Hester Biosciences Ltd
Hester Biosciences Ltd is one of the leading animal health care companies & the second largest poultry vaccine manufacturer in India. Founded by Mr. Rajiv Gandhi in 1987, it has now a presence in over 30 countries & has a key market in India, Nepal & Tanzania. It has partnered with Bill & Melinda Gates Foundation, GALVmed, Golchha Organisation, Novapharma, etc. While operating across four broad verticals of Poultry Vaccines, Poultry Health Products, Animal Vaccines and Animal Health Products, the company provides services like seroprofiling kits and diagnostic labs for poultry flocks, and mastitis control programs for cattle.[1]
Strengths
- +Company has reduced debt.
- +Company has been maintaining a healthy dividend payout of 19.5%
Weaknesses
- −Stock is trading at 4.45 times its book value
- −The company has delivered a poor sales growth of 11.1% over past five years.
- −Company has a low return on equity of 10.0% over last 3 years.
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 53.73% | 53.73% | 53.73% | 53.73% | 53.73% | 53.73% | 53.73% | 53.73% |
| FIIs | 0.52% | 0.61%▲0.1 | 0.59%▼0.0 | 0.87%▲0.3 | 0.51%▼0.4 | 0.53%▲0.0 | 0.52%▼0.0 | 0.38%▼0.1 |
| DIIs | 0% | 0% | 0.02%▲0.0 | 0.02% | 0.02% | 0%▼0.0 | 0.01%▲0.0 | 0%▼0.0 |
| Public | 45.74% | 45.66%▼0.1 | 45.65%▼0.0 | 45.38%▼0.3 | 45.73%▲0.3 | 45.73% | 45.75%▲0.0 | 45.88%▲0.1 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 66 | 66 | 73 | 73 | 74 | 63 | 77 | 63 | 65 | 70 |
| Expenses | 54 | 54 | 60 | 60 | 59 | 54 | 63 | 51 | 53 | 54 |
| Operating Profit | 12 | 12 | 12 | 14 | 15 | 9 | 14 | 12 | 12 | 17 |
| OPM % | 18% | 18% | 17% | 18% | 20% | 14% | 18% | 20% | 18% | 24% |
| Net Profit | 7 | 6 | 7 | 8 | 9 | 4 | 10 | 8 | 7 | 11 |
| EPS ₹ | 7.97 | 7.62 | 8.73 | 9.91 | 10.98 | 5.22 | 11.33 | 9.22 | 8.48 | 12.54 |
AI Insights
TTM revenue at ₹275Cr, down 3.8% YoY. OPM at 20%.
Borrowings at ₹101Cr. Debt-to-equity ratio: 0.30x. Healthy balance sheet.
CWIP at ₹182Cr (163% of fixed assets). Significant capex underway — growth runway building.
DIIs: 0% (+0.00pp change). FIIs: 0.38% (-0.07pp change). Promoters hold 53.73%.
ROCE declining from 20% (Mar 2014) to 11% (Mar 2025). Working capital days: 110.
PE 42.4x with 10.6% ROCE. Price is 332% above book value of ₹409. Dividend yield: 0.39%.
Recent Announcements
- Compliances-Reg.24(A)-Annual Secretarial Compliance 5m - Submitted Annual Secretarial Compliance Report for year ended 31 March 2026; generally compliant, no violations reported.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 19m - Earnings call transcript for Q4/FY26: consolidated revenue up 7%, PAT up nearly 100%, net debt INR70 crore.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 27m - Newspaper clippings of Financial Results for Q4 & FY26 ended 31 March 2026
- Announcement Under Regulation 30 (LODR) - Corporate Presentation 2d - Hester Biosciences released its FY 2025-26 corporate presentation on 15 May 2026.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 2d - Audio recording of earnings call for quarter and year ended 31 March 2026 posted online.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse