# Pharma - Animal — company-by-company sector analysis

> Pharma - Animal: Viyash Scientific Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Pharma - Animal has outperformed NIFTY 500 by 77.4% over 52 weeks and 40.5% over 13 weeks. 3 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself. Viyash Scientific Ltd leads with revenue of ₹3,069 crore, based on 3 of 3 comparable companies through Mar 2026.

### Is the Pharma - Animal sector outperforming NIFTY 500?

Pharma - Animal has outperformed NIFTY 500 by 77.4% over 52 weeks and 40.5% over 13 weeks. 3 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself.

### Which Pharma - Animal company is largest by revenue?

Viyash Scientific Ltd leads with revenue of ₹3,069 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Pharma - Animal company is growing fastest?

Viyash Scientific Ltd has the fastest current revenue growth at 58.6%, across 3 of 3 comparable companies.

### Which Pharma - Animal company has the strongest 4-Factor Sector Score?

NGL Fine Chem Ltd ranks first at 73.4/100 with 84% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Pharma - Animal company has the least gross debt?

NGL Fine Chem Ltd has the lowest comparable gross debt at ₹108 crore. Viyash Scientific Ltd has the highest at ₹490 crore.

### Which Pharma - Animal company has the lowest comparable PEG?

Viyash Scientific Ltd has the lowest comparable Guarded PEG at 3.8, among 1 of 3 companies that pass the metric’s comparability rules.

### How much history does this Pharma - Animal comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Pharma - Animal has outperformed NIFTY 500 by 77.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 40.5%. 3 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. NGL Fine Chem Ltd is the strongest against the sector itself at +17.5%.

13-week sector return versus NIFTY 500: 41%
52-week sector return versus NIFTY 500: 77%
Stocks leading NIFTY: 3/3
Stocks leading sector: 1/3

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 3
Combined market value: ₹15.0K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. NGL Fine Chem Ltd (NGLFINE): 73/100 — Favorable setup; evidence 84%
   - Growth & earnings 34.1/35 | Capital efficiency 17.0/25 | Valuation 8.3/20 | Relative strength 14.0/20
   - Exact sum: 34.1 + 17 + 8.3 + 14 = 73.4
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Hester Biosciences Ltd (HESTERBIO): 68/100 — Favorable setup; evidence 78%
   - Growth & earnings 29.8/35 | Capital efficiency 17.9/25 | Valuation 12.0/20 | Relative strength 8.0/20
   - Exact sum: 29.8 + 17.9 + 12 + 8 = 67.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Viyash Scientific Ltd (VIYASH): 53/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 26.9/35 | Capital efficiency 16.1/25 | Valuation 4.9/20 | Relative strength 5.0/20
   - Exact sum: 26.9 + 16.1 + 4.9 + 5 = 52.9
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -17.9% and the one-year return is 33.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

## Revenue Scale & Growth Durability

What the numbers say: Viyash Scientific Ltd is the scale leader at ₹3,069 crore, 512.6% ahead of NGL Fine Chem Ltd. Viyash Scientific Ltd's growth is 58.6% from a ₹3,069 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Viyash Scientific Ltd is the scale benchmark; Viyash Scientific Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Viyash Scientific Ltd's growth falls below Viyash Scientific Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Viyash Scientific Ltd · ₹3,069 crore | 512.6% versus #2 · NGL Fine Chem Ltd | 8/8 recent comparable periods | 3/3 companies · 48 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Viyash Scientific Ltd (VIYASH): ₹3.1K Cr
2. NGL Fine Chem Ltd (NGLFINE): ₹501 Cr
3. Hester Biosciences Ltd (HESTERBIO): ₹332 Cr

### Revenue growth — fastest growers
1. Viyash Scientific Ltd (VIYASH): 59%
2. NGL Fine Chem Ltd (NGLFINE): 36%
3. Hester Biosciences Ltd (HESTERBIO): 6.8%

