Zydus Wellness Limited Company Details Report
Zydus Wellness Limited Established in 1988, Zydus Wellness Limited, a subsidiary of the pharmaceutical company, Zydus Lifesciences formerly known as Cadila Healthcare is a leading consumer wellness company. The company enjoys a pan-India marketing presence through a distribution network which comprises of over 1,950 distributors and has five subsidiaries. Currently, the company has four manufacturing units: one each at Gujrat, Uttar Pradesh and two at Sikkim. Its distribution has been facilitated by investment in 25 integrated warehouses, which can serve both its cold chain and ambient range of brands. The product portfolio includes flagship brands like Sugar Free, Everyuth, Nutralite, Sugarlite and acquired brands like Glucon D, Complan, Nycil and Sampriti Ghee. In FY19, the company entered into a share purchase agreement jointly with Cadila Healthcare Limited to acquire 100% shareholding of Heinz India Private Limited (a subsidiary of Kraftz Heinz) for โน4,667 cr. During the year, the company expanded its footprint in international markets such as Hongkong, Lebanon, Zimbabwe, Muscat, Ethiopia & Australia and launched new products under the sugar free category (Sugar free Dโlite cookies and sugar free Dโlite chocolate spread). The key highlight during FY25 was the acquisition of Naturell (India) Private Limited, involved in the business of manufacturing, R&D, marketing & selling of nutrition bars, cookies, chips and other food products under the brands Ritebite Max Protein and Ritebite (fiber-enriched snacks). Cost of acquisition was โน390 cr and revenue for this brand during FY24 stood at ~โน119 cr.
Zydus Wellness Limited Established in 1988, Zydus Wellness Limited, a subsidiary of the pharmaceutical company, Zydus Lifesciences formerly known as Cadila Healthcare is a leading consumer wellness company. The company enjoys a pan-India marketing presence through a distribution network which comprises of over 1,950 distributors and has five subsidiaries. Currently, the company has four manufacturing units: one each at Gujrat, Uttar Pradesh and two at Sikkim. Its distribution has been facilitated by investment in 25 integrated warehouses, which can serve both its cold chain and ambient range of brands. The product portfolio includes flagship brands like Sugar Free, Everyuth, Nutralite, Sugarlite and acquired brands like Glucon D, Complan, Nycil and Sampriti Ghee. In FY19, the company entered into a share purchase agreement jointly with Cadila Healthcare Limited to acquire 100% shareholding of Heinz India Private Limited (a subsidiary of Kraftz Heinz) for โน4,667 cr. During the year, the company expanded its footprint in international markets such as Hongkong, Lebanon, Zimbabwe, Muscat, Ethiopia & Australia and launched new products under the sugar free category (Sugar free Dโlite cookies and sugar free Dโlite chocolate spread). The key highlight during FY25 was the acquisition of Naturell (India) Private Limited, involved in the business of manufacturing, R&D, marketing & selling of nutrition bars, cookies, chips and other food products under the brands Ritebite Max Protein and Ritebite (fiber-enriched snacks). Cost of acquisition was โน390 cr and revenue for this brand during FY24 stood at ~โน119 cr.
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#SALES #GROWTH
FY25 includes the results of Naturell (India) Private Limited for four months. Post consolidation, the business is progressing as planned. In FY25, sales grew by ~16% YoY to โน2,709 cr, led by a volume growth of ~12%. Segment-wise, personal care witnessed a growth of ~33%, led by strong consumer traction. Whereas the food & nutrition segment posted a growth of ~13%, supported by category expansions, product innovations and acquisitions. Rural markets continued to grow at a faster pace than urban areas, though the gap is slowly narrowing as urban markets begin to recover. It launched 12 new products during the period.
FY25 includes the results of Naturell (India) Private Limited for four months. Post consolidation, the business is progressing as planned. In FY25, sales grew by ~16% YoY to โน2,709 cr, led by a volume growth of ~12%. Segment-wise, personal care witnessed a growth of ~33%, led by strong consumer traction. Whereas the food & nutrition segment posted a growth of ~13%, supported by category expansions, product innovations and acquisitions. Rural markets continued to grow at a faster pace than urban areas, though the gap is slowly narrowing as urban markets begin to recover. It launched 12 new products during the period.
