Transcript of the Earnings Conference call held on November 3, 2026

November 7, 2026 Listing Department Code: 531 335 BSE LIMITED P. J. Towers, Dalal Street, Mumbai–400 001 Listing Department Code: ZYDUSWELL NATIONAL STOCK EXCHANGE OF INDIA LIMITED Exchange Plaza, C/1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai–400 051 Sub: Transcript of the Earnings Conference call held on November 3, 2026 Dear Sir / Madam, Pursuant to Regulations 30 and 46(2)(oa)(iii) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached Transcript of the Company’s Q2 FY2027 Earnings Conference call held at 4:00 p.m. (IST) on Tuesday, November 3, 2026. Please find the same in order. Yours faithfully, For, ZYDUS WELLNESS LIMITED NANDISH P. JOSHI COMPANY SECRETARY & COMPLIANCE OFFICER Encl. As above “Zydus Wellness Limited Q2 FY27 Earnings Conference Call” November 03, 2026 MANAGEMENT: MR. GANESH NAYAK – NON-EXECUTIVE DIRECTOR – ZYDUS WELLNESS LIMITED MR. TARUN ARORA – CHIEF EXECUTIVE OFFICER – ZYDUS WELLNESS LIMITED MR. UMESH PARIKH – CHIEF FINANCIAL OFFICER – ZYDUS WELLNESS LIMITED MODERATOR: MR. ASHUTOSH JOYTIRADITYA – ICICI SECURITIES Page 1 of 16 Zydus Wellness Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Zydus Wellness Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will 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, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ashutosh Joytiraditya from ICICI Securities. Thank you, and over to you, sir. Ashutosh Joytiraditya: Thank you. Hello, and good afternoon, everyone, present on the call. I, on behalf of ICICI Securities, welcome you on Zydus Wellness Limited's Q2 FY27 Earnings Call. I would like to thank the management for giving this opportunity of hosting the call to us. From the management, we have Mr. Ganesh Nayak, Non-Executive Director; Mr. Tarun Arora, CEO; and Mr. Umesh Parikh, CFO. I will now hand the call over to the management for their opening remarks. Thank you, and over to you, sir. Tarun Arora: Thank you, and good evening, everyone. Welcome to the post results teleconference of Zydus Wellness Limited for second quarter financial year 2026-27. I have with me Mr. Ganesh Nayak, Director; and Mr. Umesh Parikh, CFO, on the call from our side. During the quarter, amid the high inflation, largely driven by commodities, consumption trends continue to reflect sustained positive momentum across categories, supported by a steady recovery in demand and an improvement in rural offline markets. The gradual improvement in consumer demand, coupled with consistent performance across categories supported overall growth. E-commerce and quick-commerce continued to maintain strong momentum, steadily increasing their contribution to overall sales and further strengthening their role in the evolving consumption landscape. Innovation remains a key growth driver with a focus on emerging consumer needs, new consumption occasions and differentiated offerings. During the quarter, key launches included Sugar Free entered the Monk Fruit Sweetener category with a No Erythritol formulation. RiteBite Max Protein Crunchy cookies, featuring 10 grams of protein made without palm oil, maida or any added sugar. And of course, continued portfolio expansion in the Comfort Click business through the launch of Vitamin B Complex, Omega-3 Triglycerides and D3 and K2 under the WeightWorld brand. To take you through the key highlights of the quarter and half year ending September 30, 2026. On the financial front, for second quarter financial year 2027, the company reported consolidated net sales of INR 11,227 million, reflecting a growth of 74.6% year-on-year. On a half year basis, the company reported net sales of INR 25,526 million, reflecting 70.1% growth year-on-year. With regards to revenue performance, snapshot domestic portfolio Page 2 of 16 Zydus Wellness Limited November 03, 2026 delivered robust growth of 29.2% on a year-on-year basis during the quarter, of which seasonal brands grew by 123.5% on a low base. Skin and Hair care brands continued its growth momentum with 37.5% growth. And Food & Nutrition delivered a strong growth of 25.1%. On a half year basis, domestic portfolio registered growth of 13.3% in which skin and hair care grew by 35.8%, Food & Nutrition grew by 20.7%, while seasonal brands degrew by 8.7%. International business registered like-to-like growth of 12.4% during this quarter and 18.6% in the first half of financial year 2027. Gross margin expansion continued in the core business and was further higher margin of the Comfort Click business. On the EBITDA front, the company delivered growth of 271.7% during the quarter, reaching INR 855 million. The results underscore robust EBITDA margin improvement across businesses, resulting in EBITDA expansion on a like-to-like basis. On a half year basis, company registered an EBITDA growth of 83.2%, reaching to INR 3,272 million. Detailed brand performance and market share developments are covered in the investor presentation. Key highlights for the quarter are as follows: Everyuth continued to deliver double-digit growth, led by the tan removal and peel-off franchises. The brand continued to strengthen its position in facial cleansing with significant market share improvement supported by innovation and consumer acquisition initiatives. Nutralite delivered strong double-digit growth across the portfolio despite commodity headwinds. Sugar Free brand replicated its double-digit growth performance from the previous quarters in the current quarter. RiteBite Max Protein sustained its strong growth trajectory, reinforcing its leadership in protein snacking through innovation-led category expansion and strong value and volume growth. Cuticolor has been increasingly witnessing strong uptake, achieving positive consumer feedback across organized channels. During the quarter, the brand expanded its portfolio with the launch of Bright Brown, further strengthening its differentiated proposition in the safer hair color segment. Complan registered double-digit growth, outperforming the category trend. Complan NutriGro maintained strong growth momentum supported by direct supply through newly set up own medical marketing team. We remain focused on driving innovation, digital transformation and disciplined growth. Our diversified portfolio and expanding market presence position us to deliver sustainable growth and further margin expansion. Thank you. We will now begin the Q&A session. Over to the coordinator. Moderator: Thank you, sir. We will now begin with the question-and-answer session. The first question comes from the line of Siddhesh Deshmukh with IIFL Capital. Page 3 of 16 Zydus Wellness Limited November 03, 2026 Siddhesh Deshmukh: My first question is with respect to Comfort Click. You see the growth has moderated from 25% last quarter to 12% this quarter. So, could you explain what drove the slowdown? And what corrective actions are we taking for the growth to come back? And also, since the Q2 growth is below the aspirations which we had set at the time of acquisition, how do you see FY27 shaping up for Comfort Click? Tarun Arora: So, at an overall level, I think there are normal business cycles that go through. There is a small shift in some of the Prime Day between June and July, which swing the number a little bit. Also, we are seeing some challenges in one of the markets as we shifted between the old website to the new website where we lost some momentum. But we're quite hopeful that the double-digit growth that we've talked about will continue to move forward. This quarter has been slightly lower than our expectation, but some of the markets have also given us hope that we could build further on thi [Showing first 8,000 characters — download PDF for full document]