### 20-quarter Revenue history
- VIYASH: Jun 2021 ₹321 Cr | Sep 2021 ₹351 Cr | Dec 2021 ₹358 Cr | Mar 2022 ₹384 Cr | Jun 2022 ₹341 Cr | Sep 2022 ₹338 Cr | Dec 2022 ₹375 Cr | Mar 2023 ₹367 Cr | Jun 2023 ₹333 Cr | Sep 2023 ₹346 Cr | Dec 2023 ₹329 Cr | Mar 2024 ₹361 Cr | Jun 2024 ₹390 Cr | Sep 2024 ₹369 Cr | Dec 2024 ₹774 Cr | Mar 2025 ₹402 Cr | Jun 2025 ₹441 Cr | Sep 2025 ₹850 Cr | Dec 2025 ₹858 Cr | Mar 2026 ₹920 Cr
- HESTERBIO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹75 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹100 Cr
- NGLFINE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹72 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹100 Cr | Jun 2024 ₹91 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹149 Cr

### 20-quarter Revenue growth history
- VIYASH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.2% | Sep 2022 -3.7% | Dec 2022 4.8% | Mar 2023 -4.4% | Jun 2023 -2.4% | Sep 2023 2.4% | Dec 2023 -12% | Mar 2024 -1.6% | Jun 2024 17% | Sep 2024 6.7% | Dec 2024 135% | Mar 2025 11% | Jun 2025 13% | Sep 2025 130% | Dec 2025 11% | Mar 2026 129%
- HESTERBIO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -11% | Mar 2024 18% | Jun 2024 -6.8% | Sep 2024 20% | Dec 2024 -6.0% | Mar 2025 3.8% | Jun 2025 2.4% | Sep 2025 -15% | Dec 2025 22% | Mar 2026 22%
- NGLFINE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22% | Mar 2024 33% | Jun 2024 28% | Sep 2024 16% | Dec 2024 1.1% | Mar 2025 -5.0% | Jun 2025 14% | Sep 2025 29% | Dec 2025 44% | Mar 2026 57%

## Operating Economics & Margin Trend

What the numbers say: Hester Biosciences Ltd leads both opm at 34% and margin change at +11 percentage points.

Investor read: Hester Biosciences Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Hester Biosciences Ltd · 34% | 70% versus #2 · Viyash Scientific Ltd | 6/8 recent comparable periods | 3/3 companies · 60 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Hester Biosciences Ltd (HESTERBIO): 34%
2. Viyash Scientific Ltd (VIYASH): 20%
3. NGL Fine Chem Ltd (NGLFINE): 14%

### Margin change — fastest expanders
1. Hester Biosciences Ltd (HESTERBIO): +11.0 pp
2. Viyash Scientific Ltd (VIYASH): +8.0 pp
3. NGL Fine Chem Ltd (NGLFINE): +7.0 pp

### 20-quarter OPM history
- VIYASH: Jun 2021 6.3% | Sep 2021 5.6% | Dec 2021 10% | Mar 2022 8.7% | Jun 2022 0.6% | Sep 2022 0.9% | Dec 2022 3.0% | Mar 2023 -1.0% | Jun 2023 -2.0% | Sep 2023 4.0% | Dec 2023 7.0% | Mar 2024 9.0% | Jun 2024 11% | Sep 2024 11% | Dec 2024 13% | Mar 2025 12% | Jun 2025 12% | Sep 2025 20% | Dec 2025 20% | Mar 2026 20%
- HESTERBIO: Jun 2021 28% | Sep 2021 28% | Dec 2021 27% | Mar 2022 18% | Jun 2022 15% | Sep 2022 17% | Dec 2022 25% | Mar 2023 17% | Jun 2023 16% | Sep 2023 19% | Dec 2023 15% | Mar 2024 20% | Jun 2024 21% | Sep 2024 23% | Dec 2024 8.0% | Mar 2025 23% | Jun 2025 27% | Sep 2025 17% | Dec 2025 23% | Mar 2026 34%
- NGLFINE: Jun 2021 31% | Sep 2021 22% | Dec 2021 15% | Mar 2022 13% | Jun 2022 3.3% | Sep 2022 14% | Dec 2022 14% | Mar 2023 19% | Jun 2023 14% | Sep 2023 17% | Dec 2023 16% | Mar 2024 16% | Jun 2024 10% | Sep 2024 12% | Dec 2024 6.0% | Mar 2025 7.0% | Jun 2025 11% | Sep 2025 14% | Dec 2025 18% | Mar 2026 14%