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#EBITDA #GROWTH
In FY25, EBITDA grew by ~23% YoY to โน380 cr, led by improvements in the gross profit and rise in volumes. During the period, other expenses grew by ~18% YoY, majorly owing to cost of strategy consultant and other expenditures aligned with evolving business requirements. Major expenses for the company during FY25 constituted cost of materials consumed 43.7%, other expenses 17% (majorly towards advertisement & marketing expense, power & fuel and labor charges) and A&P spends 13.1%.
In FY25, EBITDA grew by ~23% YoY to โน380 cr, led by improvements in the gross profit and rise in volumes. During the period, other expenses grew by ~18% YoY, majorly owing to cost of strategy consultant and other expenditures aligned with evolving business requirements. Major expenses for the company during FY25 constituted cost of materials consumed 43.7%, other expenses 17% (majorly towards advertisement & marketing expense, power & fuel and labor charges) and A&P spends 13.1%.
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#PAT #GROWTH
In FY25, PAT rose by ~30% YoY to โน347 cr, supported by lower finance costs due to decreasing working capital loans. The period included an exceptional item of ~โน6 cr, recorded during Q2 FY25 towards the sale of Equals Two brand, including the trademark to Zydus LifeSciences Ltd (The Parent Company). Excluding this impact, the same grew by ~21% to โน341 cr. The company had tax benefits due to accumulated losses in tax book, section 80I benefit related to two of its manufacturing units in Sikkim and had MAT credits available to them. 5 Year CAGR: 19.6%
In FY25, PAT rose by ~30% YoY to โน347 cr, supported by lower finance costs due to decreasing working capital loans. The period included an exceptional item of ~โน6 cr, recorded during Q2 FY25 towards the sale of Equals Two brand, including the trademark to Zydus LifeSciences Ltd (The Parent Company). Excluding this impact, the same grew by ~21% to โน341 cr. The company had tax benefits due to accumulated losses in tax book, section 80I benefit related to two of its manufacturing units in Sikkim and had MAT credits available to them. 5 Year CAGR: 19.6%
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#EBITDA #MARGIN
The raw materials used by the company includes milk, DMH (dextrose monohydrate) and Aspartame (artificial sweetener used in variety of food applications). However, easing food inflation is contributing to a decline in the overall inflation. It experienced a gradual reduction in the prices of key inputs such as milk, sucralose and stevia; however, volatility in the prices of edible oil and dextrose monohydrate remains a key concern. In FY25, EBITDA margin expanded by ~78 bps YoY to 14%, supported by gross margin expansion of ~172 bps YoY on account of operational efficiencies, calibrated price increase, effective hedging strategy and favorable product mix, which was further reinvested in brand building, resulting in a ~19% YoY growth in the A&P expenses, during the period.
The raw materials used by the company includes milk, DMH (dextrose monohydrate) and Aspartame (artificial sweetener used in variety of food applications). However, easing food inflation is contributing to a decline in the overall inflation. It experienced a gradual reduction in the prices of key inputs such as milk, sucralose and stevia; however, volatility in the prices of edible oil and dextrose monohydrate remains a key concern. In FY25, EBITDA margin expanded by ~78 bps YoY to 14%, supported by gross margin expansion of ~172 bps YoY on account of operational efficiencies, calibrated price increase, effective hedging strategy and favorable product mix, which was further reinvested in brand building, resulting in a ~19% YoY growth in the A&P expenses, during the period.
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#ROCE
In FY25, ROCE for the company rose to 6.43%, owing to rising profitability. The reduction in ROCE after FY19 is on account of change in the companyโs capital structure due to issuance of fresh equity of โน2,575 cr and funds borrowed in the form of non-convertible debentures of โน1,500 cr which were used to fund the acquisition of Heinz India Private Ltd.
In FY25, ROCE for the company rose to 6.43%, owing to rising profitability. The reduction in ROCE after FY19 is on account of change in the companyโs capital structure due to issuance of fresh equity of โน2,575 cr and funds borrowed in the form of non-convertible debentures of โน1,500 cr which were used to fund the acquisition of Heinz India Private Ltd.
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#ROE
In FY25, ROE for the company increased to 6.29%, owing to rise in net profit. The increase in the net worth post acquisition was on account of capital restructure as the company raised ~โน1,000 cr through QIP (Qualified Institutional Placement) in FY21.
In FY25, ROE for the company increased to 6.29%, owing to rise in net profit. The increase in the net worth post acquisition was on account of capital restructure as the company raised ~โน1,000 cr through QIP (Qualified Institutional Placement) in FY21.
