Pharma - Animal — sector analysis & key numbers
Pharma - Animal is turning around off a trough: 3 of 3 constituents are in price uptrends, and aggregate profit grew 302% in the latest year.
Pharma - Animal groups 3 listed companies worth ₹15,511 Cr combined, and 3 of 3 are in confirmed price uptrends. Aggregate profit moved +638.5% year-on-year in the latest reported quarter. The sector trades at an aggregate P/E of 35.1×, at the 52nd percentile of its own history.
Data as of 1 July 2026 · every number traces to its Screener source column · not investment advice.
- Companies
- 3
- Total market cap
- ₹15,511 Cr
- Relative strength
- 37.1
- RRG quadrant
- narrowing
- Weeks in streak
- 12
- In Stage-2 uptrend
- 3 of 3
- Above 200-DMA
- 3 of 3
- Beating NIFTY 500
- 3 of 3
- Latest-quarter revenue
- ₹1,169 Cr
- Latest-quarter profit
- ₹96 Cr
- Aggregate P/E
- 35.1×
- Valuation percentile
- 52nd of its own history
- Sector wind
- tailwind
- Data as of
- 1 July 2026
The research read on Pharma - Animal: turning around off a trough.lifecycle_bucket
Structural demand for animal health (protein consumption, pet-humanization) and easing API costs provide a real operating tailwind. However, the sector aggregate is a mirage: a single low-base constituent (VIYASH) is driving 85.9% of the earnings growth. Furthermore, current aggregate OPM is at an 83rd percentile peak (19.1%), meaning the optically cheap 11th percentile trailing PE is a peak-margin value trap. Social sentiment is high but relies on a shared super-group signal.synthesis
What would change this view: Aggregate OPM normalizes to mid-cycle levels without breaking the earnings growth trend, proving the expansion is structural volume-led rather than a temporary margin peak.would_change_my_mind
Tiny 2-3 name basket riding a structural livestock + companion-animal demand story with explosive low-base earnings, but concentration risk and high regulatory dependence cap conviction.one_line_thesis
- ✓Sector ΣPAT +302.4% YoY · sector_why_traces
- ⚠VIYASH contribution 85.9% · sector_cycle_deterministic.top_contributors.top
- ⚠Aggregate OPM 19.11% · sector_cycle_deterministic.margin.current_OPM
- ⚠OPM 83rd percentile · sector_cycle_deterministic.margin.opm_percentile
- ⚠Trailing PE 11th %ile → normalized PE 33rd %ile · sector_cycle_deterministic.pe.normalized_PE_percentile
- ⚠HESTERBIO contribution 7.2% · sector_cycle_deterministic.top_contributors.top
- ⚠NGLFINE contribution 6.9% · sector_cycle_deterministic.top_contributors.top
- ⚠Curve move driver NA · sector_cycle_deterministic.curve_move_driver.reason
Research view from 2026-06-27
