“Initiated coverage on Zydus Wellness with a 'buy' rating and a target price of ₹650 per share, implying a 23% upside. The company is now structurally different due to acquisitions like RiteBite Max Protein and Comfort Click, which are expected to drive comparable sales growth at a 13.7% CAGR (FY26-29) and adjusted EPS at a 23% CAGR, making current valuations attractive as this growth is unpriced by the street.”