### 20-quarter Margin change history
- VIYASH: Jun 2021 −9.1 pp | Sep 2021 −11.2 pp | Dec 2021 −8.1 pp | Mar 2022 −3.3 pp | Jun 2022 −5.7 pp | Sep 2022 −4.8 pp | Dec 2022 −7.1 pp | Mar 2023 −9.7 pp | Jun 2023 −2.6 pp | Sep 2023 +3.2 pp | Dec 2023 +4.0 pp | Mar 2024 +10.0 pp | Jun 2024 +13.0 pp | Sep 2024 +7.0 pp | Dec 2024 +6.0 pp | Mar 2025 +3.0 pp | Jun 2025 +1.0 pp | Sep 2025 +9.0 pp | Dec 2025 +7.0 pp | Mar 2026 +8.0 pp
- HESTERBIO: Jun 2021 −1.5 pp | Sep 2021 −1.6 pp | Dec 2021 −10.2 pp | Mar 2022 −12.5 pp | Jun 2022 −13.7 pp | Sep 2022 −10.6 pp | Dec 2022 −2.0 pp | Mar 2023 −1.3 pp | Jun 2023 +1.4 pp | Sep 2023 +1.6 pp | Dec 2023 −10.0 pp | Mar 2024 +3.0 pp | Jun 2024 +5.0 pp | Sep 2024 +4.0 pp | Dec 2024 −7.0 pp | Mar 2025 +3.0 pp | Jun 2025 +6.0 pp | Sep 2025 −6.0 pp | Dec 2025 +15.0 pp | Mar 2026 +11.0 pp
- NGLFINE: Jun 2021 −0.7 pp | Sep 2021 −8.0 pp | Dec 2021 −15.4 pp | Mar 2022 −16.4 pp | Jun 2022 −27.8 pp | Sep 2022 −8.4 pp | Dec 2022 −1.4 pp | Mar 2023 +6.4 pp | Jun 2023 +10.7 pp | Sep 2023 +3.5 pp | Dec 2023 +2.0 pp | Mar 2024 −3.0 pp | Jun 2024 −4.0 pp | Sep 2024 −5.0 pp | Dec 2024 −10.0 pp | Mar 2025 −9.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +12.0 pp | Mar 2026 +7.0 pp

## Profit Scale & Acceleration

What the numbers say: Viyash Scientific Ltd leads with ₹206 crore of TTM profit, 261.4% above Hester Biosciences Ltd. Hester Biosciences Ltd shows ≥100% on the scoring scale (103.6% uncapped) growth from a ₹57 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Viyash Scientific Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Viyash Scientific Ltd · ₹206 crore | 261.4% versus #2 · Hester Biosciences Ltd | 6/8 recent comparable periods | 3/3 companies · 48 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Viyash Scientific Ltd (VIYASH): ₹206 Cr
2. Hester Biosciences Ltd (HESTERBIO): ₹57 Cr
3. NGL Fine Chem Ltd (NGLFINE): ₹48 Cr

### Profit growth — fastest growers
1. Hester Biosciences Ltd (HESTERBIO): 100%
2. NGL Fine Chem Ltd (NGLFINE): 100%
3. Viyash Scientific Ltd (VIYASH): 100%