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#MANAGEMENT
Tarun Arora is the CEO and the whole-time director of the company, having expertise towards finance, marketing & has worked with various FMCG companies. Dr. Sharvil P Patel, the chairman of the company who is also the managing director of its parent company, Zydus Lifesciences Ltd has an expertise towards chemical & pharmaceutical science. With the softening of raw material prices, they are targeting towards the growth path, providing flexibility for brand investments which would aid volume and sales growth. Growth in e-commerce and modern trade is likely to boost sales. To build its international business, the company entered new markets and enhanced its portfolio with the launch of Nutralite. The company would also be expanding Nutralite to more countries along with developing new products exclusively for international markets. The company is working on distribution expansion in organized channels to drive its market share growth.
Tarun Arora is the CEO and the whole-time director of the company, having expertise towards finance, marketing & has worked with various FMCG companies. Dr. Sharvil P Patel, the chairman of the company who is also the managing director of its parent company, Zydus Lifesciences Ltd has an expertise towards chemical & pharmaceutical science. With the softening of raw material prices, they are targeting towards the growth path, providing flexibility for brand investments which would aid volume and sales growth. Growth in e-commerce and modern trade is likely to boost sales. To build its international business, the company entered new markets and enhanced its portfolio with the launch of Nutralite. The company would also be expanding Nutralite to more countries along with developing new products exclusively for international markets. The company is working on distribution expansion in organized channels to drive its market share growth.
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#COMPANY #POTENTIAL
โข The FMCG sector experienced a strong recovery in 2025 after a challenging post-festive period, marked by inflation and high inventory levels. Retailers, focused on clearing out excess stock, delayed new billings into late 2024. Demand for FMCG products surged in January 2025 and February 2025, driven by an early summer and an increase in demand for premium products. The January-March quarter saw a robust rebound, with ~12% growth. โข Inflationary pressures eased significantly during the year, attributable to a sharp correction in food prices, led by a seasonal drop in vegetable prices during the winter months, followed by a continuous drop in pulse prices. โข As per MAT March 2025, the overall FMCG market in India (Urban and Rural) grew by 9% in value, 6% in volume and observed a 3% increase in the household penetration, while Zydus Wellness outperformed on all these fronts. This momentum is reflected in the smaller unit packs, indicating increased accessibility in consumption at the grassroot level. quarters. โข The overall industry is expected to witness a gradual uptick, driven by expectations of good monsoons, moderation in food inflation and recovery of urban growth. With sustained cost inflation, companies are likely to take price increases in the upcoming โข One important factor that would boost the growth of the FMCG sector soon is digitization and increasing use of online platforms. Over the next decade, there will be greater play of mobile analytics, artificial intelligence and cloud technology, which will help the FMCG sector to transform and drive the next phase of growth. โข E-commerce segment contributed ~8% during the year and is forecasted to contribute ~11% to the overall FMCG sales by 2030.. Going forward, channel mix will shift dramatically in favour of E-commerce. The growth in the same have aided the sector to drive strong growth in the urban sector. FMCG companies are focusing on digitization for enabling smooth functioning of its supply and distribution channel.
โข The FMCG sector experienced a strong recovery in 2025 after a challenging post-festive period, marked by inflation and high inventory levels. Retailers, focused on clearing out excess stock, delayed new billings into late 2024. Demand for FMCG products surged in January 2025 and February 2025, driven by an early summer and an increase in demand for premium products. The January-March quarter saw a robust rebound, with ~12% growth. โข Inflationary pressures eased significantly during the year, attributable to a sharp correction in food prices, led by a seasonal drop in vegetable prices during the winter months, followed by a continuous drop in pulse prices. โข As per MAT March 2025, the overall FMCG market in India (Urban and Rural) grew by 9% in value, 6% in volume and observed a 3% increase in the household penetration, while Zydus Wellness outperformed on all these fronts. This momentum is reflected in the smaller unit packs, indicating increased accessibility in consumption at the grassroot level. quarters. โข The overall industry is expected to witness a gradual uptick, driven by expectations of good monsoons, moderation in food inflation and recovery of urban growth. With sustained cost inflation, companies are likely to take price increases in the upcoming โข One important factor that would boost the growth of the FMCG sector soon is digitization and increasing use of online platforms. Over the next decade, there will be greater play of mobile analytics, artificial intelligence and cloud technology, which will help the FMCG sector to transform and drive the next phase of growth. โข E-commerce segment contributed ~8% during the year and is forecasted to contribute ~11% to the overall FMCG sales by 2030.. Going forward, channel mix will shift dramatically in favour of E-commerce. The growth in the same have aided the sector to drive strong growth in the urban sector. FMCG companies are focusing on digitization for enabling smooth functioning of its supply and distribution channel.
