Viyash Scientific LimitedPharmaceuticals & HealthcareVIYASH
Q1 FY27 concall · earnings callViyash Scientific Limited
Viyash delivered strong Q1 growth with improved margins and a strengthened, nearly debt-free balance sheet, positioning it for strategic investments in R&D, manufacturing, and targeted M&A.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹946 Cr | 20% | |
| EBITDA | ₹205 Cr | 59% | |
| EBITDA Margin | 21.6% | 530 bps | |
| Profit After Tax | ₹79 Cr | 115% | |
| Net Debt | ₹86 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹390.81 Cr+18.7% YoY+6% QoQ | ₹6.48 Cr-39.3% YoY+2.2% QoQ | ₹0.14-57.6% YoY+40% QoQ |
| Q2 FY25 | ₹368.65 Cr+6.6% YoY-5.5% QoQ | ₹6.34 CrTurned profitable YoY-30% QoQ | ₹0.10Turned positive YoY-61.5% QoQ |
| Q1 FY25 | ₹390.21 Cr+17.1% YoY+8% QoQ | ₹9.06 CrTurned profitable YoY+613.4% QoQ | ₹0.26Turned positive YoYTurned positive QoQ |
| Q4 FY24 | ₹361.20 Cr-1.5% YoY+9.7% QoQ | ₹1.27 CrTurned profitable YoY-88.1% QoQ | ₹-0.04Loss/share narrowed YoYTurned negative QoQ |
| Q3 FY24 | ₹329.36 Cr-12.2% YoY-4.8% QoQ | ₹10.68 CrTurned profitable YoYTurned profitable QoQ | ₹0.33Turned positive YoYTurned positive QoQ |
TL;DR
- Revenue grew 20% YoY to Rs 946 crores, with EBITDA up 59% and PAT more than doubled.
- EBITDA margin expanded to 21.6%, and net debt fell to Rs 86 crores (0.1x EBITDA).
- Animal Health formulations grew strongly, with domestic sales up 60%, and US human formulations grew 60%.
- API revenue was flat QoQ due to customer timing but is expected to rebound strongly in Q2.
- The acquisition of Bio For Life in Italy aligns with the strategic focus on companion animal health.
- Management guides for sustained double-digit revenue growth and EBITDA margins in the 20%-22% range.
Said on the call
“Q1 FY’27 shows continuity, sustained double-digit revenue growth, EBITDA margins around 20%-22% as indicated earlier, balance sheet now strongest ever in the history.”
From the Q&A
| Topic | What management said |
|---|---|
| EU Growth & Outlook | Management clarified that flat YoY EUR sales in Q1 was due to quarterly phasing and expects full-year EU growth of 18-20% in INR terms, with Q3 typically stronger. |
| Emerging Markets Strength | Strong growth in Turkey, Brazil, and Mexico was driven by volume growth (~25% in Q1) and new launches, with confidence in continued momentum. |
| US Business Turnaround | The 60% YoY growth in US Human Formulations resulted from moving volume products to India, full API integration, and a strategic shift to more complex products; strong EBITDA margins (~34-35%) are expected to continue. |
| API Business Outlook | Q1 API revenue was flat due to customer deferrals amid raw material price volatility, but management sees strong traction and expects Q2 to be 'the best quarter' for API, guiding for 13-15% growth for the year. |
| ESOP Costs | Total ESOP cost for FY27 is estimated at Rs 150 crores (Rs 25 cr in Q1, ~Rs 40 cr each for Q2-Q4), which will drop to Rs 25-30 crores in FY28. |
| Growth Trajectory & 2032 Target | Management is confident in the 2032 $1 billion revenue target (an 18% CAGR from FY27), driven by organic execution, pipeline launches from ~2029 onward, and selective M&A. |
| Capital Allocation Principles | Key non-negotiables are compliance, governance, and financial discipline; M&A will only pursue assets fitting the strategic direction (e.g., companion animal, CDMO, complex products), not just for growth. |
| Bio For Life Acquisition | The Italy-based acquisition provides a companion animal portfolio and market access; significant revenue contribution is expected after 24 months as products are registered in other markets. |
Guidance
- Sustained double-digit revenue growth and EBITDA margins around 20%-22%.
- API business expected to see strong traction, with Q2 anticipated to be the best quarter.
- Total ESOP cost for FY27 estimated at ~Rs 150 crores, falling to Rs 25-30 crores in FY28.
- Full-year capex expected to be in the range of Rs 250-300 crores.
- Long-term target of $1 billion revenue by 2032 (18% CAGR).
- Minority interest buyback planned within the next 1-2 years.
Source
Summary written from the transcript filed by Viyash Scientific Limited for the call held on 12 Aug 2026; published 19 Aug 2026, 10:03 IST.
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