Annual General Meeting Details

  • Date: 21 July 2026, Tuesday
  • Time: 10:30 a.m. IST
  • Mode: Through Video Conference/Other Audio Visual Means
  • Cut-off date for dividend entitlement: 14 July 2026
  • Dividend Payment Date: On or after 28 July 2026

Financial Performance Highlights

Standalone Performance (INR million)

  • Revenue from operations: INR 2,921.36 (2% growth YoY from INR 2,864.66)
  • Profit Before Tax: INR 696.82 (67% growth from INR 417.60)
  • Profit After Tax: INR 521.00 (64% growth from INR 318.42)
  • EBITDA: INR 871.03 (56% growth from INR 557.08)
  • Earnings Per Share: INR 61.24 (vs INR 37.43 previous year)

Consolidated Performance (INR million)

  • Revenue from operations: INR 3,325.99 (7% growth YoY from INR 3,111.02)
  • Profit After Tax: INR 574.84 (99% growth from INR 288.26)
  • EBITDA: INR 1,056.51 (53% growth from INR 690.76)
  • Earnings Per Share: INR 67.57 (vs INR 33.89 previous year)

Segment-wise Performance

  • Poultry Healthcare Division: Revenue of INR 2,060.79 million (24% growth)
  • Animal Healthcare Division: Revenue of INR 818.32 million (decline from INR 1,198.83 million due to delays in government immunization programs)

Balance Sheet Position

  • Standalone Net Worth: INR 3,851.82 million (14% growth)
  • Consolidated Net Worth: INR 3,677.89 million (13% growth)
  • Standalone Debt-Equity Ratio: 0.19 (improved from 0.31)
  • Return on Equity (Standalone): 14% (vs 10% previous year)
  • Total Assets: INR 6,779.41 million
  • Trade Receivables: INR 953.56 million net of allowance
  • Inventories: INR 725.33 million

Dividend Declaration

  • Recommended Final Dividend: INR 11 per equity share (110% of face value)
  • Total Dividend Amount: INR 93.58 million
  • Dividend Payout Ratio: 18% of standalone profits

Operational Highlights

Regulatory Approvals

  • Received marketing and manufacturing licenses for H9N2 Avian Influenza (Low Pathogenic) Vaccine for poultry
  • Secured permission to repurpose BSL-3 facility for veterinary use

Capacity Expansion

  • Capitalized Fill-Finish facility enhancing manufacturing capabilities
  • Capitalized BSL-3 facility strengthening specialized biological product development
  • Tanzania facility maintained consistent operations supporting African markets

Product Launches

Poultry Healthcare: Silvectant, Hestbac, Hestflora, AmmoStop, Inactivated H9N2 vaccine

Animal Healthcare: ICEFT RTU, Inomilk Gel, Bovitone HQ10, Uderwise, Hestdrip formulations

Corporate Actions

Divestment

  • Sold 43.81% stake in Texas Lifesciences Private Limited on 11 March 2026
  • Reduced holding from 54.81% to 11%
  • Texas Lifesciences ceased to be subsidiary from 27 March 2026
  • Gain on sale recognized: INR 29.36 million as exceptional item

Board Changes

  • Mr. Ravin Gandhi resigned as Director effective 12 May 2026
  • Ms. Nina Gandhi ceased as Alternate Director effective 12 May 2026
  • Mr. Ashish Desai appointed as Chief Financial Officer effective 20 November 2025
  • Mr. Rajiv Gandhi re-appointed as CEO & MD for 3 years effective 1 April 2026

Subsidiary Performance

Hester Biosciences Nepal Private Limited (65% ownership)

  • Revenue: NPR 116.84 million (INR 73.00 million equivalent)
  • Profit After Tax: NPR 34.60 million (INR 21.63 million equivalent)

Hester Biosciences Africa Limited (100% ownership)

  • Revenue: TZS 304.64 million (INR 11.27 million equivalent)
  • Loss After Tax: TZS 25.35 million (INR 0.94 million equivalent)

Loan Restructuring (Post-balance sheet event)

  • Gates Foundation loan amendment for Hester Biosciences Africa Limited
  • Outstanding principal reduced from USD 12 million to USD 5 million
  • All accrued interest of USD 0.99 million waived
  • Future loans to carry no interest charges

Research & Development

  • R&D expenditure: INR 71.11 million
  • DSIR approved R&D centre
  • Focus on vaccine development, strain improvement, and process innovation

Credit Ratings

  • Long-term bank facilities: CARE BBB/Stable (downgraded from CARE BBB+/Stable)
  • Short-term bank facilities: CARE A3+ (downgraded from CARE A2)

Forward Outlook

  • Strengthen biologicals portfolio across Poultry and Animal Healthcare
  • Expand commercialization of H9N2 Avian Influenza vaccine
  • Increase participation in commercial and export markets
  • Advance R&D initiatives across vaccines and animal health solutions
  • Strengthen international presence, particularly in Africa

Important Dates

  • Financial Year End: 31 March 2026
  • Board Meeting Date: 15 May 2026
  • AGM Date: 21 July 2026
  • Book Closure: 14 July 2026 to 21 July 2026 (both days inclusive)