HESTER BIOSCIENCES LTD

Develops and manufactures animal vaccines, with FY26 revenue of Rs. 332.599 crore split between Poultry Healthcare (61.9% of segment revenue) and Animal Healthcare (38.1%). The Poultry Healthcare division sells vaccines for commercial poultry flocks, including an H9N2 Avian Influenza vaccine whose marketing and manufacturing licenses were received in Q4 FY26; it grew 21% for FY26 and 48% YoY in Q1 FY27, driven by deeper market penetration and institutional business. The Animal Healthcare division sells livestock vaccines such as PPR (Peste des Petits Ruminants), Lumpy Skin Disease and Goat Pox, with the bulk of volume going to government immunization tenders — Q4 FY26 saw 6.3 crore PPR doses supplied under the National PPR program. Manufacturing runs across BSL-3 and Fill-Finish facilities capitalized in FY26, with capacity utilization stated at around 60-65%. International operations are anchored by Hester Africa (Nepal and Africa operations), which suffered a weak Q1 FY27 and saw its Gates Foundation soft loan cut from USD 12M to USD 5M interest-free. The largest cost lines are other operating expenses (30.5% of revenue), materials (21.2%) and employees (18.8%), with depreciation at 5.7%.