# 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 2026-08-15. Not investment advice. ## Bottom line Pharma - Animal has outperformed NIFTY 500 by 80.1% over 52 weeks and 34.1% 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. ## Sector relative strength Pharma - Animal has outperformed NIFTY 500 by 80.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 34.1%. 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 +16.5%. 13-week sector return versus NIFTY 500: 34% 52-week sector return versus NIFTY 500: 80% 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: ₹16.3K 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): 70/100 — Favorable setup; evidence 80% - Growth & earnings 32.1/35 | Capital efficiency 15.3/25 | Valuation 8.3/20 | Relative strength 14.0/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 32.1 + 15.3 + 8.3 + 14 = 69.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Hester Biosciences Ltd (HESTERBIO): 61/100 — Mixed-positive evidence; evidence 78% - Growth & earnings 27.4/35 | Capital efficiency 14.1/25 | Valuation 11.5/20 | Relative strength 8.0/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of 11 weeks with a reading, within the last 12 - Exact sum: 27.4 + 14.1 + 11.5 + 8 = 61 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Viyash Scientific Ltd (VIYASH): 47/100 — Mixed-negative evidence; evidence 86% - Growth & earnings 26.1/35 | Capital efficiency 11.1/25 | Valuation 5.0/20 | Relative strength 5.0/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 26.1 + 11.1 + 5 + 5 = 47.2 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.7% and the one-year return is 64.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. ## Market action NGL Fine Chem Ltd has the strongest one-year price move in Pharma - Animal at +160.2%. It also leads on Mansfield relative strength against NIFTY at +63%. 3 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-07. ### Strongest one-year price performers 1. NGL Fine Chem Ltd (NGLFINE): 160% 2. Viyash Scientific Ltd (VIYASH): 64% 3. Hester Biosciences Ltd (HESTERBIO): 10% ### Strongest relative strength versus NIFTY 500 1. NGL Fine Chem Ltd (NGLFINE): 63% 2. Hester Biosciences Ltd (HESTERBIO): 33% 3. Viyash Scientific Ltd (VIYASH): 24% ## Pharma - Animal — the story behind the numbers This is the written read behind the Pharma - Animal figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 19 Jul 2026. It also states what would change this read. How old this read is: This read comes from our fortnightly sector read dated 19 Jul 2026, so the words here and the numbers above them cover the same few weeks. What would change this read: The optically-cheap read becoming real value rather than a trap — aggregate OPM holding or rising off the 83rd percentile (not rolling over) WITH the profit surge shown to be volume/pricing-led rather than a peak-margin one-off, AND animal-health-specific evidence appearing that institutions are… Sources: our fortnightly Pharma - Animal read, 19 Jul 2026. ## 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 19 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): ₹325 Cr ### Revenue growth — fastest growers 1. Viyash Scientific Ltd (VIYASH): 59% 2. NGL Fine Chem Ltd (NGLFINE): 36% 3. Hester Biosciences Ltd (HESTERBIO): 3.8% ### 20-quarter Revenue history - VIYASH: 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 | Jun 2026 — - NGLFINE: 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 | Jun 2026 — - HESTERBIO: 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 | Jun 2026 ₹77 Cr ### 20-quarter Revenue growth history - VIYASH: 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% | Jun 2026 — - NGLFINE: 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% | Jun 2026 — - HESTERBIO: 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% | Jun 2026 -8.3% ## Operating Economics & Margin Trend What the numbers say: Hester Biosciences Ltd leads opm at 29%; Viyash Scientific Ltd leads margin change at +8 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 · 29% | 45% versus #2 · Viyash Scientific Ltd | 6/8 recent comparable periods | 3/3 companies · 58 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): 29% 2. Viyash Scientific Ltd (VIYASH): 20% 3. NGL Fine Chem Ltd (NGLFINE): 14% ### Margin change — fastest expanders 1. Viyash Scientific Ltd (VIYASH): +8.0 pp 2. NGL Fine Chem Ltd (NGLFINE): +7.0 pp 3. Hester Biosciences Ltd (HESTERBIO): +2.0 pp ### 20-quarter OPM history - VIYASH: 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 -0.9% | Jun 2023 -2.5% | Sep 2023 4.4% | 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% | Jun 2026 — - NGLFINE: 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% | Jun 2026 — - HESTERBIO: 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% | Jun 2026 29% ### 20-quarter Margin change history - VIYASH: 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 −9.6 pp | Jun 2023 −3.1 pp | Sep 2023 +3.6 pp | Dec 2023 +4.0 pp | Mar 2024 +9.9 pp | Jun 2024 +13.5 pp | Sep 2024 +6.6 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 | Jun 2026 — - NGLFINE: 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 | Jun 2026 — - HESTERBIO: 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 | Jun 2026 +2.0 pp ## Profit Scale & Acceleration What the numbers say: Viyash Scientific Ltd leads with ₹206 crore of TTM profit, 50.4% above Hester Biosciences Ltd. Hester Biosciences Ltd shows ≥100% on the scoring scale (260.5% uncapped) growth