# Hester Biosciences share price today (Hester Biosciences Ltd, NSE: HESTERBIO)

> Hester Biosciences share price today: ₹2,262.10 at the NSE close on 3 November 2026, up 41.1% in a year. Hester Biosciences (NSE: HESTERBIO) is worth ₹1,924 crore, trades at a P/E of 36.3 and has closed between ₹1,317.40 and ₹2,477.70 over the past 52 weeks. > Hester Biosciences Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. HESTERBIO · Pharma - Animal · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/hester-biosciences-ltd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Getting better, from fewer quarters than usual
- Price: ₹2,262.10 (+41.1% in a year)
- P/E: 36.3× (lower than 76% of the last 11 years)
- Revenue (Jun 2026): ₹77.0 Cr (−8.3% on a year ago)
- Profit (Jun 2026), incl. one-off: ₹97.0 Cr (one-off item, see below)
- Operating margin: 29.0% (+2.0 points on a year ago)
- ROCE: 15%, FY26
- Profit that came in as cash: 165%, last 3 years

The main question: yearly earnings per share moved +102.4% while the share price moved +41.1%. ## What is the Hester Biosciences share price today? Hester Biosciences Ltd's share price was ₹2,262.10 at the close on 3 November 2026. It has been rising for 22 weeks. That is 10.8% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,317 and ₹2,478, and at that close it sat 81% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row. Over the last 11 years the share price moved +415% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Hester Biosciences this quarter? 4 points in one quarter, revenue fell in the June 2026 quarter and foreign funds (FIIs) cut their stake for 4 quarters in a row. 1. Promoters cut their stake by 9.4 points in one quarter From 53.7% to 44.3% in the September 2026 quarter. 2. Revenue fell in the June 2026 quarter Revenue was ₹77 crore, -8.3% on a year earlier (₹84 crore), after 2 quarters of growth. Why: Revenue fell because the company earned less from Nepal and Africa. From the earnings call on 30 Jul 2026. 3. Foreign funds (FIIs) cut their stake for 4 quarters in a row From 0.5% to 0.3% of the company by the September 2026 quarter. ## What are Hester Biosciences' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Hester Biosciences reported revenue of ₹77.0 crore, down 8.3% from ₹84.0 crore a year earlier, and a profit of ₹97.0 crore, up 470.6% from ₹17.0 crore. ### Hester Biosciences results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹77.0 crore | ₹84.0 crore | −8.3% |
| Profit | ₹97.0 crore | ₹17.0 crore | +470.6% |
| Earnings per share | ₹114.00 | ₹19.33 | +489.8% |
| Operating margin | 29.0% | 27.0% | +2.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Hester Biosciences' management discussed these results on a call held on 30 July 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Hester Biosciences share price history? Hester Biosciences closed at ₹2,262.10 on 3 November 2026, up 41.1% from ₹1,603.30 a year earlier (31 October 2025) and down 9.4% over five years. Its highest weekly close since March 2016 was ₹3,212.70 on 26 July 2024. ### Hester Biosciences share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹2,050.60 | +10.3% |
| 1 month ago · 1 Oct 2026 | ₹2,140.60 | +5.7% |
| 6 months ago · 30 Apr 2026 | ₹1,634.20 | +38.4% |
| 1 year ago · 31 Oct 2025 | ₹1,603.30 | +41.1% |
| 3 years ago · 3 Nov 2023 | ₹1,661.45 | +36.2% |
| 5 years ago · 4 Nov 2021 | ₹2,495.65 | −9.4% |
| 10 years ago · 4 Nov 2016 | ₹744.65 | +203.8% |
| Earliest and lowest weekly close in our records · 11 Mar 2016 | ₹439.50 | +414.7% |
| Highest weekly close since March 2016 · 26 Jul 2024 | ₹3,212.70 | −29.6% |
| 52-week high (weekly close) · 31 Jul 2026 | ₹2,477.70 | −8.7% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹1,317.40 | +71.7% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (562 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Hester Biosciences? 3 Nov 2026: Hester Biosciences closed at ₹2,262.10, up 10.3% on the week and up 5.7% on the month. Our read, 22 Aug 2026: Hester's standalone business is genuinely improving, poultry grew 48%, standalone operating profit rose 95%, and H9N2 is clearly adding volume. But the consolidated Jun 2026 net profit of 97 Cr is almost entirely an exceptional accounting gain from the Gates Foundation restructuring Hester Africa's loan, not operating earnings. The critical concern is that animal healthcare tender recovery has now been missed for the third time in two years, with management repeating the same 'next quarter' promise without explaining why the previous commitment failed. ### Earlier

