Zydus Wellness Limited has informed the Exchange about Investor Presentation
Code: 531 335
Code: ZYDUSWELL
March 18, 2026
Listing Department BSE LIMITED P. J. Towers, Dalal Street, Mumbai–400 001
Listing Department NATIONAL STOCK EXCHANGE OF INDIA LIMITED Exchange Plaza, C/1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai–400 051
Re:
Investor Presentation
Dear Sir / Madam,
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Listing Regulations”) and in continuation to our earlier intimation dated March 16, 2026, please find attached the revised presentation to be made during the Analyst / Institutional Investors’ Conference scheduled on March 18 and 19, 2026.
Pursuant to Regulation 46(2)(o)(ii) of the Listing Regulations, the said presentation is also uploaded on the website of the Company at www.zyduswellness.com.
Please bring the aforesaid update to the notice of the members of the exchange and the investors’ at large.
Thanking you,
Yours faithfully, For, ZYDUS WELLNESS LIMITED
NANDISH P. JOSHI COMPANY SECRETARY & COMPLIANCE OFFICER
Encl.: As above
Investor Presentation
March 2026
Safe Harbour Statement
This presentation contains certain forward-looking statements including those describing Zydus Wellness’s strategies,
strategic direction, objectives, future prospects, estimates etc. Investors are cautioned that “forward looking
statements” are based on certain expectations, assumptions, anticipated developments and other factors over which
Zydus Wellness exercises no control. Hence, there is no representation, guarantee or warranty as to their accuracy,
fairness or completeness of any information or opinion contained therein. Zydus Wellness undertakes no obligation to
publicly update or revise any forward-looking statement. These statements involve a number of risks, uncertainties
and other factors that could cause actual results or positions to differ materially from those that may be projected or
implied by these forward-looking statements. Such risks and uncertainties include, but are not limited to: growth,
competition, domestic and international economic conditions affecting demand, supply and price conditions in the
various businesses in Zydus Wellness’s portfolio, changes in Government regulations, tax regimes and other statutes.
This document is a presentation and is not intended to be a prospectus or offer for sale of securities.
Launched Everyuth Skincare Range1
Acquisition of Carnation Nutra (“CNAFL”)
1988
2005
New production facility in Sikkim – Unit-I
Launched Everyuth Tan Removal Range, Nutralite Mayonnaise
9 new products Launched
Capital restructure (QIP and Preferential issue of Rs. 10,000 million) and repurchased NCDs of Rs. 15,000 million
Launched new variant ‘Mango blast’ in Glucon-D
Acquisition of Naturell (India) Private Limited
12 New Products launched
Reimagining Wellness: Our New Identity
2009
2017
2019
2021
2024
2026
1991
2006
2011
2018
2020
2022
2025
Launched Sugar Free1
Launched Sugar Free Natura with Sucralose1
ZWL listed on NSE. Brands Sugar Free and Everyuth transited from Zydus Lifesciences to ZWL
Launched Sugar Free Green with Stevia and set-up new production facility in Sikkim – Unit-II
Acquisition of Heinz India Private Limited (“Heinz”)
Launched ready-to-drink product, Glucon-D Activors, now Activon
Relaunched Complan with enhanced proposition and improved taste
Launched Nutralite DoodhShakti Professional range, Butter and Ghee and Everyuth Body Lotion
Acquired Comfort Click Limited and its 3 subsidiaries which includes 3 Brands: WeightWorld, maxmedix, Animigo
Key Milestones
Note-1: Milestones that happened before Sugar Free and Everyuth hived off grom Zydus Lifesciences to Zydus Wellness
Click for Corporate Video
Board of Directors
Dr. Sharvil P. Patel Non - Executive Chairman Dr. Sharvil Patel, Chairman and Non-Executive Director of our Company since April 2009, holds a bachelor's and doctorate in pharmaceutical science from the University of Sunderland, UK. With over two decades of experience in the pharmaceuticals industry, he serves as Managing Director of Zydus Lifesciences Limited. He has been conferred the ET Pharma leader of the year at the ET Healthworld India Pharma Awards 2022 and has been recognised as the Best CEO in the Lifesciences sector by Fortune India magazine
Tarun Arora CEO & Whole Time Director Mr. Tarun Arora, CEO and Whole Time Director since May 2015, is a Harvard (AMP) and IMT Ghaziabad (PGDBM) alumnus. With 30 years of experience in strategy, innovation, and brand building, he has led Danone Waters India and held key roles at Godrej, Sara Lee, Bharti Walmart, and Wipro.