3 of 3 constituents are in Stage-2 price uptrends, 3 trade above their 200-day averages, and 3 are beating the NIFTY 500 on relative strength.stageabove_dma200rs_mansfield
Over the trailing ~20 weeks, the share of constituents above the 200-day line moved from 67% to 100% — participation is widening.breadth_series
Sector relative strength stands at 37.1, in the narrowing quadrant of the rotation map, with relative strength rising over a 12-week streak.current_rsquadrant
Recent stage changes: HESTERBIO (stage 4→2).stage
Data: Breadth trend
| Period | % above 200-DMA (%) | % beating NIFTY (%) |
|---|---|---|
| Feb 26 | 66.7 | 66.7 |
| Feb 26 | 66.7 | 66.7 |
| Feb 26 | 66.7 | 66.7 |
| Mar 26 | 66.7 | 66.7 |
| Mar 26 | 33.3 | 66.7 |
| Mar 26 | 33.3 | 66.7 |
| Mar 26 | 33.3 | 66.7 |
| Mar 26 | 50.0 | 100.0 |
| Apr 26 | 66.7 | 66.7 |
| Apr 26 | 66.7 | 66.7 |
| Apr 26 | 66.7 | 66.7 |
| Apr 26 | 100.0 | 66.7 |
| May 26 | 100.0 | 66.7 |
| May 26 | 100.0 | 100.0 |
| May 26 | 100.0 | 100.0 |
| May 26 | 100.0 | 100.0 |
| Jun 26 | 100.0 | 100.0 |
| Jun 26 | 100.0 | 100.0 |
| Jun 26 | 100.0 | 100.0 |
| Jun 26 | 100.0 | 100.0 |
Data as of 2026-07-01
Top performers by 1-year price return: NGL Fine Chem Ltd (+143.5%), Viyash Scientific Ltd (+53%), Hester Biosciences Ltd (+22.4%).price
Data: Indexed price (base 100, ~52 weeks) — default top-5
| Period | NGLFINE (index) | VIYASH (index) | HESTERBIO (index) | Sector avg (index) |
|---|---|---|---|---|
| Jul 25 | 100 | 100 | 100 | 100 |
| Jul 25 | 104 | 102 | 107 | 104 |
| Jul 25 | 96.1 | 94.2 | 99.9 | 96.7 |
| Aug 25 | 99.4 | 91.5 | 122 | 104 |
| Aug 25 | 90.4 | 91.2 | 108 | 96.6 |
| Aug 25 | 104 | 95.4 | 105 | 102 |
| Aug 25 | 106 | 95.4 | 112 | 105 |
| Aug 25 | 106 | 91.9 | 112 | 104 |
| Sep 25 | 113 | 99.7 | 118 | 110 |
| Sep 25 | 109 | 99.0 | 115 | 108 |
| Sep 25 | 106 | 109 | 112 | 109 |
| Sep 25 | 105 | 103 | 107 | 105 |
| Oct 25 | 109 | 110 | 101 | 107 |
| Oct 25 | 116 | 117 | 96.5 | 110 |
| Oct 25 | 114 | 110 | 94.9 | 106 |
| Oct 25 | 112 | 110 | 93.4 | 105 |
| Oct 25 | 113 | 116 | 88.8 | 106 |
| Nov 25 | 111 | 117 | 88.7 | 106 |
| Nov 25 | 105 | 124 | 93.1 | 107 |
| Nov 25 | 101 | 130 | 92.6 | 108 |
| Nov 25 | 101 | 121 | 91.6 | 105 |
| Dec 25 | 99.0 | 108 | 91.6 | 99.6 |
| Dec 25 | 99.1 | 114 | 88.9 | 101 |
| Dec 25 | 96.5 | 114 | 87.9 | 99.5 |
| Dec 25 | 97.4 | 116 | 87.9 | 100 |
| Jan 26 | 105 | 114 | 88.9 | 103 |
| Jan 26 | 108 | 108 | 86.5 | 101 |
| Jan 26 | 109 | 105 | 83.7 | 99.3 |
| Jan 26 | 114 | 112 | 76.4 | 101 |
| Feb 26 | 128 | 109 | 83.8 | 107 |
| Feb 26 | 164 | 109 | 83.6 | 119 |
| Feb 26 | 173 | 117 | 86.7 | 126 |
| Feb 26 | 177 | 118 | 87.1 | 127 |
| Feb 26 | 173 | 116 | 86.5 | 125 |
| Mar 26 | 181 | 110 | 81.7 | 124 |
