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Anand Rathi Report

Zydus Wellness Ltd. delivered a mixed set of numbers in Q3 FY26, with healthy double-digit organic volume growth driving revenue to Rs 960 crore (vs Rs 820 crore street estimate), while Ebitda stood at Rs 61 crore (vs estimate of Rs 68.5 crore).

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Comfort Click performed in-line with the management's expectations, while Ritebite Maxprotein outperformed. Its focus on innovation, brand extension and leveraging distribution is likely to lead to healthy volume-led growth, going forward. Further, the management exuded confidence in achieving 16/17% consolidated Ebitda margin in the coming year with more than 14% margin in Comfort Click.

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Anand Rathi trims its earnings estimate by 18-36% over FY25-28e to factor in weaker margin and higher amortisation expenses for Comfort Click acquisition. Nonetheless, remaining positive on the company's growth prospects, the brokerage maintains Buy rating on the stock with a 12-month target price of Rs 525 (from Rs 599 earlier), valuing it at 30 times FY28e earnings per share (from 30x Sep'27e EPS previously).

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