VIYASH
Micro CapViyash Scientific Limited
Pharma
Viyash Scientific is a pharmaceutical company focused on formulations and APIs, with a global presence across Europe, Emerging Markets, India, and USA. FY26 was a transformative year, marked by successful integration of facilities and operations, strengthening execution and operating leverage.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +129% YoY · PAT +560% YoY · margin expansion · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹920 Cr | +128.9% | +7.2% |
| EBITDA | ₹184 Cr | +300.0% | +4.5% |
| Operating margin | 20.0% | +800 bps | +0 bps |
| PAT | ₹66 Cr | +560.0% | +34.7% |
| PAT margin | 7.2% | +468 bps | +146 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Viyash Scientific reported its strongest Q4 FY26 with 19.1% YoY revenue growth and 63.8% YoY EBITDA surge, driven by merger synergies. FY26 revenues grew 13.8% YoY, with EBITDA up 59.6% YoY, and net debt significantly reduced.
The company delivered robust Q4 and FY26 results, demonstrating significant operating leverage and margin expansion post-merger. Strong growth in formulations across key geographies and substantial debt reduction support the positive outlook, despite ongoing external disruptions.
Revenue Distribution Q4 FY26
Latest issuer-disclosed distribution across 4 reported categories.
Merger Synergies
Merger synergies are beginning to reflect meaningfully in financial performance, strengthening execution and improving operating leverage.
Formulations Business Expansion
Company has further strengthened its formulation business, with strong growth across Europe, Emerging Markets, and India.
Product Pipeline
Management is excited about the product pipeline and growth roadmap, with 19 products in R&D pipeline.
Inorganic Opportunities
With a significantly deleveraged balance sheet, the company is actively evaluating selective inorganic opportunities.
New Production Block
A new production block was created, received EU approval, and commercialization has already started.
R&D Center in Turkey
An R&D center for injectable portfolio was set up in Turkey.
Successful Merger Integration
Fiscal Year 2026 was marked by the successful integration of facilities, operations, and corporate functions into one unified platform.
Deleveraged Balance Sheet
The company has a significantly deleveraged balance sheet, with Net Debt to LTM EBITDA at 0.2x.
Geopolitical and Maritime Disruptions
The company continues to navigate ongoing geopolitical and maritime disruptions.
Geopolitical and Maritime Disruptions
Ongoing geopolitical and maritime disruptions could impact operations and supply chains.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 results show strong sequential momentum from merger synergies and operational improvements. Full-year YoY provides overall growth context for a non-seasonal business, reflecting the impact of the transformative year.
Domestic Formulations Growth (India)
Q4 FY26 Formulations India revenue +44% YoY to ₹379 Mn; FY26 +22% YoY to ₹1,405 Mn.
USA Formulations Growth
Q4 FY26 Formulations USA revenue +38% YoY to ₹1,154 Mn; FY26 +9% YoY to ₹4,266 Mn.
Europe Formulations Growth
Q4 FY26 Formulations Europe revenue +27% YoY to ₹1,733 Mn; FY26 +19% YoY to ₹6,682 Mn.
EBITDA Margin
Q4 FY26 EBITDA Margin 21.7% (+590 bps YoY); FY26 EBITDA Margin 20.5% (+590 bps YoY).
Focus on Synergy Realization
Management's focus for the next 12 months is on synergy realization from the merger.
Excited about Product Pipeline
Management is excited about the product pipeline and growth roadmap for FY27.
Evaluating Inorganic Opportunities
The company is actively evaluating selective inorganic opportunities to strengthen its platform and create long-term value.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Merger Synergy Realization | Merger process is well on track as per estimated timelines. | Continued reflection of merger synergies in financial performance and operating leverage in subsequent quarters. |
| Net Debt to LTM EBITDA | 0.2x in Q4 FY26. | Maintenance of low leverage and efficient capital allocation for growth initiatives. |
| Product Launches and Approvals | 19 products in R&D pipeline; 4 APIs and 4 FDFs approved in Q4 FY26. | Timely regulatory approvals and successful commercialization of new products from the pipeline. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51Neutralnear 52W high
Technical chart
VIYASHweekly · 6M+24.3%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 65.
- RSI(14) at 65 — sideways, no extreme reading.
- 7% off 52W high · 45% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 12/15 to the score.
- Cash flow contributes 8/10 to the score.
Main drags
- Fair-value margin of safety is negative at -52.5%.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Quality is weaker at 5/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 91st percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 61.3%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 91st pctile, median 70 · Micro: 92nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.3%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 8.7%.
- ▸FCF yield is positive at 0.5%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 55.10
- P/B
- 3.78
- EV/EBITDA
- 12.96
- Market Cap
- 11005.00Cr
Profitability
- ROE
- 11.00%
- ROCE
- 19.00%
- ROA
- 4.86%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 15.00%
- Revenue 3Y
- 34.00%
- EPS 3Y
- 73.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- 9.46×
- Altman Z
- 6.13
- Book Value
- 66.60
Cash Flow
- FCF Yield
- 2.17%
- FCF Positive Y
- 7/5
- OCF
- 323.00 Cr
- EPS TTM
- 4.06
Shareholding
- Promoter Hold
- 61.31%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 77%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.