### 20-quarter Net profit history
- VIYASH: Jun 2021 ₹3 Cr | Sep 2021 ₹14 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹-14 Cr | Sep 2022 ₹-4 Cr | Dec 2022 ₹-10 Cr | Mar 2023 ₹-92 Cr | Jun 2023 ₹-35 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹66 Cr
- HESTERBIO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹17 Cr
- NGLFINE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹6 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹13 Cr

### 20-quarter Profit growth history
- VIYASH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -567% | Sep 2022 -129% | Dec 2022 -153% | Mar 2023 -1,020% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 282% | Mar 2025 900% | Jun 2025 100% | Sep 2025 1,117% | Dec 2025 17% | Mar 2026 560%
- HESTERBIO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -67% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 100% | Dec 2024 175% | Mar 2025 -67% | Jun 2025 143% | Sep 2025 75% | Dec 2025 -18% | Mar 2026 750%
- NGLFINE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 67% | Mar 2024 33% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 -90% | Mar 2025 -92% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 1,500% | Mar 2026 1,200%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: NGL Fine Chem Ltd has the clearest covered balance-sheet capacity with ₹65 crore and gross debt of ₹108 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: NGL Fine Chem Ltd · ₹108 crore | 44.6% versus #2 · Hester Biosciences Ltd | 3/8 recent comparable periods | 3/3 companies · 60 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. NGL Fine Chem Ltd (NGLFINE): ₹108 Cr
2. Hester Biosciences Ltd (HESTERBIO): ₹195 Cr
3. Viyash Scientific Ltd (VIYASH): ₹490 Cr

### Net debt — lowest net debt
1. NGL Fine Chem Ltd (NGLFINE): ₹65 Cr
2. Hester Biosciences Ltd (HESTERBIO): ₹188 Cr
3. Viyash Scientific Ltd (VIYASH): ₹220 Cr

### 20-quarter Gross debt history
- VIYASH: Jun 2021 ₹197 Cr | Sep 2021 ₹308 Cr | Dec 2021 ₹308 Cr | Mar 2022 ₹365 Cr | Jun 2022 ₹365 Cr | Sep 2022 ₹427 Cr | Dec 2022 ₹427 Cr | Mar 2023 ₹444 Cr | Jun 2023 ₹444 Cr | Sep 2023 ₹461 Cr | Dec 2023 ₹461 Cr | Mar 2024 ₹488 Cr | Jun 2024 ₹488 Cr | Sep 2024 ₹489 Cr | Dec 2024 ₹489 Cr | Mar 2025 ₹654 Cr | Jun 2025 ₹481 Cr | Sep 2025 ₹490 Cr | Dec 2025 ₹490 Cr | Mar 2026 ₹490 Cr
- HESTERBIO: Jun 2021 ₹110 Cr | Sep 2021 ₹112 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹228 Cr | Jun 2022 ₹228 Cr | Sep 2022 ₹267 Cr | Dec 2022 ₹267 Cr | Mar 2023 ₹274 Cr | Jun 2023 ₹274 Cr | Sep 2023 ₹273 Cr | Dec 2023 ₹273 Cr | Mar 2024 ₹244 Cr | Jun 2024 ₹244 Cr | Sep 2024 ₹244 Cr | Dec 2024 ₹244 Cr | Mar 2025 ₹213 Cr | Jun 2025 ₹224 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹214 Cr | Mar 2026 ₹195 Cr
- NGLFINE: Jun 2021 ₹16 Cr | Sep 2021 ₹25 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹77 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹108 Cr