| Mar 26 | 162 | 107 | 77.6 | 116 |
| Mar 26 | 165 | 102 | 77.3 | 115 |
| Mar 26 | 160 | 102 | 73.0 | 112 |
| Apr 26 | 162 | 104 | – | 133 |
| Apr 26 | 176 | 113 | 80.6 | 123 |
| Apr 26 | 168 | 113 | 82.6 | 121 |
| Apr 26 | 169 | 112 | 82.7 | 121 |
| Apr 26 | 169 | 111 | 90.5 | 123 |
| May 26 | 177 | 119 | 91.2 | 129 |
| May 26 | 177 | 122 | 102 | 133 |
| May 26 | 209 | 134 | 104 | 149 |
| May 26 | 210 | 142 | 111 | 155 |
| Jun 26 | 206 | 139 | 109 | 151 |
| Jun 26 | 231 | 136 | 108 | 158 |
| Jun 26 | 232 | 138 | 115 | 162 |
| Jun 26 | 224 | 146 | 124 | 165 |
| Jul 26 | 226 | 156 | 122 | 168 |
Data: Quarterly revenue (8q) — default top-5
| Period | NGLFINE (₹ Cr) | VIYASH (₹ Cr) | HESTERBIO (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|
| Jun 24 | 91.0 | 390 | 82.0 | 188 |
| Sep 24 | 93.0 | 369 | 84.0 | 182 |
| Dec 24 | 89.0 | 774 | 63.0 | 309 |
| Mar 25 | 95.0 | 402 | 82.0 | 193 |
| Jun 25 | 104 | 441 | 84.0 | 210 |
| Sep 25 | 120 | 850 | 71.0 | 347 |
| Dec 25 | 128 | 858 | 77.0 | 354 |
| Mar 26 | 149 | 920 | 100 | 390 |
Data: Quarterly net profit (8q) — default top-5
| Period | NGLFINE (₹ Cr) | VIYASH (₹ Cr) | HESTERBIO (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|
| Jun 24 | 9.0 | 9.0 | 7.0 | 8.3 |
| Sep 24 | 10.0 | 6.0 | 8.0 | 8.0 |
| Dec 24 | 1.0 | 42.0 | 11.0 | 18.0 |
| Mar 25 | 1.0 | 10.0 | 2.0 | 4.3 |
| Jun 25 | 9.0 | 18.0 | 17.0 | 14.7 |
| Sep 25 | 10.0 | 73.0 | 14.0 | 32.3 |
| Dec 25 | 16.0 | 49.0 | 9.0 | 24.7 |
| Mar 26 | 13.0 | 66.0 | 17.0 | 32.0 |
Data: Operating margin % (8q) — default top-5
| Period | NGLFINE (%) | VIYASH (%) | HESTERBIO (%) | Sector avg (%) |
|---|---|---|---|---|
| Jun 24 | 10.0 | 11.0 | 21.0 | 14.0 |
| Sep 24 | 12.0 | 11.0 | 23.0 | 15.3 |
| Dec 24 | 6.0 | 13.0 | 8.0 | 9.0 |
| Mar 25 | 7.0 | 12.0 | 23.0 | 14.0 |
| Jun 25 | 11.0 | 12.0 | 27.0 | 16.7 |
| Sep 25 | 14.0 | 20.0 | 17.0 | 17.0 |
| Dec 25 | 18.0 | 20.0 | 23.0 | 20.3 |
| Mar 26 | 14.0 | 20.0 | 34.0 | 22.7 |
Data: Latest reported ROCE / ROE (single latest reading, not a trend) — default top-5
| Period | NGLFINE (%) | VIYASH (%) | HESTERBIO (%) | Sector avg (%) |
|---|---|---|---|---|
| ROCE % | 17.0 | 19.0 | 15.2 | 17.1 |
| ROE % | 15.7 | 11.0 | 15.9 | 14.2 |
Data: 10-year valuation percentile (latest) — default top-5
| Period | NGLFINE (percentile) | VIYASH (percentile) | HESTERBIO (percentile) | Sector avg (percentile) |
|---|---|---|---|---|
| 10y percentile | 71.0 | 52.0 | 21.0 | 48.0 |
Interactive charts default to the five strongest performers by 1-year price return; use the rail to add or remove any constituent, globally or per chart. Non-interactive readers see the same numbers in each chart’s data table.
