Hester Biosciences Ltd

HESTERBIO

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Market Cap

₹ 1,355 Cr

P/E

30.90

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Hester Biosciences Limited is a leading animal healthcare company focusing on the manufacturing of poultry and large animal vaccines.

The company's growth is being driven by the poultry healthcare division, which recorded a robust 18% growth in Q2.

A key development for Hester is the capitalization of its India plant, which is expected to significantly boost production capacity by March.

Worldwide, Hester faces challenges due to delays in government immunisation programs, yet it's well-positioned for growth from new vaccine approvals like the H9N2.

Hester is actively expanding internationally with strong operations in Africa and strategic initiatives to enhance animal health through regional collaborations.

Sector

Pharmaceuticals

Industry

Pharmaceuticals - Indian - Formulations

Market Cap

1,355 Cr

Volatility

Low Risk

P/E Ratio

30.9

Industry P/E

43.8

PEG Ratio

0.9

P/B Ratio

4.0

52W High

2,489.65

52W Low

1,246.75

Sales CAGR

2.15%

9.31%

11.08%

10Y

12.04%

Profit CAGR

36.18%

-6.95%

0.39%

10Y

5.77%

ROE

TTM

12.98%

7.95%

10.32%

10Y

13.07%

ROCE

TTM

9.93%

9.55%

11.06%

10Y

13.85%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
WINDLAS	778.20	1,647 Cr	24.47	3.08	0.74	12.60	16.43	8.27
BLISSGVS	143.40	1,510 Cr	13.78	1.33	0.35	9.68	14.69	8.24
SYNCOMF	15.05	1,412 Cr	22.42	3.73	0.00	16.66	22.00	13.82
HESTERBIO	1586.00	1,355 Cr	30.90	4.01	0.44	12.98	9.93	6.60
LINCOLN	487.00	968 Cr	12.10	1.35	0.37	11.18	15.34	9.36
FREDUN	1660.40	784 Cr	21.82	4.99	0.04	22.85	26.16	7.74
BPLPHARMA	1117.00	770 Cr	—	2.33	0.09	-1.63	-0.95	-4.66

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	88	70	67	79	82	84	63	82	84	71
Expenses	73	57	57	63	65	65	58	63	61	59
Operating Profit	14	13	10	16	18	19	5.06	19	23	12
OPM %	16.35	18.76	15.15	20.09	21.45	22.89	8.00	23.42	27.13	16.50
Other Income	2.52	5.91	2.20	4.63	2.09	2.80	8.79	-5.64	3.37	12
Interest	2.57	8.08	2.19	6.94	5.01	5.89	-3.81	5.62	1.81	2.21
Depreciation	5.40	4.28	3.75	3.74	4.13	4.20	4.29	4.18	4.18	4.35
Profit Before Tax	8.91	6.76	6.41	9.87	11	12	13	3.75	20	17
Tax %	24.69	40.24	37.29	35.16	29.37	29.32	14.66	58.67	14.31	15.90
Net Profit	6.71	4.04	4.02	6.40	7.49	8.39	11	1.54	17	14
EPS in Rs	7.89	4.75	4.73	7.52	8.80	9.86	13.41	1.82	20.33	16.85