### 20-quarter Net debt history
- VIYASH: Jun 2021 ₹135 Cr | Sep 2021 ₹242 Cr | Dec 2021 ₹242 Cr | Mar 2022 ₹306 Cr | Jun 2022 ₹304 Cr | Sep 2022 ₹386 Cr | Dec 2022 ₹386 Cr | Mar 2023 ₹402 Cr | Jun 2023 ₹402 Cr | Sep 2023 ₹401 Cr | Dec 2023 ₹401 Cr | Mar 2024 ₹421 Cr | Jun 2024 ₹416 Cr | Sep 2024 ₹415 Cr | Dec 2024 ₹415 Cr | Mar 2025 ₹418 Cr | Jun 2025 ₹418 Cr | Sep 2025 ₹419 Cr | Dec 2025 ₹419 Cr | Mar 2026 ₹220 Cr
- HESTERBIO: Jun 2021 ₹89 Cr | Sep 2021 ₹100 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹203 Cr | Jun 2022 ₹203 Cr | Sep 2022 ₹249 Cr | Dec 2022 ₹249 Cr | Mar 2023 ₹259 Cr | Jun 2023 ₹259 Cr | Sep 2023 ₹259 Cr | Dec 2023 ₹259 Cr | Mar 2024 ₹243 Cr | Jun 2024 ₹229 Cr | Sep 2024 ₹227 Cr | Dec 2024 ₹227 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹217 Cr | Sep 2025 ₹206 Cr | Dec 2025 ₹206 Cr | Mar 2026 ₹188 Cr
- NGLFINE: Jun 2021 ₹-18 Cr | Sep 2021 ₹-15 Cr | Dec 2021 ₹-15 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹-18 Cr | Mar 2023 ₹-21 Cr | Jun 2023 ₹-21 Cr | Sep 2023 ₹-37 Cr | Dec 2023 ₹-37 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹-21 Cr | Sep 2024 ₹-50 Cr | Dec 2024 ₹-50 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹65 Cr

## Return On Capital Employed

What the numbers say: NGL Fine Chem Ltd leads ROCE at 17%, 1.8 percentage points above Hester Biosciences Ltd. NGL Fine Chem Ltd has the strongest latest improvement at +6.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: NGL Fine Chem Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: NGL Fine Chem Ltd · 17% | 11.8% versus #2 · Hester Biosciences Ltd | 3/8 recent comparable periods | 3/3 companies · 45 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. NGL Fine Chem Ltd (NGLFINE): 17%
2. Hester Biosciences Ltd (HESTERBIO): 15%
3. Viyash Scientific Ltd (VIYASH): 13%

### ROCE change — fastest improvers
1. NGL Fine Chem Ltd (NGLFINE): +6.5 pp
2. Hester Biosciences Ltd (HESTERBIO): +4.6 pp
3. Viyash Scientific Ltd (VIYASH): −0.5 pp

### 20-quarter ROCE history
- VIYASH: Jun 2021 — | Sep 2021 11% | Dec 2021 — | Mar 2022 6.2% | Jun 2022 — | Sep 2022 3.0% | Dec 2022 — | Mar 2023 -1.4% | Jun 2023 — | Sep 2023 -2.0% | Dec 2023 -11% | Mar 2024 2.5% | Jun 2024 7.1% | Sep 2024 8.1% | Dec 2024 11% | Mar 2025 9.2% | Jun 2025 14% | Sep 2025 11% | Dec 2025 25% | Mar 2026 8.7%
- HESTERBIO: Jun 2021 — | Sep 2021 19% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 7.9% | Dec 2022 — | Mar 2023 8.1% | Jun 2023 — | Sep 2023 8.7% | Dec 2023 8.3% | Mar 2024 7.7% | Jun 2024 10% | Sep 2024 9.5% | Dec 2024 11% | Mar 2025 8.6% | Jun 2025 11% | Sep 2025 7.5% | Dec 2025 13% | Mar 2026 13%
- NGLFINE: Jun 2021 — | Sep 2021 42% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 16% | Dec 2023 22% | Mar 2024 16% | Jun 2024 23% | Sep 2024 13% | Dec 2024 16% | Mar 2025 6.7% | Jun 2025 10% | Sep 2025 7.3% | Dec 2025 16% | Mar 2026 13%

