Pharmaceuticals & Drugs · Founded 1985 · www.viyash.com · BSE 512529 · NSE VIYASH · ISIN INE807F01027
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Business
Viyash Scientific Ltd. operates in the Pharmaceuticals & Drugs sector in India. Typically, companies in this industry are involved in the research, development, manufacturing, and marketing of a wide range of pharmaceutical products. This can include active pharmaceutical ingredients (APIs), finished dosage formulations (generics, branded generics, specialty drugs), and potentially contract research or manufacturing services (CRAMS). The "Scientific" in its name might indicate a focus on R&D, specialized formulations, or advanced manufacturing processes. The company likely generates revenue by selling its products to domestic hospitals, pharmacies, government healthcare programs, and potentially through exports to international markets.
Revenue Mix
Specific key segments and their revenue contributions for Viyash Scientific Ltd. are not available. However, common segments for a pharmaceutical company in India might include:
Formulations: Manufacturing and marketing of finished dosage forms (e.g., tablets, capsules, injectables, syrups) across various therapeutic areas.
Active Pharmaceutical Ingredients (APIs): Production of the raw chemical components used in the manufacture of drug products.
Contract Manufacturing/Research: Providing manufacturing or research services to other pharmaceutical companies.
Without detailed information, it is not possible to determine the dominant segments or their respective contributions to Viyash Scientific's revenue.
Industry
The Indian Pharmaceuticals & Drugs industry is large, highly competitive, and fragmented, comprising numerous domestic and international players. India is a global leader in generic drug production and a significant supplier of vaccines. The market is characterized by robust domestic demand driven by population growth, increasing disposable incomes, and rising healthcare awareness, alongside significant export potential. Viyash Scientific Ltd.'s positioning would depend on its specific product portfolio (e.g., generics, specialty, APIs), therapeutic focus, manufacturing capabilities, and market reach. Without specific product or market share data, it is difficult to ascertain its precise standing relative to larger, more established domestic and multinational peers. It likely operates within a niche or competes directly in certain therapeutic segments.
MOAT
Without specific company details, it's challenging to identify durable competitive advantages for Viyash Scientific Ltd. Potential moats in the pharmaceutical sector can include:
Regulatory Expertise & Quality Manufacturing: Ability to consistently meet stringent domestic and international regulatory standards (e.g., US FDA, EU GMP), which is a barrier to entry.
Cost Efficiency & Scale: Ability to produce high-quality generics or APIs at competitive prices, driven by efficient manufacturing processes or economies of scale.
Distribution Network: A strong, established distribution network within India or in key export markets.
Research & Development (R&D) Capabilities: Specialization in developing complex generics, novel drug delivery systems, or niche APIs.
Brand Reputation: For companies focusing on branded generics, a strong brand name and physician trust can be an advantage.
Given its likely scale as an Indian pharmaceutical company, Viyash Scientific Ltd. may derive competitive strength from cost-effective manufacturing, regulatory compliance, and targeted product development rather than broad brand power or extensive patent protection on novel drugs.
Growth Drivers
Rising Healthcare Expenditure: Increasing public and private spending on healthcare in India.
Demographic Factors: Growing and aging population, coupled with a higher incidence of chronic and lifestyle diseases.
Increased Access to Healthcare: Expansion of health insurance coverage and government initiatives promoting access to medicines.
Exports: Continued global demand for affordable generic drugs, particularly from regulated markets.
Product Development & Portfolio Expansion: Launch of new generic drugs, complex generics, biosimilars, or entry into new therapeutic areas.
Government Support: Initiatives like 'Make in India' and support for API manufacturing.
Risks
Intense Competition & Pricing Pressure: The Indian pharma market is highly competitive, leading to constant pressure on drug pricing and profit margins.
Regulatory Changes: Stringent and evolving domestic and international regulations (e.g., drug pricing policies, manufacturing standards, environmental norms).
R&D Failure/Product Approvals: Risks associated with product development, clinical trials, and obtaining timely regulatory approvals for new drugs.
Intellectual Property Challenges: Disputes over patents or data exclusivity, particularly in generic drug development.
