Hester Biosciences Ltd.

•

hester.inBSE: 524669NSE: HESTERBIO

Market Cap₹ 1,948 Cr.

Current Price

High / Low₹ 2,684 / 1,239

Stock P/E14.3

Book Value₹ 535

Price to Book2.98

Dividend Yield0.48 %

ROCE16.2 %

ROE17.0 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Poultry Vaccines: 61.9% • Large Animal Health Products: 38.1%

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence

50%

View full sector analysis →

PROS

Latest quarter profit grew 459.3% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.65x)
Stock looks reasonably valued - P/E of 14.3 is below its historical median
Working capital cycle has improved - days down from 82 to 62
Company has a consistent dividend-paying track record

CONS

Receivables are growing faster than sales - a possible quality concern
Company has a low return on capital employed of 11.9%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SUNPHARMA	1842.00	36.54	441957.50	0.87	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9326.00	84.64	247576.00	0.32	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	4975.00	86.76	189233.01	0.76	566.00	3.28	4921.00	57.32	19.27	33.81
4.	ZYDUSLIFE	1119.50	24.74	111670.55	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
5.	CIPLA	1365.00	32.72	110272.68	0.95	785.55	-39.18	7119.28	4.13	16.00	16.73
6.	LAURUSLABS	1970.35	97.37	106460.42	0.10	362.07	123.94	2026.31	29.10	18.20	31.50
7.	DRREDDY	1161.00	30.07	96906.38	0.69	435.60	-69.10	8099.80	-5.21	13.75	10.63
8.	AUROPHARMA	1675.45	25.97	96401.69	0.24	1032.03	25.22	9150.35	17.44	12.76	20.54
9.	LUPIN	2096.00	17.34	95842.92	0.86	1416.98	16.01	8276.89	34.28	28.86	29.59
10.	MANKIND	2277.00	46.04	94050.37	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
11.	GLENMARK	2416.90	37.94	68210.88	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	HESTERBIO	2289.95	14.31	1948.03	0.48	96.73	459.27	77.24	-8.16	16.21	32.12

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	88	70	67	79	82	84	63	82	84	71	77	100	77
	73	57	57	63	65	65	58	63	61	59	60	66	65
Operating Profit	14	13	10	16	18	19	5	19	23	12	18	34	13
OPM %	16.35%	18.76%	15.15%	20.10%	21.45%	22.89%	8.00%	23.42%	27.13%	16.51%	22.99%	34.29%	16.38%
	1	4	1	4	1	2	8	-7	2	10	1	-0	-84
Interest	3	8	2	7	5	6	-4	6	2	2	2	5	3
Depreciation	5	4	4	4	4	4	4	4	4	4	4	6	7
Profit before Tax	8	5	5	9	10	11	12	2	19	15	12	23	102
Tax %	29.18%	52.21%	45.96%	36.95%	31.96%	31.90%	15.82%	90.16%	15.10%	18.21%	34.48%	36.76%	4.87%
Net Profit	0	0	0	0	7	8	11	15	17	14	9	17	97
	7.89	4.75	4.73	7.52	8.80	9.86	13.41	1.82	20.33	16.85	10.94	19.45	113.71

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	123	136	178	183	214	235	266	305	311	333	326
	82	89	110	128	146	175	216	251	250	251	249
Operating Profit	41	47	68	55	69	60	50	53	61	82	77
OPM %	33.32%	34.77%	38.21%	30.23%	32.03%	25.52%	18.94%	17.46%	19.62%	24.64%	23.49%
	0	3	7	6	1	14	15	11	4	17	-73
Interest	3	4	7	7	7	4	9	20	13	11	12
Depreciation	7	10	12	13	13	17	21	17	17	19	22
Profit before Tax	31	36	57	41	50	54	40	32	40	76	152
Tax %	26.34%	36.14%	28.43%	24.98%	30.75%	26.20%	30.18%	33.76%	27.15%	24.20%	13.43%
Net Profit	23	23	41	31	35	39	28	21	29	57	132
EPS	26.79	27.12	47.84	36.44	40.79	46.41	32.96	22.20	32.31	65.40	—
Dividend Payout %	19.15%	33.20%	22.51%	19.25%	24.71%	21.64%	25.56%	27.02%	21.66%	16.82%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 9%
3 Years:: 8%

COMPOUNDED PROFIT GROWTH

10 Years:: 11%
5 Years:: 10%
3 Years:: 28%

STOCK PRICE CAGR

10 Years:: 12%
5 Years:: -2%
3 Years:: 9%
1 Year:: 7%

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 12%
3 Years:: 11%
Last Year:: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	9	9	9	9	9	9	9	9	9	9
Minority Interest	5	4	4	5	8	7	9	11	12	8
	113	132	169	193	220	251	271	283	306	352
	63	69	90	132	128	248	307	275	222	171
Trade Payables	7	8	9	20	28	18	30	26	29	25
	16	22	19	28	19	29	45	58	75	115
Total Liabilities	213	244	299	387	411	562	670	662	653	678
	103	110	145	143	133	237	259	240	233	411
Capital Work in Progress	21	32	7	74	109	80	146	168	177	0
	0	0	0	0	0	21	25	30	34	43
	33	40	51	64	62	75	85	76	70	73
	0	0	0	0	0	0	0	79	73	95
Cash & Bank	11	13	41	24	21	25	15	15	7	7
	44	49	56	82	86	123	140	55	59	49
Total Assets	213	244	299	387	411	562	670	662	653	678

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	42	47	63	48	72	26	32	48	65	64
Cash from Investing	-30	-26	-22	-74	-38	-117	-77	-23	-19	-3
Cash from Financing	2	-11	3	19	-18	112	42	-26	-52	-49
	6	1	28	-19	1	4	-12	-1	-6	12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.73	53.73	53.73	53.73	53.73	53.73	53.73	53.73	53.73
	0.52	0.61	0.59	0.87	0.51	0.53	0.52	0.38	0.31
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	45.74	45.66	45.67	45.39	45.75	45.74	45.76	45.89	45.95

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04

General Updates

2026-09-04 - Hester Biosciences Limited has informed the Exchange about Shareholders approval for Reclassification Mr. Ravin Gandhi and Ms. Bela Gandhi from Promoter and Promoter Group category to Public category shareholders of the Company.

2026-09-04

Shareholders meeting

2026-09-04 - Hester Biosciences Limited has informed the Exchange regarding Proceedings of Postal Ballot. Further, the company has informed the Exchange regarding voting results along with copy of scrutinizers report together with copy of minutes.

2026-08-27

Credit Rating

2026-08-27 - Hester Biosciences Limited has informed the Exchange about Credit Rating

2026-08-04

Shareholders meeting

2026-08-04 - Hester Biosciences Limited has informed the Exchange regarding Notice of Postal Ballot

2026-08-01

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-01 - Hester Biosciences Limited has informed the Exchange about Transcript

2026-07-31

General Updates

2026-07-31 - Hester Biosciences Limited has informed the Exchange about General Updates

2026-07-31

Copy of Newspaper Publication

2026-07-31 - Hester Biosciences Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-30

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-30 - Hester Biosciences Limited has informed the Exchange about Link of Recording

2026-07-30

Press Release

2026-07-30 - Hester Biosciences Limited has informed the Exchange regarding a press release dated July 30, 2026, titled "20260730 Q1 FY27 Press Release".

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