Data as of 2026-07-01
In the latest reported quarter (2026-03), constituents together booked ₹1,169 Cr of revenue (+101.9% year-on-year) and ₹96.0 Cr of profit (+638.5%).revenuepat
On the annual arc, aggregate profit grew 302% to ₹330 Cr in 2026.pat
Data: Aggregate quarterly revenue
| Period | Revenue (₹ Cr) | Reporters |
|---|---|---|
| Jun 23 | 492 | 3 |
| Sep 23 | 496 | 3 |
| Dec 23 | 484 | 3 |
| Mar 24 | 540 | 3 |
| Jun 24 | 563 | 3 |
| Sep 24 | 546 | 3 |
| Dec 24 | 926 | 3 |
| Mar 25 | 579 | 3 |
| Jun 25 | 629 | 3 |
| Sep 25 | 1,041 | 3 |
| Dec 25 | 1,063 | 3 |
| Mar 26 | 1,169 | 3 |
Data: Aggregate quarterly profit
| Period | Profit after tax (₹ Cr) |
|---|---|
| Jun 23 | -19 |
| Sep 23 | 7 |
| Dec 23 | 25 |
| Mar 24 | 19 |
| Jun 24 | 25 |
| Sep 24 | 24 |
| Dec 24 | 54 |
| Mar 25 | 13 |
| Jun 25 | 44 |
| Sep 25 | 97 |
| Dec 25 | 74 |
| Mar 26 | 96 |
Data: Aggregate operating margin
| Period | OPM (%) |
|---|---|
| Jun 23 | 3.3 |
| Sep 23 | 8.5 |
| Dec 23 | 9.5 |
| Mar 24 | 11.9 |
| Jun 24 | 12.3 |
| Sep 24 | 12.8 |
| Dec 24 | 11.9 |
| Mar 25 | 12.3 |
| Jun 25 | 13.7 |
| Sep 25 | 19.4 |
| Dec 25 | 20.3 |
| Mar 26 | 20.4 |
Data: Aggregate profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| 2015 | 9 |
| 2016 | 14 |
| 2017 | 22 |
| 2018 | 467 |
| 2019 | 118 |
| 2020 | 121 |
| 2021 | 196 |
| 2022 | 134 |
| 2023 | -74 |
| 2024 | 32 |
| 2025 | 82 |
| 2026 | 330 |
Data: Operating margin by year
| Period | OPM (%) |
|---|---|
| 2015 | 9.3 |
| 2016 | 14.0 |
| 2017 | 12.0 |
| 2018 | 13.8 |
| 2019 | 16.4 |
| 2020 | 16.3 |
| 2021 | 19.7 |
| 2022 | 12.1 |
| 2023 | 5.0 |
| 2024 | 8.4 |
| 2025 | 11.6 |
| 2026 | 19.1 |
Data as of 2026-06-27
Sector profit moved from ₹82.0 Cr to ₹330 Cr (+302.4% year-on-year) — the decomposition attributes the larger share to the margin side (costs and pricing).pat
Sector revenue moved from ₹2,230 Cr to ₹4,254 Cr (+90.8% year-on-year).revenue
Aggregate operating margin moved 11.6%→19.1% year-on-year (+750 basis points).opm
Capital cycle: the capital-flow signals are mixed — institutions and capex point in opposite directions, with constituent capex running +116.3% year-on-year.readcapex_yoy_pct
Sector ΣPAT +302.4% YoY — dominant leg: net_margin (margin-led — confirm input-cost/pricing, not a one-off).
patSector Σrevenue +90.8% YoY — confirm it is demand/volume-led across constituents, not price/base.
revenueSector aggregate OPM +750bps up — confirm structural (mix / pricing / operating leverage) vs a soft base; a peak-margin reading is a value-trap risk (normalize before re-rating).
opmpat_marginCapital-flow signals CONFLICT (read=MIXED; capex +116.25%, FII+DII -2.81pp) — institutions and capex point opposite ways; do NOT read a single direction. capex building while institutions step back (early supply, late ownership?) — resolve in the qual bundle.
capex_yoy_pctfii_dii_delta_4qpromoter_delta_2qcwip_growth_pctSector breadth WIDENING — % above 200-DMA 67→100% over the trailing weeks: broad participation corroborates a genuine sector-wide turn rather than a few-name move.
