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Hester Biosciences Limited (HESTERBIO)

₹2,236.50 +1.83% last close, 16 Oct

📊 NSE: HESTERBIO 🏢 Pharmaceuticals - Indian - Formulations 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Hester Biosciences' revenue was ₹77.0 Cr (-8.4% year on year, -23.1% on the previous quarter), and net profit ₹97.0 Cr (+460.8% year on year); the operating margin was 29.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹77.0	-8.4%	-23.1%
Operating profit	₹23.0	+0.8%	-36.3%
Net profit	₹97.0	+460.8%	+486.2%
EPS (₹)	114.00	+460.7%	+486.1%
Operating margin	29.9%	—	—

Full quarterly financials → Results calendar →

HESTERBIO delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 43.41% of the HESTERBIO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.92%. That is close to its usual level. Turnover was only ₹62 lakh, so a handful of trades can move this figure.

43.41%Delivery, 16 Oct

49.92%Own 20-session average

0.8×Volume vs its average

₹2,236.50NSE close · +1.83%

Delivery in the last 5 sessions: 63.1% · 53.1% · 38.2% · 29.5% · 43.4%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Hester Biosciences Submits Regulation 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 14 Oct 2026, 09:47 AM

Hester Biosciences Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended 30 September 2026. The certificate from RTA MUFG Intime India Private Limited confirms that security certificates received for dematerialisation during the quarter were duly processed, verified, and cancelled. No financial transactions, operational metrics, or capital structure changes were reported. This filing represents purely standard regulatory compliance.

Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018 for the quarter ended 30 September 2026
Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited, dated 03-10-2026
Company filing submitted to stock exchanges on 14 October 2026

💡 No action required. Investors should track Hester Biosciences' upcoming Q2 earnings release for core business and operational updates.

Hester Biosciences to Invest Up to ₹1.05 Cr for 26% Stake in Solar SPV Slyce Agri World LLP

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 06 Oct 2026, 11:30 AM

Hester Biosciences' Board approved a capital contribution of up to ₹10.50 million (₹1.05 Cr) for a 26% stake in Slyce Agri World LLP. The transaction is structured to meet statutory group captive power regulations under CERC/GERC rules, allowing Hester to procure solar energy for captive usage. The investment represents a minimal financial outlay (~0.3% of TTM revenue of ₹318 Cr) and is expected to be completed within six months. The counterparty is a non-related party whose FY25 turnover stood at ₹22.40 million.

Approved capital contribution of up to INR 10.50 million in one or more tranches.
Acquisition of a 26% capital contribution stake to qualify for group captive power usage.
Target entity Slyce Agri World LLP generated INR 22.40 million in turnover in FY 2024-25.
Acquisition to be completed via cash consideration within an estimated period of six months.

💡 Track execution and operational savings from reduced power costs in subsequent quarterly operational updates over the next six months.

Hester Biosciences to Invest Up to ₹1.05 Cr for 26% Stake in Solar SPV Slyce Agri World LLP

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 06 Oct 2026, 11:27 AM

Approved capital contribution of up to INR 10.50 million in one or more tranches.
Acquisition of a 26% capital contribution stake to qualify for group captive power usage.
Target entity Slyce Agri World LLP generated INR 22.40 million in turnover in FY 2024-25.
Acquisition to be completed via cash consideration within an estimated period of six months.

💡 Track execution and operational savings from reduced power costs in subsequent quarterly operational updates over the next six months.

Hester Biosciences Approves Reclassification of 9.45% Stake from Promoter to Public Category

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 01:30 PM

Hester Biosciences Limited has secured shareholder approval through postal ballot on September 3, 2026, to reclassify Mr. Ravin Gandhi (403,320 shares, 4.74%) and Ms. Bela Gandhi (400,635 shares, 4.71%) from 'Promoter' to 'Public' category. Together, the reclassified holdings represent 803,955 shares or 9.45% of the company's paid-up equity capital. The ordinary resolution was passed with 99.99% favorable votes among the 39,81,963 votes polled. The stock exchanges (BSE and NSE) had previously issued No-Objection letters on July 24, 2026.

Shareholders approved reclassification of 803,955 equity shares representing 9.45% of paid-up capital from Promoter to Public category.
Mr. Ravin Gandhi holds 403,320 shares (4.74%) and Ms. Bela Gandhi holds 400,635 shares (4.71%).
Postal ballot resolution passed with 99.99% majority (3,981,536 votes in favor vs 427 votes against).
No-objection letters previously received from BSE and NSE on July 24, 2026 under Regulation 31A of SEBI LODR.

