstanding | 31.82 crore (FY26) |
| Price | ₹510.0 (close, 16 Oct 2026) |
| 52-week range | ₹367.5 - ₹611.8 (to 16 Oct 2026) |
| Website | https://www.zyduswellness.com |
Corporate structure and shareholding
Parent: Zydus Lifesciences Ltd (57.59%) with Zydus Family Trust 12.01%.
| Entity | Holding | Business |
|---|---|---|
| Zydus Wellness Products Ltd | 100% | Indian brands manufacturing and marketing (ex-Heinz India portfolio) |
| Comfort Click Ltd (UK) | 100% | Online-first vitamins, minerals and supplements (WeightWorld, Maxmedix); acquired 29 Aug 2025 for GBP 239m |
| Alidac UK Ltd | 100% | Acquisition holding company; borrower of EUR acquisition loan |
| Liva Nutritions Ltd | 100% | Indian subsidiary |
| Zydus Wellness International DMCC | 100% | UAE international trading |
| Naturell Inc (USA) | 100% | US entity of RiteBite business |
Naturell (India) (RiteBite Max Protein), bought Dec 2024 for INR 390 cr, liquidated into the parent 20 Sep 2025. No minorities or associates.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 69.63% | 69.63% | 69.64% | 69.64% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 3.27% | 3.18% | 3.32% | 3.56% |
| Domestic institutions | 18.58% | 18.87% | 19.13% | 19.39% |
| of which mutual funds | 18.11% | 18.43% | 18.73% | 18.72% |
| Retail | 6.64% | 6.47% | 6.15% | 5.74% |
| Other | 1.88% | 1.84% | 1.77% | 1.67% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Zydus Wellness (NSE: ZYDUSWELL), 57.59% owned by Zydus Lifesciences, sells branded consumer products in India — Sugar Free (~96% of sugar substitutes), Glucon-D (~59% of glucose powder), Complan (~4%, rank 4, nutrition drinks), Nutralite, Nycil (~33% prickly-heat powder), Everyuth (~49% scrubs) and RiteBite Max Protein (acquired Dec 2024 for 390 cr). Since 29 Aug 2025 it also owns Comfort Click, a UK online-first vitamins and supplements seller bought for GBP 239m (total cost 2,876.9 cr) with a EUR bank loan. Manufacturing is in-house in India; Comfort Click sells mainly through Amazon and its own sites in UK/EU. The India business is seasonal: Q1 and Q4 (summer) carried 31% and 34% of FY25 sales. One Ind AS segment (Consumer Products).
| Peer | Why the dossier compares them |
|---|---|
| Emami (EMAMILTD) | Seasonal summer/winter personal care (Navratna, Boroplus) vs Nycil/Glucon-D; similar size |
| Dabur India (DABUR) | Health/OTC, beverages (Glucose) and personal care overlap |
| Marico (MARICO) | Personal care and foods with an international business and D2C acquisitions |
| Jyothy Labs (JYOTHYLAB) | Mid-cap Indian FMCG with brand-led personal care |
| Bajaj Consumer Care (BAJAJCON) | Mid-cap personal care, peer-table set |
| Nestle India (NESTLEIND) | Nutrition and dairy (Complan, Nutralite overlap) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,988 | 2,243 | 2,328 | 2,709 | 3,961 |
| Cost of revenue (vendor classification) * | 986.5 | 1,153 | 1,146 | 1,288 | 1,577 |
| Other operating costs (vendor classification) * | 480.0 | 555.7 | 630.8 | 747.9 | 1,517 |