### 20-quarter ROCE change history
- VIYASH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.7 pp | Dec 2022 — | Mar 2023 −7.6 pp | Jun 2023 — | Sep 2023 −5.0 pp | Dec 2023 — | Mar 2024 +3.9 pp | Jun 2024 — | Sep 2024 +10.1 pp | Dec 2024 +21.8 pp | Mar 2025 +6.7 pp | Jun 2025 +6.6 pp | Sep 2025 +2.5 pp | Dec 2025 +13.3 pp | Mar 2026 −0.5 pp
- HESTERBIO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.0 pp | Dec 2022 — | Mar 2023 −3.7 pp | Jun 2023 — | Sep 2023 +0.8 pp | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 +0.8 pp | Dec 2024 +2.7 pp | Mar 2025 +0.9 pp | Jun 2025 +0.5 pp | Sep 2025 −2.0 pp | Dec 2025 +1.5 pp | Mar 2026 +4.6 pp
- NGLFINE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −30.5 pp | Dec 2022 — | Mar 2023 −15.9 pp | Jun 2023 — | Sep 2023 +4.5 pp | Dec 2023 — | Mar 2024 +4.4 pp | Jun 2024 — | Sep 2024 −3.5 pp | Dec 2024 −6.2 pp | Mar 2025 −8.8 pp | Jun 2025 −12.2 pp | Sep 2025 −5.2 pp | Dec 2025 +0.2 pp | Mar 2026 +6.5 pp

## Valuation Against Growth & Quality

What the numbers say: Viyash Scientific Ltd has the lowest comparable Guarded PEG at 3.8×. Only 1 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Viyash Scientific Ltd · 3.8× | Not enough peers | 0/8 recent comparable periods | 1/3 companies · 2 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Viyash Scientific Ltd (VIYASH): 3.8

### P/E — lowest P/E
1. Hester Biosciences Ltd (HESTERBIO): 37.6
2. NGL Fine Chem Ltd (NGLFINE): 41.2
3. Viyash Scientific Ltd (VIYASH): 55.5

### 20-quarter Guarded PEG history
- VIYASH: Jun 2021 1.5 | Sep 2021 3.8 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- VIYASH: Jun 2021 68.0 | Sep 2021 62.1 | Dec 2021 56.1 | Mar 2022 63.7 | Jun 2022 57.7 | Sep 2022 90.0 | Dec 2022 208.6 | Mar 2023 180.1 | Jun 2023 — | Sep 2023 — | Dec 2023 -22.0 | Mar 2024 — | Jun 2024 529.7 | Sep 2024 244.3 | Dec 2024 227.0 | Mar 2025 60.0 | Jun 2025 74.8 | Sep 2025 66.0 | Dec 2025 42.9 | Mar 2026 43.8
- HESTERBIO: Jun 2021 60.5 | Sep 2021 49.2 | Dec 2021 45.7 | Mar 2022 49.2 | Jun 2022 43.7 | Sep 2022 55.6 | Dec 2022 56.2 | Mar 2023 43.5 | Jun 2023 54.7 | Sep 2023 49.6 | Dec 2023 48.3 | Mar 2024 64.2 | Jun 2024 108.1 | Sep 2024 109.2 | Dec 2024 86.9 | Mar 2025 34.3 | Jun 2025 57.1 | Sep 2025 43.5 | Dec 2025 30.8 | Mar 2026 27.4
- NGLFINE: Jun 2021 22.3 | Sep 2021 26.6 | Dec 2021 25.9 | Mar 2022 20.6 | Jun 2022 20.3 | Sep 2022 29.3 | Dec 2022 43.4 | Mar 2023 39.9 | Jun 2023 55.2 | Sep 2023 41.8 | Dec 2023 39.6 | Mar 2024 33.7 | Jun 2024 35.1 | Sep 2024 30.3 | Dec 2024 27.1 | Mar 2025 21.1 | Jun 2025 30.9 | Sep 2025 41.2 | Dec 2025 38.6 | Mar 2026 37.4

