Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Sep
Source: Bse
Zydus Wellness Limited (ZYDUSWELL)
Large CapFMCG stocks · Large cap · NSE
Zydus Wellness Limited is an Indian consumer goods company focused on health and wellness products. It operates with 4 manufacturing facilities in India and 23 global 3P manufacturers, supported by a dedicated R&D Centre. The company reaches over 70 million families through 1,950+ distributors and 2.8 million stores, offering a portfolio aligned with global health and wellness trends.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result04 Aug, 05:51 pm IST
Score20 Oct, 05:15 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
40NeutralSMA20 -5.1% / mo · MACD + · sector -4.5pp vs Nifty 500 (3M)
Stock trend: 55
Sector RS: 18
Sector 3M: -10.2% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ZYDUSWELLD candles · FIT view+5.0%Latest close ₹515.40 on 2026-10-19
Bar
+0.8%
RSI
50
MACD hist
2.17
52W pos
61%
2026-10-19O ₹511.55H ₹516.75L ₹501.55C ₹515.40Vol 61,362 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ZYDUSWELLNifty FMCGNifty 500
- ZYDUSWELL
- -14.5%
- Nifty 500
- -5.6%
- Nifty FMCG
- -10.5%
- Vs Nifty 500
- -8.9 pp
Chart stats
19 Oct 2026- From 52W high
- -15.8%
- 52W range position
- 61%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.38x
- Avg traded value
- ₹6.6 Cr
- 20D price channel
- ₹482 - ₹537
₹611.9
₹367.6 - ₹611.9
₹16.2
Latest completed session
20-session average
33.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED27
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +66.9% · PAT -7.0% YoY
Technical
Neutral40
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1279.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence59
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -7% YoY · margin compression · Rev +67% YoY
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,437 Cr | +66.9% | -3.2% |
| EBITDA | ₹242 Cr | +55.1% | -10.4% |
| Operating margin | 17.0% | -100 bps | -100 bps |
| PAT | ₹119 Cr | -7.0% | -26.5% |
| PAT margin | 8.3% | -659 bps | -263 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 74.00
- P/B
- 2.81
- EV/EBITDA
- 24.84
- Market Cap
- 16398.00Cr
Profitability
- ROE
- 3.98%
- ROCE
- 4.91%
- ROA
- 1.84%
- Dividend Y
- 0.24%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- -2.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- -10.00%
Balance Sheet
- Debt/Equity
- 0.55
- Interest Coverage
- 4.89×
- Altman Z
- 3.89
- Book Value
- 183.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 10/5
- OCF
- 226.00 Cr
- EPS TTM
- 5.92
Shareholding
- Promoter Hold
- 69.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 62%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,537+14.5% vs prev
Net Profit
₹ CrLatest: 197-43.2% vs prev
Return on Equity
%Latest: 3.4-44.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 50. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~5.4% over last month) — short-term momentum negative.
- RSI(14) at 50 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 16% off 52W high · 40% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
67
RS percentile
Stage 3 Topping
1M return
-1.3%
3M return
-14.5%
6M return
+2.4%
1Y return
+4.4%
RS 1D
+3
RS 20D
+8
Sector rank
#15
Industry rank
#26
Stage evidence
- 14.5% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+3.0% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price below
200-DMA
price above
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 110.12+1.56%
RS vs Nifty 500110
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth6/25
Quality0/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
27
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
27/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -1279.7%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
74.0
PB
2.8
EV/EBITDA
24.8
ROE
4.0%
ROCE
4.9%
FCF Yield
—
Debt/Equity
0.6
MoS
-1279.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
27
Previous: 27
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-1279.7%
Previous: -1279.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
28
28
28
27
27
27
27
27
27
27
27
27
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹156.13
-230.1% MoS
Growth-justified P/E
6.3
Growth-justified Value
₹37.36
-1279.7% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PGHH
Small
Procter & Gamble Hygiene and Health Care Limited
Consumer Goods
match 105
65
27.8
115.0%
+12%
UNDERVALUED
EMAMILTD
Large
Emami Limited
Consumer Goods
match 4
62
21.8
26.2%
+50%
UNDERVALUED
DOMS
Large
DOMS Industries Limited
Consumer Goods
match 2
54
58.4
20.7%
-29%
FAIR VALUE
GILLETTE
Large
Gillette India Limited
Consumer Goods
match -1
69
35.2
66.5%
+21%
UNDERVALUED
ORKLAINDIA
Micro
Orkla India Limited
Consumer Goods
match -7
53
24.5
11.2%
+44%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T18:59:04.122Z
Management commentary snapshot
Q4 FY26 Net Sales surged 62.1% YoY, with FY26 Net Sales up 46.4% YoY, driven by acquisitions. Gross Contribution % expanded significantly. However, reported PAT declined -5.8% YoY in Q4 and -43.2% YoY for FY26, impacted by acquisition-related costs and exceptional items.
While top-line growth is robust, largely due to acquisitions, the significant decline in reported PAT raises concerns about the profitability and integration costs of these new businesses. Gross margin expansion is positive, but the mixed performance in domestic categories and ongoing geopolitical risks warrant close monitoring of adjusted profitability and organic growth drivers.
Current business mix
Geographic Mix for FY26
Latest issuer-disclosed distribution across 2 reported categories.
