Viyash Scientific Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Viyash Scientific Ltd filed with BSE on 16 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Viyash Scientific reported Q1 FY27 revenue of Rs. 946 crores, up about 20% year-on-year, with EBITDA of Rs. 205 crores and margin expanding to 21.6%. Profit after tax rose to Rs. 79 crores, more than double the prior year, while net debt fell to Rs. 86 crores with net debt to EBITDA at 0.1x. Management discussed the signed agreement to acquire BioForLife in Italy, growth across Animal Health and Human formulation businesses, and flat API revenue attributed to customer wait-and-watch behavior on raw material pricing.
Numbers mentioned
Revenue from operations: Rs. 946 crores (Q1 FY'27)
p. 3
“Revenue from operations for Q1 FY’27 was Rs. 946 crores, grown by 20% year-on-year.”
Haribabu Bodepudi, page 3 of the filed PDF · View the filing
EBITDA: Rs. 205 crores (Q1 FY'27)
p. 3
“EBITDA was Rs. 205 crores, grown by 59% year-on-year, with EBITDA margin at 21.6%, expanding by almost 530 basis points over last year.”
Haribabu Bodepudi, page 3 of the filed PDF · View the filing
Profit after tax: Rs. 79 crores (Q1 FY'27)
p. 3
“Profit after tax was Rs. 79 crores, which has more than doubled year-on-year.”
Haribabu Bodepudi, page 3 of the filed PDF · View the filing
Net debt: Rs. 86 crores (Q1 FY'27)
p. 4
“Net debt has come down to Rs. 86 crores and net debt to EBITDA is now 0.1x versus 0.24x last quarter, and almost 1x a year back.”
Haribabu Bodepudi, page 4 of the filed PDF · View the filing
Gross margin: 54.1% (Q1 FY'27)
p. 5
“Gross margin improved to 54.1%, compared with 51.9% in Q1 FY’26, representing an improvement of approximately 220 basis points year-over-year.”
Ramakant Singani, page 5 of the filed PDF · View the filing
Profit before tax: Rs. 112 crores (Q1 FY'27)
p. 5
“Profit before tax increased by 132% year-on-year to Rs. 112 crores, compared with Rs. 48 crores in Q1 FY’26.”
Ramakant Singani, page 5 of the filed PDF · View the filing
Finance costs: Rs. 12.5 crores (Q1 FY'27)
p. 5
“Our finance costs declined to Rs. 12.5 crores from Rs. 20.4 crores in Q1 FY’26, reflecting the benefits of our continuous focus on balance sheet strengthening and debt reduction.”
Ramakant Singani, page 5 of the filed PDF · View the filing
ESOP expense: Rs. 19 crores (Q1 FY'27)
p. 6
“This has resulted in an incremental expense of Rs. 19 crores for the quarter ended 30th June 2026.”
Ramakant Singani, page 6 of the filed PDF · View the filing
US Human formulation revenue growth: 60% (Q1 FY'27)
p. 4
“Our US business has grown 60% showing results of our efforts to moving towards backward-integrated, more complex products.”
Haribabu Bodepudi, page 4 of the filed PDF · View the filing
Domestic Animal Health market growth: 60% (Q1 FY'27)
p. 4
“We are also seeing strong growth in domestic market as well (up 60%), and here we are looking to expand our fieldforce and product portfolio further to grow aggressively.”
Haribabu Bodepudi, page 4 of the filed PDF · View the filing
US Human formulation revenue: Rs. 126 crores (Q1 FY'27)
p. 14
“Only US is the Human Health, what we reported, Rs. 126 crores.”
Haribabu Bodepudi, page 14 of the filed PDF · View the filing
Minority interest share of profit: around 17% (Q1 FY'27)
p. 13
“Minority interest, if you look at further quarter, is around 17%.”
Ramakant Singani, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
BioForLife acquisition closing — next few months
stated conditionally by Haribabu Bodepudi
p. 4
“We have signed SPA for Bio For Life acquisition in Italy, and we are expecting to close the acquisition in next few months basis fulfillment of certain conditions as per the agreement.”