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#COMPANY #OUTLOOK
โข ZWL intends to grow its revenue, which would be driven by new product developments, easing raw material prices, distribution expansion in India & abroad and via increasing its overall reach (direct and indirect) to 3 million outlets. It is also investing in capability building for the superior back end and customer engagement in the converging online and offline platforms of organized trade. They guided for a double-digit growth in revenue for FY26. โข It aims to reach an EBITDA margin level of 17%-18%, driven by improvement in gross margins and operating leverage benefits. โข For FY26 and FY27, the company would not be paying any cash tax payouts. โข The revenue share from new products is much smaller as they are at an early stage. The company began launching inventory channels across limited geographies and piloted, thereby scaling these products. โข Sugar free and Complan constitutes ~85% of the overall international business. Despite the subdued macro-economic conditions in Nigeria, the business demonstrated a positive performance. Middle East business continued its growth trajectory. Their target of achieving a revenue growth of ~8%-10% in their international business in the next 4- 5 years remains intact. Also, it plans to enter newer geographies with relevant offerings. โข In Q3 FY25, the company completed its acquisition of Naturell (India) Private Limited, engaged in the business of manufacturing, R&D, marketing and selling of Nutrition bars, cookies, chips and other food products under brands Ritebite Max Protein (Protein fueled healthy snacks) and Ritebite (fiber-enriched snacks). As a result, the financial performance includes ~4-month results of the acquired business during the year. It witnessed over 50% growth, supported by tailwinds and executions. Margins are at a positive low single-digit. โข The company is working on distribution expansion in organized channels to drive its market share growth. Its direct reach currently stands at ~6 lakh plus stores and further plans to increase it to ~7 lakh stores in the coming period. The rural distribution CASE STUDY contributes ~50% of the total stores.
โข ZWL intends to grow its revenue, which would be driven by new product developments, easing raw material prices, distribution expansion in India & abroad and via increasing its overall reach (direct and indirect) to 3 million outlets. It is also investing in capability building for the superior back end and customer engagement in the converging online and offline platforms of organized trade. They guided for a double-digit growth in revenue for FY26. โข It aims to reach an EBITDA margin level of 17%-18%, driven by improvement in gross margins and operating leverage benefits. โข For FY26 and FY27, the company would not be paying any cash tax payouts. โข The revenue share from new products is much smaller as they are at an early stage. The company began launching inventory channels across limited geographies and piloted, thereby scaling these products. โข Sugar free and Complan constitutes ~85% of the overall international business. Despite the subdued macro-economic conditions in Nigeria, the business demonstrated a positive performance. Middle East business continued its growth trajectory. Their target of achieving a revenue growth of ~8%-10% in their international business in the next 4- 5 years remains intact. Also, it plans to enter newer geographies with relevant offerings. โข In Q3 FY25, the company completed its acquisition of Naturell (India) Private Limited, engaged in the business of manufacturing, R&D, marketing and selling of Nutrition bars, cookies, chips and other food products under brands Ritebite Max Protein (Protein fueled healthy snacks) and Ritebite (fiber-enriched snacks). As a result, the financial performance includes ~4-month results of the acquired business during the year. It witnessed over 50% growth, supported by tailwinds and executions. Margins are at a positive low single-digit. โข The company is working on distribution expansion in organized channels to drive its market share growth. Its direct reach currently stands at ~6 lakh plus stores and further plans to increase it to ~7 lakh stores in the coming period. The rural distribution CASE STUDY contributes ~50% of the total stores.
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Zydus Wellness Limited 400-485
Expected level 600
Support 309
Expected level 600
Support 309
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Aurionpro Solutions Limited Company Details Report
Aurionpro Solutions Limited is a global technology solutions provider offering a comprehensive suite of digital transformation services across banking, payments, transportation, and government sectors. With over two decades of industry expertise, Aurionpro has positioned itself as a trusted partner for enterprises seeking to navigate the complexities of technological innovation. Headquartered in Navi Mumbai, India, the company operates with over 30 offices in more than 30 countries. Their technology solutions have been implemented by over 300 clients worldwide which reinforces their commitment to delivering high-impact, efficient and scalable innovations. The company operates under two key business segments: 1. Banking & Fintech Solutions: Aurionpro offers robust digital banking solutions, payment processing systems, and transaction banking platforms. Their services include retail banking enhancements like self-service kiosks and queue management, as well as wholesale banking solutions such as cash management and Loan management. 2. Technology Innovation & Professional Services: Aurionpro's Technology Innovation Group (TIG) drives digital transformation through creating software and hardware solutions for transit segment and consulting & design for data centers. The company also plays a key role in smart cities and smart mobility where it offers e-governance solutions, intelligent transport systems, and automatic fare collection. As one of the few end-to-end transit solution providers, Aurionpro integrates hardware and software for metro and bus projects with a strong presence in Delhi, Chennai, Kanpur, Haryana in India and California, Mexico and Maldives on a global front.