Mr. Ganesh Nayak Non – Executive Director Mr. Ganesh Nayak, Non–Executive Director since July 2006, is a Harvard General Manager Program graduate with over four decades of experience in the pharmaceuticals industry. He is the Director of Zydus Lifesciences Limited and working with Zydus Group since 1977.
Mr. Akhil Monappa Independent Director Mr. Akhil Monappa, Independent Director since May 2023, holds degrees from Harvard and Georgia Tech. Currently a Director at YAZZ Limited, Zydus Lifesciences Limited, Alidac UK Limited and Comfort Click Limited, he has a background in tech investments and governance, previously working with Generation Investment Management, Atlas Venture, and C-Bridge Internet Solutions.
Mr. Srivishnu Raju Nandyala Independent Director Mr. Srivishnu Raju, Independent Director since March 2019, holds degree in engineering and is a Harvard alumnus and a passionate cyclist. He is a Chairman and CEO of Exciga Group, which oversees investment companies investing in financial markets and real estate companies. He was also a a promoter of Raasi Cements and Ceramics.
Ms. Dharmishtaben N. Raval Independent Director Ms. Dharmishtaben N. Raval, Independent Director since March 2019, is a distinguished lawyer with a master's in Commercial Laws. Practicing since 1980, she has served as SEBI's Executive Director - Legal and now practices at the Gujarat High Court and NCLT, Ahmedabad. She is empanelled as Panel Advocate with organizations like UTI, SBI, SEBI, GPCB, and IRDA.
Mr. Kulin S. Lalbhai Independent Director Mr. Kulin Lalbhai, Independent Director since November 2016, holds a bachelor’s in Electrical Engineering from Stanford University and an MBA from Harvard Business School. He is the Executive Director of Arvind Limited, Chairman of Arvind Smart Spaces Limited, Non-Executive Director of The Anup Engineering Limited and has previously worked with McKinsey & Co. in Mumbai. He holds a leadership position in several industry bodies.
Business Overview
Strong Infrastructure
1,600+ employees
₹126+ bn Market Cap
80,000 + shareholders
4 manufacturing facilities in India; Global 3P Manufacturers: 3 International & 15 Domestic
Dedicated R&D Centre
Business Overview
Nourishes, Nurtures & Energizes over 70Mn families
1,950+ Distributors
~ 0.7 Million Direct Reach
~2.8 million stores
2,500+ feet on street representatives
~ 30,000 direct farmers
Source: Nielsen Report/ Internal MIS
A Future-Ready Company Aligned with Global Health & Wellness Trends
GLOBAL TRENDS
Low Sugar/No Sugar
High Protein
On the go Hydration/Energy
Functional Skin and Hair Care
Active Lifestyle
New Age Vitamins, Minerals and Supplements
PROPOSITIONS
Leader in sugar substitutes, expanding into healthier cookies and chocolates
Full-spectrum protein portfolio covering bars, snacks & cookies for every occasion
Scaling RTD expansion across energy & hydration categories
Natural ingredients led skin and hair care with functional benefits across multiple applications
Portfolio designed for today’s active lifestyle consumer
Rising consumer demand for natural, plant- based, and specialty nutritional supplements across human and pet health segments
Key Financial Metrics – FY 25
Revenue from Operations
Healthy CAGR 10%
22,548
23,278
27,089
18,667
20,091
Personal Care
Healthy CAGR 16.5%
33.4%
20.9%
17.0%
-2.4%
Food & Nutrition
Consistent CAGR 8.3%
10.7%
0.4%
13.0%
9.4%
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
Gross Margin *
PAT
EPS Trend
54.4%
50.7%
48.9%
50.8%
52.5%
6.4%
15.4%
13.8%
11.5%
12.8%
10,218
10,287
11,088
11,894
14,308
3,089
3,104
2,669
3,469
48.54
48.78
41.94
54.52
1,187
19.55
