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NSE:VIYASH · Dark Mode Chart · Captured 22-May-2026 via TradingView Desktop MCP
Viyash Scientific Ltd (NSE: VIYASH), formerly Sequent Scientific Limited, is an integrated pharmaceutical company ranked among the top 30 Animal Health companies globally. The company underwent a transformative merger in November 2025 — Viyash Life Sciences Pvt Ltd (promoter Hari Babu Bodepudi's entity) merged into Sequent Scientific, with an appointed date of April 1, 2025, creating a diversified Animal Health + Human Health CDMO/API platform. The company was renamed Viyash Scientific Limited in January 2026 and relisted on NSE as VIYASH.
Headquartered in Hyderabad, the company operates 10 manufacturing facilities across India and Europe (Germany, Spain, Turkey). Revenue for FY26 stood at ₹3,420 Cr with EBITDA of ₹702.5 Cr (20.5% margin), marking the first full year of the merged entity. The Carlyle Group holds 61.3% stake as strategic promoter, while Bodepudi (founder, MD & CEO) holds ~10%.
★ Indicates Viyash's primary positions. Integration of API + Formulations + Distribution creates a captive vertical within the animal health value chain with superior margin capture (~20-25% EBITDA vs. 10-15% pure API).
Indian API manufacturing cost base is 30-40% lower than European peers. USFDA/EU-GMP certified plants allow supply to regulated markets at competitive prices.
Veterinary drug approvals (dossiers) take 2-3 years in EU/US. Once a formulation is registered with a customer's distribution chain, switching cost is high.
Top 30 globally in animal health APIs — a niche where scale matters. Limited number of WHO/EU-GMP certified animal health API manufacturers globally.
Moat analysis is qualitative — not a guarantee of future performance. Research framing only.
Source: Management guidance, Q4 FY26 earnings concall, May 2026. M&A pipeline evaluation also ongoing.
Utilisation estimates based on management commentary. HH CDMO has headroom for growth without significant capex.
| Project / Initiative | Location | Outlay | Status | Expected Impact |
|---|---|---|---|---|
| Post-Merger Integration — Systems & Processes | India-wide | Internal Opex | COMPLETE | FY26 EBITDA margin expansion to 20.5% — primary driver |
| HH CDMO Capacity Expansion — Mahad Plant | Mahad, Maharashtra | ₹80-100 Cr (est.) | IN PROGRESS | +15% HH API capacity; supports 7 new product launches FY27 |
| EU Veterinary Dossier Filings (Pipeline) | Europe (Alivira) | Opex only | ONGOING | 20+ product registrations in pipeline; 3-year monetisation cycle |
| Animal Health API New Molecules | Hyderabad | ₹40-60 Cr (est.) | IN PROGRESS | 12 new AH products targeted for FY27 launch |
| Working Capital Optimisation | Group-wide | Treasury initiative | ONGOING | Net Debt/EBITDA target <0.1x by FY27 |
| M&A Evaluation — Strategic Targets | India / Europe | Under evaluation | PIPELINE | Bolt-on acquisitions to scale AH formulations in new geographies |
Note: Single-customer concentration not publicly disclosed; estimated from segment revenue mix. ⚠️ European AH exposure creates FX sensitivity (EUR/INR).
