Ladies and gentlemen, good day, and welcome to the Zydus Wellness Limited Q4 FY 2026 results conference call. As a reminder, all participants lines will be in the listen-only mode, and there'll be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touch-tone phone. I now hand the conference over to Akshay Krishnan. Thank you, and over to you. Hi. It's our absolute pleasure from ICICI Securities to host the Q4 FY 2026 earnings call for Zydus Wellness. From the management, we are being represented by Dr. Sharvil Patel, the Chairman; Mr. Ganesh Nayak, the Non-Executive Director; Mr. Tarun Arora, CEO; Mr. Umesh Parikh, the CFO. I hand over the call to the management for the further remarks. Thank you, and over to you, sir. Good evening, and welcome to the post-results teleconference of Zydus Wellness Limited for quarter four, financial year 2025, 2026. Like Akshay mentioned, I have with me Dr. Sharvil Patel, Chairman; Mr. Ganesh Nayak, Director; and Mr. Umesh Parikh, CFO, on the call from our side. During the quarter, consumption trends remained steady, supported by a sustained recovery in rural demand, which continued to outpace the gradual improvement in urban markets. Commodity input costs showed divergent trends across categories, while structural growth drivers remained intact, with quick commerce and e-commerce sustaining strong momentum. The ongoing geopolitical disruptions has had a limited impact on the company with proactive mitigation measures in place. Innovation always has remained one of the core drivers of portfolio growth, and we continue to leverage our R&D capabilities to enter new demand spaces, address evolving consumer needs, and deepen category relevance. An exhaustive list of launches and extensions is available in the investor presentations. To name a few in the quarter gone by, under the RiteBite Max Protein franchise, we expanded its offering with the launch of Max Protein Ultimate Protein Boost Ready to Drink beverage, Max Protein Roots Ghee Jaggery Protein Bar, and Korean flavor chips with multiple flavors. These launches expand the portfolio beyond the core bar format, widen consumption occasions, and position the brand to participate more meaningfully in the growing on-the-go protein and healthy snacking space across channels. Sugar Free D'lite, we added a new variant, Sugar Free D'lite Choco Stick, to the domestic portfolio during the quarter, further strengthening the presence in organized channels. The Sugar Free D'lite range continues to see steady consumer traction, supported by increasing adoption in the better-for-you dessert segments. In the Everyuth franchise, the tan removal segment continues to gain saliency within the portfolio, supported by Q4 FY 2026 launch of the Everyuth Tan Removal Face Wash. This strengthens the brand's play in functional skincare and builds a more comprehensive offering for its core consumer segment. Under Glucon-D, we entered a performance hydration segment with the launch of Recharge across two formats, liquid in orange and green apple flavors, and sachets in orange and lime flavors, targeting active and health-conscious consumers. Initial response has been encouraging, providing a credible entry into fast-growing adjacency within the wellness space. Under the Comfort Click portfolio, we expanded its portfolio with seven product launches across WeightWorld and Animigo, strengthening its presence in high-growth, digital-first health segments and improving portfolio depth across key markets. Across all new launches, we are leveraging AI-led consumer targeting and data-driven media allocation to improve precision, optimize spends, and enhance returns on brand investments. Coming to the company's financial performance, net sales for quarter four, FY 2026 registered growth of 62.1%. The international business, including Comfort Click business, delivered a like-to-like growth of 31.4%, while the domestic business grew by 1.7%. Within the domestic business, the seasonal brands declined by 9.8%, whereas the skincare, skin and hair care brands registered a growth of 39.7%, and food and nutrition brands grew by 9.4%. For FY 2026, net sales registered growth of 46.4%. The international business, including Comfort Click business, delivered a like-to-like growth of 29.5%, while the domestic business grew by 2.4%. Within the domestic business, the seasonal brands declined by 18.8%, whereas the skin and hair care brands registered a growth of 21.9%, and food and nutrition brands grew by 15.5%. As per the internal data, the domestic business continued to witness a steady shift towards organized channel, with saliency improving to 30% in financial year 2026 from 24% in financial year 2025, driven by premiumization as well as strong growth in modern trade and e-commerce channels. On the EBITDA front, the company reported a growth of 42.2% for the quarter, reaching INR 2,701 million, an increase of 34.2% for the full year, closing at INR 5,097 million. Net profit declined by 5.8% during the quarter and 43.2% for the year. However, net profit excluding exceptional items and amortization of acquired brands registered a growth of 17% and 2.3% for quarter and year, respectively. Key drivers impacting the movement from EBITDA to PBT for Q4 and FY 2026 include the acquisition that was strategically funded through a low-cost bridge loan in GBP, subsequently refinanced into a further lower cost Euro facility, with the related interest expense reflected in finance costs. Amortization of acquired brands led to higher depreciation and amortization expenses. Exceptional items that include one-time impacts from implementation of the new labor code, acquisition related costs and expenses related to liquidation of Naturell India Private Limited, a subsidiary of the company