- 30 Jul 2026: Hester Biosciences held its results call for April to June 2026. Management guided: FY27 priorities are to strengthen biologicals, expand domestic and export penetration, advance R&D, improve manufacturing utilization and maintain operational discipline. - 14 Jul 2026: ex-date for a dividend of ₹11 a share. - Results for April to June 2026: Revenue down 8.3% and profit up 470.6% on a year earlier. ### Our read of the business

Hester's standalone business is genuinely improving, poultry grew 48%, standalone operating profit rose 95%, and H9N2 is clearly adding volume. But the consolidated Jun 2026 net profit of 97 Cr is almost entirely an exceptional accounting gain from the Gates Foundation restructuring Hester Africa's loan, not operating earnings. The critical concern is that animal healthcare tender recovery has now been missed for the third time in two years, with management repeating the same 'next quarter' promise without explaining why the previous commitment failed. April to June 2026: Exceptional accounting gain of approximately 74 Cr from Gates Foundation loan amendment inflates consolidated profit to 97 Cr; standalone operating profit actually rose 95% on poultry strength. (Our read after the April to June 2026 results, written 22 August 2026.)

## What dividend does Hester Biosciences pay? Hester Biosciences paid ₹11 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.49% at the ₹2,262.10 close on 3 November 2026. The last was a dividend of ₹11 a share, ex-date 14 July 2026. ### Hester Biosciences dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 14 Jul 2026 | ₹11 | Dividend |
| 6 Aug 2025 | ₹7 | Dividend |
| 22 Aug 2024 | ₹6 | Dividend |
| 13 Sep 2023 | ₹8 | Dividend |
| 11 Aug 2022 | ₹10 | Dividend |
| 5 Aug 2021 | ₹10 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Hester Biosciences Ltd paid out 17% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Hester Biosciences management say on the latest results call? On the call for April to June 2026, held on 30 July 2026, Hester Biosciences' management guided: FY27 priorities are to strengthen biologicals, expand domestic and export penetration, advance R&D, improve manufacturing utilization and maintain operational discipline. > “Our objective is to provide poultry farmers with integrated health solutions that improve farm productivity and disease management rather than viewing disease prevention through a single product approach”
> Priya Gandhi, on the call for April to June 2026

### What management guided

- Delayed PPR and lumpy skin disease government programs are expected to contribute in the next quarter. - Animal-health tender business is viewed as steady over a broader 1-3 year period despite timing variation, with direct farm and institutional demand being developed. - Africa will be built quarter-to-quarter toward gradual top-line and bottom-line stabilization. - BSL3 and fill-finish capacity will be deployed for veterinary products toward optimum utilization; no facility-specific goal was given. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/2743-30-Jul-2026.pdf). (From the call for April to June 2026, 30 July 2026.)

## What is the future of Hester Biosciences? What is changing in the business? What is changing at Hester Biosciences, from the latest results and calls: h9n2 avian influenza vaccine, commercial ramp, animal healthcare tender normalization and fill-finish facility operating leverage. - H9N2 Avian Influenza Vaccine, Commercial Ramp. H9N2 licensed January to March 2026, now in first full commercial year; poultry growing 48% in April to June 2026 confirming early market acceptance. ⚠ estimate
- Animal Healthcare Tender Normalization. Government PPR and goatpox programs have now been deferred three times; July to September 2026 is the fourth promised recovery date. ⚠ estimate
- Fill-Finish Facility Operating Leverage. Facility capitalized, now at 60-65% utilization; incremental volume from H9N2 and export scale-up flows at high incremental margins. ⚠ estimate
- Africa PPR Program, Long-Duration Option. Tanzania plant profitable; Gates Foundation loan restructured giving balance sheet relief, but the FY28 breakeven goal was silently dropped. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the April to June 2026 results, written 22 August 2026.)

