Viyash Scientific Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Viyash Scientific Ltd filed with BSE on 22 May 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 Q4 FY26 revenue of Rs 920 crore, up 19.1% year-on-year, with EBITDA margin expanding to 21.7% and PAT turning around to Rs 66 crore from a loss a year earlier. For the full year, revenue grew 13.8% to Rs 3,420 crore, EBITDA rose 59.6% to Rs 702 crore, and PAT increased more than 14x to Rs 225 crore. Management attributed the improvement to the integration of the merged entity, product mix optimization toward formulations and complex APIs, and merger synergies tracking ahead of initial expectations.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Total revenue: INR920 crores (Q4 FY26)
p. 5
“Total revenue stood at INR920 crores, reflecting a year-on-year growth of 19.1%.”
Ramakant S, page 5 of the filed PDF · View the filing
Formulations revenue: INR499 crores (Q4 FY26)
p. 5
“Formulations revenue increased by 28% to INR499 crores, while API revenues grew 5% to around INR384 crores.”
Ramakant S, page 5 of the filed PDF · View the filing
Gross margin: 55.1% (Q4 FY26)
p. 5
“Gross margin improved by around 236 basis points to 55.1% compared to 52.8% in the same period last year.”
Ramakant S, page 5 of the filed PDF · View the filing
Adjusted EBITDA: INR200 crores (Q4 FY26)
p. 5
“Adjusted EBITDA rose sharply by about 64% to INR200 crores, with EBITDA margins expanding by 593 basis points to 21.7%”
Ramakant S, page 5 of the filed PDF · View the filing
Profit after tax: INR66 crores (Q4 FY26)
p. 5
“Profit after tax also recorded a strong turnaround, rising -- from a loss of INR32 crores to a profit of INR66 crores year-on-year.”
Ramakant S, page 5 of the filed PDF · View the filing
Total revenue: INR3,420 crores (FY26)
p. 5
“Total revenue for FY26 reached INR3,420 crores, representing a growth of 13.8% over INR3,007 crores reported in FY25.”
Ramakant S, page 5 of the filed PDF · View the filing
Adjusted EBITDA: INR702 crores (FY26)
p. 6
“Adjusted EBITDA increased 59.6% to INR702 crores with margins improving by 590 basis points to 20.5%.”
Ramakant S, page 6 of the filed PDF · View the filing
Profit before tax: INR349 crores (FY26)
p. 6
“Profit before tax grew more than 26x to INR349 crores, compared to INR13 crores in the previous year.”
Ramakant S, page 6 of the filed PDF · View the filing
Profit after tax: INR225 crores (FY26)
p. 6
“Profit after tax increased more than 14x to INR225 crores, up from INR16 crores last year.”
Ramakant S, page 6 of the filed PDF · View the filing
Animal health formulation business run rate: INR400 crores (FY26)
p. 4
“The first year after 5 years, we are able to take it to INR400 crores run rate.”
Haribabu B., page 4 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.
Innovator life cycle management business growth — 40% growth on base of INR200-225 crores · FY27
stated as an aspiration by Haribabu B.
p. 7
“FY27, I can say, at least innovative business on this life cycle management, I am expecting to grow 40% and the base is around INR200 crores, INR225 crores on that.”
Haribabu B., page 7 of the filed PDF · View the filing
Gross margin — current levels, plus or minus 1-2% · next 5-6 years
stated conditionally by Haribabu B.
p. 11
“I think these gross margins will be maintained. Once you move to CDMO and C -- maybe improve.”
Haribabu B., page 11 of the filed PDF · View the filing
Synergy benefits — INR125 crores, INR150 crores annualized · next 12 to 18 months
stated conditionally by Haribabu B.
p. 14
“So, we are hoping altogether at least maybe INR125 crores, INR150 crores at this point annualized.”
Haribabu B., page 14 of the filed PDF · View the filing
Tax rate — 26-27% · FY27 onwards
stated firmly by Haribabu B.
p. 15
“I think next year onwards, it's going to be 26%, 27% level.”
Haribabu B., page 15 of the filed PDF · View the filing
Overall growth rate — 15% · next 5 years
stated as an aspiration by Haribabu B.
p. 15
“Yes, 15% definitely quite possible.”
Haribabu B., page 15 of the filed PDF · View the filing
EBITDA — INR1,000 crores · next 2-3 years
stated conditionally by Haribabu B.
p. 16
“So INR1,000 crores, we are targeting. So maybe next 2, 3 years, of course, next session when we come in June meeting.”
Haribabu B., page 16 of the filed PDF · View the filing
Depreciation (goodwill amortization) — around INR35 crores · FY27
stated firmly by Haribabu B.
p. 17
“That's going to be reduced next quarter onwards. So last year, it was INR100 crores on that. This year, it's going to be INR35 crores.”
Haribabu B., page 17 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 described three CDMO models and said life cycle management with 8-10 innovators is showing good traction with approvals starting to come.
Answered by Haribabu B.
Asked by Vishal Manchanda: How is the CDMO business being built, and what is current client/product traction?
p. 6
“Now I can say at least we work with 8 to 10 innovators, big innovators, both human health as well as animal health. And I see good traction last 6, 9 months, okay?”
Haribabu B., page 6 of the filed PDF · View the filing
Management explained the US formulations subsidiary and the Spain subsidiary each have 60% ownership with minority stakes contributing about 20% of PAT.
Answered by Ramakant S
Asked by Surabhi: Which subsidiaries account for the minority interest gap between PAT and PAT to minority?
p. 9
“In Spain, again, we own 60% and the revenue from Spain is about INR550 crores for FY26.”
Ramakant S, page 9 of the filed PDF · View the filing
Management said gross margins are expected to be maintained through product mix optimization, with only modest improvement possible.
Answered by Haribabu B.
Asked by Sajal Kapoor: What is the sustainable gross margin profile over the next 3-5 years given the mix of formulations, API and CDMO?
p. 11
“we are able to manage that gross margin but knowing this business last 30 years. Even if it improves plus or minus 1%, 2%, but less maybe after 5, 6 years”
Haribabu B., page 11 of the filed PDF · View the filing
Management said synergies are tracking at INR50-60 crores annualized currently, with a larger portion expected over the next 12-18 months.
Answered by Haribabu B.
Asked by Chintan Modi: How much of the targeted synergy benefits have been accrued so far?
p. 14
“So rough math, I can say annualized, we are accruing close to what you mentioned, INR50 crores, INR60 crores.”
Haribabu B., page 14 of the filed PDF · View the filing
Risks flagged
Raw material availability and price volatility due to geopolitical issues
p. 15
“So, as you know, it started beginning of March. There is a small impact in March, but it's not material, 2 things.”
Haribabu B., page 15 of the filed PDF · View the filing
Freight cost impact
p. 15
“Freight impacted a little bit INR1 crores, INR2 crores in fourth quarter.”
Haribabu B., page 15 of the filed PDF · View the filing
Receivables growth outpacing revenue in scaling business
p. 12
“A few things when you are -- when you want to grow faster and big, okay? These are the natural things, sometimes inventory receivables, a few countries, countries like Turkey, all these countries, credit period is very high when you are growing bigger thing.”
Haribabu B., page 12 of the filed PDF · View the filing
Complex and unclear regulatory guidance for companion animal generics in the US
p. 12
“It requires a little more studies. So, it's a little complex guidance in the U.S.”
Haribabu B., page 12 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.