Whalesbook
Numbers kya bol rahe hain?
Zydus Wellness ne FY26 mein zabardast revenue growth dikhai hai, jo 46.4% badh kar ₹3,940 Crore ho gayi hai. Ye growth mainly Comfort Click Limited aur Naturell (India) Pvt Ltd jaise naye acquire kiye gaye businesses ki wajah se hui hai. Lekin, asli game toh profit mein hai. Net profit mein 47% ki girawat aayi hai, jo pichhle saal ke ₹347 Crore se kam ho kar sirf ₹197 Crore reh gaya hai. Q4 FY26 mein bhi revenue 62.1% badha, par profit 6% kam ho gaya.
Kyun hua aisa?
Is profit girne ka sabse bada reason hai acquisitions ke high integration costs, financing expenses, aur amortization charges. Company ne bade leaps liye hain, par iski keemat dukha rahi hai. Jabki Indian FMCG sector mein steady growth aa rahi hai, Zydus ki strategy alag hai.
Margins aur Valuation ka chakkar
Broader market mein companies jaise Hindustan Unilever ka EBITDA margin 22-23% rehta hai, par Zydus ka margin 6% ke aas paas hai. Ye thoda worrying hai, kyunki stock ka Price-to-Earnings (P/E) ratio bhi 77.06x hai, jo Nestle India aur Marico se bhi zyada hai. Matlab, investors expecting a lot, but margins are under pressure.
Financing ka Jugaad
Company ka debt-to-equity ratio toh 0.03 jaisa kam hai, par financing costs (₹37.1 Crore) aur depreciation/amortization (₹47.2 Crore) Q3 FY26 mein kaafi high the. Ye dikhata hai ki acquisitions ke liye funds kaise manage ho rahe hain.
Analysts kya keh rahe hain?
Uske bawajood, kai analysts abhi bhi Zydus Wellness ko 'BUY' rating de rahe hain. Unka average target price ₹797 ke aas paas hai, aur kuch ka toh ₹941 tak bhi hai. Company management ka kehna hai ki FY26 profitability ka sabse low point hoga, aur FY27 se earning mein sudhar aayega. Unke core brands jaise Sugar Free aur Glucon-D market mein strong hain, jo ek acha foundation hai.