Hester Biosciences Ltd

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Hester Biosciences Ltd

₹ 1,757 -0.79%
21 May 4:01 p.m.
hester.in BSE: 524669 NSE: HESTERBIO
About

Hester Biosciences Ltd is one of the leading animal health care companies & the second largest poultry vaccine manufacturer in India. Founded by Mr. Rajiv Gandhi in 1987, it has now a presence in over 30 countries & has a key market in India, Nepal & Tanzania. It has partnered with Bill & Melinda Gates Foundation, GALVmed, Golchha Organisation, Novapharma, etc. While operating across four broad verticals of Poultry Vaccines, Poultry Health Products, Animal Vaccines and Animal Health Products, the company provides services like seroprofiling kits and diagnostic labs for poultry flocks, and mastitis control programs for cattle.[1]

Key Points

Market Share
The company is the world’s largest manufacturer and supplier of PPR vaccines, having ~75% of the world market. It has a 70%+ market share in Goat Pox vaccine in India. It is also the second largest poultry vaccine manufacturer, with ~35% market share in India. [1]

Website BSE NSE
  • Market Cap ₹ 1,507 Cr.
  • Current Price ₹ 1,757
  • High / Low ₹ 3,379 / 1,243
  • Stock P/E 54.8
  • Book Value ₹ 369
  • Dividend Yield 0.34 %
  • ROCE 9.62 %
  • ROE 9.07 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 24.8%

Cons

  • Stock is trading at 4.82 times its book value
  • The company has delivered a poor sales growth of 11.2% over past five years.
  • Company has a low return on equity of 8.50% over last 3 years.
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Formulations

Part of BSE Healthcare BSE SmallCap BSE Allcap

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
56.47 50.70 73.15 74.94 67.30 87.85 70.46 66.98 79.26 82.27 83.69 63.22 81.93
46.15 43.27 60.40 56.18 55.63 73.49 57.24 56.83 63.34 64.62 64.53 58.15 62.75
Operating Profit 10.32 7.43 12.75 18.76 11.67 14.36 13.22 10.15 15.92 17.65 19.16 5.07 19.18
OPM % 18.28% 14.65% 17.43% 25.03% 17.34% 16.35% 18.76% 15.15% 20.09% 21.45% 22.89% 8.02% 23.41%
7.62 4.69 5.01 6.37 3.49 2.52 5.91 2.20 4.63 2.09 2.80 8.78 -5.64
Interest 1.50 1.60 2.46 3.89 1.37 2.57 8.08 2.19 6.94 5.01 5.89 -3.81 5.62
Depreciation 5.13 5.06 5.03 5.24 5.37 5.40 4.28 3.75 3.74 4.13 4.20 4.29 4.18
Profit before tax 11.31 5.46 10.27 16.00 8.42 8.91 6.77 6.41 9.87 10.60 11.87 13.37 3.74
Tax % 20.34% 34.98% 35.74% 24.00% 32.19% 24.69% 40.18% 37.44% 35.16% 29.34% 29.32% 14.66% 58.82%
9.00 3.56 6.60 12.16 5.71 6.71 4.04 4.02 6.40 7.49 8.39 11.41 1.54
EPS in Rs 9.07 4.67 8.16 13.15 5.33 6.90 4.81 4.68 5.82 7.45 9.64 13.71 1.52
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
69 90 101 123 136 178 183 214 235 266 305 311
44 64 67 82 89 110 128 146 175 215 251 250
Operating Profit 24 25 34 41 47 68 55 69 60 51 54 61
OPM % 36% 28% 34% 33% 35% 38% 30% 32% 26% 19% 18% 20%
1 3 1 0 3 7 6 1 14 20 15 8
Interest 6 5 4 4 4 7 7 7 4 9 20 13
Depreciation 5 6 6 7 10 12 13 13 17 21 17 17
Profit before tax 13 18 25 31 36 57 41 50 54 40 32 40
Tax % 31% 26% 23% 26% 36% 28% 25% 31% 26% 30% 34% 27%
9 13 19 23 23 41 31 35 39 28 21 29
EPS in Rs 11.11 15.99 22.57 27.68 30.12 48.87 34.29 40.47 46.22 31.30 22.21 32.31
Dividend Payout % 18% 19% 18% 19% 33% 23% 19% 25% 22% 26% 27% 22%
Compounded Sales Growth
10 Years: 13%
5 Years: 11%
3 Years: 10%
TTM: 2%
Compounded Profit Growth
10 Years: 9%
5 Years: -1%
3 Years: -11%
TTM: 46%
Stock Price CAGR
10 Years: 12%
5 Years: 9%
3 Years: -8%
1 Year: 2%
Return on Equity
10 Years: 14%
5 Years: 11%
3 Years: 9%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 66 76 93 113 132 169 193 220 251 271 283 306
48 55 59 66 69 90 121 110 228 274 244 213
19 20 25 25 35 32 65 73 74 116 126 126
Total Liabilities 142 160 186 213 244 299 387 411 562 670 662 653
54 60 65 102 110 145 142 133 237 259 240 239
CWIP 21 33 36 21 32 7 74 109 82 149 171 177
Investments 0 0 0 0 0 0 0 0 21 25 30 34
68 68 85 89 102 148 170 169 222 237 221 203
Total Assets 142 160 186 213 244 299 387 411 562 670 662 653

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
9 20 19 35 38 47 37 58 9 24 48 65
-15 -21 -13 -30 -26 -21 -73 -42 -117 -77 -22 -19
7 7 -7 2 -11 3 19 -18 112 42 -26 -52
Net Cash Flow 2 5 -1 6 1 28 -17 -2 3 -12 -0 -6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 75 72 95 79 87 67 116 84 86 109 94 86
Inventory Days 1,145 431 627 376 505 540 834 452 424 399 288 291
Days Payable 145 68 109 84 100 93 261 204 101 141 101 122
Cash Conversion Cycle 1,074 434 614 371 491 514 690 332 409 367 281 255
Working Capital Days 194 158 188 145 150 153 169 172 204 203 181 161
ROCE % 18% 15% 19% 19% 20% 26% 16% 18% 14% 9% 9% 10%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
53.73% 53.73% 53.73% 53.73% 53.73% 53.73% 53.73% 53.73% 53.73% 53.73% 53.73% 53.73%
0.72% 0.62% 0.45% 0.45% 0.45% 0.42% 0.43% 0.43% 0.52% 0.61% 0.59% 0.87%
0.04% 0.03% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.02% 0.02%
45.51% 45.60% 45.77% 45.81% 45.82% 45.84% 45.83% 45.84% 45.74% 45.66% 45.65% 45.38%
No. of Shareholders 13,43913,71113,39113,12012,98413,34213,45012,84411,30511,53811,47311,853

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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