Zydus Wellness earnings calls.

Zydus Wellness reported Q3 FY26 with consolidated EBITDA of INR 610 million, up 312.2% YoY, expanding margins by 310bps to 6.3Current reported value: 6.3. No comparable prior figure is available in the source record.%. Net sales grew 113.7Current reported value: 113.7. No comparable prior figure is available in the source record.% on acquisition-driven mix, with food and nutrition surging 134% while personal care declined 1.4%. The newly acquired Comfort Click business contributed meaningfully with higher gross margins, lifting consolidated gross margins to ~63% for the quarter, though management guided ~66-67% annualized as baseline. The company remains focused on expanding EBITDA margins to 16-17% for the base business and Comfort Click to 14%+ over two years, supported by operating leverage and innovation investments. Right by Max Protein continues outperforming expectations at near double-digit EBITDA margins with 500 crore revenue aspirational target in ~2 years. Key risks include GDL/Glucon-D seasonality dependence, high milk input costs, interest and amortization drag from acquisitions (INR 371 million quarterly interest, INR 472 million D&A), and MAT provision changes from the budget.