on a going concern basis. Brand performance and market share developments are detailed in the investor presentation. Notably, Complan maintained its 4th ranked market share position. During the quarter, the company transitioned to direct supply of Complan NutriGro in the kid segment, while simultaneously driving user acquisition across toddler and adult nutrition portfolios through digital, clinical, and expert-led interventions. Revive delivered strong double-digit growth in financial year 2026, driven by innovation, distribution expansion, and enhanced consumer experience. With Everyuth Tan Removal further strengthening its saliency, supported by quarter four launch of Everyuth Tan Removal Face Wash. Within the sweetener portfolio, market share expanded by 24 basis points as per MAT March 2026 report of Nielsen and IQVIA, while Sugar Free Green delivered 20th consecutive quarter of double-digit growth. Sugar Free D'lite range continued to deliver a strong quarter performance and recorded high double-digit growth compared to last year quarter. Brand delivered double-digit growth despite gas supply. Nutralite brand delivered consistent double-digit growth despite gas supply headwinds, supported by a strong portfolio innovation and AI-led consumer insights. The RiteBite Max Protein business continues to outperform expectations, reinforcing its leadership in protein snacking while driving category expansion through innovation, cultural relevance, and scale-led efficiencies, resulting in strong value, volume, and margin growth. Robust growth on quick commerce underpinned by a continued expansion and distribution footprint. Successfully expanded the WeightWorld and MaxMedix brands through launches on Boots.com, a leading U.K. health and beauty retailer. In a fast-growing vitamins and supplements category, established a presence on Amazon in U.A.E. We are entering financial year 2026/2027 with a clear and execution-focused growth agenda anchored in innovation, portfolio scale-up, and margin expansion, and strengthened by data-driven and AI-led capabilities to deliver sustainable, profitable growth while continuing to accelerate the innovation momentum building on the strong foundation established in financial year 2025/2026. Thank you. We will now begin the Q&A session. Over to the coordinator. Thank you. We will now begin the question- and- answer session. Participants who wish to ask a question may press star one on your touch-tone telephone. If you wish to remove yourself from the question queue, you may press star two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we wait for a moment while the question queue assembles. We have the first question on the line of Tejas Shah from Avendus Spark. Please go ahead. Hi. Thanks for the opportunity. First question pertains to what specifically weighed on growth on the seasonal portfolio this quarter, and how soon we are confident to go back to the stronger trajectory because the last year base is also weak one for this part of the portfolio. I think sweetener portfolio is. Seasonal. Seasonal brands. Sorry. Seasonal brands, I think, we've had, especially in north and east is where our strong markets are. We've seen, especially in March, there were rains and east was particularly impacted. We're hopeful that as summers progress things could get better, but sadly it was less than expected and the temperatures were lower than normal. There was a pipeline with the retail which also played out against the normal situation. We see recovery from May onwards. Okay. Because summer actually picked up a bit late, but it became stronger. Are we seeing already seeing benefits of the same or the season has gone so again for this year we should not count that now? I'll not comment on the forward, but we've seen a late summer. Because comparatively last year the summers came in early February onwards and the rain started in April. This year it's been quite opposite of that. It was raining in March and right up to mid of April and therefore there has been a delayed summer. Too early to start predicting how the overall season will go, but we're hopeful that some of the misses of the earlier part of the season can be recovered if season progress is right. Got it. Second, Comfort Click seems to be doing reasonably well. Just wanted to know how should we think about the growth trajectory from here on and what extent of current supply chain volatility which we are witnessing globally can impact the plans there on growth and execution? Right now it's been seven months since we acquired it. We believe, like we've said in the past, we believe in the growth trajectory of this, and it is a widespread growth across five countries in Europe, which are the bulk of the business. They've been expanding into other European countries. U.S., U.A.E. are small early bets we have taken. We believe the growth trajectory right now looks on a good drum, and we'll take it as it comes. The team is quite focused. The penetration levels in VMS on it, you know, on online purchase is going up, so we remain committed at this stage. Sure. The last one on margins. We are now on a larger scale of revenue base, almost INR 4,000 crores. We were hoping that our operating leverage will come through. For whatever reason, the macro and micro both, that is not playing out. From here on, what trajectory are we kind of channelizing our plans to, and how soon should we kind of reach that our aspirational goal of 17%-18% margin that you spoke about one or two years back also? Hello? Ladies and gentlemen, please stay connected. The management line has just dropped. We will reconnect them back. Ladies and gentlemen, we have the management line reconnected. Sir, can you hear us? Are you able to hear us, sir? Over to you, sir. Yeah. Is