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Hester Biosciences Ltd

HESTERBIO

NSE

₹2,266.70+1.35%19 Oct 2026

Reports

Pharma Animal

Hester Biosciences Ltd

HESTERBIO

NSE

₹2,266.70

+1.35%

19 Oct 2026

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Pharma Animal

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Hester Biosciences is fundamentally a vaccine company - it makes biologicals that stop disease in animals before it starts, and that is where its deepest expertise and competitive strength lie. Founded in 1987 by Rajiv Gandhi as a distributor of poultry medicines, the company spent decades moving backwards up the value chain, first marketing vaccines made by others, then manufacturing its own, and eventually becoming the world’s largest supplier of the PPR vaccine and India’s second-largest poultry vaccine maker with a 35% domestic share. The recurring approach is to build a dominant position in a niche vaccine - poultry in India, PPR globally, Goat Pox domestically - and then use the credibility and cash from that position to stretch sideways into health products, diagnostics, and new geographies, always anchored by the biologicals platform at the core.

Business segments

Three engines built on a shared vaccine-manufacturing backbone - a poultry biologicals franchise that is the domestic anchor, a ruminant vaccine business with global leadership in PPR, and a young petcare platform that is still finding its feet - with international plants in Nepal and Tanzania extending the same model into Africa and beyond.

1. Poultry vaccines and health products: the domestic anchor

Hester is the second-largest poultry vaccine maker in India, and it sells farmers an integrated disease-management package - not just a shot in a vial - which locks in loyalty in a market where organised farms already vaccinate at roughly 90% penetration.

Over 50 vaccines, one relationship - the portfolio spans more than 50 single and combination vaccines covering diseases from Newcastle to Avian Influenza, made across four technology platforms (chick embryo, cell line, tissue culture, fermentation), so a single farmer can source almost every vaccine they need from one supplier.
A recent flu vaccine opens a new door - during Q4 FY26, Hester received both marketing and manufacturing licences for the H9N2 Avian Influenza vaccine, using technology from ICAR-NIHSAD, which adds a high-demand product to the basket just as avian flu concerns are rising globally.
Health products turn a transaction into a programme - the division also sells immune boosters, gut-health enhancers, farm hygiene products and probiotics under brands like Effiboost, Hestflora and AmmoStop, wrapping vaccination in a broader flock-management promise that makes the farmer stickier.
Free diagnostics seal the deal - the company runs diagnostic laboratories in Kadi, Hyderabad and Kolkata that provide free sero-monitoring and PCR testing to customers, which is how it turns a product sale into a technical partnership that competitors find hard to break.
A heat-proof vaccine reaches the backyard - Hester’s thermostable Newcastle disease vaccine does not need a cold chain, letting it sell into remote areas and backyard poultry where penetration is only about 5%, a vast untapped market that the organised sector cannot reach with conventional vaccines.

2. Ruminant vaccines and health products: the global PPR powerhouse

Hester supplies roughly three out of every four PPR vaccine doses used worldwide and is the largest Goat Pox vaccine maker in India - a position built on government tenders, WHO-backed stockpiles, and a manufacturing footprint that spans two countries.

The world’s PPR pharmacy - with approximately 75% global market share in PPR vaccine, Hester supplies both the WOAH vaccine bank and national immunisation programmes, including 6.3 crore doses delivered under India’s PPR programme in Q4 FY26 alone.
Two strains, two plants, one strategy - the Nepal plant makes PPR vaccine using the Nigerian strain for export markets, while the India plant uses the Sungri strain for domestic programmes, giving the company regulatory and logistical flexibility that a single-plant competitor cannot match.
Goat Pox does double duty - Hester holds over 70% of the Indian Goat Pox vaccine market, and the same vaccine is used to immunise cattle against Lumpy Skin Disease, which means one product serves two large government procurement programmes.
Tenders bring scale, and lumpiness - government immunisation contracts are won through competitive bidding and can be large, but their timing depends on official rollout schedules, which is why ruminant revenue can swing sharply between quarters.
A next-generation Brucella vaccine is in the pipeline - Hester signed an agreement with ICAR-IVRI to develop a Brucella Abortus S19 Delta Per vaccine that aims to deliver lifelong immunity with a single calfhood shot, a product that would upgrade the standard of care in a disease that affects cattle across the developing world.