## What could change the Hester Biosciences story? What are the risks? If animal healthcare quarterly revenue falls below 20 Cr for two consecutive quarters after July to September 2026, meaning the third 'next quarter' promise also fails, the tender normalization thesis is broken, not delayed. That combined with any decline in poultry operating margin below 24% would indicate the current earnings level is a local peak, not a genuine recovery, and the position should be exited. ### Each change stops working if

- H9N2 Avian Influenza Vaccine, Commercial Ramp: A competing avian flu vaccine from a larger manufacturer launches in India with better pricing, or HPAI disease incidence drops materially, reducing preventive vaccination demand among private poultry farmers. - Africa PPR Program, Long-Duration Option: Political instability in Tanzania forces facility closure, or GALVmed funding for the PPR eradication program is reduced or redirected, which would remove the primary institutional demand driver for Africa. ### The main risks

- Management Credibility, Five Documented Reversals: Five documented guidance reversals without acknowledgment across four concalls; concall credibility severely impaired. ⚠ estimate
- Government Tender Calendar, Structural vs Cyclical Question: Three consecutive misses raise a structural question: is the tender calendar reliably executing or permanently unreliable? ✓ fact
- Receivables and Cash Conversion Cycle: Debtor days 105 in FY26 (up from 86 in FY25); bad-debt write-offs 6.5 Cr flagged as one-off but need confirmation. ✓ fact
- Exceptional Gain Inflating last 12 months Metrics: Last 12 months EPS of 160 and net profit of 137 Cr include the Gates Foundation exceptional gain, quoting either figure as earnings power is misleading. ✓ fact

(Our read after the April to June 2026 results, written 22 August 2026.)

## What to watch in Hester Biosciences' next results? When Hester Biosciences reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Delayed PPR and lumpy skin disease government programs are expected to contribute in the next quarter; check whether Goat Pox vaccine sales return as indicated. - What to check (from the call)
- Delayed PPR and lumpy skin disease government programs are expected to contribute in the next quarter; check whether Goat Pox vaccine sales return as indicated. - Track Africa revenue and profitability for evidence of the gradual quarter-to-quarter build management described; no growth or profitability goal was provided. - Check whole-plant utilization against the current 60.0%-65.0% range as veterinary products are deployed into fill-finish and BSL3 capacity. - Verify positive operating cash flow and improved conversion, alongside receivables normalization, against management's explanation of seasonal working-capital pressure. ## Which stock lists is Hester Biosciences on? Hester Biosciences is on one of our India lists: Pharma stocks. [Pharma stocks Market value (₹ crore): 1937.984929891233](https://www.sectoralpha.in/sectors/pharma-stocks-india)

## Is Hester Biosciences profitable? Hester Biosciences Ltd earned ₹97.0 Cr of net profit in the Jun 2026 quarter. That quarter includes a one-off gain bigger than its revenue, so the comparison with last year does not reflect normal business. Full-year FY26 profit was ₹57.0 Cr. Over 10 years profit has grown 11.6% a year on average. That is 126.0% of the quarter's revenue. The same quarter a year earlier earned ₹17.0 Cr. Jun 2026 profit was ₹97.0 Cr, +470.6% on a year earlier. For the full year, FY26 profit was ₹57.0 Cr (+96.6% on the year before). Read this profit with care: at ₹97.0 Cr it is bigger than the quarter's whole revenue of ₹77.0 Cr. No business earns more than it takes in from sales, so this is a one-off item (for example a debt settlement, a tax write-back or an asset sale), not money the business earned. The underlying business is running at a 29.0% operating margin. The jump on last year, and any P/E built on this profit, come from the one-off, not from a real turn in earnings. FY26-Q4. revenue ₹100 Cr and profit ₹17 Cr as reported. FY27-Q1. revenue ₹77 Cr and profit ₹97 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much revenue does Hester Biosciences make, and is it growing? Hester Biosciences Ltd reported ₹77.0 Cr of revenue in the Jun 2026 quarter, −8.3% on the same quarter a year earlier. Over 10 years it has grown 12.7% a year on average. The last full year, FY26, came in at ₹333 Cr. The last four reported quarters add to ₹325 Cr. FY26 revenue was ₹333 Cr, +7.1% on the year before. Recent pace: the last four quarters grew +5.1% on average, against 12.7% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +3.8%, against +4.4% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +260.5%, against +155.4% a year (accelerating). FY26-Q4. revenue ₹100 Cr and profit ₹17 Cr as reported. FY27-Q1. revenue ₹77 Cr and profit ₹97 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Hester Biosciences keep? Hester Biosciences Ltd's operating margin was 29.0% in the Jun 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between 18.0% and 38.0%. The latest quarter is within that range. Why the margin moved: operating margin changed +2.4 percentage points on the year while gross margin changed +4.6 points. So the gain came mostly from the gross margin, which means input costs and prices charged. FY26-Q4. revenue ₹100 Cr and profit ₹17 Cr as reported. FY27-Q1. revenue ₹77 Cr and profit ₹97 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## Is Hester Biosciences' profit turning into cash? Over the last 3 years, 165% of Hester Biosciences Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹64.0 Cr of operating cash against ₹57.0 Cr of profit. After ₹23.0 Cr of spending on assets, ₹41.0 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does Hester Biosciences' cash go? Hester Biosciences Ltd's customer, stock and supplier day counts come out in the thousands of days on sales this small (₹333 Cr in FY26), so no cash-cycle chart is drawn and this section looks at its spending on assets instead. It spent ₹65.0 Cr on assets over the last 3 years. Why this happened. Hester Africa has multi-vaccine technology capability from the Tanzania plant and participates in the GALVmed-led VITAL program. Africa generated a large exceptional accounting gain in Q1 FY27 through the Gates Foundation loan amendment, principal reduced from USD 12 million to USD 5 million and interest waived. But the FY28 breakeven commitment confirmed in Nov 2025 was dropped without explanation by May 2026, and management currently describes Africa as a 'formative period' with quarter-to-quarter progress expected. The tax-free status runs through 2030. This remains a long-duration option, not a near-term driver. Averaged over those years that is 6.5% of FY26 revenue a year. Spending on assets: ₹65.0 Cr over the last 3 years, against ₹53.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹9.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Hester Biosciences' P/E ratio, and how does it compare with its own history? Hester Biosciences Ltd's P/E is 36.3×, near the low end of its own history: it has been lower only 24% of the time. Its usual P/E (the middle reading) is 46.8×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +102.4% while the price moved +41.1%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved −1.9% a year; about +2.4% a year came from earnings growth and about −4.3 percentage points from the multiple (the market paying less); over 10 years the price moved +11.8% a year; about +10.6% a year came from earnings growth and about +1.2 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. A quarterly PEG curve, which only the second data source has, is not shown on this page: its two data sources disagree by up to 16% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What growth does the Hester Biosciences share price assume? Worked out from its price on 24 August 2026, Hester Biosciences Ltd's share price assumed profit growth of about 25.4% a year. Over the past 10 years its profit actually grew 11.6% a year. Today its P/E is 36.3×, lower than 76% of its own last 11 years. This is a one-day reading, taken on 24 August 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Hester Biosciences business getting better or worse? Hester Biosciences Ltd's business is getting better. EPS growth hit its low 7 quarters ago at −8.6% and has recovered to +262.2%, with ROCE rising at 15.0%. This is based on 8 quarters of 4 measures, with some gaps. Why it matters: a lasting rise from a low is what this page is built to show. The latest quarter’s profit includes a one-off item bigger than the normal business, so the profit line is shown but does not count in this reading. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Hester Biosciences story, and has it been checked? Hester Biosciences Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: Not stated in the research file. What is proven. See the research file

What is not proven yet. If animal healthcare quarterly revenue falls below 20 Cr for two consecutive quarters after Q2 FY27, meaning the third 'next quarter' promise also fails, the tender normalization thesis is broken, not delayed. That combined with any decline in poultry OPM below 24% would indicate the current earnings level is a local peak, not a genuine recovery, and the position should be exited. What would change our mind. If animal healthcare quarterly revenue falls below 20 Cr for two consecutive quarters after Q2 FY27, meaning the third 'next quarter' promise also fails, the tender normalization thesis is broken, not delayed. That combined with any decline in poultry OPM below 24% would indicate the current earnings level is a local peak, not a genuine recovery, and the position should be exited. The test written in advance. Management Credibility, Five Documented Reversals. Measured by: Management Credibility, Five Documented Reversals by the next result. The test written in advance. Government Tender Calendar, Structural vs Cyclical Question. Measured by: Government Tender Calendar, Structural vs Cyclical Question by the next result. What the company does. Hester's standalone business is genuinely improving, poultry grew 48%, standalone EBITDA rose 95%, and H9N2 is clearly adding volume. But the consolidated Jun 2026 net profit of 97 Cr is almost entirely an exceptional accounting gain from the Gates Foundation restructuring Hester Africa's loan, not operating earnings. The critical concern is that animal healthcare tender recovery has now been missed for the third time in two years, with management repeating the same 'next quarter' promise without explaining why the previous commitment failed. What the surface reading misses. The underlying earnings base has not changed, FY26 PAT 57 Cr and EPS 65.41 are still the clean reference. The TTM shows EPS 160 which is exceptional-inflated. The stock is no longer deeply low; it is moderately below its historical median. What the surface reading misses. The surface reading is: 97% PAT growth signals strong acceleration The research reads it further: PAT growth has partial base-effect inflation: FY25 base was depressed by a 59% effective tax rate in Mar 2025 quarter. Stripping the base effect, underlying growth is approximately 30-40%, still genuine but less dramatic than headline. FY25 clean PAT approximately 35 Cr; FY26 PAT 57 Cr = approximately 63% real growth. The operating improvement is independently confirmed by OPM recovery from 18% (FY24) to 26% (FY26). Lever 6 · Order-book wins: building. Government PPR and goatpox programs have now been deferred three times; Q2 FY27 is the fourth promised recovery date. What proves it keeps working: Animal Healthcare Tender Normalization. It stops working if Government immunization program budgets are cut, or the PPR program is redesigned to use lower imported vaccines rather than Hester's domestically manufactured ones, which would remove the volume driver without a commercial market alternative. Lever 1 · Operating leverage: building. Facility capitalized, now at 60-65% utilization; incremental volume from H9N2 and export scale-up flows at high incremental margins. What proves it keeps working: Fill-Finish Facility Operating Leverage. Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Hester Biosciences management deliver what it promised? What Hester Biosciences Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Animal Healthcare Recovery Delayed Again · 30 July 2026. In Jan 2026, management expected the delayed PPR and Goat Pox programs to commence in February and drive improved Q4 momentum. In May 2026, it said Q4 execution had started to pick up and that Animal Health would recover from that quarter onward. In Jul 2026, however, management said tender sales had again been delayed and moved to the next quarter, with no explanation for why the prior recovery expectation failed. H9N2 Export Commercial Launch - Shifted from Imminent to Indefinitely Contingent Without Explanation · 15 May 2026. In the Nov 2025 call, management described H9N2 export sales as imminent following receipt of the manufacturing license anticipated by December, citing a clear regulatory pathway already established in India as the foundation for near-term export commencement. In the May 2026 call, with both marketing and manufacturing licenses now confirmed received, the export narrative has been materially downgraded with no timeline given and the opportunity framed as entirely dependent on each country's independent disease management approach and regulatory processes, with no acknowledgment of or explanation for the departure from the prior near-term commercial launch expectation. Africa Operations FY28 Breakeven Goal - Explicitly Confirmed On Track Then Silently Dropped · 15 May 2026. In the Nov 2025 call, management explicitly confirmed Africa operations were on track for its FY28 breakeven goal, referencing it as a previously established commitment at a time when Africa was generating meaningful half-year profits. By the Jan 2026 call, Africa Q3 was flagged as impacted by timing delays and higher operating costs without any reconfirmation of the FY28 goal. In the May 2026 call, Africa is discussed only in general strategic terms with no reference to the FY28 breakeven commitment, and when an analyst explicitly asked about subsidiary breakeven timelines in the Q&A, management responded only on India animal healthcare without addressing the Africa financial milestone. Nepal Operations Outlook Reversal · 30 January 2026. Management shifted from a confident outlook anticipating a resumption of orders in H2 to a warning about the unit's sustainability. In November, they explicitly guided for institutional execution to resume in the second half, but by January, the narrative changed to evaluating strategic measures to ensure the unit's survival. Earlier call (Nov 2025): “However, we continue to maintain a strong market presence and expect institutional execution to resume by the second half of this year.” Later call (Jan 2026): “Our Nepal operations are going through a challenging phase, and we are carefully evaluating strategic measures to ensure sustainability.”

Every quote above is taken word for word from the company’s own earnings calls. ## What is Hester Biosciences management's track record? No SEBI/CBI/ED action, fraud or material penalty; routine LODR filings + 50% Tanzania-stake acquisition only. 0% Promoter shares pledged

Sources:

- [icicidirect.com](https://www.icicidirect.com/research/equity/hester-biosciences-ltd/18362)
- [bseindia.com](https://www.bseindia.com/stock-share-price/hester-biosciences-ltd/hesterbio/524669)
- [tijorifinance.com](https://www.tijorifinance.com/company/hester-biosciences-ltd/shareholding)

(Checked 21 July 2026.)