Haribabu Bodepudi, page 4 of the filed PDF · View the filing
EBITDA margin — 20%-22%
stated as an aspiration by Haribabu Bodepudi
p. 5
“Q1 FY’27 shows continuity, sustained double-digit revenue growth, EBITDA margins around 20%-22% as indicated earlier, balance sheet now strongest ever in the history.”
Haribabu Bodepudi, page 5 of the filed PDF · View the filing
CAPEX — Rs. 250 crores-Rs. 300 crores · this year
stated firmly by Haribabu Bodupedi
p. 12
“Whatever you are putting the CAPEX, whatever we indicated, I think Rs. 250 crores-Rs. 300 crores for a year.”
Haribabu Bodupedi, page 12 of the filed PDF · View the filing
ESOP cost — Rs. 25-30 crores · FY28
stated firmly by Ramakant Singani
p. 10
“For FY’27, the total would be about Rs. 150 crores. For FY’28, it will come down to around Rs. 25-30 crores.”
Ramakant Singani, page 10 of the filed PDF · View the filing
Minority stake buyback (US and Spain) — 100% ownership · next 1-2 years
stated as an aspiration by Haribabu Bodupedi
p. 13
“But next 1-2 years, it’s going to be acquired 100%.”
Haribabu Bodupedi, page 13 of the filed PDF · View the filing
Human API growth — 13%-15% · next two years
stated as an aspiration by Haribabu Bodupedi
p. 14
“But looking at my experience, we expect next two years 13%-14%.”
Haribabu Bodupedi, page 14 of the filed PDF · View the filing
Companion Animal manufacturing facility completion — January-February
stated firmly by Haribabu Bodupedi
p. 10
“Mostly, it’s going to start next few weeks or next month and the target to complete by January-February to be ready for taking exhibit batch.”
Haribabu Bodupedi, page 10 of the filed PDF · View the filing
2032 revenue target — 1 billion (18% CAGR) · FY2032
stated as an aspiration by Haribabu Bodupedi
p. 16
“But we see the realistic, if you calculate from FY’27 numbers, 1 billion is actually working out to 18% CAGR.”
Haribabu Bodupedi, page 16 of the filed PDF · View the filing
Depreciation/goodwill amortization — Rs. 10-11 crores · Q2 FY27
stated firmly by Haribabu Bodupedi
p. 11
“So, this year, 1st Quarter Rs. 25 crores, next quarter is going to be Rs. 10 crores, close to Rs. 10 – Rs. 11 crores.”
Haribabu Bodupedi, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the flatness is a phasing issue between quarters and that on a full-year basis EU growth should return to 18-20%.
Answered by Rajaram Narayanan
Asked by Naman Bagrecha: Why has EU revenue been largely flat year-on-year in constant currency terms?
p. 6
“So, some of it is more a bit of phasing between one quarter and another quarter.”
Rajaram Narayanan, page 6 of the filed PDF · View the filing
Management attributed growth to volume gains in Turkey, Brazil and Mexico alongside a strong product pipeline and new launches.
Answered by Haribabu Bodupedi
Asked by Naman Bagrecha: What is driving the strong emerging markets growth this quarter?
p. 7
“Both markets are doing extremely well. These are the three countries, Turkey, Brazil, Mexico. So, all are doing extremely good on this business.”
Haribabu Bodupedi, page 7 of the filed PDF · View the filing
Management cited restructuring, moving volume products to India, vertical integration with API, and new product launches as drivers.
Answered by Haribabu Bodupedi
Asked by Naman Bagrecha: Why did US business grow so strongly this quarter?
p. 8
“So, these are the few things; changing the strategy, moving volume products to India, full integration with API, and adding a few new products.”
Haribabu Bodupedi, page 8 of the filed PDF · View the filing
Management explained customers delayed procurement due to raw material price volatility from the ongoing war, but orders are now returning.
Answered by Haribabu Bodupedi
Asked by Naman Bagrecha: Why was API revenue flat quarter-on-quarter?
p. 8
“So, basically, last quarter, especially June, everybody expected war is going to end by June.”
Haribabu Bodupedi, page 8 of the filed PDF · View the filing
Management guided to mid-teens growth for the overall API business this year due to the larger, slower-growing Human API base.