| EBITDA (vendor classification) * | 351.4 | 340.3 | 319.3 | 382.7 | 509.3 |
| EBIT * | 331.1 | 306.7 | 283.8 | 370.4 | 325.5 |
| Finance costs | 25.1 | 15.8 | 24.0 | 12.0 | 98.1 |
| Profit before tax | 306.0 | 290.9 | 260.1 | 358.8 | 230.5 |
| Total tax expense | -2.85 | -19.5 | -6.80 | 11.9 | 33.3 |
| Profit for the period | 308.9 | 310.4 | 266.9 | 346.9 | 197.2 |
| Diluted EPS (split-adjusted, FV Rs2) (₹) | 48.54 | 48.78 | 8.39 | 10.90 | 6.20 |
| Materials, traded goods and inventory change | 1,138 | 1,278 | 1,567 | ||
| Employee benefits expense | 193.4 | 237.2 | 313.0 | ||
| Advertisement, other expenses and net FX | 687.8 | 813.9 | 1,571 | ||
| EBITDA (company definition) | 308.2 | 379.7 | 509.7 | ||
| Other income | 13.9 | 13.6 | 6.40 | ||
| Depreciation and amortisation | 23.8 | 28.4 | 146.7 | ||
| Exceptional items (signed: + gain, - loss) | -14.2 | 5.90 | -40.8 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| Share of associates/JVs | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 266.9 | 346.9 | 197.2 | ||
| Comfort Click (UK) revenue consolidated | 0.00 | 0.00 | 0.00 | 0.00 | 1,186 |
| Revenue excluding Comfort Click (India brands, RiteBite, legacy exports) | 1,989 | 2,243 | 2,328 | 2,709 | 2,775 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (all attributable to owners) | 4,844 | 5,123 | 5,358 | 5,672 | 5,826 |
| Borrowings, current + non-current (excl. leases) | 387.3 | 297.3 | 324.0 | 185.0 | 3,186 |
| Cash and cash equivalents | 115.4 | 37.0 | 80.0 | 66.7 | 110.6 |
| Trade receivables | 142.3 | 207.8 | 283.3 | 367.0 | 383.8 |
| Inventories | 361.6 | 457.5 | 467.6 | 517.5 | 763.8 |
| Trade payables (MSME + others) | 364.3 | 313.3 | 362.9 | 428.8 | 461.4 |
| Net property, plant and equipment * | 244.5 | 270.4 | 246.7 | 290.4 | 315.3 |
| Capital work in progress * | 11.9 | 13.0 | 9.70 | 15.1 | 23.1 |
| Total assets * | 5,692 | 5,833 | 6,148 | 6,442 | 10,308 |
| Other bank balances + current investments (liquid MFs) | 236.4 | 42.9 | 4.70 | ||
| Lease liabilities, current + non-current | 4.70 | 3.30 | 16.4 | ||
| Net debt (negative = net cash) | 12.3 | 78.7 | 3,088 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 260.1 | 116.2 | 246.4 | 380.0 | 226.4 |
| Free cash flow (vendor definition) * | 161.4 | 46.7 | 217.9 | 313.7 | 124.7 |
| Dividends paid (the provider's sign: an outflow is negative) * | -31.9 | -31.9 | -31.9 | -31.8 | -38.2 |
| Capital expenditure (purchase of PP&E and intangibles), sign as reported | -74.7 | -44.4 | -28.5 | -66.3 | -101.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding, crore (split-adjusted FV Rs2) | 6.36 | 6.36 | 31.82 | 31.82 | 31.82 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 492.9 | 461.9 | 913.1 | 860.9 | 650.5 | 964.9 | 1,485 | 1,437 |
| Cost of revenue (vendor classification) * | 257.5 | 235.6 | 411.7 | 387.8 | 353.1 | 519.7 | 493.4 | |
| Other operating costs (vendor classification) * | 163.6 | 159.5 | 237.6 | 249.6 | 477.7 | 595.1 | 604.7 | |