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
* Gross Margin% is calculated as % to Net Sales Above amounts are presented in ₹-million (mn)
Key Input Trends
Milk
Dextrose Monohydrate
Stevia
25.6% vs. FY21 16.0% vs. FY22 -8.0% vs. FY23 2.3% vs. FY24
40.5% vs. FY21 23.6% vs. FY22 14.1% vs. FY23 8.4% vs. FY24
12.1% vs. FY21 7.8% vs. FY22 -24.3% vs. FY23 -6.4% vs. FY24
FY21
FY22
FY23
FY24
FY25
FY21 FY22 FY23 FY24 FY25
FY21
FY22
FY23
FY24
FY25
Edible oils
29.3% vs. FY21 -8.8% vs. FY22 1.8% vs. FY23 29.2% vs. FY24
Sucralose
-41.3% vs. FY21 -48.7% vs. FY22 -70.5% vs. FY23 -38.1% vs. FY24
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
Revenue Performance Snapshot – YTD Dec’25
Food & Nutrition
Personal Care
✓ Volume for the Q3 FY26 (excluding the newly acquired Comfort Click business) delivered double-digit growth
✓ Sales for YTD FY26 (excluding the newly acquired Comfort Click business and seasonal brands) registered strong double-digit growth in the high teens, supported by mid-teen volume growth
✓ On a like-to-like basis, the RiteBite business doubled its legacy performance and exceeded internal projections.
✓ Comfort Click continues to deliver
in
line with
expectations
Geographic Mix for YTD FY26
Domestic
International *
* Including post acquisition Comfort Click business
Q3 FY26
Q3 FY26
Growth Y-o-Y
134.0%
Growth Y-o-Y
-1.4%
YTD FY26
YTD FY26
Growth Y-o-Y
48.9%
Growth Y-o-Y
-4.6%
Gross Margin Performance Snapshot
Most brands recorded gross margin expansion, underscoring the strength of the portfolio, with the uplift further supported by the newly acquired brands.
Gross Margin % to Net Sales
Y-o-Y Gap bps
+ 314
+ 261
+ 2
+ 42
- 73
+ 483
+ 1561
+ 231
+ 616
55.5%
47.5%
47.7%
54.8%
54.8%
52.4%
63.3%
57.5%
51.3%
Q1 FY 2024- 25
Q2 FY 2024- 25
Q3 FY 2024- 25
Q4 FY 2024- 25
Q1 FY 2025- 26
Q2 FY 2025- 26
Q3 FY 2025- 26
YTD FY 2024- 25
YTD FY 2025- 26
Financial Highlights for the Q3 & YTD FY26
INR Million
Net Sales
Revenue from operation
Gross Contribution
(% of net sales)
EBITDA EBITDA Margin
PBT**
PAT PAT Margin Adjusted PAT ** Adjusted PAT Margin
Q3 FY26
Q3 FY25
Y-o-Y Growth % YTD FY26 *
YTD FY25 *** Y-o-Y Growth %
9,633
9,649
6,118
63.3%
610 6.3%
(349)
(399) -4.1% (333) -3.5%
4,508
4,619
2,263
47.7%
148 3.2%
101
64 1.4% 64 1.4%
113.7%
108.9%
170.3%
+1561 bps
312.2%
-445.5%
-723.4%
-620.3%
24,639
24,763
14,291
57.5%
2,396 9.7%
940
352 1.4% 760 3.1%
17,806
17,958
9,294
51.3%
1,897 10.6%
1,795
1,750 9.7% 1,691 9.4%
38.4%
37.9%
53.8%
+616 bps
26.3%
-47.6%
-79.9%
-55.1%
* Results for YTD FY26 include the performance of Alidac UK Limited and its subsidiaries for a period of four month and two days ** PBT & Adjusted PAT excludes exceptional items *** Results for YTD FY25 includes the performance of RiteBite – Max Protein business for a period of one month
Other Operating Income declined YoY due to GST budgetary support of ~ INR 90 million recognized in Q3 FY25
• • Major impacts between EBITDA and PBT:
• The acquisition funded through a low-cost bridge loan (~5%), with interest included in finance costs (~ INR 371 million for the Q3 FY26) • Amortization of acquired brands led to higher depreciation and amortization expenses (~ INR 472 million for the Q3 FY26) • Exceptional items represent one-time impacts from implementation of the new labour code, acquisition-related costs, and expenses related to the
liquidation of Naturell (India) Private Limited, a subsidiary of the Company, on a going-concern basis
• The acquisition of Comfort Click is cash EPS-accretive, excluding exceptional items such as one-time acquisition-related costs
Organisation Trends excl. newly acquired Comfort Click business
