Hester Biosciences Ltd.

•

hester.inBSE: 524669NSE: HESTERBIO

Market Cap₹ 1,856 Cr.

Current Price

High / Low₹ 2,684 / 1,239

Stock P/E31.5

Book Value₹ 470

Price to Book2.79

Dividend Yield0.50 %

ROCE17.0 %

ROE14.4 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Poultry Vaccines: 70.6% • Large Animal Health Products: 29.4%

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 87.6% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.42x)
Company has a consistent dividend-paying track record
Company comfortably covers its interest (10.7x coverage)
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position

CONS

Company has delivered a poor profit growth of 5.5% over past five years
Company has delivered a poor sales growth of 7.0% over past five years

* 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	1933.00	38.34	463791.45	0.83	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9232.00	83.79	245080.59	0.33	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	5004.40	87.28	190351.29	0.76	566.00	3.28	4921.00	57.32	19.27	33.81
4.	ZYDUSLIFE	1151.20	25.44	114832.64	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
5.	CIPLA	1413.15	33.87	114162.52	0.92	785.55	-39.18	7119.28	4.13	16.00	16.73
6.	LAURUSLABS	1863.00	92.06	100660.17	0.11	3620.70	2139.42	20263.10	1191.00	18.20	31.50
7.	LUPIN	2152.60	17.80	98431.05	0.84	1416.98	16.01	8276.89	34.28	28.86	29.59
8.	MANKIND	2380.00	48.13	98304.73	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
9.	DRREDDY	1161.00	30.07	96906.34	0.69	435.60	-69.10	8099.80	-5.21	13.75	10.63
10.	AUROPHARMA	1656.30	25.67	95299.84	0.24	1032.03	25.22	9150.35	17.44	12.76	20.54
11.	GLENMARK	2451.70	38.49	69193.02	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	HESTERBIO	2182.15	13.63	1856.33	0.50	96.73	459.27	77.24	-8.16	16.21	32.12

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	80	66	66	73	73	74	63	77	63	65	70	94	73
	69	54	54	60	60	59	54	63	51	53	54	62	55
Operating Profit	11	12	12	12	14	15	9	14	12	12	17	45	24
OPM %	14.14%	18.06%	17.66%	17.04%	18.37%	20.03%	14.36%	17.87%	19.55%	18.38%	23.75%	48.51%	33.51%
Other Income	1	1	1	1	1	1	1	1	1	1	1	4	2
Interest	1	1	1	1	1	1	2	1	1	1	1	4	1
Depreciation	3	3	3	2	2	2	2	2	2	2	2	4	5
	9	9	9	10	11	12	6	11	10	10	15	35	20
Tax %	25.89%	25.98%	24.85%	27.27%	25.38%	25.24%	31.59%	16.11%	23.81%	27.02%	27.12%	24.35%	25.52%
Net Profit	6	7	6	7	8	9	4	10	8	7	11	26	15
	8	8	8	9	10	11	5	11	9	8	13	31	2
Equity Capital	9	9	9	9	9	9	9	9	9	9	9	9	9
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	123	135	171	169	208	219	254	285	286	292	301
	82	85	103	117	136	159	199	238	236	224	223
Operating Profit	42	51	71	56	74	65	60	52	56	80	—
OPM %	34	38	41	33	35	30	24	18	19	27	—
Other Income	1	2	3	3	2	5	6	5	5	12	8
Interest	3	2	4	5	4	2	6	5	5	7	8
Depreciation	6	5	8	9	10	10	10	10	9	10	13
	33	44	60	41	55	53	44	37	42	70	79
Tax %	25	30	27	24	27	26	26	26	24	25	25
Net Profit	25	31	44	31	40	40	32	27	32	52	59
EPS	29	36	52	37	47	46	38	32	37	61	—
Dividend Payout %	18	28	21	18	21	22	21	19	19	18	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	29	36	52	37	47	46	38	32	37	61	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 7%
3 Years:: 5%