| EBITDA (vendor classification) * | 23.6 | 18.6 | 190.8 | 158.6 | 61.8 | 271.3 | 245.5 | |
| EBIT * | 24.6 | 13.4 | 177.6 | 147.8 | -0.30 | 216.0 | 188.4 | |
| Finance costs | 0.90 | 3.30 | 4.20 | 2.50 | 15.7 | 41.2 | 38.7 | 26.3 |
| Profit before tax | 23.7 | 10.1 | 173.4 | 145.3 | -50.6 | -41.5 | 177.3 | 162.1 |
| Total tax expense | 2.80 | 3.70 | 1.50 | 17.4 | 2.20 | -1.60 | 15.3 | 43.2 |
| Profit for the period | 20.9 | 6.40 | 171.9 | 127.9 | -52.8 | -39.9 | 162.0 | 118.9 |
| Diluted EPS (split-adjusted, FV Rs2) (₹) | 0.66 | 0.20 | 5.40 | 4.02 | -1.66 | -1.25 | 5.09 | 3.74 |
| Materials, traded goods and inventory change | 257.5 | 235.6 | 411.7 | 387.8 | 306.3 | 353.1 | 519.7 | 493.4 |
| Employee benefits expense | 52.2 | 52.3 | 73.3 | 68.2 | 66.4 | 73.8 | 104.6 | 96.8 |
| Advertisement, other expenses and net FX | 163.6 | 159.2 | 238.1 | 249.3 | 254.8 | 477.0 | 590.3 | 605.1 |
| EBITDA (company definition) | 19.6 | 14.8 | 190.0 | 155.6 | 23.0 | 61.0 | 270.1 | 241.7 |
| Other income | 4.00 | 3.80 | 0.80 | 3.00 | 1.40 | 0.80 | 1.20 | 3.80 |
| Depreciation and amortisation | 4.90 | 5.20 | 13.2 | 10.8 | 25.1 | 55.5 | 55.3 | 57.1 |
| Exceptional items (signed: + gain, - loss) | 5.90 | 0.00 | 0.00 | 0.00 | -34.2 | -6.60 | 0.00 | 0.00 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates/JVs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 20.9 | 6.40 | 171.9 | 127.9 | -52.8 | -39.9 | 162.0 | 118.9 |
| Comfort Click (UK) revenue consolidated | 0.00 | 0.00 | 0.00 | 0.00 | 175.0 | 455.0 | 556.4 | 536.5 |
| Revenue excluding Comfort Click (India brands, RiteBite, legacy exports) | 492.9 | 461.9 | 913.1 | 860.9 | 475.5 | 509.9 | 928.3 | 900.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 7.3% | 12.8% | 3.8% | 16.4% | 46.2% |
| EBITDA margin | 13.2% | 14.0% | 12.9% | ||
| Net margin | 11.5% | 12.8% | 5.0% | ||
| Return on equity | 5.1% | 6.3% | 3.4% | ||
| Return on capital employed | 6.4% | 5.8% | 5.1% | 6.4% | 4.4% |
| Return on assets | 4.5% | 5.5% | 2.4% | ||
| Net debt (₹ crore) | 12.3 | 78.7 | 3,088 | ||
| Net debt / EBITDA | 0.04x | 0.21x | 6.06x | ||
| Interest cover | 13.2x | 19.4x | 11.8x | 30.9x | 3.32x |
| Asset turnover | 0.35x | 0.39x | 0.39x | 0.43x | 0.47x |
| Receivable days | 26 | 34 | 44 | 49 | 35 |
| Inventory days (on revenue) | 66 | 74 | 73 | 70 | 70 |
| Payable days (on revenue) | 67 | 51 | 57 | 58 | 43 |
| Cash conversion | 0.92x | 1.10x | 1.15x | ||
| Capex intensity | 3.8% | 2.0% | 1.2% | 2.4% | 2.6% |
| Free cash flow (₹ crore) | 185.3 | 71.8 | 217.9 | 313.7 | 124.7 |
| Dividend payout | 12.0% | 9.2% | 19.4% | ||
| EPS, diluted (₹) | 48.54 | 48.78 | 8.39 | 10.90 | 6.20 |
| Book value per share (₹) | 7,61,25,69,148 | 8,05,03,52,024 | 1,68,39,01,182 | 1,78,26,25,094 | 1,83,11,54,136 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (split-adjusted, FV Rs2)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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