pct_above_200dmapct_outperformingResearch view from 2026-06-27
Ownership: institutional (FII+DII) holdings moved -2.81 percentage points over four quarters; promoter stakes moved +2.99 points over two.fii_dii_delta_4qpromoter_delta_2q
Constituents spent ₹173 Cr on capex in the trailing twelve months (+116.3% year-on-year), with gross block growing +178.6%.capex_ttm_sum_crcapex_yoy_pct
The deterministic capital-flow signals are mixed — institutions and capex point in opposite directions for this industry.read
Research view from 2026-06-27
The sector trades at an aggregate P/E of 35.12× against a range of 7.26–473.18× over its 40-quarter history.pe
The median constituent sits at the 52nd percentile of its own 10-year valuation range.percentile
Aggregate operating margin (19.1%) sits at the 92nd percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.opm
Data: Aggregate P/E and price index
| Period | P/E (×) | Price index |
|---|---|---|
| Jun 16 | 473.2 | 100 |
| Sep 16 | 445.2 | 94 |
| Dec 16 | 376.2 | 80 |
| Mar 17 | 277.0 | 92 |
| Jun 17 | 268.3 | 89 |
| Sep 17 | 267.3 | 89 |
| Dec 17 | 265.4 | 88 |
| Mar 18 | 10.2 | 72 |
| Jun 18 | 7.9 | 56 |
| Sep 18 | 7.3 | 51 |
| Dec 18 | 9.0 | 64 |
| Mar 19 | 40.2 | 72 |
| Jun 19 | 40.4 | 72 |
| Sep 19 | 43.0 | 77 |
| Dec 19 | 41.4 | 74 |
| Mar 20 | 35.3 | 65 |
| Jun 20 | 44.5 | 81 |
| Sep 20 | 72.1 | 132 |
| Dec 20 | 79.1 | 144 |
| Mar 21 | 67.7 | 200 |
| Jun 21 | 81.4 | 241 |
| Sep 21 | 67.2 | 199 |
| Dec 21 | 55.4 | 164 |
| Mar 22 | 73.8 | 149 |
| Jun 22 | 51.7 | 105 |
| Sep 22 | 53.4 | 108 |
| Dec 22 | 47.1 | 95 |
| Mar 23 | – | 79 |
| Jun 23 | – | 102 |
| Sep 23 | – | 101 |
| Dec 23 | – | 115 |
| Mar 24 | 235.3 | 114 |
| Jun 24 | 113.3 | 130 |
| Sep 24 | 138.6 | 195 |
| Dec 24 | 98.9 | 182 |
| Mar 25 | 64.5 | 113 |
| Jun 25 | 78.0 | 159 |
| Sep 25 | 54.2 | 170 |
| Dec 25 | 50.1 | 173 |
| Mar 26 | 35.1 | 165 |
Aggregate operating margin (19.1%) sits at the 92nd percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.
Data as of 2026-06-27
3 companies make up this sector, led by Viyash Scientific Ltd at ₹11,765 Cr of market value.constituents
| Company | Price | 1y | Stage | RS | 10y val % |
|---|---|---|---|---|---|
| Viyash Scientific Ltd | ₹288 | +53.0% | 2 | 37.8 | 52 |
| Hester Biosciences Ltd | ₹2,199 | +22.4% | 2 | 26.8 | 21 |
| NGL Fine Chem Ltd | ₹3,000 | +143.5% | 2 | 60.9 | 71 |
Data as of 2026-07-01
Institutional money is NOT yet crowding in: FII+DII holdings moved just -2.67 percentage points across constituents over the last two quarters — the capital-flow read is mixed.fii_dii_delta_2qread
- Institutional money is NOT yet crowding in: FII+DII holdings moved just -2.67 percentage points across constituents over the last two quarters — the capital-flow read is mixed.
Data as of 2026-07-01
Straight answers from the data
What is the Pharma - Animal sector?
The Pharma - Animal sector groups 3 listed companies with a combined market value of ₹15,511 Cr, led by Viyash Scientific Ltd, Hester Biosciences Ltd, NGL Fine Chem Ltd. 3 of 3 constituents are currently in confirmed price uptrends.