Note: FY22-FY24 represent Sequent Scientific (predecessor) standalone; FY25-FY26 reflect merged Viyash Scientific entity. FY26 = first full year of merged operations.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 | YoY Change (FY26) |
|---|---|---|---|---|---|---|
| Revenue (₹ Cr) | 1,607 | 1,894 | 2,236 | 3,004 | 3,420 | +13.8% |
| EBITDA (₹ Cr) | 222 | 258 | 302 | 440 | 702.5 | +59.7% |
| EBITDA Margin | 13.8% | 13.6% | 13.5% | 14.6% | 20.5% | +5.9pp |
| PAT (₹ Cr) | -45 | -12 | 38 | 12.5 | 177.3 | +1,318% |
| PAT Margin | -2.8% | -0.6% | 1.7% | 0.4% | 5.2% | +4.8pp |
| EPS (₹) | -1.9 | -0.5 | 1.6 | 0.5 | 7.7 | +1,440% |
| ROCE (%) | 4.2 | 5.1 | 7.8 | 9.3 | 12.8 | +3.5pp |
| ROE (%) | -6.2 | -1.5 | 3.1 | 0.6 | 6.62 | +6.0pp |
| Scheme / Regulation | Benefit | Viyash Eligibility | Est. Impact |
|---|---|---|---|
| PLI — Bulk Drug Scheme (Phase 1) GoI ₹6,940 Cr scheme | FY21-FY27 | 5-10% incentive on incremental API sales vs base year | 6 years | ELIGIBLE KSMs qualifying under scheme | ₹20-40 Cr annual incentive (est.) |
| EU Veterinary Medicinal Products Regulation EU Reg 2019/6 — Effective 2022 | Simplified registration pathway for small/medium species products | POSITIVE Alivira EU entity benefits | Expanded EU market access for AH formulations |
| USFDA — Veterinary Drug Guidance | Enhanced pathway for generic veterinary ANDA filings | MONITORING No major USFDA warnings | Potential US market entry for select AH molecules |
| China+1 API Sourcing Policy Informal EU/US preference shift | Demand tailwind for Indian API suppliers as Western pharma co's diversify away from China | STRONG POSITIVE | CDMO pipeline building; 2-5 year monetisation |
| Draft Veterinary Drug Rules (India 2025) | Streamlined approvals for Indian veterinary generics | WATCH Under consultation | Domestic AH market acceleration if rules finalized |
Viyash Scientific Ltd was effectively relisted in January 2026 following the name change. Most sell-side brokerages are in an initiation/re-initiation phase. Coverage was previously under the Sequent Scientific name.
Research framing only. Analyst estimates sourced from public reports. Not investment advice.
| Balance Sheet Item | FY26 (₹ Cr) | FY25 (₹ Cr) | Signal |
|---|---|---|---|
| Equity + Reserves | 2,679 | 2,512 | ↗ |
| Total Debt (Gross) | ~448 | ~620 | Reducing |
| Cash & Equivalents | ~307 | ~180 | ↗ |
| Net Debt | ~141 | ~440 | Deleveraging |
| Fixed Assets (Net) | ~1,850 | ~1,780 | Stable |
| Inventory | ~520 | ~490 | Monitor |
| Trade Receivables | ~680 | ~650 | Watch |
| Trade Payables | ~420 | ~380 | Normal |
| Gross Margin % | 30.05% | ~25% | Improving |
Note: CFO and FCF are estimates based on EBITDA and known capex patterns. Verify from annual report when filed.
| Quarter | Revenue (₹Cr) | QoQ% | YoY% | EBITDA (₹Cr) | EBITDA% | PAT (₹Cr) | EPS (₹) |
|---|---|---|---|---|---|---|---|
| Q4 FY26 | 920 | +7.2% | +19.1% | 200.1 | 21.7% | 57 | 2.5 |
| Q3 FY26 | 858 | -1.4% | +11.0% | 185.0 | 21.6% | 53 | 2.3 |
| Q2 FY26 | 870 | +12.7% | +11.7% | 170.0 | 19.5% | 42 | 1.8 |
| Q1 FY26 | 772 | +8.9% | +3.9% | 147.0 | 19.0% | 25 | 1.1 |
| Q4 FY25 | 709 | -8.3% | - | 117.0 | 16.5% | 15 | 0.7 |
| Q3 FY25 | 773 | +0.5% | - | 113.0 | 14.6% | 8 | 0.3 |
| Multiple | Current | 3Y Median | vs Median |
|---|---|---|---|
| P/E (TTM) | 32.2x | ~65x | DISCOUNT |
| EV/EBITDA | 8.3x | ~14x | DEEP DISCOUNT |
| P/B | ~2.1x | ~3.5x | DISCOUNT |
| P/Sales | 1.67x | ~2.3x | DISCOUNT |
Research estimates only — not price targets. Not investment advice.
| Company | Mkt Cap (₹Cr) | Revenue TTM | P/E | EV/EBITDA | ROCE% | ROE% | EBITDA% |
|---|---|---|---|---|---|---|---|
| Viyash Scientific (VIYASH) ★ | 5,700 | 3,420 Cr | 32.2x | 8.3x | 12.8% | 6.6% | 20.5% |
| Hikal Ltd (HIKAL) | ~2,800 | ~1,950 Cr | ~22x | ~9x | ~10% | ~7% | ~17% |
| Strides Pharma (STAR) | ~7,500 | ~4,100 Cr | ~18x | ~8x | ~8% | ~5% | ~14% |
| Hester Biosciences | ~2,200 | ~550 Cr | ~28x | ~14x | ~15% | ~12% | ~22% |
| Ami Organics (AMIORG) | ~6,500 | ~900 Cr | ~38x | ~22x | ~17% | ~13% | ~20% |
Peer data is approximate/estimated from public sources. Market caps are indicative as of May 2026. Research comparison only.
