Zydus Wellness Ltd(ZYDUSWELL)

NSE: ZYDUSWELLBSE: 531335

₹ 470.05-1.10%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 14,955 crNext results: 3 Nov 2026Website: www.zyduswellness.comUpdated: 24 Oct 2026

About

Zydus Wellness is an Indian packaged foods and wellness company selling branded nutrition, sweeteners, skin and hair care, and health supplements under brands including Sugar Free, Glucon-D, Complan, Nycil, Everyuth, Nutralite, and RiteBite Max Protein. In FY26 the company reported consolidated revenue of Rs 3,961 crore, materially enlarged by the acquisition of UK-based Comfort Click Limited (WeightWorld, Maxmedix, Animigo) completed in Q2 FY26. Sugar Free holds a 96.1% share of India's tabletop sweetener market as of MAT March 2026.^[1][2][3]

Business segments

Food & Nutrition segment grew 134.0% YoY in Q3 FY26, boosted by the Comfort Click and RiteBite acquisitions; core brands include Complan, Sugar Free, Nutralite, and RiteBite Max Protein.^[4]
Personal Care segment (Nycil, Everyuth) declined 1.4% YoY in Q3 FY26, dragged by the worst seasonal performance for Nycil and Glucon-D in 6 - 8 years due to unseasonal rains.^[4]
International business including Comfort Click delivered like-to-like growth of 24.8% in Q1 FY27 and 29.5% for FY26; domestic business grew 4.6% in Q1 FY27 and 2.4% for FY26.^[5][2]

Brands and portfolio

Sugar Free held 96.1% market share of India's sweetener category (MAT Mar 2026 Nielsen/IQVIA), expanding 24 bps YoY; Sugar Free Green delivered its 20th consecutive quarter of double-digit growth in Q4 FY26.^[2]
Glucon-D held 59.0% market share (MAT Dec 2025) and Nycil held 32.9% of prickly heat powder (MAT Sep 2025); both brands were significantly impacted by unseasonal rainfall and ended Q1 FY27 down 12% collectively.^[4][3][5]
Everyuth scrubs held 48.6% market share (MAT Mar 2026); Everyuth moved from 5th to 4th rank in facial cleansing with 8.2% market share (MAT Jun 2026), up 40 bps YoY.^[2][5]
Complan held 4.1% market share (Q4 FY26) in a health food drinks category that de-grew 4.8% (MAT Mar 2026); management plans relaunches and new product introductions to reframe the brand in the nutrition space.^[2]
Comfort Click (acquired Q2 FY26) operates WeightWorld, Maxmedix, and Animigo brands selling vitamins, minerals and supplements (VMS) via D2C and marketplace channels across the UK, EU, and USA.^[3]
RiteBite Max Protein, acquired approximately one year before Q3 FY26, was growing at more than double its pre-acquisition 25% CAGR; EBITDA margin expanded from breakeven at acquisition to nearly double-digit.^[2][4]

Key operating numbers

Consolidated net sales reached INR 14,299 million in Q1 FY27, up 66.7% YoY; domestic business grew 4.6% and international business (including Comfort Click) grew 24.8% like-for-like.^[5]
Gross contribution margin was 65.5% of net sales in Q1 FY27 (+1,071 bps YoY), versus 60.2% for full-year FY26 (+772 bps YoY), driven by brand-level margin gains and Comfort Click's higher-margin profile.^[5][2]
Advertising and promotion spend was 18.2% of net sales in Q1 FY27.^[5]
Skin & Hair Care grew 34.5% YoY and Food & Nutrition grew 16% YoY in the domestic market in Q1 FY27; seasonal brands declined 12% due to unseasonal rainfall in North and East India.^[5]
Amortisation of acquired Comfort Click brand intangibles was INR 490 million in Q1 FY27 (+920.8% YoY), and INR 1,174 million for full-year FY26, compressing reported PAT.^[5][2]

Distribution and customers

Domestic distribution reached approximately 2.8 million stores (FY26/YTD Dec 2025), with a target to expand to 3.5 million outlets over the following couple of years.^[2][4][3]
Organised channel saliency reached an industry-leading 38% in Q1 FY27 (up from 30% in FY26 and 24% in FY25), with modern trade at 17% and digital commerce at 21%.^[5][2]
Quick commerce accounted for 7 - 8% of total domestic business in Q4 FY26; in Q1 FY27 digital commerce reached 21% of domestic sales, with quick commerce comprising approximately 44 - 45% of that e-commerce share.^[2][5]
Comfort Click sells through D2C platforms and online marketplaces; WeightWorld launched on Walmart marketplace and on noon UAE in Q1 FY27, and a physical UAE base is being established.^[5]

Expansion and recent developments

Comfort Click was acquired in Q2 FY26 and funded via a bridge loan of approximately GBP 240 million at ~5% for 15 months; acquisition debt of approximately Rs 3,000 crore is targeted for repayment over 5.5 - 7 years.^[3][2]
Comfort Click turned EPS accretive in Q4 FY26, in line with or slightly ahead of management expectations; the consolidated entity is expected to be PAT and EPS accretive from FY27.^[2]
WeightWorld entered Poland, Finland, and Portugal in Q3 FY26, and launched on Walmart marketplace (US) and noon UAE in Q1 FY27 as Comfort Click builds its US and Middle East presence.^[4][5]
New product launches in Q1 FY27 included Complan Power Play RTD milkshake (no added sugar, no preservatives), VieMax Diabetes Care (low glycemic index, high-protein, high-fibre), and RiteBite Korean-flavour protein chips, wafer bars, protein shakes, and protein cookies.^[5]
Glucon-D Recharge was launched in Q4 FY26 in liquid and sachet formats targeting the performance hydration segment; initial response was described as encouraging.^[2]

Market Cap

₹14,955 Cr

High / Low

₹611 / 358

Stock P/E

87.1

Price / Book

2.8

Book Value

₹183

EPS

₹6.2

No. of Shares

31.82 Cr

ROCE

5.0%

ROE

3.4%

OPM

9.3%

Debt / Equity

0.55

Sales

₹3,961 Cr

Net Profit

₹197 Cr

Promoter holding

69.6%

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