Zydus Wellness Ltd's Q2 FY27 numbers came in mixed. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,126.60 Cr (+73.19% YoY) |
| PAT (Q2) | Rs. 5.10 Cr |
| EBITDA margin | 7.59% (+405 bps YoY) |
| EPS (Q2) | Rs. 0.16 |
Consolidated revenue grew 73.19% YoY to Rs.1,126.6 crore and PAT swung from a Rs.52.8 crore loss to Rs.5.1 crore profit, but growth is acquisition-aided and the standalone core grew only 6.92% with PBT down 40.57%. Cash generation is the standout: H1 FCF of Rs.267.1 crore cut net debt by Rs.180.8 crore while funding interest and dividends. No quarterly-testable guidance exists to benchmark against; the base-business 17-18% EBITDA margin path must be demonstrated in the seasonally strong H2 quarters.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Headline revenue | Ahead YoY, acquisition-aided | +73.19% YoY | Played out |
| Domestic/seasonal detail | In-line to behind | Not disclosed this quarter | Not observable |
| EBITDA margin | Compressing sequentially into weak quarter | 16.83% → 7.59% | Played out |
| Gross margin vs 66–67% guide | At risk from milk | 61.41% derived (seasonal quarter; causation not established) | Partially |
| Fixed-cost drag in Sept quarter | To show in EBITDA | Rs.84.3 crore finance+D&A vs Rs.85.5 crore EBITDA | Played out |
| Adjusted profitability cleaner lens | Yes | ~Rs.45.1 crore approx vs reported Rs.5.1 crore — approximate | Played out |
| Debt paydown | Watch | Gross debt −Rs.34.1 crore only; net debt −Rs.180.8 crore | Partially |
| FSSAI / segment disclosure | Watch | No update / not debuted | Not observable / Contradicted this quarter |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Base-business EBITDA margin 17–18% | Q2 FY26 & Q4 FY26 earnings calls, reaffirmed Q1 FY27 | Not derivable — no base/Comfort Click split; consolidated margin 7.59% (Q2), 12.76% (H1) | Too Early |
| Consolidated gross margin ~66–67% annualized ex-seasonality | Q1 FY27 earnings call | Derived GC margin 61.41% of net sales (Q2, seasonal quarter; guide is annualized) | Too Early |
| Double-digit growth over 3–4 years | Q4 FY26 earnings call | H1 revenue +69.62% YoY (acquisition-aided); last disclosed domestic +4.6% (Q1) | Too Early |
| Domestic/International segment disclosure by year-end | Prior concall commitment | Filing still reports one segment — window open | Too Early |
| "Anticipates positive growth momentum for the remainder of the financial year" (seasonal brands) | Q1 FY27 earnings call | No product-level revenue disclosed in Q2 filing | Too Early |
| Business becoming less summer-dependent via international/D2C | Prior concall commentary | Consol Q2 margin 7.59% still sharply seasonal, though up +405 bps YoY — direction | Partially Confirmed |
| Comfort Click operates on a variable spend model; leverage to come from core | Q1 FY27 earnings call | Employee costs at 7.88% of sales vs 10.21% YoY | Confirmed by proxy |
| Fixed acquisition costs (interest + depreciation, ~Rs.80–85 crore/quarter per analyst computation, management-confirmed Sept/Dec EBITDA impact) | Prior concall Q&A | Computed: finance Rs.27.2 + D&A Rs.57.1 = Rs.84.3 crore vs EBITDA Rs.85.5 crore | Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.