💡 Monitor upcoming quarterly shareholding pattern filings to track the reduction in reported promoter holding and any subsequent secondary market trading by the outgoing promoters.

Hester Biosciences gets shareholder nod to reclassify 9.45% promoter stake to public category

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 04 Sep 2026, 10:29 AM

Hester Biosciences Limited has announced the completion of its postal ballot process, with shareholders approving the reclassification of two promoter group members to the public category. The ordinary resolution was passed with an overwhelming 99.99% majority of valid e-votes cast. Under the resolution, Mr. Ravin Gandhi (403,320 shares or 4.74%) and Ms. Bela Gandhi (400,635 shares or 4.71%) will transition to public shareholders, totaling 803,955 shares (9.45% stake).

Shareholders approved the reclassification with 99.99% assent (3,981,536 votes in favour vs 427 against)
Mr. Ravin Gandhi to be reclassified holding 403,320 equity shares (4.74% of paid-up capital)
Ms. Bela Gandhi to be reclassified holding 400,635 equity shares (4.71% of paid-up capital)
Combined 803,955 shares (9.45% of total capital) moving from promoter group to public shareholding

💡 Watch for the subsequent update in the shareholding pattern filings with exchanges reflecting the updated promoter and public holding percentages.

CARE Upgrades Hester Biosciences' Long-Term Bank Facilities Rating to 'BBB+; Stable' from 'BBB'

🟢 POSITIVE ⭐ 9/10

OTHER 📅 27 Aug 2026, 07:28 PM

CARE Ratings has upgraded Hester Biosciences' credit ratings across bank facilities totaling ₹113.67 crore. Long-term facilities of ₹48.45 crore (reduced from ₹66.25 crore) were upgraded to CARE BBB+; Stable from CARE BBB; Stable. Long-term / short-term facilities (₹65.00 crore) and short-term facilities (₹0.22 crore) were upgraded to CARE BBB+ / CARE A2 and CARE A2, respectively, driven by operational and financial performance in FY26 and Q1FY27.

Long-term bank facility rating upgraded to CARE BBB+; Stable from CARE BBB; Stable across ₹48.45 crore.
Short-term facility rating upgraded to CARE A2 from CARE A3+ across fund and non-fund based limits.
Total bank facilities under rating stand at ₹113.67 crore, representing ~34.9% of FY26 TTM revenue.
Outstanding long-term debt as on June 30, 2026 includes ₹10.58 crore in INR term loans and ₹37.87 crore ($4.00 million) in foreign currency term loans.

💡 Track whether the rating upgrade translates into lower borrowing costs on working capital lines and monitor operating cash flow trends in upcoming quarterly results.

9.45% Shareholding: Hester Bio Seeks Reclassification of Promoters to Public Category

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 04 Aug 2026, 07:29 PM

Hester Biosciences has initiated a postal ballot to reclassify two members of the promoter group, Mr. Ravin Gandhi and Ms. Bela Gandhi, as public shareholders. The two individuals collectively hold 803,955 shares, representing 9.45% of the company's total paid-up capital. The company has already received 'No Objection' letters from both BSE and NSE on July 24, 2026. This reclassification will technically reduce the promoter holding from 53.73% to approximately 44.28% without changing the underlying business operations.

Reclassification involves 803,955 equity shares, representing 9.45% of the total paid-up capital.
Mr. Ravin Gandhi holds 403,320 shares (4.74%) and Ms. Bela Gandhi holds 400,635 shares (4.71%).
Remote e-voting period is set from August 5, 2026, to September 3, 2026.
BSE and NSE provided their 'No Objection' for the reclassification on July 24, 2026.
The outgoing promoters have confirmed they hold no special rights and do not exercise control over the company.

💡 Investors should monitor the final voting results on September 4, 2026, to confirm the update in the shareholding structure and public float.

88% Standalone PAT Growth in Q1 FY27; Gates Foundation Waives $7M Debt for Africa

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 01 Aug 2026, 02:13 PM

Hester Biosciences reported a strong standalone performance for Q1 FY27 with 14% revenue growth and an 88% surge in PAT, driven by a 48% growth in the Poultry Healthcare division. Gross margins expanded significantly from 69% to 78% due to a favorable product mix and operational efficiencies. A major highlight is the restructuring of the Gates Foundation loan for Hester Africa, reducing the debt from $12 million to $5 million and making it interest-free. Despite standalone strength, consolidated revenue declined 8% due to lumpy institutional orders in Nepal and Africa.