Domestic76.0%
International24.0%
Growth engines
Max Protein Portfolio Expansion
Maintains high momentum and leadership in protein snacking, entering four new categories and demonstrating ability to capitalize on trends.
Sugar Free Green Momentum
Continued strong momentum, delivering double-digit growth for the 20th consecutive quarter.
Everyuth Tan Removal Range
Delivered strong double-digit growth in FY26 and strengthened saliency with the Q4 FY26 launch of Tan Removal Face Wash.
International Business Growth
International business excluding Comfort Click delivered high double-digit topline growth despite geopolitical disruptions.
Tailwinds
Rural Demand Revival
Demand remains steady, supported by a strong revival in rural demand that continues to outpace urban recovery.
E-commerce & Quick Commerce Growth
Quick Commerce and E-commerce maintain strong growth momentum, contributing to distribution expansion.
Acquired Brands Contribution
Gross margin uplift further supported by the newly acquired brands.
Headwinds
Geopolitical Risks
Global geopolitical developments continue to create some pressure on costs and supply chains.
Divergent Commodity Pricing
Key commodities continue to show divergent pricing trends, impacting input costs.
Seasonal Headwinds
Performance of brands like Nycil and Glucon-D was impacted by softer category demand from adverse weather conditions in FY26.
Category Decline for Complan
The nutrition drink category declined by 4.8% vs last year, posing growth challenges for Complan.
Risk radar
Acquisition-Related Profitability Impact
Higher finance costs from acquisition funding and amortization of acquired brands led to lower reported PAT.
Competition and Economic Conditions
Forward-looking statements involve risks related to growth, competition, and domestic/international economic conditions affecting demand and prices.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential for assessing annual performance and Q4 results in a seasonal business. QoQ trends are relevant for understanding sequential momentum in gross margins and the impact of fluctuating input costs.
Sector KPIs management disclosed
Gross Margin % to Net Sales
Q4 FY26: 64.8% (+1000 bps YoY); FY26: 60.2% (+772 bps YoY). Most brands recorded gross margin expansion, supported by newly acquired brands.
Rural Demand Trend
Strong revival in rural demand continues to outpace the gradual recovery in urban areas.
Organized Channel Saliency
Stood at 30% in FY26, comprising Modern Trade at 13% and E-commerce at 17%. Quick Commerce and E-commerce maintain strong growth momentum.
Market Share - Sugar Substitute
Sugar Free retained No. 1 position with 96.1% market share, supported by a 24 bps year-on-year gain (MAT Mar 2026).
Management forward view
Max Protein Category Expansion
Management believes Max Protein's ability to swiftly capitalize on emerging consumer trends contributes to category growth, market expansion, and long-term momentum.
Nycil Market Activation
Nycil is gearing up to strengthen brand communication and scale mass-market activations to enhance household penetration and retail reach.
Complan User Acquisition & Distribution
Management is focused on acquiring new users for Toddler & Adult nutrition portfolios through digital funnels, clinical credibility, expert outreach, and channel-led initiatives.
International Business Expansion
The company is leveraging global wellness opportunities through channel expansion (e.g., Boots.com) and geographical expansion (e.g., Amazon in UAE).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Adjusted PAT Growth | Q4 FY26: +17.0% YoY; FY26: +2.3% YoY | Sustained growth in adjusted PAT, indicating successful integration and profitability of acquired businesses. |
| Gross Margin Trend | Q4 FY26: 64.8%; FY26: 60.2% | Continued expansion or stability, especially given volatile input costs and competitive pricing pressures. |
| Seasonal Brands Performance | Q4 FY26: -9.8% YoY; FY26: -18.8% YoY | Recovery in demand for seasonal brands like Glucon-D and Nycil, indicating effective mitigation of weather-related impacts. |
| International Business Contribution | High double-digit topline growth (ex-Comfort Click) | Continued expansion and increasing contribution to overall revenue and profitability, validating global market access strategy. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
59Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 25th percentile of the scored universe and 7th percentile within FMCG. Main check: financial discipline is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
137 docs text-extracted · 64 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
25th percentile
overall median 67 · FMCG: 7th pctile, median 79 · Large: 14th pctile, median 73
Evidence depth
Financial-only
137 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
28
weak · capital discipline
Results
29
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 69.6%.
- ▸Promoter pledge is zero.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 4.9%.
- ▸ROE is low at 4%.
- ▸Revenue CAGR is 21% but EPS CAGR is -10%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Zydus Wellness Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 18 Sep - CMO Arijit Sengupta resigned effective September 18, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep - Zydus Wellness will participate in Anand Rathi G-200 Anand Summit 2026 on September 22, 2026.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Aug - Zydus Wellness will participate in Equirus Annual India Conference 2026 on August 14, 2026 in Mumbai.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d - Zydus Wellness schedules Q1FY27 results conference call on August 4, 2026 at 3:00 p.m. IST.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 19 Aug - CARE assigned CARE AA+; Stable rating to ZWPL’s ₹12 crore long-term bank facilities.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 30 Jun - Dr. Shyam Ramakrishnan appointed Chief Scientific Officer from July 1, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 3 Jul - Zydus Wellness Head–Sales (India & ISC) Lalit Ahuja resigns effective July 3, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Jul - Newspaper publication regarding 32nd Annual General Meeting of the Company
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 10 Jul - Zydus Wellness issued FY2025-26 annual report, AGM notice, dividend cut-off dates and e-voting schedule.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.