In , Viyash Scientific Ltd (Pharma - Animal) is outperforming Nifty 500 with +10.3% relative strength. Fundamentals: Weak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Merger Completion: NCLT Approval
Impact: ₹41.3 Cr one-time cost
“Yesterday, the National Company Law Tribunal, the NCLT, has allowed the petition for merger and approved the scheme of merger”
What: Backward Integration %: 45%
Impact: 390 bps margin expansion
“And also most important factor to sustain US business today is a fully vertical or backward integrated for all our key products. We are done for almost all our key products 45%”
What: Product Pipeline: 4 new animal health products
“And in that process within short term, we are able to develop 4 new products for animal health, which are mostly actually companion animals”
What: Net Debt/EBITDA: <4x
“Net debt-to-EBITDA has reduced to less than 4x, a significant strengthening versus the previous year.”
What: New Markets: Mexico, Southeast Asia
“With the Turkey and Brazil GMP facilities now we are able to focus to expand markets like Mexico, Southeast Asia”
What: EBITDA Margin of 21% vs high-teens guidance
“Adjusted EBITDA was INR 185 crores grown by 64% year-over-year with an EBITDA margin of 21% and expansion of 390 basis points.”
What: 15% to high teens → 20% plus
“Earlier we indicated of course FY'27 we are going to achieve close to 20% but because of our initiatives last 3-4 quarters we are able to achieve now”
Earnings deceleration risks from management commentary
Trigger: Initially struggled with cost competition from India for US formulations.
Management view: Moving matured products to India and focusing on complex products with backward integration.
Monitor: regulatory
Trigger: General market concern regarding US trade policy changes.
Impact: PAT impact: Zero
Management view: Company has a US manufacturing base which acts as a hedge.
Monitor: geopolitical
Key quotes from recent conference calls
“You would recall that a few quarters ago, we had set ourselves a target of crossing 15% EBITDA and moving to high teens. [Previous EBITDA Margin guidance]”
“We signed exclusive agreement with them to distribute products in India. We are going to start distributing sometime in February [Initiative: Companion Animal Expansion]”
“There is a lot of competition coming from India. That's initially we struggled a little bit on competing the cost from US side. [Risk (regulatory): MEDIUM]”
“But at this point, our business, there is no impact on tariffs, and our dependency on U.S. is not much. [Risk (geopolitical): LOW]”
Headline numbers from the latest earnings call
Revenue
₹858 Cr
Why: Growth was driven by broad participation across segments and geographies following the merger of SeQuent and Viyash.
This is the first quarter reporting results for the combined entity post-merger.
EBITDA
₹185 Cr
Why: Profitability improved due to a step change in operating cadence and the realization of initial merger synergies.
Margins expanded by 390 basis points year-on-year.
PAT
₹48.5 Cr
Why: PAT was impacted by one-time merger expenses of ₹41.3 million and a MAT credit reversal of ₹7.7 million.
Reported PAT includes significant one-time exceptional items related to merger execution.
Other Highlights
• Net debt-to-EBITDA reduced to less than 4x from previous year levels.
• One-time merger related expenses totaled ₹41.3 Cr including stamp duty and advisor fees.
• Formulations revenue grew 20% to ₹480 Cr while API revenue rose 2.9% to ₹360 Cr.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Formulations Revenue
₹480 Cr
Why: Driven by strong performance in Europe and emerging markets.
API Revenue
₹360 Cr
Why: Growth was lower due to timing issues with CDMO contracts pushed to the next quarter.
Gross Margin
54.5%
Why: Improvement due to product optimization and network optimization.
CDMO Revenue (Annualized)
₹70 Cr - ₹90 Cr
Why: New initiative started in the last 12 months with innovators.
Backward Integration (Volume Products)
45%
Why: Strategic move to sustain US business margins.
Net Debt to EBITDA
4.0x
Why: Deleveraging through focused reduction in leverage and enhanced turnover.
SeQuent API R&D Spend
₹8 Cr - ₹10 Cr
Why: Pure R&D spend on chemicals and manpower for API validation.
Companion Animal API Portfolio Share
60%
Why: Company claims to have the largest portfolio in this segment.
Forward-looking targets from management for FY28
OPM Guidance
20%
Capex Plan
₹50 Cr
₹4,000 Cr
Maintaining 20% plus EBITDA margins
₹50 Cr - ₹60 Cr
Network synergies and R&D infrastructure
Guidance Changes
EBITDA Margin: 15% to high teens → 20% plus
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +11% | +3% | Stable |
| PAT (Net Profit) | +17% | -11% | Stable |
| OPM | 20.0% | +700 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Viyash Scientific Ltd's latest quarterly results (Dec 2025) show
Viyash Scientific Ltd's profit is growing with an stable trend.
Viyash Scientific Ltd's revenue growth trend is stable.
Viyash Scientific Ltd's operating margin is volatile.
Viyash Scientific Ltd's long-term compounding rates
Viyash Scientific Ltd's earnings growth is stable with mixed signals on a sequential basis.
Viyash Scientific Ltd's trailing twelve month (TTM) performance
Viyash Scientific Ltd appears significantly overvalued based on our fair value analysis.
Viyash Scientific Ltd's current PE ratio is 75.1x.
Viyash Scientific Ltd's current PE is 75.1x.
Viyash Scientific Ltd's price-to-book ratio is 11.8x.
Viyash Scientific Ltd is rated Weak with a fundamental score of 35.21/100. This score is calculated from objective financial metrics
Viyash Scientific Ltd has a debt-to-equity ratio of N/A.
Viyash Scientific Ltd's return ratios over recent years
Viyash Scientific Ltd's operating cash flow is positive (FY2025).
Viyash Scientific Ltd currently does not pay a significant dividend (yield 0.00%).
Viyash Scientific Ltd's shareholding pattern (Dec 2025)
Viyash Scientific Ltd's promoter holding has increased recently.
Viyash Scientific Ltd has been outperforming Nifty 500 for 1 consecutive week, indicating early-stage outperformance.
Viyash Scientific Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
Viyash Scientific Ltd has 7 key growth catalysts identified from recent earnings analysis
Viyash Scientific Ltd has 2 key risks worth monitoring
In Q3 FY26, Viyash Scientific Ltd's management highlighted
Viyash Scientific Ltd's management has provided the following forward guidance for FY28
Viyash Scientific Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Viyash Scientific Ltd may be worth studying
Viyash Scientific Ltd investment thesis summary:
Viyash Scientific Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
