ZYDUSWELL · Fast Moving Consumer Goods
Zydus Wellness Ltd. reported revenue of ₹965 cr for October to December 2025, +108.9% on the year and +48.5% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹3,389 cr, +31.4% on the four before.
Operating profit (EBITDA) was ₹61.0 cr, a margin of 6.3%, +307 bps on the year and +278 bps on the quarter. Over the last 8 quarters the margin has ranged from 3.2% to 20.8%, averaging 11.9%. Operating costs grew +102.2% against revenue growth of +108.9%, so more of each rupee of sales reached operating profit.
The company swung to a net loss of ₹40.0 cr from a profit of ₹6.0 cr a year earlier, with earnings per share of −₹1.25. Profit before other income, one-offs and tax grew faster, at −700.0%; other income, one-offs or tax held the headline back. Profit over the last four quarters totals ₹207 cr, −36.3% on the four before.
On earnings per share of ₹6.51 over the last four quarters, the stock at ₹512.15 trades at 78.7 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.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹41.0 cr, +1,266.7% on the year; 67% of EBITDA.
Source: Quarterly statements
Swung to a loss from a profit a year ago. One quarter, or a trend?
Net loss −₹40.0 cr against a profit of ₹6.0 cr.
Source: Quarterly statements
Could not run on this quarter: Other income carrying profit, 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 ₹965 cr (+108.9% on the year) and net profit of −₹40.0 cr (−766.7% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −700.0% on the year, against −766.7% for reported profit.
2 checks raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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