Slides
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Q2, FY 2026-27 Earnings Presentation November 3, 2026
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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.
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Company Overview & Consumption Trend 1 Business Highlights 2 Financial Performance 3 Board of Directors 4
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Company Overview & Consumption Trend
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Key Milestones Note-1: Milestones that happened before Sugar Free and Everyuth hived off grom Zydus Lifesciences to Zydus Wellness Above year represents Financial year : 1st April to 31st March 1988 2005 2009 2017 2019 2021 2024 2026 1991 2006 2011 2018 2020 2022 2025 New production facility in Sikkim – Unit-I Launched Sugar Free1 Launched Everyuth Skincare Range1 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”) Acquisition of Carnation Nutra (“CNAFL”) Launched new variant ‘Mango blast’ in Glucon-D 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 Acquisition of Naturell (India) Private Limited Reimagining Wellness: Our New Identity Acquisition of Comfort Click Limited, UK and its 3 subsidiaries Capital restructure (QIP and Preferential issue of Rs. 10,000 million) and repurchased NCDs of Rs. 15,000 million Launched Everyuth Tan Removal Range, Nutralite Mayonnaise
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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 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 New Age Vitamins, Minerals and Supplements
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Consumption Trend Overview DEMAND Resilient Demand Demand trends indicate sustained positive momentum across categories, driven by a steady urban recovery and improving rural offtake. CHANNELS Q-comm & e-comm lead Quick-commerce and e- commerce continues the momentum by steadily increasing its share. COSTS
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Business Highlights
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Most Brands Outperform Category Growth *Facial cleansing Peel-offScrubGlucose Powder Nutrition Drink Sugar substitute # Prickly heat powderCategory 4 111 4 1 1Mkt. Rank 8.4 75.650.260.0 3.9 96.0 32.8Mkt. Share % Category Size and Market share source: MAT Sep 2026 report as per Nielsen and IQVIA # Excludes D’lite range * Everyuth market rank 4 is at Total Facial cleansing segment which includes Face wash, Scrub, Peel-off, face masks Category Size (in cr.) ~ 4,800 ~ 180~ 4151 5 ~ 330 ~ 840~ 965 ~ 6,160 Fat spread Dairy 1 NANA Nutrition & Protein Bar 1 Category Mkt. Rank as per Company Estimates Other Nutrition Products Blended Sugar NA1 Protein Cookies & Chips Hair Care NA Category Growth (y-o-y) 6.3% 8.0%8.9%-8.0% -9.8% -9.3% 0.8% High saliency and exceptional growth of online platforms is not reflected in market share, which pertains to the domestic bus iness.
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Key Digital Initiatives Paving the Way for Future Business with Rite Bite Max Protien • Significantly strengthened market leadership, reflecting rising consumer demand in healthy snacking. • Continuously outperforming internal projections, driven by robust value and volume growth through innovation-led category expansion. • Recent launches including Korean flavored chips and protein shakes registering high double- digit growth. • Delivered EBITDA expansion, reflecting disciplined profitable growth. • Accelerated quick-commerce growth through an expanded distribution footprint. • Introduced an all-new category, Max Protein Crunchy Cookies, packed with 10g protein and made without palm oil, maida or any added sugar. • Launched in two delicious flavours: • Berry Bliss • Choco Chip Bliss. New launch
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Janhvi Kapoor is the brand ambassador of Sugar Free Green
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Shaping the Future of Everyday Wellness ❖ Brand replicated its double-digit growth performance from the previous quarter in the current quarter. ❖ Sugar Free Green continuing its momentum, by further strengthening its brand visibility and consumer engagement through a high-impact association with Bigg Boss Bangla. ❖ I’m Lite strengthened its healthy-living positioning, registering a high single-digit growth in YTD’27 through impactful campaigns, leveraging Rath Yatra with integrated digital outreach, regional creator engagement and high-impact on-ground visibility. New launch Monk fruit Sweetener Key Initiatives
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Driving Category Growth by Adding New Consumers Strengthening Position in Targeted Categories *As per MAT Sep 2026 Nielsen report ❖ Delivered high double-digit growth, outpacing category growth through innovation, wider distribution, and an enhanced consumer experience. ❖ Maintained its 4th rank in the facial cleansing category with an 8.4%* market share, up 53* bps year-on-year. ❖ Continued to lead in niche sub-segments— achieving a 50.2%* market share in scrubs with a 172* bps YoY increase, and 75.6%* share in peel-off masks, with a decline of 89* bps. ❖ Strengthened youth engagement through innovative digital campaigns, immersive video ads and in-serial integrations with popular shows such as Campus Beats and Playgrounds. ❖ Driving brand impact and strengthening regional connect in West Bengal through an integration with Bigg Boss Bangla.
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Strategic Levers Intact to Drive Category and Consumer Growth Energy + Hydration Formula Hydration Formula Enhanced awareness of Glucon-D Recharge through aathlete and celebrity across social media platforms, delivering a positive initial market response. Performance – Q2 FY27 Delivered strong growth, aided on a low base. Glucon-D ORS Receiving a positive initial market feedback.