Tejas still there online? Yeah. Hi, sir. Yes, Tejas is connected, sir. Hi. Yeah, the line got disconnected. We are still very positive about the current direction of growth given our width of portfolio and the trajectory. We have good bets which should help us build in the right direction. Sir, my last question was on margins. Despite a very high margin portfolio getting added in the revenue, we are tracking lower than our near-term aspiration and even long-term aspiration, which is 17%-18%. Just wanted to know how soon can we kind of go back to those near-term aspiration and then the long-term aspirations as well. Our margins at a gross margin level has actually in line with what we have planned. I think the only thing that last quarter has seen is the mix where the seasonal brands have not fired to our expectations. Those are, I mean, external things which go beyond us. All our actions are in place and therefore we believe that in a normal situation Largely due to headwinds on this, you know, seasonal portfolio, which has more than average gross margin for the company and which also has more than average EBITDA for the company has impacted the overall PBT and PAT. Got it. Thanks and all the best. Thank you. Thank you. We have our next question from the line of Ronak Shah from Equirus Securities. Please go ahead. Yeah. Hi, team. Thanks for the opportunity. My first question is regarding the Comfort Click. Sir, within the Comfort Click, what is driving this sharp growth? In the PPT you have highlighted a newer geography addition, on top of that a new platform addition. From the strategic perspective, from near-to-midterm, how we are seeing the newer geography addition, platform addition, how the higher customer acquisition or the other strategic part is shaping up? Secondly, on the U.S. part, could you share an update on how the scaling strategy for the U.S. is working? On Comfort Click, I think it's been a high growth business as we acquired, and we've talked about it, 57% CAGR, five years before acquisition. We talked about the same growth may not happen, but we are quite positive about the growth. It's a large more than EUR 11 billion market in Europe for VMS. Market is shifting towards online space, and we have been amongst the leading brands in driving that agenda. Top five markets continue to be a bulk of our business, and that's like Germany, Italy, Spain, France, and U.K. We have also expanded to other European markets where we had limited presence like Portugal, Finland, et cetera. We are expanding our Europe presence, which is continuing to help us grow on the like-for-like growth within the core markets and new markets. We've taken a medium to long-term bets on some of the markets which we did not have presence. For example, on U.S., U.A.E., and some other markets which we'll decide. They are more medium-term, long-term bets where we'll have to build over a period of time. We continue to expand. Right now the business is largely led by marketplace Amazon and D2C. We are looking at other marketplaces like we have put it, like boots.com or etcetera, where we are wanting to expand. Some of these actions are in place, and we are also I think strength of this business is knowing the trends and being able to respond pretty fast. We are launching new products which are relevant to consumers that as the trends shape up in the VMS space. That's the strength we are playing on, and that's really what is working and giving us growth. It's still seven months only since we acquired it. We are looking to continue to build on the current momentum that you've seen last quarter. Understood. Understood. Just a small follow-up from the bookkeeping perspective. Now the annual numbers are in. How the INR terms consideration and amortization amount will look like? Amortization, you know, what you see the number in this quarter, the quarter four, will almost be on the similar line because that captures the full quarter's amortization. Okay. From the INR term overall consideration perspective, what can be the amount? Amount in terms of what? INR term consolidated amount from the Comfort Click acquisition and the goodwill part. That is what I'm saying. The Q4 financials also capture the number. Number is going to pan out for the whole year. Okay. The last question is from the RiteBite perspective. Just want to understand from the strategy perspective, though you have highlighted few newer launches and all. However, if we compare a three years back story to now, how the distribution mix has shape up, how the subcategory or the newer category expansion will look like, and on the newer product aggression front, how the things are shaping up? Before the acquisition, the business was growing at 25% CAGR for five years. Like we mentioned in the last call, we've seen more than double of that momentum on the business. We continue to focus on driving growth through category expansion and I mean, on the base products, which is our bars, protein bars. We're also looking at expanding into newer categories through new launches, which we mentioned, RTD beverage, chips, et cetera, other snacking, healthy snacking approach. Our distribution is being built up, and we've seen online traction also going up through quick commerce. Understood. Understood. That is it from my side. Thank you. Thank you. We have the next question from the line of Akshay. Please go ahead. Hi, sir. Thanks for the opportunity. My question is on the quick commerce. It appears to be scaling strongly across your multiple portfolios. Is this changing the company's approach towards innovation and the product launches and the channel investment versus the traditional FMCG distribution part process? I think what you said is true. I think our products are more