Organised Trade Saliency
13%
FY21
Distributors
4.7%
17%
19%
21%
24%
FY22
FY23
FY24
FY25
Total Reach *
8.8%
30%
FY26* * YTD Dec’25
Feet-on-street Representatives
8.8%
1700
2.0
1950
2.8
2,000
2,800
FY 22
FY 25
FY 22
* in millions
FY 25
FY 22
FY 25
Driving Brand Dominance and Market Relevance
Category
Category Size (in cr.)
Mkt. Rank
Mkt. Share %
Glucose Powder
1 ~ 1,050
1
59.0
Nutrition Drink
5 ~ 6,700
4
4.1
Sugar substitute
Prickly heat powder
*Facial cleansing
Scrub
Peel-off
~ 350
1
96.3
~ 850
1
33.1
~ 4,600
~ 390
~ 165
5
7.9
1
48.5
1
76.0
Category Size and Market share source: MAT Dec 2025 report as per Nielsen and IQVIA *Everyuth market rank 5 is at Total Facial cleansing segment which includes Face wash, Scrub, Peel-off, face masks
Category
Mkt. Rank as per Company Estimates
Blended Sugar
Fat spread
NA
1
Dairy
NA
Nutrition & Protein Bar
Protein Cookies & Chips
Other Nutrition Products
1
1
NA
Hair Care
NA
Paving the Way for Future Business
• One year post acquisition, Ritebite Maxprotien business continues to significantly outperform internal projections with strong volume and
value growth.
• Max Protein maintains high momentum and leadership in protein snacking. •
EBITDA has improved from neutral at the time of acquisition to a nearing double-digit, supported by integration synergies, scale and margin efficiencies. The acquisition is proving operating margin-accretive and has strengthened the Company’s participation in the fast-growing protein consumption trend. Recently launched Wafer Bar continues to contribute to category growth and market expansion.
•
•
Sugar Free & I’m lite - Shaping the Future of Everyday Wellness
❖ Sugar Free Gold+ with Sucralose + Chromium, supporting normal blood sugar levels is showing positive traction in the market
❖ Sugar Free Green has maintained a double-digit growth
trajectory for the past 19 consecutive quarters
❖ I’m Lite
is steadily regaining growth traction and
returning to its pre-litigation performance levels
❖ Campaigns launched with popular celebrities like Shahid Kapoor, Katrina Kaif, Janhvi Kapoor and Malaika Arora
Sugar Substitute excl. I’m Lite and D’Lite range Category Size & Market Share
95.9%
95.8%
96.0%
95.4%
96.3%
1.6%
337
365
347
326
324
Dec'21
Dec'22
Dec'23
Dec'24
Dec'25
INR in crores Source: MAT Dec 2025 report as per Nielsen and IQVIA
Revamping the core and capturing the future growth
Improving the core formulation to drive perception of ‘Holistic Recovery & Immunity’ along with ‘Instant Energy’
Magnesium Supports Muscle Recovery
Vitamin C & Zinc Supports Immunity
Glucose For instant energy
Glucon-D’s entry in Performance Hydration
Energy + Hydration Formula
Hydration Formula
Re-Activating Sun-sucker mascot
Glucose + Electrolytes Vitamins, Minerals Endurance Performance Supports Immunity Energy Release
Electrolytes Vitamins, Minerals Energy Release Supports Immunity, NO ADDED SUGAR
Zero Caffeine Formulations
Glucose Powder Category Size & Market Share
58.3%
59.9%
824
892
60.0%
6.1%
930
58.9%
59.0%
1,107
1,043
Dec'21 INR in crores Source: MAT Dec 2025 report as per Nielsen and IQVIA
Dec'23
Dec'22
Dec'24
Dec'25
GD Activon GD Activon replaces GD Activors
slated
Innovation-led and interventions programs activation lift are category engagement share and support the gains entering seasonal window
to
Reinforcing Brand Strength in a Tough Market
STRENGTHEN CORE Unlocking significant value
Acquire New Users
Building toddler range and entry in new format
Build Adult Nutrition
Building adult nutrition
❖ Recently, Complan improved its ranking to fourth
position, holding a 4.1%* market share.
