1. At a Glance
Viyash Scientific Ltd (formerly Sequent Scientific) is that rare Indian pharma company which doesn’t make medicines for humans, yet manages to make humans argue violently about its valuation on Twitter. With a market cap hovering around ₹8,796 Cr, a Q3 FY26 revenue of ₹8,584 mn, EBITDA fireworks (+64.4% YoY), and a stock price of ₹202, Viyash is currently priced like a global animal-health champion… while still behaving like a company recovering from a long corporate hangover.
The company operates across 100+ countries, sells everything from poultry vaccines to APIs, and has recently completed a complex corporate surgery involving mergers, name changes, warrants, and management reshuffles. Promoter holding has jumped to 61.4%, debt sits at ₹490 Cr, and ROCE is still a modest 8.47%, politely reminding investors that profitability is improving but not yet Instagrammable.
In short: revenues are growing, margins are flexing, governance has been cleaned up, and the stock… is already pricing in a lot of optimism. Curious? Good. You should be.
2. Introduction – The Comeback Kid with a Veterinary Degree
Viyash Scientific’s story reads like a Bollywood second-half redemption arc. For years, Sequent (now Viyash) struggled with low margins, European inefficiencies, capital misallocation, and profitability that made even loyal investors sigh deeply. Then came COVID, restructuring, shutdowns, and finally — a brutal but necessary clean-up.
Fast forward to FY25–FY26: operations are leaner, Germany is shut, Tarapur is closed, Vizag is upgraded, and EBITDA margins are suddenly touching 20% in Q3 FY26. That’s not cosmetic surgery — that’s metabolic change.
But here’s the catch: while TTM profits are up 134%, 5-year profit CAGR is still negative, and ROE over three years is… well… -3.3%. This is
not a compounding machine yet. It’s a turnaround story still on probation.
So the real question isn’t “Is Viyash improving?” — it clearly is.
The real question is: Has the market already celebrated the wedding before the marriage is fully registered?
Let’s dissect.
3. Business Model – WTF Do They Even Do?
Viyash Scientific operates in animal healthcare, which is pharma’s underrated cousin who earns in dollars but doesn’t get invited to family weddings.
Two Core Segments
1️⃣ Formulations (76% of Q1 FY25 revenue)
This is the glamorous side — finished dosage forms like vaccines, anti-parasitics, antibiotics, and nutritional products for animals.
- 1,000+ formulations
- 5 manufacturing facilities (Europe, Turkey, Brazil, India)
- 90+ countries
- Strong presence in Europe (52%), Emerging Markets (40%), India (8%)
New launches like Dogstem (Sweden) and Flortekxin (Spain), plus vaccine growth in Belgium & Netherlands, show that this business is finally firing.
2️⃣ APIs (24%)
The slightly boring but high-entry-barrier backend.
- 32 commercial APIs
- USFDA, WHO, Japan approvals
- Revival in anthelmintic demand in Q1 FY25
- Focus on quality-grade differentiation (read: fewer regulatory nightmares)
Bonus: Analytical Services
Through SeQuent Research Ltd, a USFDA-approved CRO with ~70 scientists. Not