suited towards the new trends and the new consumers who are choosing to buy through quick commerce. I think our assortment as well as our new introductions are well-designed both to make sure that we on this channel we are relevant and we continue to gain share. Also on the traditional channels also, we have the right SKUs and a portfolio which helps us also continue to grow in the rural and urban markets. I think we have a fit for purpose kind of portfolio now with the new acquisitions as well, as well as the new SKUs that we have launched, and we would continue to see better traction on this channel. What would be the salience of the QC as in pointer on a YOY and a sequential basis? Can you repeat the first part? What will be the saliency of QC, the contribution of QC to our overall? Quick commerce. Overall, we've online, sorry, modern trade, sorry, modern trade plus e-commerce, organized trade is about 30% of our domestic business. Quick commerce will be 7%-8%. Yeah, you know, out of e-commerce, quick commerce is about 44%-45%. Okay. Which is 7%-8%. 7-8% of total business. Of the total business. Yeah. Okay. My second is on the Comfort Click. this gives Zydus the access to the global D2C and online-led wellness category. Beyond the revenue growth, what are the key capabilities or the learnings that can be leveraged in the Indian side of the business, sir? I think, the business is very strong in terms of their because they're online first business, so they have done rather well in terms of how they reach out to the online consumers and how they build the franchise without worrying about the offline world. There are various parts of doing so, both in terms of building, looking at the trends, launching new products at a fast pace, and marketing to this online first consumers. I think this is the, largely the model that we are working together to, you know, sharpen as a company, because this really makes us almost one third of our business being the online at a total level. We believe that it'll give us a good edge in preparing for the future in a more digital world. Got it. Got it. My third is a follow-up question on the gross margin from the previous participant. We've been, like, our gross margins are in the guided range. Now, are we seeing the scope for the operating leverage to improve further, or are you going to reinvest behind your categories? Is the brand investment going to scale up now? Certainly, you know, as we have been telling in various conferences, our operating leverage will definitely play out. Also we said that Comfort Click business is largely the variable spend, but on overall business, definitely operating leverage will play out and which will add to our EBITDA as a percentage, for sure. Okay. The last question, on a medium-term basis, how should we think about the company's, dependence on the seasonal categories? Now you have the stress on the seasonal aspect and especially on Nycil and glucose versus the newer wellness category. How are you be looking at the company's overall dependence over here, especially in protein supplements and hydrations? I think seasonal will continue because it's a valuable part of our business. It gives us a good operating leverage. We've had four quarters of challenge, but that doesn't mean that it'll remain. We are quite hopeful that it should come back on track and over a three to four-year period should deliver a consistent double-digit growth. If we look at outside of seasonal portfolio, we continue. Even last financial year, we delivered a fairly good double-digit growth, and we continue to believe, whether it's a RiteBite portfolio, Nutralite, Everyuth, each of these brands, even a Complan last quarter, Sugar Free, each of them have are showing a good momentum. We believe a double-digit portfolio is the right way to continue to build our. We keep looking at expanding the categories for this through innovation and expansion to new consumers. Okay. One final question, if may I. now we've been seeing that many wellness categories, they initially scale up faster and they become heavily promotional and this is generally it's like more of a startup led size. How do you plan to protect the profitability while continue to drive the category expansion into this? Let's take the case of RiteBite. When we acquired the brand, it was very small scale, and we've scaled up at a fairly fast pace. What we understand, in the protein snacking in a comparator space, it is the only profitable or most profitable brand that exists. As a company, we are quite focused on category development. We're doing it profitably. Each of our offerings that we work, we have a clear objective from a consumer side in terms of acquiring more consumers, volume-led growth through the right process, more contemporary touchpoints, whether digital or offline, whatever. As well as on the profitability side, constantly have built profitability so that we have enough fuel to support the brand. That's a business model that we have been able to replicate. Some brands respond better, some takes longer time, but that's really a backbone that we have built. That is something you will see across our portfolio. When you acquire a brand, so you also onboard the existing promoters and the brand guys who's been running the business? Or is it like completely taken over by you and then you run your own perspective of it? When we take Even if we take 100%, we look at what are the fundamental drivers of the business and the value creation. Whether it's the management or the promoters, we are ready to take on those and work with the right teams that will help us build and transition into Zydus Wellness we are working. There is no one-size-fits-all for all acquisition, those are fundamentals that we will look