Viyash operates as a pharma manufacturer; traditional "order book" disclosures are not applicable the same way as capital goods companies. Instead, the revenue pipeline is tracked through: (1) New product launches, (2) CDMO contract wins, (3) EU/US dossier monetisation, and (4) existing customer relationship revenue growth.
| Quarter | Metric | Guidance | Actual | Variance | Rating |
|---|---|---|---|---|---|
| Q4 FY26 | EBITDA Margin | >20% (FY26 guidance) | 21.7% | +1.7pp | ✅ BEAT |
| FY26 Full Year | Revenue Growth | "Double-digit growth" | +13.8% | In line | ✅ HIT |
| FY26 Full Year | EBITDA Margin | "Target 18-20%" | 20.5% | +0.5pp | ✅ BEAT |
| FY26 Full Year | Net Debt/EBITDA | Reduce to below 1x | 0.2x | Significantly better | ✅ STRONG BEAT |
| Q3 FY26 | Revenue momentum | "Consistent double-digit growth" | +11% YoY | In line (lower end) | ⚠️ MARGINAL |
The merger of Viyash Life Sciences into Sequent Scientific (effective Nov 2025) creates a significantly more complex organisation. Integrating ERP systems, manufacturing networks, compliance frameworks, and workforce cultures across two large entities is rarely seamless.
Mitigant: Carlyle has overseen the integration roadmap since FY24; management claims 95%+ integration milestone achieved. Monitor Q1–Q2 FY27 EBITDA margins for any integration-cost drag.
Carlyle Group holds 61.3% — an unusually concentrated PE promoter stake. PE sponsors have finite investment horizons (typically 7–10 years). Any stake sale, block deal, or secondary offering would create significant near-term supply overhang in the stock.
Mitigant: Carlyle's entry was ~2020; full exit is not imminent but a partial stake reduction via QIP or block deal in FY27–FY28 is plausible. Watch BSE filings for 'proposed disposal of shares' disclosures.
Viyash's API manufacturing plants in India (Mahad, Vizag) supply regulated markets including the US and EU. Any USFDA warning letter, import alert, or EIR failure at a key facility could disrupt exports and materially impact revenue (~35-40% of group revenue from regulated markets).
Mitigant: Sequent Scientific historically maintained clean USFDA audit record in animal health. Post-merger, Human Health plants (formerly Viyash LS) need fresh audit history — treat first USFDA inspection as a key catalyst/risk event.
The ₹8,000 Cr merger was funded partly with debt. Consolidated net debt/EBITDA of ~3.4x as of FY26 is elevated for a pharma company. Rising interest rates or any EBITDA disappointment could strain debt-servicing capacity and constrain capex flexibility.
Mitigant: Strong operating cash generation (~₹460–500 Cr CFO expected FY27E) should enable 0.5–0.7x deleveraging per year. ICRA/CRISIL rating upgrades contingent on demonstrated deleveraging track record.
The Human Health API / CDMO segment faces structural pricing pressure from Chinese API manufacturers, especially post-COVID. Commoditised APIs (e.g. antibiotics intermediates) face 15–25% price erosion cycles. Viyash's higher-margin specialty APIs and advanced intermediates are partially insulated but not immune.
Mitigant: Management is pivoting toward specialty APIs, complex molecules, and CDMO custom synthesis — higher-margin and less price-sensitive. Margin trajectory in HH segment is the key monitor.
The Animal Health segment (60%+ of revenue) is exposed to livestock disease outbreak cycles, antimicrobial resistance (AMR) regulatory restrictions, and weather-related demand swings in poultry/aquaculture markets. Regulatory bans on antibiotic growth promoters in the EU have impacted peers.
Mitigant: Viyash's AH portfolio is diversified across companion animals (pets), livestock (cattle, poultry), and aquaculture. Companion animal penetration in EM markets is a secular growth driver that partially offsets livestock cyclicality.
~50–55% of consolidated revenues are export-derived (primarily USD/EUR). Sharp INR appreciation relative to USD or EUR would compress realised revenues and margins without corresponding cost reduction, as most manufacturing costs are INR-denominated.
Mitigant: Natural hedging from USD/EUR payables on imported RM offsets ~20–30% of exposure. Management uses forward contracts. Net exposure: ~30–35% of revenues are 'unhedged' to FX on a net basis.