3. Petcare: the long-term option

Launched in 2022 with three products and now at ten, the petcare segment is a bet on India’s fastest-growing pet market - but it is still a small, retail-facing business that sells through vets and will eventually move online.

A twelve-product starter kit - the portfolio covers antibiotics, anti-inflammatories, parasiticides, joint-care therapies and grooming products under brands like HestaCef CV, Safeline Spot On and VitaCoat, giving the company a shelf presence while it learns the companion-animal market.
India’s pet market is growing at 14% internally - the company describes India as the fastest-growing pet market in the world, which creates a structural tailwind even if Hester’s own petcare revenues are still modest.
Vets first, owners later - the current route to market is through retailers and veterinarians, with a stated plan to target pet owners directly via online platforms, a channel shift that would change the margin and brand-building dynamics if executed.

International manufacturing and distribution

Hester runs vaccine plants in Nepal and Tanzania that extend its biologicals model into markets where local manufacturing is scarce, supported by a domestic network of over 1,000 distributors and 15 depots.

Nepal: a 1.24-billion-dose export base - the Kathmandu-area plant holds seventeen vaccination licences and has supplied FAO tenders and the WOAH vaccine bank, with plans to add poultry vaccine capacity for Middle Eastern and Central Asian exports.
Tanzania: a Gates-backed bridge into Africa - the Kibaha plant has 1.5 billion doses of annual capacity, was built with Gates Foundation support, and is one of the few multi-technology vaccine facilities on the continent, with approvals for PPR, CBPP, LSD and poultry vaccines.
Distributors buy direct, not just through governments - in Africa, Hester sells to private distributors who supply cattle and poultry farmers, reducing reliance on tender cycles and building an over-the-counter market in a region where per-capita animal vaccine spending is still very low.
India’s network reaches the last mile with cold vans - 15 sales depots, over 1,000 distributors and a field force of more than 250 people are supported by company-owned cold-chain vehicles that deliver vaccines right to the end user, preserving efficacy in a country where ambient temperatures can destroy a biological product in hours.

Group structure and partners

Hester is the listed parent with three manufacturing or trading subsidiaries in Nepal, Tanzania and Kenya, one joint-venture distributor in Tanzania, and a web of research partnerships with Indian government labs and global health funders.

Three subsidiaries, one joint venture - wholly-owned Hester Nepal and Hester Africa run the two international plants, Hester Kenya trades veterinary products, and the 50% stake in Thrishool Exim gives Hester a ready-made distribution network for animal health and nutrition products in Tanzania.
Texas Lifesciences was partially sold in FY26 - Hester divested 43.81% of its 54.81% stake in the health-products contract manufacturer, retaining 11%, which sharpens the group’s focus on its core biologicals business.
The Gates Foundation is a funder and a partner - the foundation supported the Tanzania plant and provided a loan facility that was restructured in May 2026, cutting the outstanding amount from USD 12 million to USD 5 million and waiving accrued interest.
Indian research institutes supply the pipeline - technology agreements with ICAR-IVRI, ICAR-NIHSAD and ICAR-NRCE cover vaccines for Avian Influenza, Lumpy Skin Disease, Classical Swine Fever and the next-generation Brucella candidate, giving Hester a stream of publicly developed intellectual property to commercialise.

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Balance Sheet

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Quarterly Results

Profit & Loss

Balance Sheet

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Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹1,940Cr