## How much does Hester Biosciences earn on its capital? Hester Biosciences Ltd earned a ROCE of 15% in FY26. That is up from a low of 9% in FY23. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 17.1% net margin and 0.49× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 17.1% net margin × 0.49× asset turnover × 1.88× leverage (assets divided by equity) ≈ 15.8% on equity. The margin does most of the work; borrowing is a big part of it. The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 16% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Does Hester Biosciences have too much debt? Hester Biosciences Ltd had ₹195 Cr of borrowings against ₹361 Cr of equity in FY26, so its debt is 0.54× its equity. Its operating profit is 8 times its interest bill. Over 5 years borrowings went from ₹105 Cr to ₹195 Cr. Over the last 3 of those years it spent ₹65.0 Cr on assets. Why this happened. The 182 Cr capex cycle completed by March 2026. Fill-finish now operates at 60-65% whole-plant utilization including BSL3 capacity. Depreciation stepped up (7 Cr in Jun 2026 vs 4 Cr prior). The facility is fungible between poultry and large-animal vaccines. Any incremental volume, whether from H9N2 domestic expansion or future export approvals, flows at 60-70% incremental margin because fixed costs are already absorbed in the current utilization base. Part of the spending on assets is being paid for with borrowed money. The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 16% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What is the Hester Biosciences shareholding pattern? Promoters cut their stake in Hester Biosciences Ltd by 9.4 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 44.3% of the company. Foreign institutions moved −0.3 points over the same period, to 0.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: −9.4 points over 8 quarters, to 44.3%; Foreign institutions: −0.3 points over 8 quarters, to 0.3%; Domestic institutions: +0.1 points over 8 quarters, to 0.1%. Why the owners changed: promoters drove it (−9.4 points). They reduced their stake. ## How far is Hester Biosciences from balance-sheet trouble? For Hester Biosciences Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Hester Biosciences rank in its industry? 68.6 out of 100, rank 2 of 3 in Pharma - Animal, with 64% of the evidence available. Hester Biosciences Ltd scores 68.6 out of 100 against the 3 companies it is compared with in Pharma - Animal, ranking 2. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 27.4 + 16.5 + 12.2 + 12.5 = 68.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Hester Biosciences compared with? Hester Biosciences ranks 2 of 3 Pharma - Animal companies on the 4-Factor Sector Score, with 68.6 out of 100. 1. [NGL Fine Chem Ltd](https://www.sectoralpha.in/stocks/ngl-fine-chem-ltd) NGLFINE · quiet · Most evidence points up · 97% evidence 75.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 35.0/35 · Revenue 40.7% · Profit 100% · Operating margin change 6 points · 100% evidence Capital efficiency 18.3/25 · ROCE 18.6% · Operating margin 17% · 100% evidence Valuation 14.8/20 · P/E 27.3× · PEG 0.62 · 85% evidence Relative strength 7.8/20 · Lead over its industry -1.9% · Lead over NIFTY 500 12.6% · 1 year 69.7% · 100% evidence · 2 of 12 weeks ahead Exact sum: 35 + 18.3 + 14.8 + 7.8 = 75.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. Hester Biosciences Ltd this page HESTERBIO · turning · Most evidence points up · 64% evidence 68.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.4/35 · Revenue 3.8% · Profit 100% · Operating margin change 2 points · 95% evidence Capital efficiency 16.5/25 · ROCE 15.2% · Operating margin 29% · 76% evidence Valuation 12.2/20 · P/E 36.7× · PEG n/a · 35% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 30% · 1 year 43.4% · 25% evidence · 6 of 12 weeks ahead Exact sum: 27.4 + 16.5 + 12.2 + 12.5 = 68.6 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Viyash Scientific Ltd](https://www.sectoralpha.in/stocks/viyash-scientific-ltd) VIYASH · quiet · Evidence leans up · 79% evidence 64.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.6/35 · Revenue 52.9% · Profit 100% · Operating margin change 4 points · 95% evidence Capital efficiency 12.7/25 · ROCE 13.4% · Operating margin 19% · 76% evidence Valuation 11.5/20 · P/E 43.5× · PEG n/a · 35% evidence Relative strength 7.4/20 · Lead over its industry -16.1% · Lead over NIFTY 500 0% · 1 year 1.8% · 100% evidence · 2 of 12 weeks ahead Exact sum: 32.6 + 12.7 + 11.5 + 7.4 = 64.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Jun 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Pharma - Animal](https://www.sectoralpha.in/sectors/pharma-animal), all 3 compared on one page. ## Which companies are close to Hester Biosciences in size? Hester Biosciences is the 2nd largest of 3 Pharma - Animal companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Viyash Scientific. Just below it: NGL Fine Chem. ### Pharma - Animal companies close in size

