ZYDUSWELL · Fast Moving Consumer Goods
Zydus Wellness Ltd. reported revenue of ₹1,437 cr for April to June 2026, +66.9% on the year and −3.2% on the quarter. That is faster than this quarter has grown in recent years (+11.1% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹4,537 cr, +66.3% on the four before.
Operating profit (EBITDA) was ₹242 cr, a margin of 16.8%, −128 bps on the year and −134 bps on the quarter. Over the last 8 quarters the margin has ranged from 3.2% to 20.8%, averaging 11.4%. Operating costs grew +69.5%, faster than revenue at +66.9%, so operating profit grew less than sales.
Net profit was ₹119 cr, −7.0% on the year and −26.5% on the quarter, with earnings per share of ₹3.74. Profit before other income, one-offs and tax grew faster, at +11.3%; other income, one-offs or tax held the headline back. The tax rate was 27% against an average of 12% over the previous 6 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹188 cr, −42.5% on the four before.
On earnings per share of ₹5.92 over the last four quarters, the stock at ₹512.15 trades at 86.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit −7.0% on the year; profit before other income, exceptional items and tax +11.3%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹440 cr | ₹403 cr | ₹783 cr | ₹841 cr | ₹493 cr | ₹462 cr | ₹913 cr | ₹861 cr | ₹650 cr | ₹965 cr | ₹1,485 cr | ₹1,437 cr |
| YoY | — | — | — | +20% | +12% | +15% | +17% | +2% | +32% | +109% | +63% | +67% |
| EBITDA margin | 3.9% | 3.2% | 20.7% | 18.4% | 4.1% | 3.2% | 20.8% | 18.1% | 3.5% | 6.3% | 18.2% | 16.8% |
| Other income, % of PBT | 44% | 75% | 3% | 3% | 42% | 40% | 1% | 2% | — | — | 1% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 31% | — | 3% | 3% | 12% | 37% | 1% | 12% | — | — | 9% | 27% |
| Net profit | ₹6.0 cr | ₹0.0 cr | ₹150 cr | ₹148 cr | ₹21.0 cr | ₹6.0 cr | ₹172 cr | ₹128 cr | −₹53.0 cr | −₹40.0 cr | ₹162 cr | ₹119 cr |
| YoY | — | — | — | +35% | +250% | — | +15% | −14% | −352% | −767% | −6% | −7% |
| Core profit YoY | — | — | — | +40% | +180% | +500% | +15% | −3% | −229% | −700% | +2% | +11% |
| EPS | ₹0.19 | ₹0.01 | ₹4.72 | ₹4.64 | ₹0.66 | ₹0.20 | ₹5.40 | ₹4.02 | −₹1.66 | −₹1.25 | ₹5.09 | ₹3.74 |
| Flags | 1 | 1 | · | 2 | 2 | 1 | 1 | ✓ | 2 | 2 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Zydus Wellness Ltd. reported revenue of ₹1,437 cr (+66.9% on the year) and net profit of ₹119 cr (−7.0% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +11.3% on the year, against −7.0% for reported profit.
None of the 7 checks that could run raised a question.
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