at. Okay. Thank you and good luck and all the best, sir. Thank you. Thank you. We have our next question from the line of Umang Shah from Banyan Tree Advisors. Please go ahead. Hi, sir. Am I audible? Yes. Hello? Yeah. Hi. Thank you for taking my question. Sir, first question was within food and nutrition, if you could break out the full year growth between RiteBite and other products, that would be great. I think you will appreciate that we've already given this time much higher level of detailing than we've ever given in the past. It will not be possible for us. We've already given a directional indication of what is the growth of RiteBite. Beyond this may not be possible. I can tell you that actual branded level growth is much higher than what we reported because we've optimized some of the contract manufacturing portfolio like we used to do ketchup, so actual growth is higher. Beyond that, it'll not be possible for us to give us a specific brand by brand growth. No, got it, sir. Got it. Sir, the second clarity that I'm looking at is, can you comment on the tax rates for FY 2027 and 2028, at a console level? Yeah. FY 2027/2028 will be in the 25% bracket. 2026/2027, you know, it will be, you know, kind of cash plus deferred tax asset used. The mix of two. Okay. The mix of two will also be 25%. FY 2028, I'm assuming everything will be cash tax, full tax rate. Yeah. Yeah, yeah. That's right. Okay. Got it. Got it. Sir, you've also called out Cuticolor as a part of skin and haircare. I'm assuming that Cuticolor started operations from last quarter only or was it a full year number? Cuticolor has been there in our portfolio about six months. Okay. It's only being played in the organized trade, modern trade and e-commerce. Got it. Got it. Thank you so much. I'll get back in the queue. Thank you. We have the next question from the line of Mayur Parkeria from Wealth Managers. Please go ahead. Good evening, sir. Thank you for taking my questions. Just wanted to understand that, you know, when we acquired Comfort Click, we were of the view that, you know, we can clock around 14% EBITDA margin. It had clocked before our acquisition around 15 odd, if I remember well. Where are we on that trajectory? Will FY 2027 come back to those numbers or with that in light, if you can just also add that at a PBT level, is it possible to see a breakeven in FY 2027 or have we already seen that? For Comfort Click, I think we are holding on to what we said earlier, and we are in line with our expectation or slightly exceed it. As far as Q4 is concerned, on Comfort Click business itself we have become EPS accretive. Okay. Okay. Sir, would it be possible to quantify that, you know, slight, is there a benefit of GBP, you know, in terms of GBP INR? Because when we acquired it was GBP 116 around, now GBP 128 or average or so. Is there some element of that benefit flowing into the numbers? Yeah. We also mentioned in our investor presentation and between the total growth of Comfort Click and Constant Currency growth, there is a gap of about 3%. Okay. There is a- More international business always and knowing how the rupee over a long term will always depreciate. Yeah. We'll always see that benefit of international business. Right. In short, we are on track for that margin which we had seen and the possible EBITDA. Yeah. That's great to hear, sir. That's great to hear. I somehow feel that, you know, last quarter also we had mentioned that we had taken aggressive steps to, you know, clear out the inventory issues on our seasonal portfolio with respect to Glucon-D and Nycil. This quarter it seems again we have got little impacted by higher inventory. That is what your initial comments if I understood correctly. I was just trying to reconcile, you know, where was the, you know, lower than expected situation again, you know, what came in this quarter as a negative surprise. Even with that, I somehow feel that, you know, whatever external issues are playing out, I think the next quarter can be a. Are we positioned in the next year actually? Are we positioning for a very strong comeback in terms of both the domestic portfolio, which is there, and clicking the right matrix in the growth as well as the seasonal portfolio and the Comfort Click? On a broad directional, do you think are we on right track to understand that? I think, as far as the seasonal portfolio is concerned, there is a pipeline which exists at different levels. Internal level, which is us, our distributors, the wholesalers and retailers. We have over last few quarters after the season didn't play out last summers, we have managed our inventories well. Retail and wholesalers also sitting with inventory and sometimes we help them. We can't clean up the whole market inventory. Some of those, you know, when the season is delayed like this year it was. Right. The typically wholesale and, you know, pipeline buildup happens. This time it has not happened. That's really what it is. It's not about that we have to clean up every time. It is just that the pipeline buildup, which is in anticipation of summers. As the summers kick in, you start buying in advance. That has not really happened. That's why that has really played out from the market is concerned. It's not that something has gone wrong from that point of view. Our actions are in place. We will respond to as the temperatures move up or down and as the optics happen. Therefore, since it's played opposite of last year where there was early summer and early rains, this time it seems to be playing opposite. We'll have to see how it plays out, but we are hopeful that with the late advent of summer, we should be able to recover some of the misses that we had in the early summers. We'll have to see how this plays out. Sir, I had one question