Which stocks are in the Pharma - Animal sector?
The largest Pharma - Animal companies by market value are Viyash Scientific Ltd (₹11,765 Cr), Hester Biosciences Ltd (₹1,898 Cr), NGL Fine Chem Ltd (₹1,848 Cr).
What are the best-performing Pharma - Animal stocks?
By 1-year price return as of 1 July 2026, the strongest Pharma - Animal stocks are NGL Fine Chem Ltd (+144%), Viyash Scientific Ltd (+53%), Hester Biosciences Ltd (+22%). These are descriptive price moves measured from weekly Screener closes, not recommendations.
Is the Pharma - Animal sector in an uptrend?
3 of 3 Pharma - Animal constituents are in Stage-2 price uptrends, 3 trade above their 200-day average, and 3 are beating the NIFTY 500 on relative strength. Sector relative strength reads 37.1, in the narrowing quadrant of the rotation map, rising over a 12-week streak.
How many Pharma - Animal stocks trade above their 200-day average?
3 of 3 Pharma - Animal constituents currently trade above their 200-day moving average. Over the trailing ~20 weeks, that share moved from 67% to 100% — participation is widening.
Is the Pharma - Animal sector expensive versus its own history?
The Pharma - Animal sector trades at an aggregate P/E of 35.1× against a 7.26–473× band over its own history. The median constituent sits at the 52nd percentile of its own 10-year P/E range, around the middle of its own historical range. Aggregate operating margin (19.1%) sits at the 92nd percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.
Is money entering or leaving the Pharma - Animal sector?
On Sector Alpha's deterministic capital-flow read, money is sending mixed signals across the Pharma - Animal sector. Institutional (FII+DII) holdings moved −2.81 percentage points across constituents over the last four quarters, and constituents grew capex +116.3% year-on-year.
How fast is the Pharma - Animal sector growing?
In the latest reported quarter (March 2026), Pharma - Animal constituents together booked ₹1,169 Cr of revenue, +101.9% year-on-year, with aggregate profit +638.5% year-on-year. Figures aggregate Screener-scraped quarterly filings across the sector.
How are Pharma - Animal operating margins trending?
Aggregate Pharma - Animal operating margin was 20.4% in the latest reported quarter (March 2026), versus 12.3% a year earlier — margins are improving.
What is the bull case for the Pharma - Animal sector?
Tiny 2-3 name basket riding a structural livestock + companion-animal demand story with explosive low-base earnings, but concentration risk and high regulatory dependence cap conviction. Sector ΣPAT +302.4% YoY
What could change the view on the Pharma - Animal sector?
Aggregate OPM normalizes to mid-cycle levels without breaking the earnings growth trend, proving the expansion is structural volume-led rather than a temporary margin peak. Also worth noting: institutional money is NOT yet crowding in: FII+DII holdings moved just -2.67 percentage points across constituents over the last two quarters — the capital-flow read is mixed.
What is the research view on the Pharma - Animal sector?
Sector Alpha does not publish trading recommendations or price calls — this is a research read, not advice. What the data says: turning around · divergent. Structural demand for animal health (protein consumption, pet-humanization) and easing API costs provide a real operating tailwind. However, the sector aggregate is a mirage: a single low-base constituent (VIYASH) is driving 85.9% of the earnings growth. Every number on this page traces to its source column; it is machine-written research, not investment advice.
Should I invest in the Pharma - Animal sector?
Sector Alpha does not publish sector allocations or trading calls — for Pharma - Animal or any sector. What this page provides is a data-first read: how many constituents are in confirmed uptrends, how the sector's valuation compares with its own history, where earnings sit in their cycle, and whether capital is entering or leaving. Use it to study the sector on the evidence, then do your own diligence.
What is the Pharma - Animal sector's relative-strength position?
Pharma - Animal relative strength reads 37.1 on Sector Alpha's rotation map, placing it in the narrowing quadrant. Relative strength is rising and has held for 12 weeks. A positive, rising relative-strength trend means the sector has been outperforming the broad market week after week.