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    Drug Manufacturers - Specialty & Generic
Hester Biosciences Limited

Hester Biosciences Limited

HESTERBIO.NS
Hester Biosciences LimitedIN flagNational Stock Exchange of India
2,120.90
INR
+18.70
- -
18.04BMarket Cap
Hester Biosciences Limited
HESTERBIO.NS
(National Stock Exchange of India)

Recent

price

2,120.90

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
53.9
57.02
90.33
81.17
105.84
118.37
144.72
159.8
209.32
215.44
251.95
276.25
312.8
358
365.71
390.98
404.48
Revenue per Share
- -
8.99
12.85
11.11
15.98
22.57
27.68
30.12
48.86
34.29
40.47
46.22
31.3
22.2
32.31
65.4
67.66
Basic EPS, GAAP
-8.05
4.07
-19.17
-4.4
1.07
22.16
40.91
44.7
54.91
43.23
68.24
10.24
27.74
56.64
75.83
75.4
- -
Free Cash Flow per Basic Share
1.9
2.15
0.79
2
2
6.1
4.93
7.58
12.06
8.44
6.6
10
10
8.06
6.08
7.08
- -
Dividend per Share
6.67
24.01
38.75
38.67
43.15
60.83
79.93
95.69
132.22
157.2
191.16
227.25
248.68
262.84
288.7
347.05
359.04
Book Value per Share
61.43
72.03
94.93
89.57
102.86
125.56
147.92
169.69
212.39
242.28
276.37
311.92
335.74
351.41
376.17
420.92
435.45
Tangible Book Value per Share
8
8
7
9
9
9
9
9
9
9
9
9
9
9
9
9
8
Basic Weighted Avg Shares
420
483
651
690
900
1,007
1,231
1,359
1,781
1,833
2,143
2,350
2,661
3,045
3,111
3,326
3,326
Sales/Revenue/Turnover
-2.17
30.07
26.89
28.1
22.16
28.24
28.76
29.11
35.09
25.1
27.42
24.03
15.62
13.88
14.54
23.19
20.38
Operating Margin (%)
45
41
44
54
55
58
70
97
118
132
133
166
207
172
168
189
189
Depreciation Expense
- -
76
93
95
136
192
235
256
416
292
344
393
266
189
275
556
556
Net Income, GAAP
39.45
37.07
37.04
31.44
26.47
22.68
26.34
36.14
28.43
24.98
30.75
26.2
30.18
33.76
27.15
24.2
24.2
Effective Tax Rate (%)
- -
15.76
14.22
13.69
15.1
19.06
19.13
18.85
23.34
15.92
16.06
16.73
10.01
6.2
8.84
16.73
16.73
Profit Margin (%)
301
179
109
116
250
371
420
438
930
758
1,001
979
789
1,091
700
561
561
Working Capital
213
13
137
155
318
331
446
365
584
817
880
1,698
1,905
1,874
1,388
963
963
LT Debt
480
611
685
763
878
1,075
1,265
1,450
1,812
2,065
2,360
2,674
2,885
3,029
3,267
3,678
3,678
Total Equity
-0.85
12.65
12.72
12.1
11.23
14.28
14.36
12.33
18.41
11.44
11.89
9.82
5.45
5
6.03
10.57
9.1
Return on Invested Capital (%)
5.83
30.29
19.58
17.39
19.85
21.15
20.97
20.86
25.65
13.64
14.07
11.58
6.24
4.65
6.78
12.27
16.94
Return on Capital (%)
0.01
59.63
38.37
31.08
39.07
43.4
39.33
34.3
42.88
23.7
23.24
22.09
13.15
8.68
11.72
20.58
36.64
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
943
- -
985
LT Borrowings
1,136
- -
900
LT Finance Leases
57
- -
63
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
9
- -
9
Market Capitalization
15,562
12,705
10,353

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
2,037
- -
2,086
Cash, Cash Equivalents & STI
282
- -
29
Accounts Receivable, Net
926
- -
954
Inventories
659
- -
725
Total Current Liabilities
1,414
- -
1,525
Payables & Accruals
- -
- -
- -
ST Debt
943
- -
985
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
13.21%
9.33%
12.59%
Free Cash Flow
37.67%
44.67%
-0.57%
Net Income, GAAP
18.27%
20.16%
102.41%
Sales/Revenue/Turnover
12.99%
9.28%
6.91%
Total Cash Common Dividend
- -
- -
16.6%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
879
705
670
793
3,045
2025
823
837
632
819
3,111
2026
841
710
774
1,001
3,326

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
7.89
4.8
4.73
- -
22.2
2025
8.8
9.86
13.41
1.82
32.31
2026
20.33
16.85
10.94
19.45
65.4

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
8.06
2025
- -
- -
- -
- -
6.08
2026
- -
- -
- -
- -
7.08
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Business
Hester Biosciences Limited manufactures and markets animal health products, primarily vaccines and healthcare solutions for poultry and livestock, operating as one of India's leading animal healthcare companies and the second-largest poultry vaccine producer in the country with approximately 30-35% domestic market share. Founded in 1987 by Rajiv Gandhi and headquartered in Ahmedabad, Gujarat, the company offers a comprehensive portfolio spanning poultry vaccines (over 45 live and inactivated types including Newcastle Disease, Gumboro, and Marek's Disease), large animal vaccines (including goat pox with over 70% Indian market share, PPR from Nigerian and Sungri strains with global leadership at 75%, and others like Contagious Bovine Pleuropneumonia), poultry health products (pharmaceuticals, feed supplements, disinfectants, and herbal alternatives shifting away from antibiotics), animal health products, petcare offerings (anti-infectives, specialty nutrition, parasiticides, grooming launched in 2022), and services such as seroprofiling kits, diagnostic labs for poultry flocks, and mastitis control programs for cattle; it maintains Asia's largest single-location animal biological manufacturing facility in Gujarat, supplemented by plants in Nepal and Tanzania, an in-house R&D unit at Kadi with WHO-GMP and DSIR certifications, and a strategic presence across over 30 countries focused on India, Nepal, Tanzania, Africa, Vietnam, Indonesia, Bangladesh, and recently Egypt. Wholly-owned subsidiaries include Hester Biosciences Africa Limited in Tanzania (commissioned 2021 with USD 3 million investment), Hester Biosciences Kenya Limited (2018), and a 50% stake in Tanzania-based Thrishool Exim Limited acquired in 2022; past partnerships encompass Bill & Melinda Gates Foundation, GALVmed (including the world's largest backyard poultry immunization program), Golchha Organisation, and Novapharma for Egypt market entry. Recent developments feature capacity enhancement projects with additional bulk antigen infrastructure and state-of-the-art fill-finish lines for animal vaccines, Q1 FY26 consolidated net profit surge of 131% to Rs 17.3 crore driven by Hester Africa's turnaround and 2% revenue growth to Rs 84.11 crore, expansion of feed supplements and disinfectants gaining market traction in FY25, production commencement of Newcastle Disease, Gumboro, PPR, and CBPP vaccines, upcoming Avian Influenza vaccine launch and H9N2 approval with licensing expected by December 2025, strengthened sales/marketing/R&D reforms, petcare division product launches, and structural operational efficiencies supporting international scaling particularly in Africa.