'Buy' Zydus Wellness Shares Maintains ICICI Securities Post Q2 Results — Check Target Price

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ICICI Securities Report

Zydus Wellness Ltd.’s Q2 FY26 was a strategically important yet transitional quarter – strategic in direction but impacted by muted organic momentum amid GST-led disruption and seasonal weakness.

We reckon LFL revenues were flat and its non-seasonal portfolio grew in double digits. Reported revenue growth (+32% YoY) was driven by the Comfort Click acquisition, expanding Zydus’ global wellness footprint and providing an entry into the high-margin vitamins, minerals and supplements adjacencies.

Profitability was impacted on account of higher overheads due to integration of acquired business and continued investment behind brands.

Zydus’ strategy remains sound, and disciplined execution should drive steady, profitable growth through FY26–27E. Maintain Buy.

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