Close Price

₹2,280.00

Industry

Pharma Animal

Price To Earnings

14.17

Price To Sales

5.95

Revenue

₹326Cr

Rev Gr TTM

Revenue Growth TTM

4.09%

PAT Gr TTM

PAT Growth TTM

254.35%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	70	67	79	82	84	63	82	84	71	77	100	77
Growth YoY Revenue Growth YoY%	-3.7	-10.6	17.8	-6.3	18.8	-5.6	3.4	2.2	-15.2	22.5	22.2	-8.2
Expenses ExpensesCr	57	57	63	65	65	58	63	61	59	60	66	54
Operating Profit Operating ProfitCr	13	10	16	18	19	5	19	23	12	18	34	23
OPM OPM%	18.8	15.2	20.1	21.4	22.9	8.0	23.4	27.1	16.5	23.0	34.3	29.5
Other Income Other IncomeCr	6	2	5	2	3	9	-6	3	12	2	2	89
Interest Expense Interest ExpenseCr	8	2	7	5	6	-4	6	2	2	2	5	3
Depreciation DepreciationCr	4	4	4	4	4	4	4	4	4	4	6	7
PBT PBTCr	7	6	10	11	12	13	4	20	17	14	25	102
Tax TaxCr	3	2	3	3	3	2	2	3	3	4	9	5
PAT PATCr	4	4	6	7	8	11	2	17	14	9	17	97
Growth YoY PAT Growth YoY%	-38.8	-66.9	12.1	11.6	107.7	183.8	-75.9	131.0	70.8	-18.4	974.7	459.1
NPM NPM%	5.7	6.0	8.1	9.1	10.0	18.1	1.9	20.6	20.2	12.0	16.5	125.2
EPS EPS₹	4.8	4.7	7.5	8.8	9.9	13.4	1.8	20.3	16.9	10.9	19.4	113.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	70	67	79	82	84	63	82	84	71	77	100	77
Growth YoY Revenue Growth YoY%	-3.7	-10.6	17.8	-6.3	18.8	-5.6	3.4	2.2	-15.2	22.5	22.2	-8.2
Expenses ExpensesCr	57	57	63	65	65	58	63	61	59	60	66	54
Operating Profit Operating ProfitCr	13	10	16	18	19	5	19	23	12	18	34	23
OPM OPM%	18.8	15.2	20.1	21.4	22.9	8.0	23.4	27.1	16.5	23.0	34.3	29.5
Other Income Other IncomeCr	6	2	5	2	3	9	-6	3	12	2	2	89
Interest Expense Interest ExpenseCr	8	2	7	5	6	-4	6	2	2	2	5	3
Depreciation DepreciationCr	4	4	4	4	4	4	4	4	4	4	6	7
PBT PBTCr	7	6	10	11	12	13	4	20	17	14	25	102
Tax TaxCr	3	2	3	3	3	2	2	3	3	4	9	5
PAT PATCr	4	4	6	7	8	11	2	17	14	9	17	97
Growth YoY PAT Growth YoY%	-38.8	-66.9	12.1	11.6	107.7	183.8	-75.9	131.0	70.8	-18.4	974.7	459.1
NPM NPM%	5.7	6.0	8.1	9.1	10.0	18.1	1.9	20.6	20.2	12.0	16.5	125.2
EPS EPS₹	4.8	4.7	7.5	8.8	9.9	13.4	1.8	20.3	16.9	10.9	19.4	113.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	101	123	136	178	183	214	235	266	305	311	333	326
Growth Revenue Growth%	12.1	22.0	10.4	31.0	2.9	16.9	9.7	13.2	14.4	2.1	6.9	4.1
Expenses ExpensesCr	68	82	89	110	128	146	175	215	251	250	246	239
Operating Profit Operating ProfitCr	33	41	47	68	55	69	60	51	54	61	87	87
OPM OPM%	33.1	33.3	34.8	38.2	30.2	32.0	25.5	19.0	17.6	19.6	26.1	26.6
Other Income Other IncomeCr	1	0	3	7	6	1	14	20	15	8	19	105
Interest Expense Interest ExpenseCr	4	4	4	7	7	7	4	9	20	13	11	12
Depreciation DepreciationCr	6	7	10	12	13	13	17	21	17	17	19	22
PBT PBTCr	25	31	36	57	41	50	54	40	32	40	76	157
Tax TaxCr	6	8	13	16	10	15	14	12	11	11	18	20
PAT PATCr	19	23	23	41	31	35	39	28	21	29	57	137
Growth PAT Growth%	43.4	18.8	1.2	76.4	-23.8	11.9	13.8	-29.0	-24.5	36.2	99.4	254.3
NPM NPM%	19.0	18.5	17.0	22.9	16.9	16.2	16.8	10.5	7.0	9.3	17.3	42.0
EPS EPS₹	22.6	26.8	27.1	47.8	36.4	40.8	46.4	33.0	24.9	33.9	67.6	160.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	101	123	136	178	183	214	235	266	305	311	333	326
Growth Revenue Growth%	12.1	22.0	10.4	31.0	2.9	16.9	9.7	13.2	14.4	2.1	6.9	4.1
Expenses ExpensesCr	68	82	89	110	128	146	175	215	251	250	246	239
Operating Profit Operating ProfitCr	33	41	47	68	55	69	60	51	54	61	87	87
OPM OPM%	33.1	33.3	34.8	38.2	30.2	32.0	25.5	19.0	17.6	19.6	26.1	26.6
Other Income Other IncomeCr	1	0	3	7	6	1	14	20	15	8	19	105
Interest Expense Interest ExpenseCr	4	4	4	7	7	7	4	9	20	13	11	12
Depreciation DepreciationCr	6	7	10	12	13	13	17	21	17	17	19	22
PBT PBTCr	25	31	36	57	41	50	54	40	32	40	76	157
Tax TaxCr	6	8	13	16	10	15	14	12	11	11	18	20
PAT PATCr	19	23	23	41	31	35	39	28	21	29	57	137
Growth PAT Growth%	43.4	18.8	1.2	76.4	-23.8	11.9	13.8	-29.0	-24.5	36.2	99.4	254.3
NPM NPM%	19.0	18.5	17.0	22.9	16.9	16.2	16.8	10.5	7.0	9.3	17.3	42.0
EPS EPS₹	22.6	26.8	27.1	47.8	36.4	40.8	46.4	33.0	24.9	33.9	67.6	160.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	9	9	9	9	9	9	9	9	9	9
Reserves ReservesCr	93	113	132	169	193	220	251	271	283	306	352
Current Liabilities Current LiabilitiesCr	38	38	55	49	83	61	97	149	105	125	152
Non Current Liabilities Non Current LiabilitiesCr	41	48	44	70	97	114	198	233	254	202	158
Total Liabilities Total LiabilitiesCr	186	213	244	299	387	411	562	670	662	653	678
Current Assets Current AssetsCr	74	80	98	143	159	162	195	228	215	195	209
Non Current Assets Non Current AssetsCr	112	133	146	157	227	250	367	442	448	458	469
Total Assets Total AssetsCr	186	213	244	299	387	411	562	670	662	653	678

