Board Meeting Details

The Board of Directors meeting was held on 5 November 2026, commencing at 10:30 a.m. (IST) and concluding at 11:05 a.m. (IST). The meeting approved:

  • 1. Unaudited Standalone and Consolidated Financial Results for the quarter and six months period ended 30 September 2026
  • 2. Unsecured loan of USD 1 million to Hester Biosciences Africa Limited, foreign wholly-owned subsidiary in Tanzania

Financial Results - Standalone Performance

Income Statement Highlights (Amount in INR Million):

Quarter Ended 30 September 2026:

  • Revenue from Operations: ₹829.28 (vs ₹645.79 in Q2 FY26, +28.4% YoY)
  • Other Income: ₹16.75
  • Total Income: ₹846.03
  • Profit Before Tax: ₹223.39 (vs ₹98.82 in Q2 FY26, +126.1% YoY)
  • Total Tax Expense: ₹56.79
  • Profit After Tax: ₹166.60 (vs ₹72.09 in Q2 FY26, +131.1% YoY)
  • Earnings Per Share (Basic & Diluted): ₹19.59 (vs ₹8.48 in Q2 FY26)

Six Months Ended 30 September 2026:

  • Revenue from Operations: ₹1,555.88 (vs ₹1,280.69 in H1 FY26, +21.5% YoY)
  • Profit Before Tax: ₹420.91 (vs ₹201.70 in H1 FY26, +108.7% YoY)
  • Profit After Tax: ₹313.71 (vs ₹150.47 in H1 FY26, +108.5% YoY)
  • Earnings Per Share (Basic & Diluted): ₹36.88 (vs ₹17.69 in H1 FY26)

Segment-wise Performance (Standalone):

  • Poultry Healthcare: Q2 revenue ₹608.61 million, H1 revenue ₹1,226.77 million
  • Animal Healthcare: Q2 revenue ₹220.67 million, H1 revenue ₹329.11 million

Balance Sheet Position (Standalone as at 30 September 2026):

  • Total Assets: ₹5,611.35 million (vs ₹5,573.46 million as at 31 March 2026)
  • Share Capital: ₹85.07 million
  • Other Equity: ₹3,986.62 million (vs ₹3,766.75 million as at 31 March 2026)
  • Total Equity: ₹4,071.69 million
  • Total Liabilities: ₹1,539.66 million

Financial Results - Consolidated Performance

Quarter Ended 30 September 2026:

  • Revenue from Operations: ₹979.12 (vs ₹709.69 in Q2 FY26, +38.0% YoY)
  • Profit Before Tax: ₹264.54 (vs ₹170.36 in Q2 FY26, +55.3% YoY)
  • Profit After Tax: ₹206.31 (vs ₹143.31 in Q2 FY26, +44.0% YoY)
  • Earnings Per Share (Basic & Diluted): ₹23.94 (vs ₹16.85 in Q2 FY26)

Six Months Ended 30 September 2026:

  • Revenue from Operations: ₹1,751.56 (vs ₹1,550.74 in H1 FY26, +13.0% YoY)
  • Profit Before Tax: ₹1,281.36 (vs ₹372.23 in H1 FY26, +244.2% YoY)
  • Profit After Tax: ₹1,173.63 (vs ₹316.27 in H1 FY26, +271.1% YoY)
  • Earnings Per Share (Basic & Diluted): ₹137.94 (vs ₹37.18 in H1 FY26)

Exceptional Item:

Consolidated results include exceptional gain of ₹857.68 million from substantial modification of Gates Foundation loan at Hester Biosciences Africa Limited subsidiary.

Subsidiary Loan Agreement Details

The Board approved an unsecured loan to Hester Biosciences Africa Limited (wholly-owned subsidiary in Tanzania) with the following terms:

  • Aggregate amount: USD 1 million (approximately ₹83 million)
  • Disbursement: In one or more tranches
  • Interest Rate: 9% per annum
  • Tenure: 3 years from first drawdown
  • Purpose: Business and general corporate purposes, working capital requirement
  • Security: Unsecured
  • Expected execution date: On or before 15 November 2026
  • Special Rights: None (no right to appoint directors, pre-emptive rights, or restrictions on capital structure changes)

Related Party Transaction Status

The transaction with Hester Biosciences Africa Limited qualifies as a Related Party Transaction but is exempt under Regulation 23(5)(b) of SEBI Listing Regulations as it is between a holding company and its wholly-owned subsidiary. The transaction is stated to be at arm's length basis.

Subsidiary Divestment Update

The company completed divestment of its remaining 11% shareholding in Texas Lifescience Private Limited (TLPL) during the quarter ended 30 September 2026. This follows the earlier divestment of 43.81% equity shareholding approved on 11 March 2026.

Press Release Highlights

Management commentary from the press release indicates:

  • Poultry Healthcare Division grew 27% in Q2 and 37% in H1 YoY
  • Animal Healthcare Division grew 34% in Q2 but declined 14% in H1 YoY
  • Gross profit margin improved to 78% from 68-69% in previous year
  • EBITDA margin stood at 35% for standalone operations
  • Company priorities include sustaining poultry healthcare growth, strengthening animal healthcare portfolio, advancing vaccine development, and developing export opportunities

Cash Flow Analysis (Standalone)

For six months ended 30 September 2026:

  • Net cash generated from operating activities: ₹309.76 million
  • Net cash used in investing activities: ₹(28.42) million
  • Net cash used in financing activities: ₹(240.92) million
  • Net increase in cash and cash equivalents: ₹40.42 million

Audit Information

The limited review reports were issued by Chandulal M. Shah & Co., Chartered Accountants (FRN No. 101698W) for both standalone and consolidated financial results. The consolidated results include subsidiaries in Nepal, Africa, Kenya, Tanzania, and a joint venture entity (Thrishool Exim Limited).