Viyash Scientific restates half-year revenue to Rs 1,641.94 crore

Viyash Scientific Limited restated revenue from operations for the half year ended 30 September 2025 to Rs 1,641.94 crore, from Rs 865.41 crore previously reported, after including the amalgamated businesses in comparative consolidated results under the pooling-of-interests method. Restated half-year profit after tax was Rs 109.75 crore, compared with Rs 37.17 crore reported earlier.

Why did Viyash Scientific restate its September 2025 results?

Viyash Scientific restated the 30 September 2025 comparative figures because the Composite Scheme of Amalgamation required the transaction to be accounted for as a business combination of entities under common control. The company applied the pooling-of-interests method set out in Appendix C of Indian Accounting Standard 103, Business Combinations.

The scheme involved Viyash Scientific, its wholly owned subsidiary Sequent Research Limited, Viyash Life Sciences Private Limited and its subsidiaries. The transferor companies named in the filing include Syned Labs Limited, Vindhya Pharma (India) Private Limited, SV Labs Private Limited, Vindhya Organics Private Limited and Genin Life Sciences Private Limited.

The National Company Law Tribunal, Hyderabad, sanctioned the scheme on 18 November 2025, with an appointed date of 1 April 2025. It became effective on 18 December 2025 when the certified tribunal order was filed with the Registrar of Companies. For comparative presentation, Viyash Scientific recast prior-period consolidated results as if the business combination had occurred from 1 April 2024.

The restatement therefore changes the comparison base, rather than recording a new revenue item in the September 2025 period. The independent auditor drew attention to the restatement in its review report dated 13 November 2026 and said its conclusion was not modified in respect of the matter.

How much did Viyash Scientific's revenue and profit change?

Viyash Scientific's restated half-year revenue from operations for 30 September 2025 was Rs 776.53 crore above the originally reported Rs 865.41 crore. Profit before tax was restated to Rs 150.71 crore from Rs 52.68 crore, while profit after tax rose to Rs 109.75 crore from Rs 37.17 crore.

The recast was also material in the three months ended 30 September 2025. Revenue from operations was revised to Rs 850.30 crore from Rs 423.99 crore, while profit after tax became Rs 72.90 crore from Rs 19.60 crore. Total comprehensive income for that quarter was restated to Rs 103.37 crore from Rs 33.95 crore.

Per-share figures changed alongside the earnings comparison. Basic earnings per equity share for the half year ended 30 September 2025 were restated to Rs 2.01 from Rs 1.16, and diluted earnings per share were restated to Rs 1.98 from Rs 1.14. Viyash Scientific said the weighted average share count includes scheme-related equity shares and warrants, as well as outstanding employee stock options.

How did the amalgamation alter Viyash Scientific's cash-flow comparison?

Viyash Scientific restated net cash generated from operating activities for the half year ended 30 September 2025 to Rs 151.27 crore, compared with Rs 44.90 crore originally reported. The cash-flow recast reflects the transferor companies being included in the consolidated comparative period.

The larger operating cash inflow was accompanied by larger outflows in the restated comparative cash-flow statement. Net cash used in investing activities was revised by Rs 47.20 crore to Rs 51.42 crore, and net cash used in financing activities was revised by Rs 58.85 crore to Rs 91.42 crore.

For the half year ended 30 September 2026, Viyash Scientific reported operating cash generation of Rs 182.74 crore, compared with the restated Rs 151.27 crore for the previous corresponding period. Cash and cash equivalents at 30 September 2026 were Rs 492.54 crore, versus Rs 148.73 crore at the end of the restated 30 September 2025 period.

How does Viyash Scientific's 2026 performance compare with the restated base?

Viyash Scientific reported revenue from operations of Rs 1,934.30 crore for the half year ended 30 September 2026, compared with restated revenue of Rs 1,641.94 crore for the corresponding 2025 period. The difference was Rs 292.36 crore, and the comparison now measures performance against a combined-business base rather than the former reporting perimeter.

Profit before tax for the 2026 half year was Rs 230.09 crore, compared with restated profit before tax of Rs 150.71 crore a year earlier. Profit after tax was Rs 163.94 crore against Rs 109.75 crore, while total comprehensive income was Rs 157.00 crore compared with Rs 174.72 crore in the restated comparative period.

Total income increased to Rs 1,954.39 crore in the 2026 half year from restated total income of Rs 1,655.59 crore. Total expenses increased to Rs 1,724.30 crore from Rs 1,501.93 crore, while finance costs declined to Rs 26.22 crore from Rs 37.94 crore and depreciation and amortisation fell to Rs 107.10 crore from Rs 114.70 crore.

The 2026 half-year results also recorded employee-benefit expense of Rs 347.48 crore, compared with Rs 277.99 crore in the restated 2025 period. In the cash-flow statement, expenses related to share-based payments were Rs 66.65 crore in the 2026 half year, compared with Rs 22.96 crore in the prior-year comparative period.

Conclusion

Viyash Scientific's restatement makes the September 2025 comparative results representative of the merged group: half-year revenue was recast to Rs 1,641.94 crore and profit after tax to Rs 109.75 crore. The original figures of Rs 865.41 crore and Rs 37.17 crore, respectively, reflected a narrower reporting perimeter before the amalgamated businesses were incorporated into the comparative presentation.

The next disclosed matter to watch is the proposed acquisition of 100% of BioforLife Italia S.r.l. by Viyash Scientific's step-down wholly owned subsidiary, Alivira Animal Health Limited, Ireland. The 21 July 2025 agreement has aggregate consideration of EUR 14.475 million, including EUR 1.575 million of deferred consideration linked to specified conditions, and remains subject to required approvals.