COMPOUNDED PROFIT GROWTH

10 Years:: 10%
5 Years:: 5%
3 Years:: 17%

STOCK PRICE CAGR

10 Years:: 11%
5 Years:: -2%
3 Years:: 8%
1 Year:: 8%

RETURN ON EQUITY

10 Years:: 17%
5 Years:: 12%
3 Years:: 11%
Last Year:: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	9	9	9	9	9	9	9	9	9	9
	114	138	171	195	229	260	284	304	331	377
	18	28	27	40	13	49	81	30	29	24
Trade Payables	7	8	8	14	14	11	29	30	33	21
	31	29	26	20	17	96	144	177	146	127
Total Liabilities	178	210	240	277	282	424	546	550	546	557
ASSETS	-	-	-	-	-	-	-	-	-	-
	61	67	101	97	87	84	108	103	105	288
Capital Work in Progress	21	30	0	1	3	80	146	168	177	0
	9	14	28	41	44	65	65	65	65	64
	33	39	48	60	57	71	79	69	59	60
	0	0	0	0	0	0	0	86	81	92
Cash & Bank	11	12	2	5	1	2	6	5	2	5
	43	48	60	73	90	123	142	54	58	48
Total Assets	178	210	240	277	282	424	546	550	546	557
Total Debt	39	43	38	48	16	122	164	134	104	74
Net Working Capital	41	47	60	65	105	92	80	107	89	98
Contingent Liabilities	1	1	28	106	103	106	115	117	120	133
Book Value per Share	143.52	171.72	210.93	238.72	279.28	315.54	343.70	367.59	398.60	452.78
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	28	32	36	26	41	16	33	43	64	51
Cash from Investing	-15	-26	-25	-21	-4	-111	-72	-21	-19	-2
Cash from Financing	-6	-6	-20	-1	-41	95	41	-24	-46	-48
	6	-0	-9	3	-4	0	3	-2	-1	0
Free Cash Flow	12	12	25	21	41	-68	-60	16	47	38
OCF / Net Profit	1.10	1.06	0.83	0.83	1.03	0.40	1.03	1.58	2.01	0.98
Cumulative 5-Year FCF	0	0	0	0	111	31	-41	-50	-24	-27

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	29.32	35.92	51.55	36.70	46.90	46.45	38.02	31.93	37.43	61.24
Book Value (₹)	143.52	171.72	210.93	238.72	279.28	315.54	343.70	367.59	398.60	452.78
Dividend per Share (₹)	5.30	10.00	11.00	6.60	10.00	10.00	8.00	6.00	7.00	11.00
Cash EPS (₹)	35.79	42.33	60.44	47.74	58.23	57.62	49.52	43.42	47.52	73.29
PROFITABILITY
Operating Margin %	33.29%	38.06%	41.39%	32.85%	35.32%	29.48%	23.53%	16.42%	17.77%	23.18%
Net Margin %	19.86%	22.59%	25.62%	18.43%	19.14%	17.86%	12.64%	9.52%	11.11%	17.82%
ROE %	22.43%	22.79%	26.94%	16.33%	18.11%	15.62%	11.53%	8.98%	9.77%	14.39%
ROCE %	24.16%	26.28%	31.15%	19.74%	23.28%	17.31%	11.91%	9.26%	10.59%	17.02%
	14.79%	15.71%	19.46%	12.07%	14.27%	11.19%	6.67%	4.96%	5.81%	9.44%
EFFICIENCY
Debtor Days	77	79	69	83	79	85	99	108	106	108
Inventory Days	97	97	93	117	103	105	107	94	81	74
Payable Days	81	120	99	135	94	72	91	107	121	118
	93	56	63	66	87	118	115	95	66	64
FINANCIAL HEALTH
Debt to Equity (x)	0.32x	0.29x	0.21x	0.24x	0.07x	0.45x	0.56x	0.43x	0.31x	0.19x
Interest Coverage (x)	11.31x	19.88x	17.87x	9.19x	14.88x	22.58x	7.76x	8.21x	8.78x	10.72x
	2.20x	2.10x	2.53x	2.12x	4.03x	2.22x	1.58x	2.09x	1.92x	2.06x
GROWTH
Revenue Growth %	22.19%	9.33%	27.01%	-1.03%	23.05%	5.22%	15.80%	12.27%	0.46%	1.98%
Operating Profit Growth %	22.00%	23.13%	37.66%	-21.47%	32.33%	-11.43%	-7.69%	-14.29%	7.96%	43.80%
Net Profit Growth %	29.74%	22.53%	43.50%	-28.80%	27.79%	-0.96%	-18.16%	-16.03%	17.24%	63.62%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-16.03%	17.24%	63.62%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	43.52x	33.50x	20.62x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.78x	3.15x	2.79x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.43%	0.56%	0.87%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	25.39x	20.98x	14.28x

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

2026-08-27

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".

2026-07-30

Outcome of Board Meeting

2026-07-30 - Hester Biosciences Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-25

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-25 - Hester Biosciences Limited has informed the Exchange about Schedule of meet

News

Recent coverage and analyst commentary for HESTERBIO

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