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❖ The summer revival in the latter half of the quarter, coupled with delayed monsoons, drove significant household growth for Nycil, resulting in increased penetration across key geographies. ❖ Brand continues to maintain its leadership position and remains focused on consistent execution to support long- term category growth.
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Building Lifelong Consumer Relationships ❖ Brand delivered strong double-digit growth across the portfolio, achieving a high double- digit 6-year CAGR, despite the commodity headwinds. ❖ Strengthened brand proposition through the “Sab Ke Liye Right” campaign and Festive Delight Series with Sanjeev Kapoor, reinforcing healthier, delicious choices for every family, during this festive season.
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Reinforcing Brand Strength in a Tough Market ❖ Brand outperformed the category trend, registering double-digit growth. ❖ Complan NutriGro Kids maintained robust growth momentum, supported by direct supply through the newly set-up owned medical marketing team. ❖ Leveraged regional influencers to amplify Back-to-School engagement and strengthening relevance among young consumers and parents with “Har Passion ko Do Poshan” campaign. ❖ Enhanced connect with younger audiences through a strategic partnership with Vaibhav Suryavanshi and the launch of the "India Ka Complan Boy" campaign.
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Marketing and Distribution Initiated in Organised Channel Shade Portfolio Expansion Launched Bright Brown, expanding Cuticolor’s shade portfolio and offering consumers seeking safer hair- colouring options greater choice to suit their preferences. • Delivered stronger offtake, achieving positive consumer feedback across organised channels. • Reinforced differentiated positioning at the intersection of hair colouring and scalp care, with its ammonia- and PPD-free formulation. Strengthened premium brand visibility through features across leading beauty and fashion publications, including Vogue, Femina and Harper’s Bazaar.
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Enhancing Global Market Access Through Acquired Brands UK Germany France Spain Italy > 4.7 / 5.0 Amazon Ratings in Top MarketsRevenue Overview Channel wise Sales Overview Weight World Animigo maxmedix Market Place D2C Wholesale Vitamin B Complex 90 Gummies Omega-3 Triglyceride 180 Softgels Vitamin D3+K2 90 Gummies Latest Additions to Our Portfolio
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Building a Stronger International Portfolio ❖ Despite ongoing geopolitical disruptions, international business continued to deliver. ❖ Sugar Free, Complan, RiteBite - Max Protein and Nycil contributes a significant portion of the overall business. Gulf Region African Countries Indian Subcontinent Others * Market Geography for H1 FY27 (Excluding Comfort Click Business) * Mainly includes New Zealand, Australia etc.
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Global Footprint Established Across Key Markets Ethiopia Kenya Mauritius Nigeria South Africa Tanzania Uganda Zimbabwe Bahrain Bangladesh Bhutan Hong Kong Kuwait Lebanon Maldives Malaysia Myanmar Nepal Oman Qatar Saudi Arabia Sri Lanka Taiwan United Arab Emirates Belgium AustraliaNew Zealand Denmark France Germany IrelandItaly Netherlands PolandSpain SwedenUnited Kingdom India United States of America Finland Portugal Morocco Singapore Thailand
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Awards & Recognitions
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Awards and Recognitions • Everyuth won Silver for “From Swipe to Selfie” (Best Mobile Multi Channel) and #JustHerThings – Women’s Day (Best Use of Topical Posts). • I’m Lite won Bronze for Seeding a Revolution in Health with YouTube Creators (Best Benchmark/Branded Content) at the e4m IDMA Awards. Sugar Free has won Bronze in ET shark awards in the category ‘FMCG-Food’ for the campaign “Sugar Free Green Breaking the Category Code” Historic Win at the e4m Prime Time Awards as Advertiser of the year
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Awards and Recognitions Everyuth has won DG+ Award for Excellence in Mobile Technology (Everyuth AR Glow Up Lens) Everyuth has won ET Martech Awards Use of Martech for immersive technology- Snapchat Nycil has won ET Martech Awards for ‘Temperature & Humidity Triggered Campaign x DeltaX’ campaign Complan has DG+ Awards for ‘Excellence in Integrated Digital Marketing’ (ThodaPlan Thoda Complan) Everyuth has won 2 GOLD at the Adgully DataMatrix Awards 1. Best Native Digital Advertising 2. Innovation in Creative Content Generation
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Awards and Recognitions Won the award for Legal & Compliance Team of the year Recognized for its Zero Trust Transformation, strengthening cybersecurity, access governance, and secure hybrid work while building a scalable foundation for digital transformation. RiteBite Max Protein won the Silver in the Best Social Media Brand – FMCG category at the SAMMIE Awards by Social Samosa