Supply Chain Disruptions: Dependence on raw materials, some of which may be imported, leading to vulnerability to global supply chain issues or geopolitical events.
Foreign Exchange Fluctuations: For companies with significant import or export activities, currency volatility can impact profitability.
Management & Ownership
In India, many companies, especially in emerging and mid-cap segments, are promoter-led, meaning the founding family or individuals often retain significant ownership and control. While specific details about Viyash Scientific Ltd.'s promoters and management team are unavailable, their experience in the pharmaceutical industry, track record of regulatory compliance, R&D strategy, and financial management would be critical factors in assessing management quality. Ownership structure is likely dominated by promoters, with potential stakes held by institutional or public shareholders.
Outlook
Viyash Scientific Ltd. operates within a robust and growing Indian pharmaceutical market, which benefits from strong domestic demand fundamentals and global opportunities for generics and APIs. This provides a fertile ground for growth, driven by increasing healthcare access, rising incidence of diseases, and government support for the sector. However, the company faces significant challenges inherent to the industry, including intense competition, continuous pricing pressure, and the need to navigate a complex and evolving regulatory landscape both domestically and internationally. Sustained success will depend on its ability to effectively manage R&D pipelines, maintain high-quality manufacturing standards, control costs, and strategically expand its product portfolio and market reach in a highly competitive environment.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 361 | 390 | 369 | 774 | 772 | 792 | 424 | 858 | 920 | 946 |
| Other Income | 4 | 3 | 5 | 7 | 10 | 7 | 2 | 14 | 16 | 8 |
| Total Income | 365 | 393 | 373 | 781 | 783 | 798 | 426 | 872 | 936 | 955 |
| Total Expenditure | 329 | 348 | 330 | 674 | 659 | 673 | 368 | 683 | 736 | 768 |
| Operating Profit | 36 | 45 | 44 | 106 | 123 | 126 | 58 | 190 | 200 | 187 |
| Interest | 12 | 16 | 14 | 21 | 21 | 20 | 14 | 17 | 15 | 13 |
| Depreciation | 16 | 16 | 17 | 58 | 65 | 56 | 15 | 59 | 60 | 62 |
| Exceptional Income / Expenses | -5 | 0 | -4 | -3 | -74 | -1 | -2 | -41 | 0 | 0 |
| Profit Before Tax | 3 | 12 | 8 | 24 | -37 | 48 | 27 | 73 | 125 | 112 |
| Provision for Tax | 1 | 3 | 2 | -17 | -4 | 11 | 8 | 25 | 59 | 33 |
| Profit After Tax | 1 | 9 | 6 | 42 | -32 | 37 | 20 | 49 | 66 | 79 |
| Adjustments | -2 | -3 | -4 | 3 | 6 | -5 | -5 | -10 | -14 | -13 |
| Profit After Adjustments | -1 | 7 | 3 | 45 | -26 | 32 | 15 | 38 | 52 | 66 |