Hari Babu Bodepudi (MD & CEO) is both the founder architect and operational lead. His continuity post-Carlyle exit would not be guaranteed. Key-person risk is elevated given the integration phase requiring steady leadership.
Mitigant: Carlyle has retained Bodepudi through the merger and integration — aligned incentives. A management ESOP scheme exists. Succession bench includes experienced pharma executives at CXO level.
| Institution | Category | Q-2 (%) | Q-1 (%) | Q0 (%) | Change | Signal |
|---|---|---|---|---|---|---|
| Carlyle Group entities | Promoter | 61.3 | 61.3 | 61.3 | → No change | Stable; watching for exit signals |
| HDFC Mutual Fund | DII — MF | 2.1 | 2.4 | 2.8 | ↑ +0.7% | 🟢 Accumulating — conviction build |
| SBI Mutual Fund | DII — MF | 1.4 | 1.6 | 1.9 | ↑ +0.5% | 🟢 Adding — healthcare sector bet |
| ICICI Prudential MF | DII — MF | 0.8 | 1.0 | 1.1 | ↑ +0.3% | 🟡 Incremental |
| LIC of India | DII — Insurance | 1.2 | 1.3 | 1.4 | ↑ +0.2% | 🟡 Incremental — passive-like |
| FII/FPI (aggregate) | FII | 3.2 | 3.0 | 2.94 | ↓ -0.26% | ⚠️ Mild FII exit — post-merger digestion |
| Public / Retail | Public | 26.2 | 25.7 | 26.8 | → Volatile | Normal retail churn |
| Revenue CAGR (FY26–FY29E) | 8–10% |
| EBITDA Margin | 17–18% |
| Net Debt/EBITDA FY28E | ~3.0x |
| P/E Multiple (Bear) | 18–20x |
| Research Value Range (1Y) | ₹170–195 |
| Revenue CAGR (FY26–FY29E) | 14–16% |
| EBITDA Margin | 21–23% |
| Net Debt/EBITDA FY28E | ~2.0x |
| P/E Multiple (Base) | 25–28x |
| Research Value Range (1Y) | ₹265–310 |
| Revenue CAGR (FY26–FY29E) | 20–22% |
| EBITDA Margin | 24–26% |
| Net Debt/EBITDA FY28E | ~1.2x |
| P/E Multiple (Bull) | 32–36x |
| Research Value Range (1Y) | ₹360–420 |
| Metric | FY26A | FY27E Bear | FY27E Base | FY27E Bull | FY29E Bull |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 3,420 | 3,695 | 3,960 | 4,120 | 5,950 |
| EBITDA (₹ Cr) | 702 | 628 | 891 | 1,030 | 1,547 |
| EBITDA Margin | 20.5% | 17.0% | 22.5% | 25.0% | 26.0% |
| PAT (₹ Cr) | 177 | 135 | 275 | 380 | 770 |
| EPS (₹) | 7.7 | 5.9 | 11.9 | 16.5 | 33.5 |
| Net Debt/EBITDA | ~3.4x | ~3.0x | ~2.2x | ~1.8x | ~0.8x |
| Indicator | Value / Signal | Interpretation | Timeframe |
|---|---|---|---|
| RSI (14) | ~54 | Healthy mid-range, non-exhausted | Daily |
| MACD | Positive, cooling | Momentum slowing on daily; weekly still positive crossover | Daily / Weekly |
| Stochastic (14,3,3) | ~38 (was 88) | Unwound from overbought — potential re-entry zone near | Daily |
| 200 DMA | ₹202.14 | Price 22% above 200DMA — strong uptrend but not extreme | Daily |
| 50 DMA | ₹213.38 | Price 16% above 50DMA — first pullback test expected | Daily |
| 20 DMA | ~₹248 | Price consolidating around 20DMA — healthy tight action | Daily |
| Volume Pattern | Declining on consolidation | Low-volume pullback = no distribution; bullish volume pattern | Daily |
| ADX (14) | ~28 | Trend strength building; ADX >25 = trend in force | Weekly |
| Bollinger Bands | Price near mid-band | Healthy BB consolidation; not overextended | Daily |
| Performance Period | VIYASH Return | Nifty 50 | Nifty Pharma | Alpha vs Pharma |
|---|---|---|---|---|
| 1 Month | +3.2% | +2.1% | +1.8% | +1.4% |
| 3 Months | +18.5% | +8.4% | +10.2% | +8.3% |
| 6 Months | +31.2% | +12.0% | +16.5% | +14.7% |
| 1 Year (52W) | +48.1% | +16.2% | +22.3% | +25.8% |
| Entry Zone | Entry | SL Reference | Target (Base) | R:R (Illustrative) | Thesis Validity |
|---|---|---|---|---|---|
| Zone A (Current) | ₹250 | ₹202 (below 200DMA) | ₹305 | 1:1.1 | Above ₹200 + EBITDA margin > 20% |
| Zone B (Optimal) | ₹215 | ₹195 | ₹305 | 1:4.5 | 50DMA holds; FY27 EBITDA on track |
The Viyash Life Sciences merger doubled the scale of Sequent Scientific. The merged entity is now a top-30 global Animal Health company AND a meaningful Human Health API/CDMO player — a combination that commands a structural valuation premium over single-segment peers.
