Zydus Wellness Gets 'Buy' Upgrade From ICICI Securities On Best-In-Class Q4 Revenue Growth

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ICICI Securities Report

Zydus Wellness Ltd.'s Q4 FY25 organic performance was good – best-in-class revenue growth of ~12% driven by ~7% volume growth. Reported revenue / volume growth was 17%/ 13% YoY [including acquisition of RiteBite].

During Q4 FY25, personal care segment delivered 23% YoY growth, which was broad based. Food and nutrition segment grew 15% YoY, partially impacted by weakness in Nutrition segment offset by inorganic growth.

In our view, unseasonal rains may impact Q1 FY26; however, we reckon improved execution may trump this challenge. In the medium-term, portfolio premiumisation [already underway] may support margin expansion. Upgrade to Buy (from Add).

Key downside risks are delays or failures in new product development or inability to expand distribution.

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