Viyash Scientific’s first quarter results show a significant boost in profitability, propelled by strong US sales, diversified health segments, and strategic acquisitions, amid cautious outlook on raw material supply.
Viyash Scientific said its first quarter to June delivered a sharp uplift in profitability, helped by stronger sales, better operating leverage and lower finance costs. The pharmaceutical maker reported revenue from operations of ₹946 crores, up 20% from a year earlier, while EBITDA climbed 59% to ₹205 crores and the margin widened to 21.6%. Profit after tax more than doubled to ₹79 crores, and net debt fell to ₹86 crores, leaving the group with a net debt-to-EBITDA ratio of just 0.1 times, according to the company’s earnings materials and related analysis.
The strongest momentum came from the United States, where the human formulations business grew 60% year on year. Management said that reflected backward integration, a greater mix of more complex products and a shift of lower-value volumes to India, which also lifted margins materially. The animal health business also performed well across regions, with domestic sales rising 60% as the company added products and broadened its market reach. Viyash’s investor information says the business is already diversified across human and animal health, with more than 85% backward integration and a presence in over 150 countries.
The company’s API business was flatter in the quarter, which management blamed on temporary procurement delays linked to raw material volatility and uncertainty around the war. Even so, executives said orders were returning and that the second quarter should be the strongest yet for the segment. They also pointed to the planned acquisition of Biocorlife in Italy as a key next step, saying it would give Viyash direct access to the European companion animal market and a portfolio of 85 products. The company said the deal would take time to integrate fully, but it should eventually open a wider launch pad across Europe.
Cost pressure from employee stock options weighed on the quarter, with the company disclosing an additional ₹19 crores of expense after a new grant of 1.3 crore options in June. Management indicated that the bulk of that charge is front-loaded and should ease next year. Looking further ahead, Viyash is still pitching a long-term revenue ambition of $1 billion by 2032, which executives said would require an annual growth rate of about 18% from the FY27 base. They argued that the target is achievable through a mix of organic expansion, companion animal growth, complex human products and selective acquisitions, while stressing that compliance, governance and capital discipline will remain central to the strategy.
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