Zydus Wellness Ltd, which reported consolidated net sales of ₹3,940 crore in FY26, up 46.4 per cent from ₹2,691 crore in FY25, EBITDA of ₹510 crore, up 34.2 per cent from ₹380 crore, and profit after tax of ₹197 crore, is entering what could be the most consequential phase in its transformation as it looks to convert nearly ₹7,800 crore spent on acquisitions into faster growth, stronger margins and lower debt.
Brokerage estimates place FY27 revenue at around ₹5,700 crore, implying growth of about 44.7 per cent over FY26, while EBITDA margins are expected to improve to 14.5-15.5 per cent from 12.9 per cent in FY26. Company management has said that it aims to lift EBITDA margins to 17-18 per cent over the next few years, excluding Comfort Click.
The company’s investor presentation shows revenue has compounded at 18.5 per cent annually since FY22, while gross margin expanded to 60.2 per cent in FY26 from 52.5 per cent in FY25, helped by a richer product mix and the addition of higher-margin businesses.
From acquisitions to monetisation
Over the past seven years, Zydus Wellness has transformed itself from a niche wellness company built around Sugar Free, Nutralite and Everyuth into a broader health and nutrition platform spanning Glucon-D, Nycil, Complan, RiteBite Max Protein and UK-based vitamins business Comfort Click.
The shift was driven by three major acquisitions: Kraft Heinz India’s consumer business for ₹4,600 crore, RiteBite Max Protein for ₹390 crore and Comfort Click for ₹2,800 crore.
“We have used all the levers for growth, organically through innovation, distribution expansion and brand building, and inorganically through acquisitions and international expansion,” CEO & Whole Time Director, Tarun Arora told businessline in an exclusive interacion
Arora said the company has expanded into markets across West Asia, Africa and Southeast Asia, using international operations both as growth engines and as testing grounds for new products before launching them in India.
The engines of growth
Sugar Free continues to dominate the sugar substitute market with a 96.1 per cent share, while Sugar Free Green has delivered 20 consecutive quarters of double-digit growth and now accounts for more than a quarter of the brand’s business. Glucon-D, with a 58.9 per cent share in a ₹1,035-crore category, has expanded into performance hydration through Glucon-D Recharge, while Nutralite has broadened from spreads into mayonnaise, peanut butter, ghee, butter and cheese.
RiteBite Max Protein, acquired when revenues were about ₹130 crore, has emerged as one of the company’s strongest performers. The business has moved from breakeven at acquisition to near double-digit EBITDA margins in FY26 and is now present in more than nine countries.
A common thread across new launches is the use of natural ingredients, from stevia in Sugar Free Green to RiteBite’s ghee-and-jaggery-based Max Protein Roots, reflecting a broader consumer shift toward cleaner labels and familiar ingredients.
The company’s distribution mix is also changing rapidly. Organised channels accounted for 30 per cent of domestic sales in FY26, up from 13 per cent in FY21, including 17 per cent from e-commerce, while quick commerce now contributes 7–8 per cent of domestic revenue.
Comfort Click and the FY27 inflection
FY26 was effectively an absorption year. The company integrated Comfort Click, dealt with weak summer demand that hurt seasonal brands such as Glucon-D and Nycil, and absorbed elevated interest costs.
FY27 will be the first full year of Comfort Click, a digital-first vitamins and supplements platform generating more than ₹1,500 crore in annual revenue with 5-year revenue CAGR of about 57 per cent . Management said the business is already EBIT positive and performing in line with, or slightly ahead of, expectations.
WeightWorld and Maxmedix were launched on Boots.com in the UK and on Amazon in the UAE during FY26, while Comfort Click has been recognised in the Financial Times’ FT1000 list of Europe’s fastest-growing companies for three consecutive years.
Complan and the debt watch
Complan remains the largest turnaround opportunity. The brand held a 4 per cent market share in Q4 FY26 but delivered near double-digit growth despite the overall nutritional drinks category declining 4.8 per cent. Zydus is repositioning the brand through Complan NutriGro for toddlers and VieMax for adult nutrition, supported by a new campaign featuring Vaibhav Suryavanshi. “Complan has to be reimagined for the consumers of today,” Arora said.
Debt reduction is a priority for FY27 following the Comfort Click acquisition. While the company has not provided a formal target, market estimates place FY26 borrowings at roughly ₹2,800–₹3,000 crore.
Analysts indicate that for investors, FY27 will be judged on whether Comfort Click delivers a full year of profitable growth, whether leverage begins to decline and whether Complan’s early recovery gains traction. “After years of building scale through acquisitions and brand extensions, Zydus Wellness is entering the stage where execution, rather than deal-making, will determine whether its ₹7,800-crore wellness bet pays off” a leading analyst from a brokerage house told Businessline