HESTERBIO

Hester Bios share price & financials

Gujarat-based maker of animal vaccines, feed supplements and therapeutics for poultry, livestock and pets.

Price: ₹2,076.4
Market cap: ₹2.1k Cr
Sector: Healthcare
Calls analysed: 7

Latest concall · Q1 FY27 · call held 30 Jul 2026

Hester Bios Q1 FY27

Gross Margin 78%

What went well

Standalone revenue from operations grew by 14% over the corresponding quarter.
Standalone PAT increased by 88% over the corresponding quarter.
Gross margins improved from 69% to 78%, supported by favorable product mix and operational efficiencies.

What to watch

Consolidated revenue declined by 8% YoY, primarily due to lower revenues from Nepal and Africa operations.
Animal Healthcare Division continued to be impacted by the timing of government-led immunization programs.

Read the full call →

What Hester Bios does

Hester Biosciences develops, manufactures and markets animal-health products — live and inactivated vaccines, feed supplements, therapeutics and biosecurity solutions — for poultry, ruminants and companion animals. It operates through two divisions, Poultry Healthcare and Animal Healthcare (which now includes the Petcare business), and runs three manufacturing plants located in India, Nepal and Africa. The company distributes domestically via its own depot and distributor network and exports to over 35 countries, and is positioned as a leading global supplier of vaccines against diseases such as PPR, Lumpy Skin Disease and Goat Pox.

Segments

Poultry Healthcare
Animal Healthcare (incl. Petcare)

Manufacturing plants: 3 (India, Nepal, Africa)
Installed vaccine production capacity across plants: ~11.3 billion doses/year (Mehsana 8.6bn + Nepal 1.24bn + Tanzania 1.5bn)
Countries served (global footprint): 35+
Market position: World's largest supplier of PPR vaccine; largest supplier of LSD vaccine to African countries and Central Asia; largest supplier of Goat Pox vaccine in India; second-largest poultry vaccine manufacturer in India (~35% market share)
India distribution network: 15 sales depots, 1,000+ distributors, 250+ field force personnel
Operating legacy: 39 years in animal health (serving since 1997)

Headquarters Mehsana, Gujarat, India Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 8 delivered 5 missed 2 open

BSL-3 Facility Revenue Potential Clarity missed said Q4 FY25 Promised: Provide clarity on revenue potential within Q1 or Q2 FY26 Q1 FY27: When asked about BSL3 utilization, management was evasive: 'difficult to give a directional guidance or give you a number... At this point, really cannot give you a capacity utilization percentage'. The lack of clarity persists.
Poultry to Animal Healthcare Revenue Mix at risk said Q4 FY26 Promised: Achieve a 50-50 revenue mix between Poultry and Animal Healthcare Q1 FY27: The Poultry division grew 48% while the Animal Health division was 'impacted' by tender delays. This has skewed the revenue mix further towards Poultry, moving away from the 50-50 target.
Fill Finish Facility Capitalization delivered late said Q4 FY25 Promised: Capitalization by Q2 FY26 Q4 FY26: Management confirms the Fill-Finish facility was capitalized during the year, confirming the delayed completion.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 8.3%, net profit up 470.6% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	84	63	82	84	71 −15%	77 +22%	100 +22%	77 −8%
Expenses	65	58	63	61	59	60	66	54
EBITDA	19	5	19	23	12 −37%	18 +260%	34 +79%	23 +0%
Margin	23%	8%	23%	27%	17%	23%	34%	29%
Other income	3	9	-6	3	12	2	2	89
Interest	6	-4	6	2	2	2	5	3
Depreciation	4	4	4	4	4	4	6	7
Profit before tax	12	13	4	20	17 +42%	14 +8%	25 +525%	102 +410%
Tax rate	29%	15%	59%	14%	16%	31%	34%	5%
Net profit	8	11	2	17	14 +75%	9 −18%	17 +750%	97 +471%
EPS	9.64	13.71	1.52	19.33	16.99	10.31	18.78	114.00

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +7.8% 1Y

1Y: ₹2,100.3 on 10 Sept 2025 → ₹2,264.9. High ₹2,545 (13 Jul 2026), low ₹1,259.1 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −0.7%; 30 Jul
Q4 FY26: +5.2%; 15 May
Q3 FY26: +3.0%; 30 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.7% a year over 3 years, FY23 to FY26. Operating margin widened to 26.2%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹266 Cr	₹304 Cr	₹311 Cr	₹332 Cr
Operating profit	₹51 Cr	₹53 Cr	₹61 Cr	₹87 Cr
Operating margin	19.1%	17.4%	19.6%	26.2%
Interest	₹9 Cr	₹20 Cr	₹13 Cr	₹11 Cr
Depreciation	₹20 Cr	₹17 Cr	₹16 Cr	₹18 Cr
Net profit	₹29 Cr	₹21 Cr	₹28 Cr	₹57 Cr
Net margin	11.0%	6.9%	9.0%	17.2%
Cash from operations	₹24 Cr	₹48 Cr	₹65 Cr	₹64 Cr
Free cash flow	₹-54 Cr	₹24 Cr	₹44 Cr	₹47 Cr
ROCE	9.0%	9.0%	10.0%	15.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹9 Cr	₹9 Cr	₹9 Cr	₹9 Cr	₹9 Cr	₹9 Cr
Reserves	₹220 Cr	₹251 Cr	₹271 Cr	₹283 Cr	₹329 Cr	₹352 Cr
Borrowings	₹105 Cr	₹228 Cr	₹274 Cr	₹244 Cr	₹214 Cr	₹195 Cr
Other liabilities	₹78 Cr	₹74 Cr	₹116 Cr	₹126 Cr	₹124 Cr	₹123 Cr
Total liabilities	₹411 Cr	₹562 Cr	₹670 Cr	₹662 Cr	₹675 Cr	₹678 Cr
Fixed assets	₹133 Cr	₹237 Cr	₹259 Cr	₹240 Cr	₹247 Cr	₹411 Cr
Capital work in progress	₹109 Cr	₹82 Cr	₹149 Cr	₹171 Cr	₹182 Cr	₹9 Cr
Investments	₹0 Cr	₹21 Cr	₹25 Cr	₹30 Cr	₹37 Cr	₹43 Cr
Other assets	₹169 Cr	₹222 Cr	₹237 Cr	₹221 Cr	₹209 Cr	₹215 Cr
Total assets	₹411 Cr	₹562 Cr	₹670 Cr	₹662 Cr	₹675 Cr	₹678 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Expensive

To justify its price of ₹2265, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~20%. At that growth it is worth ₹1267 — downside of 44%.

Growth the price implies: 31.9% a year; for 7 years, fading to 4%
It has actually compounded at: 18.1% a year; net profit, FY23–FY26 · EPS 20.3%
The gap: 0.1 pp; -44% downside if it only repeats history

Price today ₹2,264.9 Value at the reference growth ₹1,267.42

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Hester Bios

Guides on how to read this kind of business and the numbers that matter.