Standalone PAT increased by 88% YoY, while EBITDA grew by 95% reflecting strong operating leverage.
Gross margins improved to 78% from 69% in the previous year's corresponding quarter.
Poultry Healthcare division recorded 48% growth, supported by new health products and deeper market penetration.
Gates Foundation reduced Hester Africa's outstanding loan by $7 million (from $12M to $5M) and waived accrued interest.
Ongoing ₹182 Cr investment in the India plant is on track to be operational by March 2026.

💡 Watch for the operationalization of the ₹182 Cr India plant expansion by March 2026 and the progress toward the FY28 breakeven target for African operations.

Hester Biosciences Launches Interactive Microsite for FY 2025-26 Annual Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Jul 2026, 03:40 PM

Hester Biosciences has launched a dedicated digital microsite for its 39th Annual Report (FY 2025-26), following the initial report submission on June 18, 2026. The microsite provides an interactive and mobile-friendly format for stakeholders to review financial and operational highlights. This initiative is part of the company's digital transformation and sustainability efforts. While it improves accessibility, it has no direct impact on the company's TTM revenue of ‹ 326 cr or its financial position.

Launch of a dedicated digital microsite for the 39th Annual Report (FY 2025-26)
Follows the initial regulatory submission of the annual report dated 18 June 2026
Features interactive presentations of key financial and strategic highlights
Company maintains a TTM revenue of ‹ 326 cr and TTM PAT of ‹ 57 cr
Initiative aimed at improving stakeholder engagement and sustainable communication

💡 Investors can utilize the interactive microsite to more efficiently review the company's FY26 performance and strategic updates, such as the progress on the H9N2 vaccine.

Hester Biosciences Releases Audio Recording of Q1 FY27 Earnings Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jul 2026, 04:46 PM

Hester Biosciences has published the audio recording of its earnings conference call for the quarter ended 30 June 2026. This is a standard regulatory disclosure following the announcement of quarterly financial results. Investors can access the management's discussion on the company's website to understand the progress of the ₹182 Cr India plant expansion and the African market turnaround strategy. The company reported a TTM revenue of ₹326 Cr and is working towards reducing its dependency on tender-based revenue.

Audio recording for the earnings call held for the quarter ended 30 June 2026 is now available.
Company is executing a ₹182 Cr investment in its India plant, representing ~47% of its net worth.
Management is targeting a breakeven in Africa operations by FY28.
TTM revenue stands at ₹326 Cr with an operating profit margin of 30.1%.

💡 Investors should review the recording for management commentary on the commercialization timeline of the H9N2 vaccine and the operational status of the newly expanded India plant.

Q1 FY27: Standalone PAT up 88% to ₹14.7 Cr; ₹85.3 Cr Exceptional Gain from Debt Reduction

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 30 Jul 2026, 11:33 AM

Hester Biosciences reported a strong standalone performance for Q1 FY27 with revenue growing 14% to ₹72.66 Cr and PAT rising 88% to ₹14.71 Cr. The Poultry Healthcare division was the primary driver, growing 48% YoY, while the Animal Healthcare division saw a 50% decline due to government tender delays. A massive consolidated PAT surge of 459% was recorded, primarily due to an ₹85.35 Cr exceptional gain following a debt reduction agreement with the Gates Foundation for Hester Africa. Standalone EBITDA margins expanded significantly to 36% from 21% in the previous year.

Standalone Revenue increased 14% YoY to ₹72.66 Cr, led by a 48% surge in Poultry Healthcare sales.
Consolidated PAT reached ₹96.73 Cr, boosted by an ₹85.35 Cr exceptional gain from restructuring a $12 million loan to $5 million.
Standalone Gross Profit margins improved to 78% from 69% due to a favorable product mix and operational efficiencies.
Animal Healthcare division revenue fell 50% to ₹10.84 Cr, attributed to the timing of government-led immunization programs.
Hester Africa's outstanding loan from the Gates Foundation was reduced by $7 million and made interest-free.

💡 Investors should monitor the recovery of the Animal Healthcare tender business in upcoming quarters and the progress of the ₹182 Cr India plant expansion. The sustainability of the 78% gross margin in the absence of lumpy government contracts is a key metric to watch.

₹85.35 Cr Exceptional Gain Drives Hester Bio Q1 PAT to ₹96.73 Cr; Debt Reduced by $7M

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jul 2026, 11:18 AM

Hester Biosciences reported a consolidated PAT of ₹96.73 cr for Q1 FY27, a significant jump from ₹17.30 cr YoY, primarily due to an ₹85.35 cr exceptional gain. This gain resulted from a loan restructuring with the Gates Foundation, which reduced the principal from $12 million to $5 million and waived all interest. While consolidated revenue from operations declined 8.2% YoY to ₹77.24 cr, the Poultry Healthcare segment showed robust growth of 47.5% YoY. However, the Animal Healthcare segment saw a sharp 64% decline in revenue, impacting overall top-line performance.

