Viyash Scientific Ltd. - Sustains high margins, focus on new growth avenues - Company Update
25 May 2026
Companies Updates
Viyash’s Q4FY26 was a beat to our estimates, driven by surge in formulation business, especially in Europe, India and USA. API witnessed a slowdown in growth to 5% yoy. However, the Q4FY26 results proved the sustenance of high margins for the merged entity, driven by synergies, improved profitability in emerging markets and scale up of complex API. Going ahead, Viyash aims to increase R&D spending & sales network for the companion animal portfolio, increase capacities in emerging markets and capitalize on genericization of animal health. Viyash also aims to capitalize on the vast CDMO opportunities with an aim to likely double its business in three years. All these factors together converge into a robust 17%/ 21%/ 56% CAGR in Revenue/ EBITDA/ PAT over FY26-FY28E. We value Viyash at 15x FY28E EV/EBITDA to arrive at a TP of Rs 355/sh and maintain BUY rating.
Viyash Scientific ltd. Stock Price Chart
Beat on revenue growth led by formulations:
Viyash reported a strong 19% yoy growth in consol. revenues at Rs 9.2bn (beat to our estimates), driven by surge in the formulation business (+28% yoy), especially in the Europe, India and USA. API witnessed a slowdown in growth to 5% yoy. For FY26, Viyash reported 14% yoy growth in revenues at Rs 34.2bn. For FY26, formulation revenues grew by 18% yoy and API revenues grew by 8% yoy.
Sustains guided margins led by merger benefits:
Viyash reported a 590bps jump in EBITDA margins at 21.7% (excludes ESOP cost), outperforming its guidance largely due to synergies of the merger, shift to complex API and Intermediates from commodity products and improved profitability in emerging markets. EBITDA surged by 64% yoy to Rs 2bn. Consol. Adj. PAT grew by 21% yoy to Rs 574mn. For FY26, EBITDA grew by 57% yoy to Rs 6.9bn, resulting in margins of 20.2%; +560bps. Adj PAT grew by 67% yoy to Rs 2.6bn.
More synergies to unlock; focus shift on focused growth:
The company continues to phase out low-margin products while prioritizing higher-value new launches. Further, R&D pipeline remains robust, with 19+ products in development, reinforcing future growth visibility. Product development momentum continued with the launch of 1 FDF in the USA and 5 APIs alongside successful clearance of 8 regulatory and 38 customer audits. Viyash has now proven the sustainability of margins and are likely to ramp up synergies (R&D, procurement, cross selling) to the tune of Rs 1.3bn annually. A very high pedigree of experienced and focused management team further drives our conviction on the evolution of this business. Going ahead, Viyash aims to increase R&D spending & sales network (Europe) for the companion animal portfolio, increase capacities in emerging markets, shift towards complex API & Intermediates from commodity products and capitalize on genericization of animal health. Viyash also aims to double its CDMO business in three years by leveraging its rich client base of innovators. All these factors together converge into a robust 17%/ 21%/ 56% CAGR in Revenue/ EBITDA/ PAT over FY26-FY28E.
Valuation, view and key risks:
We value Viyash at 15x FY28E EV/EBITDA to arrive at a TP of Rs 355/sh and maintain BUY rating. We have upward revised our earnings by 27%/ 22% for FY27E/ FY28E respectively to factor in the merger led synergies in margins and high interest income (strong cash accumulation in balance sheet). At CMP of Rs 246/sh, the stock trades at a very attractive valuation of 12.4x/ 10x FY27E/ FY28E. Key Risks: Geographic and product-related challenges, delays in synergy realization, and high competition in CDMO.
Company website: https://viyash.com/
| Rating | BUY |
|---|---|
| CMP* | INR 246 |
| Target Price | INR 355 |
| Upside | 44% |
*CMP is as per report published date
Click to download the full Viyash Scientific Ltd. Q4FY26 Company Update
Analyst:
- Sahil Sanghvi - Research Analyst, Institutional Equities (NISM-201900004744)
- Uvais Khatri - Research Associate, Institutional Equities (NISM-202300049054)
FAQs on Viyash Scientific Ltd. Q4FY26 Company Update
1. What drove Viyash Scientific’s Q4FY26 performance?
Strong growth in formulations across Europe, India and the US along with merger-led synergies and improved product mix supported earnings growth.
2. What are the key growth drivers for Viyash Scientific?
Key growth drivers include CDMO expansion, complex API scale-up, companion animal healthcare and increasing penetration in regulated markets.