from a ₹137 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 | 50.4% 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): ₹137 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: 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 | Jun 2026 — - NGLFINE: 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 | Jun 2026 — - HESTERBIO: 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 | Jun 2026 ₹97 Cr ### 20-quarter Profit growth history - VIYASH: 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% | Jun 2026 — - NGLFINE: 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% | Jun 2026 — - HESTERBIO: 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% | Jun 2026 471% ## Return On Capital Employed What the numbers say: NGL Fine Chem Ltd leads ROCE at 18.6%, 3.4 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 · 18.6% | 22.4% 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): 19% 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: 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% | Jun 2026 — - NGLFINE: 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% | Jun 2026 — - HESTERBIO: 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% | Jun 2026 — ### 20-quarter ROCE change history - VIYASH: 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 | Jun 2026 — - NGLFINE: 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 | Jun 2026 — - HESTERBIO: 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 | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Viyash Scientific Ltd has the lowest comparable PEG at 3.8×. Only 1 of 3 companies have earnings and growth steady enough for the ratio to mean anything, 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 · 1 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG 1. Viyash Scientific Ltd (VIYASH): 3.8 ### P/E — lowest P/E 1. Hester Biosciences Ltd (HESTERBIO): 38.7 2. NGL Fine Chem Ltd (NGLFINE): 39.5 3. Viyash Scientific Ltd (VIYASH): 61.3 ### 20-quarter PEG history - VIYASH: 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 — | Jun 2026 — ### 20-quarter P/E history - VIYASH: 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 | Jun 2026 — - NGLFINE: 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 | Jun 2026 — - HESTERBIO: 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 | Jun 2026 35.4 ## 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: Valuation have fewer than three usable current readings. ## Every company - Viyash Scientific Ltd (VIYASH) — market value ₹12.1K Cr; latest fundamentals Mar 2026 - NGL Fine Chem Ltd (NGLFINE) — market value ₹2.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures - Hester Biosciences Ltd (HESTERBIO) — market value ₹2.1K Cr; latest fundamentals Jun 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 | NGLFINE | NGL Fine Chem Ltd | too little overlapping reported history to cross-check the second feed - UNVERIFIED | HESTERBIO | Hester Biosciences Ltd | too little overlapping reported history to cross-check the second feed ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-07. 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 ### Is the Pharma - Animal sector outperforming NIFTY 500? Pharma - Animal has outperformed NIFTY 500 by 80.1% over 52 weeks and 34.1% 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 69.7/100 with 79.8% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Pharma - Animal company has the lowest comparable PEG? Viyash Scientific Ltd has the lowest comparable PEG at 3.8, among 1 of 3 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Pharma - Animal comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 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. ### Is there a Nifty Pharma - Animal index? NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Pharma - Animal, this page builds its own equal-weight basket of 3 listed Pharma - Animal companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 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 Jun 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 Jun 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 has the best profit margins? Hester Biosciences Ltd has the highest operating margin at 29%, from 3 of 3 comparable companies. Viyash Scientific Ltd shows the biggest recent improvement, at +8 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 the ≥100% scoring cap, 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 18.6%, 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 PEG — where a LOWER number is cheaper — Viyash Scientific Ltd screens cheapest at 3.8×. Only 1 of 3 companies have earnings and growth steady enough for the ratio to mean anything, 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. ### Is the Pharma - Animal sector beating the market? Pharma - Animal has outperformed NIFTY 500 by 80.1% over the last 52 weeks and 34.1% 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 69.7 out of 100 with 79.8% evidence confidence, from 32.1 points on growth and earnings, 15.3 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, ending Jun 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 ₹16,261 crore of combined market value. Viyash Scientific Ltd is the largest at ₹12,101 crore, about 74% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-15. ### 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 80.1% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-15. ### 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.