## Enterprise Value & Book Value

What the numbers say: Hester Biosciences Ltd leads ev/ebitda at 15.9×; Viyash Scientific Ltd leads p/bv at 3.77×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Hester Biosciences Ltd · 15.9× | 12.6% versus #2 · Viyash Scientific Ltd | 0/8 recent comparable periods | 3/3 companies · 60 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Hester Biosciences Ltd (HESTERBIO): 15.9
2. Viyash Scientific Ltd (VIYASH): 18.2
3. NGL Fine Chem Ltd (NGLFINE): 20.3

### P/BV — lowest P/BV
1. Viyash Scientific Ltd (VIYASH): 3.8
2. Hester Biosciences Ltd (HESTERBIO): 5.6
3. NGL Fine Chem Ltd (NGLFINE): 6.0

### 20-quarter EV/EBITDA history
- VIYASH: Jun 2021 31.2 | Sep 2021 28.6 | Dec 2021 27.1 | Mar 2022 27.8 | Jun 2022 21.7 | Sep 2022 29.5 | Dec 2022 30.7 | Mar 2023 37.1 | Jun 2023 144.8 | Sep 2023 142.6 | Dec 2023 154.9 | Mar 2024 95.2 | Jun 2024 45.9 | Sep 2024 46.9 | Dec 2024 31.7 | Mar 2025 16.0 | Jun 2025 21.3 | Sep 2025 20.7 | Dec 2025 24.9 | Mar 2026 18.2
- HESTERBIO: Jun 2021 31.4 | Sep 2021 27.5 | Dec 2021 27.4 | Mar 2022 28.7 | Jun 2022 24.3 | Sep 2022 29.3 | Dec 2022 27.0 | Mar 2023 20.5 | Jun 2023 23.6 | Sep 2023 22.3 | Dec 2023 19.6 | Mar 2024 22.7 | Jun 2024 33.4 | Sep 2024 32.6 | Dec 2024 30.4 | Mar 2025 17.0 | Jun 2025 26.0 | Sep 2025 24.4 | Dec 2025 20.1 | Mar 2026 15.9
- NGLFINE: Jun 2021 14.8 | Sep 2021 17.8 | Dec 2021 17.2 | Mar 2022 13.4 | Jun 2022 13.2 | Sep 2022 16.6 | Dec 2022 22.0 | Mar 2023 20.1 | Jun 2023 29.9 | Sep 2023 25.5 | Dec 2023 24.9 | Mar 2024 20.7 | Jun 2024 21.9 | Sep 2024 18.9 | Dec 2024 16.9 | Mar 2025 13.0 | Jun 2025 16.1 | Sep 2025 21.1 | Dec 2025 18.8 | Mar 2026 20.3

### 20-quarter P/BV history
- VIYASH: Jun 2021 9.7 | Sep 2021 7.4 | Dec 2021 5.2 | Mar 2022 4.4 | Jun 2022 3.3 | Sep 2022 3.5 | Dec 2022 3.0 | Mar 2023 2.6 | Jun 2023 3.4 | Sep 2023 3.3 | Dec 2023 4.5 | Mar 2024 4.6 | Jun 2024 4.2 | Sep 2024 8.3 | Dec 2024 6.4 | Mar 2025 4.8 | Jun 2025 7.2 | Sep 2025 1.9 | Dec 2025 6.6 | Mar 2026 10.1
- HESTERBIO: Jun 2021 11.0 | Sep 2021 9.3 | Dec 2021 8.8 | Mar 2022 8.7 | Jun 2022 7.5 | Sep 2022 6.5 | Dec 2022 5.8 | Mar 2023 5.0 | Jun 2023 5.6 | Sep 2023 5.1 | Dec 2023 4.4 | Mar 2024 4.2 | Jun 2024 7.3 | Sep 2024 7.2 | Dec 2024 6.8 | Mar 2025 3.5 | Jun 2025 5.4 | Sep 2025 5.2 | Dec 2025 4.0 | Mar 2026 3.3
- NGLFINE: Jun 2021 12.8 | Sep 2021 11.5 | Dec 2021 9.0 | Mar 2022 6.3 | Jun 2022 5.0 | Sep 2022 4.4 | Dec 2022 4.6 | Mar 2023 3.6 | Jun 2023 5.7 | Sep 2023 5.4 | Dec 2023 5.7 | Mar 2024 5.3 | Jun 2024 6.5 | Sep 2024 4.8 | Dec 2024 4.0 | Mar 2025 2.5 | Jun 2025 2.5 | Sep 2025 3.0 | Dec 2025 2.7 | Mar 2026 4.4