| Adjusted Earnings Per Share | -0 | 0.3 | 0.1 | 1.8 | -1 | 1.3 | 0.6 | 0.9 | 1.2 | 1.5 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 606 | 684 | 848 | 1039 | 1179 | 1362 | 1413 | 1421 | 1370 | 3007 | 3420 | 3148 |
| Other Income | 13 | 11 | 17 | 9 | 10 | 10 | 11 | 6 | 11 | 36 | 44 | 40 |
| Total Income | 619 | 695 | 864 | 1048 | 1189 | 1372 | 1424 | 1427 | 1381 | 3043 | 3464 | 3189 |
| Total Expenditure | 551 | 641 | 765 | 914 | 1009 | 1152 | 1303 | 1409 | 1308 | 2623 | 2768 | 2555 |
| Operating Profit | 68 | 54 | 100 | 134 | 180 | 220 | 120 | 18 | 72 | 420 | 696 | 635 |
| Interest | 38 | 28 | 33 | 33 | 36 | 24 | 16 | 36 | 48 | 86 | 69 | 59 |
| Depreciation | 46 | 40 | 41 | 42 | 51 | 51 | 52 | 56 | 62 | 239 | 234 | 196 |
| Exceptional Income / Expenses | 0 | 0 | -2 | 0 | 0 | -9 | 0 | -65 | -17 | -82 | -44 | -43 |
| Profit Before Tax | -15 | -14 | 24 | 59 | 94 | 137 | 53 | -138 | -55 | 13 | 349 | 337 |
| Provision for Tax | 3 | -1 | 13 | 2 | 12 | 32 | 8 | -16 | -25 | -3 | 124 | 125 |
| Profit After Tax | -18 | -14 | 10 | 57 | 82 | 104 | 45 | -122 | -30 | 16 | 225 | 214 |
| Adjustments | -1 | 0 | 411 | -8 | -12 | -9 | -4 | 1 | -6 | 7 | -47 | -42 |
| Profit After Adjustments | -18 | -14 | 422 | 49 | 70 | 95 | 41 | -121 | -36 | 23 | 177 | 171 |
| Adjusted Earnings Per Share | -0.8 | -0.6 | 17.3 | 2 | 2.8 | 3.8 | 1.6 | -4.9 | -1.4 | 0.9 | 4.1 | 4.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 14% | 34% | 20% | 19% |
| Operating Profit CAGR | 66% | 238% | 26% | 26% |
| PAT CAGR | 1306% | 0% | 17% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 11% | 27% | 1% | 6% |
| ROE Average | 9% | 2% | -1% | 2% |
| ROCE Average | 13% | 6% | 3% | 6% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 946 | 977 | 648 | 707 | 687 | 728 | 692 | 699 | 657 | 2432 | 2911 |
| Minority's Interest | 2 | 17 | 37 | 40 | 45 | 49 | 48 | 50 | 56 | 133 | 204 |
| Borrowings | 211 | 165 | 104 | 148 | 150 | 94 | 122 | 150 | 143 | 353 | 302 |
| Other Non-Current Liabilities | 88 | 81 | 124 | 67 | 66 | 60 | 87 | 26 | 30 | 87 | 182 |
| Total Current Liabilities | 290 | 545 | 431 | 440 | 515 | 513 | 537 | 559 | 646 | 1015 | 946 |
| Total Liabilities | 1538 | 1904 | 1343 | 1402 | 1463 | 1443 | 1487 | 1484 | 1531 | 4020 | 4545 |
| Fixed Assets | 586 | 684 | 476 | 498 | 577 | 536 | 564 | 605 | 592 | 2103 | 2103 |
| Other Non-Current Assets | 461 | 492 | 329 | 298 | 162 | 141 | 114 | 89 | 98 | 105 | 188 |
| Total Current Assets | 476 | 594 | 538 | 606 | 724 | 767 | 808 | 780 | 829 | 1783 | 2255 |
| Total Assets | 1538 | 1904 | 1343 | 1402 | 1463 | 1443 | 1487 | 1484 | 1531 | 4020 | 4545 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 22 | 20 | 44 | 40 | 68 | 68 | 54 | 57 | 42 | 156 | 140 |