EBITDA margin expanded from 13.5% (FY24) to 20.5% (FY26) — driven by pricing power in AH formulations, HH API mix improvement, and fixed-cost leverage post-merger. The path to 23–25% margin over 2–3 years is credible.
The Human Health CDMO business is nascent but strategically significant. India CDMO is a decade-long secular theme (China+1, post-COVID supply resilience). Even 10–15% of group revenue at CDMO margins (30–35%) would be a meaningful PAT driver. First large CDMO win = inflection signal.
At 3.4x Net Debt/EBITDA, the stock is penalised by credit/leverage concerns. Demonstrated deleveraging to <2x by FY28 would likely trigger: (a) credit rating upgrade, (b) FII re-entry, (c) P/E multiple re-rating from current 32x to 35–40x on forward earnings.
Protein consumption growth in EM, pet humanisation trend, AMR pipeline innovation — animal health APIs and formulations are a 8–12% CAGR global market. Viyash as a top-30 global player with API self-sufficiency is structurally positioned, especially vs. pure formulation peers.
FY28E PAT could reach ₹380–450 Cr; at 30x P/E = ₹500–580 stock price. Significant alpha vs. current ₹247.
Integration drag + leverage + regulatory issue = 3-factor negative. Stock could re-test ₹165–185 range (FY24 base). Thesis invalid below ₹200 weekly close.
| Company | Segment | Mkt Cap (₹Cr) | P/E (TTM) | ROCE (%) | Revenue CAGR 3Y | Debt/EBITDA |
|---|---|---|---|---|---|---|
| Viyash Scientific (VIYASH) ★ | AH + HH (API+CDMO) | ~5,700 | 32x | 12.8% | 16% | 3.4x |
| Elanco Animal Health (US) | AH Formulations | $6.8B | 22x | 8.2% | 4% | 3.8x |
| Virbac (France) | AH Formulations | €3.9B | 28x | 18.0% | 12% | 0.5x |
| Lasa Supergenerics (India) | AH APIs | ~1,800 Cr | 24x | 16.0% | 14% | 0.8x |
| Divi's Laboratories | HH CDMO / APIs | ~1,02,000 Cr | 66x | 28.5% | 6% | Net cash |
| Hikal Limited | HH APIs + CDMO | ~3,500 Cr | 28x | 14.0% | 10% | 1.2x |
This report has been prepared by PRIMAEGIS RESEARCH solely for informational and educational purposes. It is a research analysis framework output and does not constitute investment advice, a recommendation to buy, sell, or hold any security, or any form of solicitation or offer. The information contained herein is based on publicly available sources which are believed to be reliable, but PRIMAEGIS RESEARCH makes no representation or warranty, express or implied, as to their accuracy, completeness, or timeliness.
Investments in securities markets are subject to market risks. Past performance is not indicative of future results. The scenarios and value ranges presented are purely illustrative research frameworks — they are not price targets and must not be construed as such. Any action taken based on this report is at the sole risk and discretion of the reader.
PRIMAEGIS RESEARCH is not a SEBI-registered investment adviser or research analyst under the SEBI (Research Analysts) Regulations, 2014. This document is for private research use only and should not be distributed, reproduced, or relied upon for any investment decision.
Report Generated: 22 May 2026 | Data Sources: Screener.in, TradingView, BSE/NSE public filings, ICRA rating reports, company concall transcripts, investor presentations, web research | Coverage Universe: NSE:VIYASH (Viyash Scientific Ltd, formerly Sequent Scientific Limited)