1. [Viyash Scientific Ltd](https://www.sectoralpha.in/stocks/viyash-scientific-ltd) ₹9,648 crore
2. Hester Biosciences Ltd ₹1,947 crore
3. [NGL Fine Chem Ltd](https://www.sectoralpha.in/stocks/ngl-fine-chem-ltd) ₹1,561 crore

[All 3 Pharma - Animal companies, largest first](https://www.sectoralpha.in/sectors/pharma-animal#all-companies)

### Companies close in size in other industries

1. [Shree Pushkar Chemicals & Fertilizers Ltd](https://www.sectoralpha.in/stocks/shree-pushkar-chemicals-fertilizers-ltd) ₹1,949 crore · Chemicals - Others
2. [Macpower CNC Machines Ltd](https://www.sectoralpha.in/stocks/macpower-cnc-machines-ltd) ₹1,948 crore · CNC - Machines
3. Hester Biosciences Ltd ₹1,947 crore
4. [GK Energy Ltd](https://www.sectoralpha.in/stocks/gk-energy-ltd) ₹1,945 crore · Solar Pumps
5. [Deepa Jewellers Ltd](https://www.sectoralpha.in/stocks/deepa-jewellers-ltd) ₹1,934 crore

## What else do people ask about Hester Biosciences? ### What is Hester Biosciences's share price today? Hester Biosciences Ltd's share price is ₹2,262.10, +41.1% over the past year. The whole company is worth ₹1,924 Cr on the market. In the last 52 weeks it traded between ₹1,317 to ₹2,478; today it is 81% of the way up from the low, 10.8% above its 200-day average (as of 3 November 2026). ### What were Hester Biosciences's latest quarterly results? Hester Biosciences Ltd reported revenue of ₹77.0 Cr and net profit of ₹97.0 Cr for the Jun 2026 quarter. Revenue fell 8.3% and profit rose 470.6% compared with a year earlier. Earnings per share were ₹114.00. The operating margin was 29.0%, 2.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Hester Biosciences's market cap? Hester Biosciences Ltd's market capitalisation is ₹1,924 Cr at a share price of ₹2,262.10. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Hester Biosciences performing? Hester Biosciences Ltd's share price has been rising for 22 weeks. In its latest quarter, revenue fell 8.3% and profit rose 470.6% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 3 November 2026). ### Will Hester Biosciences's share price go up? This page does not forecast Hester Biosciences Ltd's share price. What it shows instead: the share price is ₹2,262.10, and it has been rising for 22 weeks. Its P/E of 36.3× is higher than 24% of its own last 11 years (as of 3 November 2026). ### Who owns Hester Biosciences? Promoters own 44.3% of Hester Biosciences Ltd, foreign institutions 0.3%, domestic institutions 0.1% and the public 55.3% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 9.4 percentage points over 8 quarters (as of 3 November 2026). ### Where is Hester Biosciences in its business cycle? Hester Biosciences Ltd's FY26 operating margin was 26.0%, against a 13-year range of 18.0% to 38.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 29.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Hester Biosciences story? The main question: yearly earnings per share moved +102.4% while the share price moved +41.1%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Hester Biosciences a stock worth studying right now? What the numbers show: Hester Biosciences Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Hester Biosciences share price forecast for 2026? What management itself guided: FY27 priorities are to strengthen biologicals, expand domestic and export penetration, advance R&D, improve manufacturing utilization and maintain operational discipline. What is changing at Hester Biosciences, from the latest results and calls: h9n2 avian influenza vaccine, commercial ramp, animal healthcare tender normalization and fill-finish facility operating leverage. What would change the story: If animal healthcare quarterly revenue falls below 20 Cr for two consecutive quarters after July to September 2026, meaning the third 'next quarter' promise also fails, the tender normalization thesis is broken, not delayed. That combined with any decline in poultry operating margin below 24% would indicate the current earnings level is a local peak, not a genuine recovery, and the position should be exited. ### Where does this page get Hester Biosciences' management information? From Hester Biosciences' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Pharma stocks: https://www.sectoralpha.in/sectors/pharma-stocks-india

This is research, not advice. We’re not SEBI-registered.