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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Poultry Healthcare (62%), Animal Healthcare (38%). Asset-heavy animal biologicals manufacturer; product mix-driven margins with significant exposure to government tender timing.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 235 | 266 | 305 | 311 | 333 |
| EBITDA (ex other income) | 60 | 51 | 54 | 61 | 90 |
| margin % | 25.5 | 19.0 | 17.6 | 19.6 | 26.9 |
| Owners' profit | 39 | 27 | 19 | 27 | 56 |
| EPS, as reported (₹) | 46.41 | 32.96 | 24.88 | 33.89 | 67.57 |
| ROE % · ROCE % | 14.8 · 12.3 | 9.7 · 8.6 | 7.0 · 8.5 | 8.8 · 9.1 | 15.6 · 15.3 |
| Debt / equity (x) | 0.83 | 0.93 | 0.79 | 0.64 | 0.51 |
| Cash from operations | 9 | 24 | 48 | 65 | 64 |
| Capex | (96) | (78) | (24) | (21) | (18) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 84 | 63 | 82 | 84 | 71 | 77 | 100 | 77 |
| Profit before tax | 11 | 12 | 2 | 19 | 15 | 12 | 23 | 100 |
| Net profit | 8 | 11 | 2 | 17 | 14 | 9 | 17 | 97 |
| EPS (₹) | 9.86 | 13.41 | 1.82 | 20.33 | 16.85 | 10.94 | 19.45 | 113.71 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Poultry Healthcare | 206 | 61.9 |
| Animal Healthcare | 127 | 38.1 |
| Total, before eliminations | 333 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,41,471 | 36.5 | 5.26 | 23.7 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,47,033 | 84.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · Shareholders approve reclassification of two promoters to public category | ownership changes | medium | — | — |
| 4 Sept 2026 · Postal ballot: promoter group reclassified to public with 99.99 percent approval | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · Postal Ballot: Promoter Group Reclassification to Public Passed | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Hester Biosciences gets credit rating upgrade from CARE Ratings | credit debt | high | — | — |
| 4 Aug 2026 · Postal ballot for reclassification of two promoter shareholders to public category | ownership changes | medium | — | — |
| 4 Aug 2026 · Postal Ballot for reclassifying two promoters as public shareholders | ownership changes | medium | — | — |
| 1 Aug 2026 · Q1 FY27 call: PAT up 88%, poultry 48%, debt down to Rs 103 cr | investor communications | medium | — | — |
| 31 Jul 2026 · Hester Biosciences launches interactive microsite for FY26 Annual Report | investor communications | low | — | — |
| 31 Jul 2026 · Hester Biosciences Q1 FY27 results published in newspapers | compliance | minimal | — | — |
| 30 Jul 2026 · Audio recording of Q1 FY27 earnings call now on website | investor communications | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 14.74 |
| 63.7 |
| 15.3 |
| 18.8 |
| 8.7 |
| 42.8 |
| TORRENT PHARMACEUTICALS L | 1,68,062 | 79.3 | 9.56 | 41.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,11,686 | 24.9 | 3.78 | 14.5 | 17.3 | 18.0 | 12.4 | 25.2 |
| CIPLA LTD | 1,10,352 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| LAURUS LABS LIMITED | 1,06,375 | 97.2 | 19.59 | 59.3 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 97,319 | 30.1 | 2.55 | 13.1 | 10.9 | 13.0 | 12.1 | 15.0 |
| AUROBINDO PHARMA LTD | 96,656 | 26.3 | 2.55 | 13.4 | 9.2 | 12.6 | 6.3 | 23.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.2 | 28.9 | 39 of 169 | 77% |
| P/B | 5.3 | 3.3 | 121 of 163 | 26% |
| ROCE | 13.2 | 10.8 | 76 of 183 | 59% |
| ROE | 15.6 | 10.4 | 46 of 171 | 74% |
| Debt / Equity | 0.5 | 0.1 | 142 of 171 | 17% |
| EBITDA margin | 142.1 | 17.5 | 2 of 165 | 99% |
| Revenue growth | (8.2) | 16.3 | 132 of 161 | 18% |
| Profit growth | 459.3 | 30.9 | 12 of 158 | 93% |
| Market cap | 1941 | 839 | 79 of 182 | 57% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