Exceptional gain of ₹85.35 cr recognized following a loan waiver and restructuring with the Gates Foundation (USA).
Consolidated revenue from operations stood at ₹77.24 cr, down 8.2% from ₹84.11 cr in Q1 FY26.
Poultry Healthcare segment revenue grew 47.5% YoY to ₹62.13 cr, up from ₹42.12 cr.
Animal Healthcare segment revenue plummeted 64% YoY to ₹15.11 cr from ₹41.98 cr.
Consolidated EPS for the quarter reached ₹113.71, compared to ₹20.33 in the same quarter last year.

💡 Investors should focus on the sustainability of the Poultry segment's growth and the reasons behind the sharp decline in Animal Healthcare. Watch for the operationalization of the BSL-3 and Fill-Finish facilities, which are currently listed as unallocated assets.

Hester Biosciences schedules Q1FY27 earnings call for July 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Jul 2026, 01:20 PM

Hester Biosciences has scheduled its Q1FY27 earnings conference call for July 30, 2026, at 2:00 PM IST. The call will follow the announcement of financial results for the quarter ended June 30, 2026. Senior management, including the CEO, Executive Director, and CFO, will be present to discuss performance. This is a standard administrative filing providing the platform for investor interaction.

Earnings conference call scheduled for July 30, 2026, at 14:00 hrs IST
Management representation includes CEO Rajiv Gandhi, ED Priya Gandhi, and CFO Ashish Desai
The call pertains to the financial results for the quarter ended June 30, 2026
Interaction coordinated by ICICI Securities with a Diamond Pass registration link provided

💡 Investors should monitor the upcoming Q1FY27 results for updates on the ₹182 cr India plant expansion and progress toward the FY28 Africa breakeven target.

Hester Biosciences Receives NSE/BSE Approval for Reclassification of 2 Promoters to Public Category

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 25 Jul 2026, 12:18 PM

Hester Biosciences has received formal no-objection letters from both NSE and BSE for the reclassification of Mr. Ravin Gandhi and Ms. Bela Gandhi from the 'Promoter Group' to the 'Public' category. This approval, dated July 24, 2026, follows the company's initial application submitted on May 19, 2026. The change is a procedural regulatory requirement under SEBI Regulation 31A and does not impact the company's operational fundamentals or financial performance. Investors should note that this is an administrative shift in how certain shareholdings are categorized.

Approval granted by NSE and BSE on July 24, 2026, for promoter reclassification.
2 individuals, Mr. Ravin Gandhi and Ms. Bela Gandhi, moved from Promoter Group to Public category.
The formal application for this change was originally filed with the exchanges on May 19, 2026.
Current promoter holding as of March 2026 stands at 53.73%.

💡 Investors should review the next quarterly shareholding pattern to confirm the updated distribution between promoter and public categories; no operational action is required.

Hester Biosciences 39th AGM: Shareholders Approve Dividend and Director Re-appointments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Jul 2026, 03:49 PM

Hester Biosciences concluded its 39th Annual General Meeting on July 21, 2026, where shareholders approved all six proposed resolutions with significant majorities. Key outcomes include the adoption of FY26 financial statements, declaration of a dividend, and the re-appointment of Ms. Priya Gandhi as Executive Director. The meeting saw participation from 59 members representing 56.38% of the total paid-up equity capital. Management also briefed shareholders on business performance and the progress of subsidiaries.

56.38% of total paid-up equity share capital was represented by 59 members at the AGM.
100.00% shareholder approval received for the adoption of FY26 standalone and consolidated financial statements.
99.79% votes cast in favor of the special resolution for the re-appointment of Ms. Priya Gandhi as Executive Director.
100.00% approval for the declaration of dividend for the financial year ended March 31, 2026.
Rs 182 Cr investment in the India plant was highlighted in company context as a key capacity milestone for March 2026.

💡 Investors should monitor the dividend credit timeline and look for updates on the operational efficiency of the newly expanded India plant capacity.

View All HESTERBIO Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone divisional product sales for Q2 FY26 stood at INR 64 Cr, a 12% decline YoY. H1 FY26 sales were INR 128 Cr, down 13% YoY. Consolidated Revenue from Operations for FY25 was INR 311.10 Cr, up 2.15% from INR 304.55 Cr in FY24.