❖ Going forward, building on the strong brand equity, we plan to reframe Complan’s participation in the nutrition space with a set of relaunches and new product introductions to be more relevant for contemporary need states.
❖ Click for Complan Ad Film
Nutrition Drink Category Size & Market Share
4.5%
4.3%
4.1%
4.1%
0.2%
7,173
7,056
6,671
6,708
Dec'23
Dec'22 INR in crores Source: MAT Dec 2025 report as per Nielsen and IQVIA A significant portion of business has moved to online platforms, which is not reflected in the above table
Dec'25
Dec'24
Driving Category Growth by Adding New Consumers
❖ Achieved double-digit growth in YTD FY26, supported mainly by product excellence,
innovation, strong distribution, and customer-centric experiences.
❖ TAN Removal continues to witness strong growth and increased its saliency within the brand. The recent launch of D-Tan Facewash further strengthens the brand’s presence in this segment.
❖ Continued to expand the user base through superior offerings and impactful,
targeted marketing campaigns.
D-Tan Facewash Launch
Brand Market Share Evolution and Category Growth
Overall Facial Cleansing Category Size & Market Share
Face Scrub Category Size & Market Share
Peel Off Category Size & Market Share
6.4%
6.4%
6.2%
7.2%
7.9%
40.2%
41.8%
44.4%
47.3%
48.5%
78.1%
78.4%
79.5%
77.8%
76.0%
13.2%
3,484
4,206
4,605
2,799
3,050
15.3%
17.2%
391
327
165
139
221
235
253
88
94
97
Dec'21
Dec'22
Dec'23
Dec'24
Dec'25
Dec'21
Dec'22
Dec'23
Dec'24
Dec'25
Dec'21
Dec'22
Dec'23
Dec'24
Dec'25
Face Wash Category Size & Market Share
0.7%
2,918
0.8%
3,480
0.6%
3,764
Wash Off Category Size & Market Share
5.6%
10.6%
18.0%
106
121
134
Source: MAT Dec 2025 report as per Nielsen and IQVIA Everyuth recently entered into Sheet Mask cataegory
INR in ~ crores
Dec'23
Dec'24
Dec'25
Dec'23
Dec'24
Dec'25
Strategic Levers Intact to Drive Category and Consumer Growth
Prickly Heat Powder
Category Size
❖ A legacy brand with over five decades of consumer
trust.
33.9%
35.1%
35.1%
33.9%
33.1%
7.3%
628
710
725
891
833
Dec'21
Dec'22
Dec'23
Dec'24
Source: MAT Dec 2025 report as per Nielsen and IQVIA
Dec'25 INR in crores
❖ Positioned
for healthy
skin with an effective antibacterial formulation, Nycil continues to lead the prickly heat powder category with 100% consumer awareness.
❖ Built on its proven germ-fighter proposition, the brand offers protection against sweat, body odour, rashes, itching, and heat-related discomfort.