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	125	136	178	183	214	235	266	305	311	313
Expenses	82	89	110	128	146	175	215	251	250	247
Operating Profit	43	48	68	55	69	60	51	54	61	66
OPM %	34.54	34.99	38.21	30.23	32.03	25.52	19.02	17.62	19.62	21.16
Other Income	0.42	2.55	7.21	6.37	1.36	14	20	15	8.02	9.32
Interest	3.50	4.04	6.63	7.37	6.60	4.06	9.32	20	13	9.51
Depreciation	7.00	9.66	12	13	13	17	21	17	17	17
Profit Before Tax	31	36	57	41	50	54	40	32	40	49
Tax %	26.34	36.14	28.43	24.98	30.75	26.20	30.18	33.76	27.15	21.43
Net Profit	23	23	41	31	35	39	28	21	29	39
EPS in Rs	—	—	47.17	36.46	40.80	46.41	32.97	24.89	33.89	52.41
Dividend Payout %	19.15	33.20	22.51	19.25	24.52	21.55	25.56	27.03	20.66	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	8.51	8.51	8.51	8.51	8.51	8.51	8.51	8.51	8.51	8.51
Reserves	93	113	132	169	193	220	251	271	283	306
Borrowings	54	63	62	81	109	110	228	274	244	213
Other Liabilities	30	28	41	41	77	73	74	116	126	126
Total Liabilities	186	213	244	299	387	411	562	670	662	653
Fixed Assets	65	102	110	145	142	133	237	259	240	233
CWIP	36	21	32	7.05	74	109	82	149	171	183
Investments	0.07	0.00	0.00	0.00	0.00	0.00	21	25	30	34
Other Assets	85	89	102	148	170	169	222	237	221	203
Total Assets	186	213	244	299	387	411	562	670	662	653

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	19	35	—	—	37	58	8.71	24	48	65
Cash from Investing Activity	-13	-30	0.00	0.00	-73	-42	-117	-77	-22	-20
Cash from Financing Activity	-6.68	1.83	—	—	19	-18	112	42	-26	-52
Net Cash Flow	-1.14	6.45	0.00	0.00	-17	-2.26	3.48	-12	-0.41	-6.72

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	53.73%	53.73%	53.73%	53.73%	53.73%	53.73%	53.73%	53.73%	53.73%	53.73%	53.73%	53.73%
FIIs	0.45%	0.45%	0.45%	0.42%	0.43%	0.43%	0.52%	0.61%	0.59%	0.87%	0.04%	0.53%
DIIs	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.02%	0.02%	0.49%	0.00%
Public	45.78%	45.82%	45.82%	45.85%	45.84%	45.84%	45.74%	45.64%	45.65%	45.38%	45.73%	45.74%
Total Shareholders	13,391	13,120	12,984	13,342	13,450	12,844	11,305	11,538	11,473	11,853	11,810	12,260

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 05, 2025	Rajiv dinesh gandhi	Insider - Promoter & Director	Acquisition	—	—	1,111	0.01
Sep 05, 2025	Bhupendra vithaldas gandhi	Insider - Promoter & Director	Disposal	—	—	1,111	0.01
Feb 08, 2023	Shaila bhupendra gandhi	Insider - Promoter	Acquisition	—	—	3,01,600	3.54
Feb 08, 2023	Bhupendra vithaldas gandhi huf	Insider - Promoter	Disposal	—	—	3,01,600	3.55

Projection

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Overview

Detailed Summary

Hester Biosciences Limited is a leading animal healthcare company focusing on the manufacturing of poultry and large animal vaccines.

The company's growth is being driven by the poultry healthcare division, which recorded a robust 18% growth in Q2.

A key development for Hester is the capitalization of its India plant, which is expected to significantly boost production capacity by March.

Worldwide, Hester faces challenges due to delays in government immunisation programs, yet it's well-positioned for growth from new vaccine approvals like the H9N2.

Hester is actively expanding internationally with strong operations in Africa and strategic initiatives to enhance animal health through regional collaborations.

Sector

Pharmaceuticals

Industry

Pharmaceuticals - Indian - Formulations

Market Cap

1,355 Cr

Volatility

Low Risk

P/E Ratio

30.9

Industry P/E

43.8

PEG Ratio

0.9

P/B Ratio

4.0

52W High

2,489.65

52W Low

1,246.75

Sales CAGR

2.15%

9.31%

11.08%

10Y

12.04%

Profit CAGR

36.18%

-6.95%

0.39%

10Y

5.77%

ROE

TTM

12.98%

7.95%

10.32%

10Y

13.07%

ROCE

TTM

9.93%

9.55%

11.06%

10Y

13.85%