Aurionpro Solutions Limited is a global technology solutions provider offering a comprehensive suite of digital transformation services across banking, payments, transportation, and government sectors. With over two decades of industry expertise, Aurionpro has positioned itself as a trusted partner for enterprises seeking to navigate the complexities of technological innovation. Headquartered in Navi Mumbai, India, the company operates with over 30 offices in more than 30 countries. Their technology solutions have been implemented by over 300 clients worldwide which reinforces their commitment to delivering high-impact, efficient and scalable innovations. The company operates under two key business segments: 1. Banking & Fintech Solutions: Aurionpro offers robust digital banking solutions, payment processing systems, and transaction banking platforms. Their services include retail banking enhancements like self-service kiosks and queue management, as well as wholesale banking solutions such as cash management and Loan management. 2. Technology Innovation & Professional Services: Aurionpro's Technology Innovation Group (TIG) drives digital transformation through creating software and hardware solutions for transit segment and consulting & design for data centers. The company also plays a key role in smart cities and smart mobility where it offers e-governance solutions, intelligent transport systems, and automatic fare collection. As one of the few end-to-end transit solution providers, Aurionpro integrates hardware and software for metro and bus projects with a strong presence in Delhi, Chennai, Kanpur, Haryana in India and California, Mexico and Maldives on a global front.
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Leadership & Transformation Under Ashish Rai: Since taking over as Group CEO in Oct 2023, Ashish Rai has played a pivotal role in reshaping Aurionproโs strategy of driving digital transformation and unlocking new growth avenues. With an extensive background in global financial technology including leadership roles at FIS, Finastra, and Coforge, Rai has leveraged his deep industry expertise to streamline operations, enhance product innovation and expand the companyโs global footprint. Under his leadership, Aurionpro has sharpened its focus on high-growth verticals, optimizing cost structures and accelerated revenue expansion. Ashish had joined the board of Aurionpro in FY22 as Vice-Chairman and has played an influential part in the turnaround of the company over the last 3 years. The company has raised capital through preferential share allotments over the last 2 years. The capital raise was done with the intention to acquire companies, capex for new offices and upgradation of facilities and to become a debt-free company. The first round was done at a share price of Rs 440 and the second round was done at a price of Rs 1050, the company raised a total of Rs 6,450 mn (excluding issue expenses).
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Aurionpro has spent more than Rs2.5bn over the last 3 years to enhance its existing products and create new ones. The acquisition of Arya.ai has enhanced the companyโs capabilities by integrating AI across their existing products. The partnership with Murex has improved post the acquisition of Fenixys and it helps the company co-develop IPโs and increase its presence in Europe and NAM. Its existing products - Icashpro+ and Smartlender continue to witness strong deal wins globally; Rs 1bn+ of deal with SBI in FY24 is a testament to its product offering and will provide a gateway to many more such deal wins across domestic / international banks.
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Aurionpro 2.0
Our conviction in Aurionpro stems from various business initiatives undertaken by the new CEO (joined the board in FY22 and promoted to CEO in FY24) towards R&D, developing new IPs, global fintech partnerships, and headcount addition. These initiatives have already started to yield positive results; and along with strategic acquisitions (funded towards capital raise and internal accruals) are all steps in the right direction. Our lateral checks across banking product & services (53% of revenue) & TIG (47%) segment reaffirms our thesis around product acceptance, and the growth opportunity.
Our conviction in Aurionpro stems from various business initiatives undertaken by the new CEO (joined the board in FY22 and promoted to CEO in FY24) towards R&D, developing new IPs, global fintech partnerships, and headcount addition. These initiatives have already started to yield positive results; and along with strategic acquisitions (funded towards capital raise and internal accruals) are all steps in the right direction. Our lateral checks across banking product & services (53% of revenue) & TIG (47%) segment reaffirms our thesis around product acceptance, and the growth opportunity.
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