Zydus Wellness Limited (ZYDUSWELL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+55.6%

₹761.17

vs ₹489.15 price

Levered DCF

₹428.63

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	68.77×	30.79×	35.92×	31.77×	30.92×	100.85×	10.57×	6.59×
P/B	2.33×	0.38×	0.36×	0.39×	0.39×	0.52×	0.43×	0.33×
P/S	3.42×	0.79×	0.82×	0.88×	0.95×	1.28×	0.85×	1.38×
EV / EBITDA	35.04×	5.65×	7.04×	6.73×	6.14×	12.53×	10.31×	11.94×
Gross margin	48.8%	39.8%	38.1%	48.6%	36.9%	54.0%	55.4%	48.2%
Operating margin	9.0%	13.0%	12.2%	13.9%	16.0%	17.1%	16.7%	21.3%
Net margin	5.0%	12.8%	11.5%	13.8%	15.4%	6.4%	8.0%	20.9%
Current ratio	1.88×	1.48×	1.58×	1.31×	1.06×	1.1×	1.26×	1.28×
Debt / equity	0.55×	0.03×	0.06×	0.06×	0.08×	0.12×	0.44×	0.46×
Interest coverage	3.62×	29.28×	11.85×	19.43×	12.62×	3.8×	2.1×	5.71×
Dividend yield	0.3%	1.5%	1.7%	1.6%	1.7%	0.0%	4.6%	2.8%
Payout ratio	19.4%	9.2%	12.0%	10.3%	10.3%	0.2%	49.0%	18.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.4%	6.1%	5.0%	6.1%	6.4%	2.6%	4.1%	5.0%
Return on invested capital	3.1%	5.8%	5.0%	5.8%	6.1%	6.2%	5.9%	3.4%
Return on assets	1.9%	5.4%	4.3%	5.3%	5.4%	2.1%	2.5%	3.1%
Free cash flow yield	0.3%	14.7%	11.4%	2.4%	8.4%	11.2%	15.7%	11.9%
Earnings yield	1.5%	16.2%	13.9%	15.7%	16.2%	5.0%	9.5%	15.2%
Enterprise value	₹166.5B	₹22.6B	₹21.7B	₹22.3B	₹21.8B	₹27.7B	₹29.6B	₹25.5B
Net debt / EBITDA	6.5×	0.3×	0.81×	0.78×	0.77×	1.7×	5.1×	6.71×
Cash conversion cycle (days)	90	75	83	85	29	-10	-38	-90