❖ Performance during YTD FY26 was
impacted by seasonal headwinds affecting both the brand and the broader category.
❖ Nycil is gearing up to strengthen brand communication in the coming focused objective of enhancing
and scale mass-market activations period, with a household penetration and expanding its retail reach.
Building Lifelong Consumer Relationships
❖ Expanded the portfolio through focused innovation
and strong B2B/B2C execution.
❖ Delivered double-digit growth with a 6-year CAGR^
across the portfolio.
❖ Sustained momentum via digital media, e-commerce
activations, and large-scale consumer sampling.
❖ Leader in premium cholesterol fat-free spread
❖ Dairy Segment offering pure ghee from the land of
Braj under Nutralite DoodhShakti range
❖ Strengthened consumer engagement through an AI-powered recipe platform enabling instant suggestions via food photo uploads or WhatsApp dish queries.
Last Quarter Launches
Marketing and Distribution Initiated in the Organised Channel
Authority Korean Heritage + Doctor Trust
Establish Cuticolor as the only ‘Made in Korea’ Hair color trusted by Indian doctors
Differentiation Scalp-Friendly v/s Chemical
No Ammonia/ No PPD
Visibility Clinical + Luxury
Build clinical yet luxurious positioning with on platform visibility & PDP assets
Innovation Funnel Entry & Expansion
Funnel Entry & Expansion
No.1 Doctor prescribed hair color is free from ammonia, PPD, and harmful chemicals, providing a safe and gentle color experience for healthy hair
Building a Stronger International Portfolio
❖ RiteBite – Max Protein strengthened its global presence by expanding into two more countries, taking its reach to nine international markets in year one, underpinned by strong initial market response.
❖ Sugar Free, Complan, RiteBite - Max Protein and Nycil contributes a significant portion of the overall business
Market Geography for YTD FY26
SAARC (excluding India)
GCC
African Countries
Others *
* Mainly includes New Zealand, Singapore, Mauritius, Morrocco, etc.
(Excluding Comfort Click Business)
Enhancing Global Market Access Through Acquired Brands
Revenue Overview
Amazon Ratings in Top Markets
Revenue (GBP in million)
Weight World
Animigo
maxmedix
UK Germany France Spain Italy
> 4.6 / 5.0
134
85
52
FY 23
FY 24 * Unaudited for the financial year ended on 30 Jun 2025 Delivered ~57% CAGR over 5 years with EBITDA of ~GBP 21 mn
FY 25 *
Alidac UK Limited, a wholly owned subsidiary of Zydus Wellness Limited, has completed the re-financing of its existing GBP denominated loan facility into a Euro loan, which is expected to significantly reduce the interest cost and aligns with company's majority of cash flow generation, thereby eliminating currency exposure risk.
Channel wise Sales Overview
Supplier Overview
Employees
Market Place
D2C
Wholesale
Europe & UK
China
India
Other
IND
UK
IE
OTH
OTH includes Off-roll employees over the globe
Global Footprint Established Across Key Markets
India
Bahrain Bangladesh Bhutan
Hong Kong
Kuwait
Lebanon Maldives
Malaysia
United Arab Emirates
Myanmar
Nepal
Oman
Qatar
Saudi Arabia
Sri Lanka
Taiwan
Nigeria
Kenya
Mauritius
Ethiopia
South Africa Tanzania
Uganda
Zimbabwe
New Zealand
Australia
United Kingdom
Germany
Spain
Italy
France
Netherlands
Sweden
Denmark
Belgium
Ireland
Poland
Finland
Portugal
United States of America
Ever Highest S&P Global ESG Score
Zydus Wellness has secured 99 percentile among 331 global companies in the same industry group of FOA food products
#3 highest globally as of 24/10/2025 – FOA food products
2022
2023
2024
2025
CSA Score
YoY Improvement
Total ESG Score
Environmental
Social
Governance & Economic
38
28
42
43
58
49
63
63
79
78
85
73
84
88
83
79
+6.3%
+12.8%
-2.3%
+8.2%
THANK YOU