NSE: HESTERBIO · BSE: 524669
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%. 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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Poultry Healthcare | 206 | 61.9 |
| Animal Healthcare | 127 | 38.1 |
| Total, before eliminations | 333 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.9 | 30.8 | 31 of 158 | 81% |
| P/B | 5.2 | 3.1 | 119 of 163 | 27% |
| ROCE | 13.2 | 10.8 | 76 of 183 | 59% |
| ROE | 15.6 | 9.8 | 42 of 166 | 75% |
| Debt / Equity | 0.5 | 0.2 | 137 of 166 | 18% |
| 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 | 1899 | 806 | 78 of 181 | 57% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Hester Biosciences sets Q2 and H1 FY27 investor call for 5 November | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board meeting to approve September 2026 quarterly results | results | low | — | — |
| 27 Oct 2026 · Independent Director Ameetkumar Desai Completes First Term | management changes | medium | — | — |
| 14 Oct 2026 · Confirmation certificate for securities dematerialisation, Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Board approves INR 10.5 million investment in captive power LLP | capex operations | low | — | — |
| 6 Oct 2026 · Hester Biosciences invests in SLYCE AGRI WORLD LLP for captive power | strategic transactions | medium | — | — |
| 25 Sept 2026 · Trading window to close from Oct 1, 2026 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 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 | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.