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Awards and Recognitions Exceptional Employee Experience in Onboarding by HR World EX Awards 2026 Aligarh Manufacturing facility honored with a Gold Award at the National Award for Manufacturing Competitiveness (NAMC) 2026, and Diamond trophy for retaining Gold Award for three consecutive years
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Financial Performance
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Revenue Performance Snapshot Q2 FY27 12.4% International * * Includes Comfort click business on a like-to-like basis Domestic Q2 FY27 29.2% Q2 FY27 123.5% Seasonal Brands Domestic Skin and Hair Care Food and Nutrition H1 FY27 18.6% H1 FY27 13.3% H1 FY27 -8.7% Q2 FY27 37.5% H1 FY27 35.8% Q2 FY27 25.1% H1 FY27 20.7%
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Revenue Performance Snapshot Domestic Market – Organised Channel Saliency Industry leading organized channel saliency stood at 38% in H1 FY27, comprising Modern Trade at 15% and E-commerce at 23%. Geographic Mix for H1 FY27 Domestic International 20% 22% 24% 32% 38% H1 FY23 H1 FY24 H1 FY25 H1 FY26 H1 FY27
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Gross Margin Performance Snapshot Gross Margin % to Net Sales 54.8% 52.4% 63.3% 64.8% 65.5% 61.1% 53.7% 63.5% Q1 FY 2025-26 Q2 FY 2025-26 Q3 FY 2025-26 Q4 FY 2025-26 Q1 FY 2026-27 Q2 FY 2026-27 H1 FY 2025-26 H1 FY 2026-27 Y-o-Y Gap bps + 1561- 73 + 483 + 1000 + 1071 Gross margin expansion continued in the core business and was further accelerated by the higher margin of the Comfort Click business. + 870 + 118 + 980
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Key input rate trends towards recovery of Margins Edible oilsMilk Dextrose Monohydrate Sucralose Stevia Q2 FY25 Q2 FY26 Q1 FY27 Q2 FY27 15.3% vs Q2 FY25 9.6% vs Q2 FY26 3.8% vs Q1 FY27 37.4% vs Q2 FY25 17.8% vs Q2 FY26 4.5% vs Q1 FY27 1.5% vs Q2 FY25 -8.3% vs Q2 FY26 0.3% vs Q1 FY27 1.0% vs Q2 FY25 -16.4% vs Q2 FY26 -1.6% vs Q1 FY27 -17.7% vs Q2 FY25 -13.8% vs Q2 FY26 -3.3% vs Q1 FY27 Q2 FY25 Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY25 Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY25 Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY25 Q2 FY26 Q1 FY27 Q2 FY27
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Financial Highlights for Q2 and H1 FY27 INR Million Q2 FY27 Q2 FY26 Y-o-Y Growth % H1 FY27 H1 FY26 Y-o-Y Growth % Net Sales 11,227 6,429 74.6% 25,526 15,006 70.1% Revenue from operation 11,266 6,505 73.2% 25,636 15,114 69.6% Gross Contribution 6,894 3,442 100.3% 16,330 8,173 99.8% (% of net sales) 61.1% 52.4% 63.5% 53.7% EBITDA 855 230 271.7% 3,272 1,786 83.2% EBITDA Margin 7.6% 3.5% 12.8% 11.8% PBT 76 (506) 115.0% 1,697 947 79.2% PAT 51 (528) 109.7% 1,240 751 65.1% PAT Margin 0.5% -8.1% 4.8% 5.0% Amortization of acquired brands 494 187 984 235 Exceptional Items - 342 - 342 Adjusted Net Profit * 545 1 >100% 2,224 1,328 67.5% Number of Shares 31,81,60,720 31,81,60,720 31,81,60,720 31,81,60,720 Adjusted EPS 1.71 0 6.99 4.17 +870 bps ❖ Robust improvement in EBITDA % of across businesses on a like-to-like basis. ❖ Major impacts excluding exceptional items between EBITDA and PBT: • Interest expenses on Euro denominated loan to fund the Comfort Click acquisition is included in finance costs • Amortization of acquired brands led to higher depreciation and amortization expenses * Adjusted Net Profit = PAT before exceptional items and amortization of acquired brands +980 bps
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Board Of Directors
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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 with the Businessperson of Year 2025 by BioSpectrum Excellence Awards for standout contributions to the lifesciences sector 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 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 SmartSpaces Limited, Non-Executive Director of The Anup Engineering Limited, Independent Director of Zydus Lifesciences Limited and has previously worked with McKinsey & Co. in Mumbai. He holds a leadership position in several industry bodies. Mr. Apurva S. Diwanji Independent Director Mr. Apurva S. Diwanji, Independent Director since May, 2026, holds a Masters in Law from Cambridge University, UK and Bachelor of Arts. He has been with Desai & Diwanji for more than 32 years and currently Independent Director of Torrent Power Ltd., Bajaj Life Insurance Ltd., Bajaj General Insurance Ltd. and TUV India Pvt. Ltd.
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Zydus Wellness Limited Regd. Office: Zydus Corporate Park, Scheme No. 63, Survey No. 536, Khoraj (Gandhinagar), Nr. Vaishnodevi Circle, S. G. Highway, Ahmedabad – 382481, India. CIN: L15201GJ1994PLC023490 +91-79-71800000 www.zyduswellness.com