and an observation on the Sugar Free portfolio. I noticed a very interesting trend, and it, you know, in the B2B segment, some of the local players, and this is observation in our market close to it was as by chance, you know, they using till now we are using, you know, the Green portfolio as well as the light. That is more as a B2C directly in terms of what consumers are consuming. Is there an element of B2B or, I don't know if HoReCa is the right word for that, but B2B part? Many players, you know, local players and, you know, they using, you know, substitutes, and promoting a better, you know, better product in terms of, you know, sugar content. Is there an element of market expansion possible there? How are we playing that in terms of that? Because it's still a sub INR 400 crore market, you know, in terms of that. While our product is seeing double digits, the green portfolio. What I was looking at is there a B2B play in this product also? Are we looking at that in composition right now? To answer you, the HoReCa or B2B, as you're saying, no-lot of that is sold as sachets, which are given free. They only look at cost. Sometimes the brand and quality is not their priority in certain customers. There are some local considerations or relationship considerations which also play. It's a very small market, so it's not something that I will lose my sleep over. We work very hard to build this, but sometimes we do lose on some of these grounds. For Sugar Free to expand, I think the focus is on twofold. One is to get new consumers, because there has been negativity around after WHO, which we've been able to overcome significantly using, one is Sugar Free Green, the stevia-based, plus also our communication on sucralose-based Sugar Free Gold Plus, et cetera. We are building on that. The other is around Sugar Free D'lite, which is our extension into food, which is the sugar-free foods, which is chocolates mainly on online and cookies, which is both online and offline. We are looking at the overall franchise, therefore, getting into a larger space. I think we are moving, we're seeing good movement across both stevia-based product as well as the Sugar Free D'lite. We hope that if we continue, it'll give us expansion of the brand and the category. Thank you, sir. HoReCa may not be the subscription. Okay. Okay. Sir, from a reported segment, from a reported financials perspective, I just thought that if possible you can consider, given the geographical spread, I think, shouldn't geographical segmentation now form part of our reported numbers? If you can consider that as we go ahead. With that, great disclosure this time around, from what we have seen in the past, and hope we continue to maintain that. Thank you so much. Oh, thank you. We've given international and domestic. Beyond that, further geographical will be hard for us. Sir, as a part of segmental, not as a presentation, I meant, as a segment information in the published financials. Right. We'll consider it. Thank you. Thank you. We have the next question on the line of Harsh Dubey from LFC Securities. Please go ahead. Yes. My question is related to the RiteBite segment. As you were saying, in the previous quarter also and, like from the last three quarters that we are seeing approximately double of what growth rate before acquisition RiteBite was seeing. For the whole year, we have seen that kind of growth of 50%, so INR 244 crore or something. What is an expectation going forward as we are doing innovations in this segment? Do we feel that we are going to get into major adjacencies in this RiteBite segment, or are we going to continue on the protein bar and the Ready-to-Drink segment only? We are evaluating more segments like we've launched, RTD beverage. We're expanding within our portfolio. We've launched within bar. I think there is enough room for growth within the portfolio and limited adjacencies we already explored as we talk. That's really what our focus is right now. Perfect. On the seasonal portfolio, as you rightly mentioned that since this last year wasn't great for the seasonal portfolio, and since the summer is like harsh this time, it has started, might be little late, but is harsh. What I just wanted to understand when we say the category. When we see the numbers, the category is degrowing, but we say that we are going to have a double-digit growth, so most probably we are going to take market share. In Glucon-D or Complan is a degrowing segment. Where are you going to get growth from, in the sense that the category is degrowing, but you're saying that you're going to grow in double digit on a longer term basis? Just wanted to know the thesis behind that. You are saying two things. One is seasonal and then you've got into Complan. As far as seasonal is concerned, I think we are focused. As the season improves, our numbers will go up. Our market shares are well, they're in place, and we continue to get new consumers because we are market leaders in these spaces, and it's our job to grow the category. We are also doing extensions like RTD, et cetera. We have done, Glucon-D that we've talked about. As far as Complan is concerned, I think our focus is reframing Complan. We have talked about. We have already started launches on adult nutrition, which we did not have a presence in through VieMAX by Complan. We have also relaunched Complan NutriGro with, in about a quarter back. We are seeing good traction on that, and we have a couple of more launches in place. Put together, we believe there is a way to exploit Complan's very, very strong equity and be more relevant to consumers of today rather than just live in the past of traditional HFD in the kids space. There are consumers seeking more, so we believe there is a path to getting growth. Plus, we've