| Cash Flow from Operating Activities | -0 | -7 | 45 | 116 | 115 | 115 | 31 | 17 | 31 | 345 | 323 |
| Cash Flow from Investing Activities | -316 | -116 | 7 | -68 | -72 | 10 | -96 | -65 | -6 | -447 | -84 |
| Cash Flow from Financing Activities | 309 | 147 | -57 | -20 | -43 | -139 | 67 | 32 | -1 | 87 | -123 |
| Net Cash Inflow / Outflow | -7 | 24 | -5 | 28 | 0 | -14 | 2 | -16 | 23 | -15 | 115 |
| Closing Cash & Cash Equivalent | 20 | 44 | 40 | 68 | 68 | 54 | 57 | 42 | 65 | 140 | 256 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.78 | -0.57 | 17.3 | 1.97 | 2.81 | 3.84 | 1.65 | -4.86 | -1.44 | 0.93 | 4.06 |
| CEPS(Rs) | 1.17 | 1.08 | 2.11 | 4 | 5.34 | 6.24 | 3.88 | -2.66 | 1.28 | 10.17 | 10.49 |
| DPS(Rs) | 0 | 0 | 0.2 | 0.2 | 0 | 0.5 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 38.69 | 39.44 | 25.85 | 27.86 | 27.1 | 28.98 | 25.97 | 25.76 | 23.22 | 89.96 | 61.92 |
| Core EBITDA Margin(%) | 8.88 | 6.23 | 9.77 | 11.8 | 14.14 | 15.13 | 7.59 | 0.82 | 4.35 | 12.77 | 19.08 |
| EBIT Margin(%) | 3.66 | 2.02 | 6.68 | 8.66 | 10.77 | 11.6 | 4.76 | -7.02 | -0.46 | 3.31 | 12.23 |
| Pre Tax Margin(%) | -2.48 | -2.09 | 2.78 | 5.56 | 7.81 | 9.84 | 3.67 | -9.47 | -3.87 | 0.44 | 10.2 |
| PAT Margin (%) | -2.89 | -2.01 | 1.2 | 5.37 | 6.81 | 7.53 | 3.1 | -8.39 | -2.1 | 0.52 | 6.57 |
| Cash Profit Margin (%) | 4.47 | 3.8 | 6.07 | 9.33 | 11.01 | 11.17 | 6.68 | -4.56 | 2.26 | 8.46 | 13.4 |
| ROA(%) | -1.46 | -0.81 | 0.63 | 4.14 | 5.73 | 7.19 | 3.06 | -8.21 | -1.96 | 0.57 | 5.25 |
| ROE(%) | -3.67 | -1.47 | 1.28 | 8.63 | 12.06 | 15 | 6.56 | -18.95 | -4.85 | 1.11 | 9.06 |
| ROCE(%) | 2.5 | 1.05 | 4.84 | 9.24 | 12.59 | 16.24 | 7.01 | -9.71 | -0.6 | 4.8 | 13.1 |
| Receivable days | 90.4 | 118.4 | 110.21 | 92.53 | 90.45 | 87.43 | 85.48 | 84.11 | 87.51 | 69.32 | 98.8 |
| Inventory Days | 67.38 | 78.37 | 68.62 | 61.85 | 63.56 | 63.61 | 77.5 | 87.1 | 89.54 | 62.42 | 79.26 |
| Payable days | 143.31 | 177.53 | 143.55 | 124.3 | 129.62 | 117.51 | 111.61 | 109.97 | 119.04 | 91.93 | 126.9 |
| PER(x) | 0 | 0 | 4.47 | 36.45 | 27.61 | 62.69 | 81.14 | 0 | 0 | 141.01 | 45.14 |
| Price/Book(x) | 3.78 | 3.27 | 2.99 | 2.58 | 2.87 | 8.31 | 5.15 | 2.82 | 4.96 | 1.45 | 2.96 |
| Dividend Yield(%) | 0 | 0 | 0.26 | 0.28 | 0 | 0.21 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 6.23 | 5.13 | 2.53 | 1.95 | 1.86 | 4.52 | 2.53 | 1.52 | 2.38 | 1.24 | 2.39 |
| EV/Core EBITDA(x) | 55.13 | 64.95 | 21.58 | 15.17 | 12.18 | 27.91 | 29.76 | 118.11 | 45.01 | 8.87 | 11.74 |
| Net Sales Growth(%) | 36.77 | 12.76 | 24.03 | 22.58 | 13.46 | 15.47 | 3.76 | 0.57 | -3.6 | 119.52 | 13.75 |
| EBIT Growth(%) | 211.85 | -38.68 | 306.58 | 61.66 | 41.56 | 24.06 | -57.33 | -248.67 | 93.58 | 1617.48 | 320.14 |
| PAT Growth(%) | 73.07 | 22.83 | 173.49 | 458.27 | 44.25 | 27.31 | -57.14 | -372.49 | 75.72 | 153.24 | 1324.82 |