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	9	9	9	9	9	9	9	9	9	9
Reserves ReservesCr	93	113	132	169	193	220	251	271	283	306	352
Current Liabilities Current LiabilitiesCr	38	38	55	49	83	61	97	149	105	125	152
Non Current Liabilities Non Current LiabilitiesCr	41	48	44	70	97	114	198	233	254	202	158
Total Liabilities Total LiabilitiesCr	186	213	244	299	387	411	562	670	662	653	678
Current Assets Current AssetsCr	74	80	98	143	159	162	195	228	215	195	209
Non Current Assets Non Current AssetsCr	112	133	146	157	227	250	367	442	448	458	469
Total Assets Total AssetsCr	186	213	244	299	387	411	562	670	662	653	678

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	19	35	38	48	37	58	9	24	48	65	64
Investing Cash Flow Investing Cash FlowCr	-13	-30	-26	-23	-74	-38	-117	-77	-23	-19	-3
Financing Cash Flow Financing Cash FlowCr	-7	2	-11	3	19	-18	112	42	-26	-52	-49
Net Cash Flow Net Cash FlowCr	-1	6	1	28	-17	-2	3	-12	0	-7	-3
Free Cash Flow Free Cash FlowCr	19	35	38	48	38	58	9	24	48	65	65
CFO To PAT CFO To PAT%	98.3	152.7	164.8	118.5	118.6	167.3	22.1	84.2	227.6	223.8	111.6
CFO To EBITDA CFO To EBITDA%	56.4	84.8	80.5	70.9	66.4	84.5	14.5	46.6	89.8	105.7	74.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	19	35	38	48	37	58	9	24	48	65	64
Investing Cash Flow Investing Cash FlowCr	-13	-30	-26	-23	-74	-38	-117	-77	-23	-19	-3
Financing Cash Flow Financing Cash FlowCr	-7	2	-11	3	19	-18	112	42	-26	-52	-49
Net Cash Flow Net Cash FlowCr	-1	6	1	28	-17	-2	3	-12	0	-7	-3
Free Cash Flow Free Cash FlowCr	19	35	38	48	38	58	9	24	48	65	65
CFO To PAT CFO To PAT%	98.3	152.7	164.8	118.5	118.6	167.3	22.1	84.2	227.6	223.8	111.6
CFO To EBITDA CFO To EBITDA%	56.4	84.8	80.5	70.9	66.4	84.5	14.5	46.6	89.8	105.7	74.0