also been poor. We have reached our sorry, we have a brand ambassador, Vivek Oberoi, which we've signed up last year, and we had the commercial rolled out this February as he started picking up. I think, therefore relevant to today's generation, buy our products by new communication, by better positioning will help us continue our growth momentum despite the category challenge, our core category challenge. It's going to be the adjacencies as well as the growth into the newer segment is what you're saying, right? You could say that. Yeah. Okay. On the Everyuth and the Nutralite segment, I just wanted to understand. We are seeing good growth in Everyuth and just wanted to understand, so is it going to be sure, the market share that we are having right now, are we expecting it to grow going forward or, you know, there is going to be no new innovations in this segment. How do you see about this segment as well as the Nutralite? Since in the Nutralite we don't give the category size. I know that it's not possible because it's related to, you know, milk stuff and other things. How are you seeing both of these segments as well? First on Everyuth, I think we are market leaders if I look at sub-segments of scrubs and peel-off, and we've been, our focus has been growth, and we've been able to drive the growth and increase our shares as well. Therefore, we've started looking at overall facial cleansing, which includes face wash, masks, scrubs, everything, where we've been gaining share over last few years, and we continue to hope to move in that momentum. Our focus remains category development and market share growth, both. We've seen good success in last four to five to seven years on that. We continue to build around innovation and brand building around that. Coming on to Nutralite, that data is not available. No syndicated data is available, and that's why we do not publish. We've been again here focused on category development and expansion into adjacent spaces. Our strength, our core remains our fat spreads, both in, sorry, both in professional as well as retail space. We have expanded on butter, ghee and professional cheese and as well as mayonnaises, which is helping us expand the brand and leverage our brand's strength, which is giving us the growth momentum. Put together both these portfolios, in a, we have brand building, leveraging our brand strength, innovations and distribution expansion driving our growth. We see the momentum going forward as well. Perfect. Sorry to interrupt, Mr. Harsh. Request you to kindly come back in queue for follow-up questions. Yeah, sure. Thank you. Thank you. We have the next question in line of Tejas Shah from Avendus. Please go ahead. Tejas, can you hear us? Yeah. Am I audible? Hello. Yes, you're audible now. Yes, go ahead. Thank you. Thanks for the opportunity for the follow-up. Because how the portfolio has shaped up over the years now, a lot of our annual foods fortunes now get gravitated towards 4Q and 1Q and summer season. Within that also we are over-indexed to North and East region. From a very strategic perspective, are you comfortable with this external driver to decide our annual fate in every year? No matter how much we put in effort for three quarters, one bad quarter we actually go back to square one because of the volatility of weather and external exogencies. I think if we segment the portfolio, this concern remains. Now if you look at the new portfolio and as the expanded portfolio, the saliency of this business has reduced and therefore with the expanded acquisitions of RiteBite, Comfort Click, the overall business, the dependency has obviously reduced. This is a very important and valuable portion of the portfolio. It's become a part of the base. I think we are okay with that, and we are extending ourselves into newer spaces like Glucon-D ACTIVON, Glucon-D Recharge, which will help us grow beyond the traditional space. We are doing whatever we can, but I don't want to let go of what we already have. Some of those things will hamper a year or two, but over three to four years, I think should be able to give us a good double-digit growth as we've seen in the past. Perfect. Second, despite the seasonal portfolio remaining under index in the quarter, our gross margin remained very healthy. Is it that versus the new portfolio or the evolved portfolio that we have with RiteBite and Comfort Click, seasonal portfolio is gross margin dilutive, and it is a EBITDA when the operating leverage comes on the MP spend, it becomes accretive at EBITDA level? On the gross margin front, I think, you know, on the portfolio as Comfort Click, we have improved our gross margin. The Comfort Click gross margin is over indexed to the company's gross margin, therefore you see the higher gross margin there. There are multiple actions we have taken. Each of the brands within our domestic range has increased our margins, and we have taken calls on some of the portfolio, some of the products which are low margin. Therefore, we are seeing a right movement here. Okay. Last one on Cuticolor. Seems like a very clean slate organic attempt in a very competitive category. We haven't leveraged Everyuth also as a brand, perhaps because it's much more connotation with skincare. Just wanted to know what is the value proposition that we are banking on because it's very crowded space. What has been initial response from the trade so far? Cuticolor as a brand is strongly derma supported as a safe hair color. It's Korean origins and very effective. It is a high-priced product because it is backed by strong influencers and dermatologists. Therefore, it is getting good traction. We believe we'll continue to build around that. I think it's one of a kind product, with the key ingredients being exceptionally