| EPS Growth(%) | -10.04 | 26.83 | 3149.38 | -88.6 | 42.79 | 36.53 | -57.09 | -394.57 | 70.4 | 164.51 | 337.51 |
| Debt/Equity(x) | 0.34 | 0.43 | 0.48 | 0.47 | 0.51 | 0.31 | 0.49 | 0.62 | 0.78 | 0.27 | 0.16 |
| Current Ratio(x) | 1.64 | 1.09 | 1.25 | 1.38 | 1.41 | 1.49 | 1.5 | 1.4 | 1.28 | 1.76 | 2.38 |
| Quick Ratio(x) | 1.17 | 0.8 | 0.88 | 0.92 | 0.98 | 0.98 | 0.86 | 0.78 | 0.75 | 1.08 | 1.53 |
| Interest Cover(x) | 0.6 | 0.49 | 1.72 | 2.8 | 3.63 | 6.6 | 4.36 | -2.88 | -0.14 | 1.15 | 6.04 |
| Total Debt/Mcap(x) | 0.09 | 0.13 | 0.16 | 0.18 | 0.18 | 0.04 | 0.09 | 0.22 | 0.16 | 0.19 | 0.05 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 52.78 | 52.76 | 52.61 | 52.61 | 52.61 | 52.33 | 61.41 | 61.31 | 61.31 | 49.24 |
| FII | 5.7 | 6.45 | 6.1 | 6.05 | 6.15 | 5.91 | 3.16 | 2.94 | 4.5 | 2.6 |
| DII | 8.06 | 9.99 | 12 | 12.81 | 12.98 | 12.91 | 7.36 | 7.99 | 3.75 | 8.3 |
| Public | 33.46 | 30.8 | 29.29 | 28.53 | 28.26 | 28.86 | 28.06 | 27.76 | 30.44 | 39.86 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 13.17 | 13.17 | 13.17 | 13.17 | 13.17 | 13.17 | 26.78 | 26.78 | 26.78 | 21.75 |
| FII | 1.42 | 1.61 | 1.53 | 1.51 | 1.54 | 1.49 | 1.38 | 1.29 | 1.97 | 1.15 |
| DII | 2.01 | 2.49 | 3 | 3.21 | 3.25 | 3.25 | 3.21 | 3.49 | 1.64 | 3.66 |
| Public | 8.35 | 7.69 | 7.33 | 7.14 | 7.07 | 7.26 | 12.24 | 12.13 | 13.3 | 17.6 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 24.95 | 24.96 | 25.03 | 25.03 | 25.03 | 25.17 | 43.61 | 43.69 | 43.69 | 44.16 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +14% | +34% | +20% | +19% |
| Operating Profit CAGR | +66% | +238% | +26% | +26% |
| PAT CAGR | +1306% | — | +17% | — |
| Share Price CAGR | +11% | +27% | +1% | +6% |
| ROE Average | +9% | +2% | -1% | +2% |
| ROCE Average | +13% | +6% | +3% | +6% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 52.78 | 52.76 | 52.61 | 52.61 | 52.61 | 52.33 | 61.41 | 61.31 | 61.31 | 49.24 |
| FII | 5.7 | 6.45 | 6.1 | 6.05 | 6.15 | 5.91 | 3.16 | 2.94 | 4.5 | 2.6 |
| DII | 8.06 | 9.99 | 12 | 12.81 | 12.98 | 12.91 | 7.36 | 7.99 | 3.75 | 8.3 |
| Public | 33.46 | 30.8 | 29.29 | 28.53 | 28.26 | 28.86 | 28.06 | 27.76 | 30.44 | 39.86 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 13.17 | 13.17 | 13.17 | 13.17 | 13.17 | 13.17 | 26.78 | 26.78 | 26.78 | 21.75 |
| FII | 1.42 | 1.61 | 1.53 | 1.51 | 1.54 | 1.49 | 1.38 | 1.29 | 1.97 | 1.15 |
| DII | 2.01 | 2.49 | 3 | 3.21 | 3.25 | 3.25 | 3.21 | 3.49 | 1.64 | 3.66 |
| Public | 8.35 | 7.69 | 7.33 | 7.14 | 7.07 | 7.26 | 12.24 | 12.13 | 13.3 | 17.6 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 24.95 | 24.96 | 25.03 | 25.03 | 25.03 | 25.17 | 43.61 | 43.69 | 43.69 | 44.16 |
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