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	425	649	1,364	1,315	787	1,631	2,310	1,293	1,182	1,067	1,074	1,940
Price To Earnings Price To Earnings	23.0	27.6	53.3	31.6	27.0	47.4	58.8	48.6	62.6	38.8	19.3	14.2
Price To Sales Price To Sales	4.2	5.3	10.0	7.4	4.3	7.6	9.8	4.9	3.9	3.4	3.2	6.0
Price To Book Price To Book	4.2	5.3	9.7	7.4	3.9	7.1	8.9	4.6	4.0	3.4	3.0	5.4
EV To EBITDA EV To EBITDA	14.2	17.1	29.9	19.9	15.8	24.7	41.9	30.7	26.3	20.9	14.6	24.1
Profitability Ratios Profitability Ratios
GPM GPM%	63.9	64.1	68.0	70.5	76.7	70.2	64.7	62.7	58.0	61.7	66.4	66.4
OPM OPM%	33.1	33.3	34.8	38.2	30.2	32.0	25.5	19.0	17.6	19.6	26.1	26.6
NPM NPM%	19.0	18.5	17.0	22.9	16.9	16.2	16.8	10.5	7.0	9.3	17.3	42.0
ROCE ROCE%	18.3	18.6	19.8	24.6	15.7	18.0	11.8	8.9	9.7	9.9	15.6	15.6
ROE ROE%	18.9	18.7	16.4	22.9	15.4	15.2	15.2	10.0	7.3	9.2	16.0	16.0
ROA ROA%	10.3	10.7	9.4	13.6	8.0	8.4	7.0	4.2	3.2	4.4	8.5	8.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	425	649	1,364	1,315	787	1,631	2,310	1,293	1,182	1,067	1,074	1,940
Price To Earnings Price To Earnings	23.0	27.6	53.3	31.6	27.0	47.4	58.8	48.6	62.6	38.8	19.3	14.2
Price To Sales Price To Sales	4.2	5.3	10.0	7.4	4.3	7.6	9.8	4.9	3.9	3.4	3.2	6.0
Price To Book Price To Book	4.2	5.3	9.7	7.4	3.9	7.1	8.9	4.6	4.0	3.4	3.0	5.4
EV To EBITDA EV To EBITDA	14.2	17.1	29.9	19.9	15.8	24.7	41.9	30.7	26.3	20.9	14.6	24.1
Profitability Ratios Profitability Ratios
GPM GPM%	63.9	64.1	68.0	70.5	76.7	70.2	64.7	62.7	58.0	61.7	66.4	66.4
OPM OPM%	33.1	33.3	34.8	38.2	30.2	32.0	25.5	19.0	17.6	19.6	26.1	26.6
NPM NPM%	19.0	18.5	17.0	22.9	16.9	16.2	16.8	10.5	7.0	9.3	17.3	42.0
ROCE ROCE%	18.3	18.6	19.8	24.6	15.7	18.0	11.8	8.9	9.7	9.9	15.6	15.6
ROE ROE%	18.9	18.7	16.4	22.9	15.4	15.2	15.2	10.0	7.3	9.2	16.0	16.0
ROA ROA%	10.3	10.7	9.4	13.6	8.0	8.4	7.0	4.2	3.2	4.4	8.5	8.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	VIYASH	HESTERBIO	NGLFINE	SHELTER
Market CapitalizationMkt CapCr	9,755	1,940	1,702	77
Close PriceClose₹	220.83	2,280.00	2,755.30	46.02
IndustryIndustry	Pharma Animal	Pharma Animal	Pharma Animal	Pharma Animal
Price To EarningsPE	45.25	14.17	29.76	7.11
Price To SalesPS	2.73	5.95	3.17	1.06
RevenueRevenueCr	3,575	326	536	73
Revenue Growth TTMRev Gr TTM%	53.0%	4.1%	40.5%	44.4%
PAT Growth TTMPAT Gr TTM%	179.7%	254.3%	174.1%	24.7%

	VIYASH	HESTERBIO	NGLFINE	SHELTER
Market CapitalizationMkt CapCr	9,755	1,940	1,702	77
Close PriceClose₹	220.83	2,280.00	2,755.30	46.02
IndustryIndustry	Pharma Animal	Pharma Animal	Pharma Animal	Pharma Animal
Price To EarningsPE	45.25	14.17	29.76	7.11
Price To SalesPS	2.73	5.95	3.17	1.06
RevenueRevenueCr	3,575	326	536	73
Revenue Growth TTMRev Gr TTM%	53.0%	4.1%	40.5%	44.4%
PAT Growth TTMPAT Gr TTM%	179.7%	254.3%	174.1%	24.7%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26