Answered by Haribabu Bodupedi
Asked by Sahil Sanghvi: Can API growth exceed 20% for a couple of quarters?
p. 9
“Mostly, next year, it is going to increase. We have few launches, but this year, we can expect double digit, maybe mid teens or at that level together”
Haribabu Bodupedi, page 9 of the filed PDF · View the filing
Management described building R&D and manufacturing capability over the past two years, with meaningful revenue expected from 2029 and larger formulation revenue after 2030.
Answered by Haribabu Bodupedi
Asked by Bharat Sheth: What is the current status and outlook for high-potent oncology products?
p. 10
“So, most of the revenues, whatever we developed APIs and partners, it’s going to start from 29.”
Haribabu Bodupedi, page 10 of the filed PDF · View the filing
Management named compliance and governance as non-negotiable, alongside financial discipline in M&A aligned to strategic direction.
Answered by Haribabu Bodupedi
Asked by Sajal Kapoor: What non-negotiable principles guide growth amid increasing complexity?
p. 11
“If I had to put it in three things, one is compliance, no second thought and discussion whether it is regulatory compliance, finance, statutory or quality compliance or EHS.”
Haribabu Bodupedi, page 11 of the filed PDF · View the filing
Management indicated minority interest would remain in a similar range as last year and that full buyback of minority stakes in US and Spain is planned within 1-2 years.
Answered by Ramakant Singani
Asked by Chintan Sheth: How should minority interest be modeled going forward?
p. 13
“Around 16%-17% of the total profit.”
Ramakant Singani, page 13 of the filed PDF · View the filing
Management said the average target market share is 10-15%, with some products potentially reaching 25-30%.
Answered by Haribabu Bodupedi
Asked by Kumar Saurabh: What market share is targeted for first-to-file API opportunities like Mavacamten and Neratinib?
p. 15
“But it’s very difficult to see based on the 2 billion actually, brand today, then formulation price erosion, then API contribution, then 50-60% erosion, that we need to do product-wise.”
Haribabu Bodupedi, page 15 of the filed PDF · View the filing
Management said meaningful revenue contribution would take 18-24 months as products are registered in other markets, with bigger growth expected after that.
Answered by Haribabu Bodupedi
Asked by Mehul: What will the BioForLife acquisition contribute to top line over the next 1-2 years?
p. 16
“So, there’s a 2-way strategy. One is expanding those products into other region wherever it’s possible.”
Haribabu Bodupedi, page 16 of the filed PDF · View the filing
Management said lessons were learned from prior acquisitions and that the strategy avoids trying to move European operations to India, instead using local expertise.
Answered by Haribabu Bodupedi
Asked by Kiran: Given past issues with European acquisitions like Alivira, what guardrails are in place for BioForLife?
p. 18
“So, when you’re working in Europe, you have to understand that your business, right? And do it that way.”
Haribabu Bodupedi, page 18 of the filed PDF · View the filing
Risks flagged
API revenue timing disruption due to raw material price volatility linked to ongoing war
p. 4
“As all you guys know, the war is continuing, nobody knows when it’s going to end.”
Haribabu Bodepudi, page 4 of the filed PDF · View the filing
Customer wait-and-watch behavior delaying procurement
p. 8
“So, most of the guys where they have inventory, they try to actually a little bit postpone their procurements.”
Haribabu Bodupedi, page 8 of the filed PDF · View the filing
Long gestation period and uncertainty in high-potent/oncology product development
p. 12
“So, when you say the long gestation period, use capital thing, when you are doing for new company, new setup, for example, if I am doing only high potent separately as a separate vertical, that investment is viewed, there is a lot of risk involved in that because of gestation period is high.”
Haribabu Bodupedi, page 12 of the filed PDF · View the filing
Historical difficulties India Inc has faced acquiring and operating businesses in Europe
p. 18
“So, earlier, 5-10 years back, when everybody acquired, we thought the products can move to India. And it never happens.”
Haribabu Bodupedi, page 18 of the filed PDF · View the filing
Uncertainty in patent expiry timing affecting when first-to-file revenue materializes
p. 18
“But the registration, tying up with somebody, all it and more than that patent expiry, these things will take its own time.”
Haribabu Bodupedi, page 18 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.