## Market action

NGL Fine Chem Ltd has the strongest one-year price move in Pharma - Animal at +132.6%. It also leads on Mansfield relative strength against NIFTY at +63.3%. 3 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. NGL Fine Chem Ltd (NGLFINE): 133%
2. Viyash Scientific Ltd (VIYASH): 34%
3. Hester Biosciences Ltd (HESTERBIO): 23%

### Strongest relative strength versus NIFTY 500
1. NGL Fine Chem Ltd (NGLFINE): 63%
2. Hester Biosciences Ltd (HESTERBIO): 36%
3. Viyash Scientific Ltd (VIYASH): 18%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Viyash Scientific Ltd (VIYASH) — market value ₹11.0K Cr; latest fundamentals Mar 2026
- Hester Biosciences Ltd (HESTERBIO) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- NGL Fine Chem Ltd (NGLFINE) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 1. Unverified: 2. Withheld: 0. Graded companies: 3.

2 of 3 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | HESTERBIO | Hester Biosciences Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | NGLFINE | NGL Fine Chem Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Pharma - Animal index?

The Nifty Pharma - Animal index tracks India's listed Pharma - Animal companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Pharma - Animal sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Pharma - Animal stocks in India?

Ranked by this page's four-factor score, NGL Fine Chem Ltd places first among 3 listed Pharma - Animal companies, followed by Hester Biosciences Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Pharma - Animal stocks are listed in India?

This comparison covers 3 listed Pharma - Animal companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Pharma - Animal company is the biggest?

Viyash Scientific Ltd is the largest, with trailing-twelve-month revenue of ₹3,069 crore, ahead of NGL Fine Chem Ltd at ₹501 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Pharma - Animal company is growing fastest?

Viyash Scientific Ltd has the fastest revenue growth at 58.6% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Pharma - Animal company has the best profit margins?

Hester Biosciences Ltd has the highest operating margin at 34%, from 3 of 3 comparable companies. Hester Biosciences Ltd shows the biggest recent improvement, at +11 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Pharma - Animal company makes the most profit?

Viyash Scientific Ltd earns the most, at ₹206 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Hester Biosciences Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Pharma - Animal company earns the highest return on capital?

NGL Fine Chem Ltd leads on return on capital employed at 17%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Pharma - Animal stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Viyash Scientific Ltd screens cheapest at 3.8×. Only 1 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Pharma - Animal company has the strongest balance sheet?

NGL Fine Chem Ltd carries the lowest comparable gross debt at ₹108 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Pharma - Animal sector beating the market?

Pharma - Animal has outperformed NIFTY 500 by 77.4% over the last 52 weeks and 40.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Pharma - Animal stock has the strongest price momentum?

NGL Fine Chem Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Pharma - Animal company scores highest for research priority?

NGL Fine Chem Ltd scores 73.4 out of 100 with 84% evidence confidence, from 34.1 points on growth and earnings, 17 on capital efficiency, 8.3 on valuation and 14 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Pharma - Animal companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Pharma - Animal sector?

The 3 Pharma - Animal companies on this page carry ₹14,956 crore of combined market value. Viyash Scientific Ltd is the largest at ₹10,961 crore, about 73% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Pharma - Animal sector performing?

3 of the 3 covered Pharma - Animal companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 77.4% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/pharma-animal