high quality and free of many of the challenges that you face with traditional hair color. We are seeing very significant traction, with the consumers and repeat buying as well as the new consumers. We are seeing I mean, we are seeing extremely good support to the brand now. Okay. Have you activated our derma-? Sorry to interrupt you. Sorry to interrupt. We'll have to go to the next question, sir, as there are members also online. Thank you. We have the next question on the line of Yashowardhan Agarwal from IIFL Capital. Please go ahead. Yeah. Hi, good evening. Am I audible? Yep. Hello? Yeah. Also, thanks for this opportunity. Sir, in the initial remarks you mentioned that the impact of war is limited. Just wanted to double-click on it. Are we seeing any supply side challenges? Your voice is not clear. Hello? Your voice is not clear. Is it better now? Not clear. Yashowardhan, if you go off the speaker phone once. Hello? If you could go off the speaker phone, Mr. Yashowardhan. Yeah, sure. Hello? Yes, go ahead. Hello. Yeah. Is it better now? Hello? Yes, it is slightly better now. Yeah. Yeah. Sir, in the initial remarks you mentioned that the impact of war is limited. Just wanted to double-click on it. Are we seeing any supply side challenges or inflationary pressures? Any early signs of it that you may want to call out? We've not had supply side challenges beyond certain businesses in Middle East, which is still a very small portion of our business. Rest of the things are largely so far have been in control. Okay, sir. Perfect. My second question is on the seasonality. You mentioned earlier that the seasonality versus last year has changed in the sense that summers were followed by rain in Q4 last year, whereas in this year the situation is totally opposite. Is it fair to assume that we were sitting on a higher base in the Q4 and even if we witness a normal summers in the current quarter, seasonal brand portfolio could achieve good growth in Q1 FY 2027? Yes. Yes. Yeah. Thank you, sir. My last question is on the possibility of divesting any of the slow growing product category and investing that part of capital either to retire the debt or find newer high growth categories such as RiteBite and Comfort Click. Any thoughts on that? I think our allocation of funds are appropriate to the brand, so I don't see any major changes. I think all brands have appropriate funding required, so there's no other plans or any other changes to the business. Okay. No plans of divesting any of the product categories as well. No. Is that right? No. Okay, sir. That's it from my side, sir. Thank you and best wishes. Thank you. We have the next question on the line of Jayant from Arteco Asset Management. Please go ahead. Yeah. Thanks for taking my questions. Firstly, on the Comfort Click, part, would it be possible to share your quarter-on-quarter growth rate for Comfort Click? Sorry? Your quarter-on-quarter growth rate for Comfort Click portfolio. We give year-on-year. We don't do quarter-on-quarter. Okay. For the Comfort Click, I mean, in core market that is U.K. and Europe, how are you looking at the offline channel from a 2-year, I mean, 2- to 3-year perspective? We largely are online play. Offline will be any opportunistic, it comes. We are not building on it. Okay. I mean, we are entering FY 2027 with the margin expansion as a stated priority in your initial remarks. Would it be possible to share any key levers that will protect or actively improve margin if the commodity or the supply chain headwinds continue from here on? I think the brand is, has good margins. The business is running on good margins, and we hope to maintain those margins. Okay. The last is on the Glucon-D Recharge. I mean, now we are entering into powdered electrolytes in the hydration segment. Any early consumer or the channel signal that it gives you confidence that Recharge can sail into a material growth driver within the broader Glucon-D portfolio? Too early to discuss about it. We just rolled it out. Once we have some input, we'll be happy to share. Okay. Okay, yeah, that's it from my side. Thank you. Thank you. We have the next question from the line of Harsh Dubey from LFC Securities. Please go ahead. Yeah, thank you, so much. I just wanted to understand, when we say about the operating leverage playing out on the seasonal portfolio is, suppose, is what I think you mean. What are the parts that like, what are the segments in which you feel that there is a huge potential of the operating leverage to play out? The second thing is, going forward in the medium term as well as long term, what is our aspiration on the EBITDA margin front? As far as operating leverage is concerned, it is likely to play out on the entire business ex Comfort Click, because as we told earlier also that Comfort Click is largely variable spend business. Apart from that, operating leverage will play out as we grow our revenue. Perfect. On the EBITDA margin, what is our aspiration? I think there are no new numbers. We've talked about we in next couple of years we hope to get to our 17, 18. Now we have without Comfort Click. Those numbers stay, and we remain focused on getting there. Okay. Perfect. On the just to understand, so when we said that Comfort Click is going to be EPS accretive, so we meant it by the end of FY 2027. Is that correct? Yeah. Yeah, yeah. I mean, we have become EPS accretive last quarter, but for the next 2 years, you know, we, as we said, we maintain our guidance. Perfect. Thank you so much, and all the best. Thank you. Thank you. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to the management for closing comments. Thank you. We'll see you next quarter. Thank you. On behalf of Zydus Wellness Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.