Geographic Revenue Split

International consolidated division product sales were INR 155 Cr (7% degrowth YoY). Central Africa H1 FY26 revenue was INR 23 Cr. Nepal H1 FY26 revenue was INR 5.6 Cr. International markets are critical for growth but currently face institutional order delays.

Profitability Margins

Consolidated PAT margin was 6.93% in FY24 and improved to 9.46% in H1 FY25. Standalone H1 FY26 NPAT declined by 15% due to top-line pressure, though margins are being protected through process standardization.

EBITDA Margin

PBILDT margin improved significantly to 23.02% in H1 FY25 from 17.85% in FY24. Standalone H1 FY26 EBITDA declined by 13%, matching the revenue drop, indicating stable operational efficiency despite lower volumes.

Capital Expenditure

INR 182 Cr capital work in progress at the India plant is expected to be fully capitalized by March 2026. This expansion is critical to support future revenue from new products like H9N2.

Credit Rating & Borrowing

Maintains a 'Stable' outlook. Positive rating sensitivity requires TOI > INR 300 Cr and PBILDT margin > 24%. Finance costs decreased 35.7% YoY to INR 12.70 Cr in FY25 from INR 19.78 Cr in FY24.

⚙️ Operational Drivers

Raw Materials

Vaccine substrates, antigens, and animal nutrition components represent the primary raw materials, costing INR 63.95 Cr in FY25 (20.5% of revenue).

Capacity Expansion

Current expansion involves an INR 182 Cr investment in the India plant to be operational by March 2026. Tanzania plant operations are now stable and supporting the African turnaround.

Raw Material Costs

Raw material costs increased 17.7% YoY to INR 63.95 Cr in FY25 from INR 54.31 Cr in FY24, outpacing revenue growth and necessitating cost control measures.

Logistics & Distribution

Distribution is managed through marketing subsidiaries in Tanzania (HBTL) and Kenya (HBKL) and local distributors to create synergy in the African market.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Achieving growth by reducing dependency on tender-based revenue, commercializing the H9N2 vaccine for export markets, and targeting breakeven in Africa operations by FY28. The company is also exploring licensing opportunities ahead of dedicated manufacturing setups.

Products & Services

Poultry vaccines (including H9N2), animal health products, and nutrition products sold to commercial, private, and export markets.

Brand Portfolio

Hester, Texas Lifesciences (subsidiary).

New Products/Services

Commercialization of H9N2 vaccine to leverage export opportunities in markets where avian influenza control is a priority.

Market Expansion

Deepening presence in Central Africa (Tanzania, Kenya, Nigeria) and resuming institutional execution in Nepal in H2 FY26.

Market Share & Ranking

Strong presence in the poultry vaccine segment in the Indian market and growing presence in the healthcare products segment.

Strategic Alliances

Collaborative initiative with GALVmed for the VITAL program (Veterinary Innovation and Livelihood). 50% stake in Thrishool Exim Limited (Tanzania).

🌍 External Factors

Industry Trends

The industry is shifting toward specialized avian influenza control. Hester is positioning itself by commercializing H9N2 and expanding its animal healthcare segment beyond just vaccines.

Competitive Landscape

Operates in a highly regulated vaccine industry with significant competition in the poultry segment, countered by geographic diversification into Africa.

Competitive Moat

Durable advantage through a strong brand in poultry vaccines and a specialized manufacturing setup. Sustainability is supported by high entry barriers in the regulated vaccine industry.

Macro Economic Sensitivity

High sensitivity to foreign exchange; international net profit rose 99% in H1 FY26 primarily due to favorable forex movements despite a revenue decline.

Consumer Behavior

Increased focus on animal health and livelihood in emerging markets (Africa/Nepal) is driving demand for veterinary innovation.

Geopolitical Risks

Political instability and institutional delays in Africa and temporary disturbances in Nepal (August 2025) adversely affect logistics and order execution.

⚖️ Regulatory & Governance

Industry Regulations

Operates in the regulated vaccine industry requiring strict adherence to manufacturing standards and pollution norms. Audit trail features in accounting software were only enabled from February 8, 2025.

Environmental Compliance

Follows ISO 9001:2015 and ISO 14001:2015 standards for quality and environmental management.

Legal Contingencies

Provision for doubtful debts stood at INR 4.47 Cr in FY25, up from INR 0.69 Cr in FY24, indicating some collection risks.

⚠️ Risk Analysis

Key Uncertainties

Dependency on tender-based revenue (high impact on top-line stability) and the timeline for scaling up the INR 182 Cr India capex and Tanzania plant to achieve breakeven.