3. How are margins improving for Viyash Scientific?
Margins improved due to operational synergies, higher profitability in emerging markets and transition toward complex and high-value products.
4. What is the management outlook for the company?
Management remains optimistic on long-term growth supported by R&D investments, capacity expansion and rising opportunities in animal health generics.
5. What are the major risks for Viyash Scientific?
Key risks include competitive pressure in CDMO, delays in synergy realization and regulatory or geographic market challenges.
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We upgrade Wonderla Holidays to BUY from HOLD, as we revise earnings estimates upward by ~5% and roll forward our valuation to Q3FY28E. The company continued to deliver ARPU-led growth at mature parks during the quarter, while footfall growth remaine...
Rashi Peripherals Ltd: Stellar quarter - Company Update
We retain "BUY" rating and raise our target price to Rs. 610 (vs Rs 505 earlier). Rashi reported topline growth of 42.6% YoY in a seasonally weak quarter, on the back of strong sales volume & prices across PES segment (56% of revenue) and LIT (44...
Triveni Turbine: Worst likely behind, recovery pending - Company update
We upgrade our rating on Triveni Turbine to BUY, supported by improving execution visibility and a gradual recovery in order inflows. While new applications such as CO₂-based energy storage, MVR, and turbine servicing are likely to be incrementally...
The Anup Engineering: Through the Trough, Recovery in the offing - Company Update
We upgrade our rating on The Anup Engineering to BUY (previously HOLD) and revise our target price to Rs 2,515. The company is not yet out of the woods, with the market awaiting clear signs of a recovery in order inflows. That said, we believe the wo...
Saksoft Ltd: Temporary headwinds, normalization in sight - Company Update
We maintain our "BUY" rating with a revised target price of Rs 285 (vs 325). Saksoft delivered weak results – a) topline growth saw a de-growth of 3% despite the favourable currency mix, b) Top 2 clients have cut spends in Q3, the pain co...
Mayur Uniquoters: Riding export momentum - Company Update
We maintain our BUY rating on Mayur Uniquoters with a revised target price of Rs. 825 (earlier Rs. 770), as we roll forward our valuation to Q3 FY28E and upgrade our FY27E/FY28E earnings estimates by ~4%. The company delivered a robust operating perf...
Scoda Tubes Ltd.: Slight miss; structural thesis intact - Company Update
We retain BUY rating on Scoda Tubes but upward revise target price of Rs 250 (previously Rs 240). Increase in target price is mainly due to valuation rollover. Q3FY26 was a strong performance on offtake, marginally offset by pricing weakness and dela...
TD Power Systems: Global demand fuelling growth visibility - Company Update
We upgrade TD Power to BUY / revise our target price upwards to Rs 875 (vs. Rs 840 earlier). Q3-FY26 results were a tad lower than our expectations and reflect timing issues rather than demand or competitive weakness. Going ahead, the Tumkur facility...
SJS Enterprises Ltd - Premiumisation and Export-led Outperformance - Company Update
We revise our target price on SJS Enterprises upwards to Rs2,190 to account for an increase in revenue/ margin estimates, and valuation roll-forward to Dec’27E. SJS delivered another quarter of strong industry outperformance, with record profitabil...
Sundram Fasteners Ltd.: Exports spoil the show - Company Update
We lower target price to Rs 1035 (previously Rs 1085) and maintain Accumulate rating for Sundram Fasteners Ltd. (SFL). We downward revise our multiple to account for extended weakness on exports including delay in EV order to North America, in turn l...
ASK Automotive Ltd. - Firing on all cylinders - Company Update
We upgrade ASK Automotive to BUY rating on attractive valuation and increase our TP to Rs590 (Rs525 previously). The increase in TP is largely driven by valuation rollover. ASK delivered a strong Q3, materially ahead of our expectations, led by broad...
Kirloskar Ferrous Ind. - Casting and tubes outperform, spreads spoil the show | Company Update
We lower our target price to Rs 620 (previously Rs690) and retain BUY rating for Kirloskar Ferrous Industries Ltd. (KFIL). The decrease in TP is mainly to account for weak commodity spreads and realization across end products . KFIL’s 2QFY26 perfor...
IFGL Refractories Ltd. - Domestic focus continues to payoff; overseas improving gradually | Company Update
We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Borosil Ltd. - Glassware ignites growth; levers to power margins | Company Update
We reiterate our BUY on Borosil Ltd and revise our target price upwards to Rs. 460 (vs. Rs. 420 earlier), driven by strong demand momentum and emerging structural growth and margin levers. The company continues to deliver robust growth in its glasswa...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
