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Swing Capital

Zydus Wellness Ltd

NSE: ZYDUSWELL BSE: 531335

Zydus Wellness operates as an integrated consumer Company with business encompassing the entire value chain in the development, production, marketing and distribution of health and wellness products. The product portfolio of the Company includes brands like Sugar free, Everyuth and Nutralite.(Source : 202003 Annual Report Page No: 83)

₹495
52W: ₹358 — ₹552
PE 341 · Book ₹127 · +290% vs book
Market Cap₹15,753 Cr
Stock P/E341Price to Earnings
ROCE1.7%Return on Capital
ROE1.15%Return on Equity
Div. Yield0.24%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company is expected to give good quarter
  • +Company has been maintaining a healthy dividend payout of 107%

Weaknesses

  • −Stock is trading at 3.89 times its book value
  • −Company has a low return on equity of 0.90% over last 3 years.

Shareholding Pattern

Promoters69.64%
FIIs3.17%
DIIs18.87%
Public8.32%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters69.62%69.62%69.62%69.64%▲0.069.64%69.64%69.64%69.64%
FIIs3.29%3.36%▲0.13.37%▲0.03.29%▼0.13.25%▼0.03.43%▲0.23.27%▼0.23.17%▼0.1
DIIs19.44%20.37%▲0.920.12%▼0.319.76%▼0.419.27%▼0.518.76%▼0.518.58%▼0.218.87%▲0.3
Public7.65%6.67%▼1.06.89%▲0.27.3%▲0.47.83%▲0.58.18%▲0.38.51%▲0.38.32%▼0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales64636363100128141156153133
Expenses5356585685114125128132113
Operating Profit11858151416282120
OPM %17%12%8%12%15%11%11%18%14%15%
Net Profit10768124581213
EPS ₹0.320.230.190.250.370.120.140.240.380.42

AI Insights

Revenue Trend

Mar 2026 revenue at ₹582Cr, up 98.6% YoY. OPM at 14%.

Debt Position

Borrowings at ₹181Cr. Debt-to-equity ratio: 0.05x. Healthy balance sheet.

Capex Cycle

CWIP at ₹5Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 18.87% (-3.17pp change). FIIs: 3.17% (-0.06pp change). Promoters hold 69.64%.

Margin & Efficiency

ROCE declining from 30% (Mar 2015) to 2% (Mar 2026). Working capital days: 0.

Valuation

PE 341x with 1.7% ROCE. Price is 290% above book value of ₹127. Dividend yield: 0.24%.

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