Viyash Scientific Limited (VIYASH)
Micro CapPharma stocks · Micro cap · NSE
Viyash Scientific Limited, formerly Sequent Scientific, is a pharma company that completed a transformative FY26, marked by successful integration of facilities, operations, and corporate functions. The company focuses on animal health and APIs, leveraging merger synergies for improved operating leverage and resilience.
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.
Weak 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 30 Jun 2026
Excellent · 90/100Rev +19% YoY · PAT +114% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹946 Cr | +19.4% | +2.8% |
| EBITDA | ₹178 Cr | +49.6% | -3.3% |
| Operating margin | 19.0% | +400 bps | -100 bps |
| PAT | ₹79 Cr | +113.5% | +19.7% |
| PAT margin | 8.3% | +368 bps | +118 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Viyash Scientific reports Q4 FY26 as its strongest quarter, with revenues up 19.1% YoY and EBITDA surging 63.8% YoY, driven by merger synergies and operational improvements. Full-year FY26 also saw robust growth and margin expansion.
The company delivered strong Q4 and FY26 results, with significant margin expansion and deleveraging, indicating successful integration and synergy realization. Management's focus on product pipeline and inorganic growth suggests continued momentum, though sustained execution on synergies and new opportunities remains key.
Q4 FY26 Global Sales by Segment
Latest issuer-disclosed distribution across 3 reported categories.
Merger Synergies
Merger synergies are beginning to reflect meaningfully in financial performance, strengthening execution and improving operating leverage.
Product Pipeline & Growth Roadmap
Management is excited about the product pipeline and growth roadmap for FY27.
Strategic Partnerships
Partnership with Boehringer Ingelheim for distribution and promotion of companion animal portfolio in India.
Direct Sales Expansion
Initiated direct companion animal sales activities in Italy.
New Production Block
A new production block was created and received EU approval; commercialization has already started.
Merger Integration & Synergies
Successful integration of facilities, operations, and corporate functions into one unified platform, with synergies reflecting meaningfully.
Deleveraged Balance Sheet
Significantly deleveraged balance sheet, with Net Debt to LTM EBITDA at 0.2x in Q4 FY26, down from 1.0x in FY25.
Strong Q4 Performance
Q4 FY26 was the strongest quarter in the Company’s history.
Geopolitical and Maritime Disruptions
Ongoing geopolitical and maritime disruptions pose challenges.
Geopolitical and Maritime Disruptions
The company navigates ongoing geopolitical and maritime disruptions through disciplined asset utilization, cost controls, and agile pricing strategies.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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 FY26 results are compared both YoY (for overall growth and annual trends) and QoQ (for sequential momentum and the impact of merger synergies). Management highlighted Q4 as the strongest quarter in company history, making sequential performance crucial.
Q4 FY26 Revenue Growth (YoY)
Revenues: ₹9,200 Million, +19.1% YoY.
Q4 FY26 EBITDA Growth (YoY)
EBITDA: ₹2,001 Million, +63.8% YoY.
Q4 FY26 EBITDA Margin
EBITDA Margin: 21.7%, +590 bps YoY.
FY26 Revenue Growth (YoY)
Revenues: ₹34,203 Million, +13.8% YoY.
Transformative Year & Integration Success
Fiscal Year 2026 has been a transformative year, marked by successful integration into one unified platform.
Focus on Synergy Realization
Focus on synergy realization for the next 12 months, with the merger process well on track.
Inorganic Growth Opportunities
Actively evaluating selective inorganic opportunities to further strengthen the platform and create long-term value.
FY27 Outlook
Excited about the product pipeline and growth roadmap as the company enters FY27.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt to LTM EBITDA | 0.2x (Q4 FY26) | Sustained low leverage, enabling inorganic growth opportunities. |
| EBITDA Margin | 21.7% (Q4 FY26) | Continued expansion or stability, indicating effective cost controls and operating leverage from synergies. |
| Synergy Realization | Merger synergies beginning to reflect meaningfully. | Further quantifiable benefits from R&D integration, manufacturing optimization, and procurement. |
| Product Launches & Approvals | 4 APIs, 4 FDFs approved; 19 products in R&D pipeline. | Timely commercialization of new products and successful regulatory approvals, especially in key markets like the USA. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralMACD − · sector +2.2pp vs Nifty (3M)
Technical chart
VIYASHdaily · 1Y · AUTO+31.5%Daily history is available from 2026-01-23; the requested 1Y window is partially covered.
Daily technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 51.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 51 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 49% 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
U-Score 39 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 39 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Growth contributes 15/25 to the score.
Main drags
- Fair-value margin of safety is negative at -2.6%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; 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: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 94th percentile of the scored universe and 90th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 61.3%. Key concern: ROE is low at 7.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 90th pctile, median 70 · Micro: 90th pctile, median 73
79 documents have extracted text, 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 9%.
- ▸FCF yield is positive at 2%.
Trust risks
- ▸ROE is low at 7.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 52.80
- P/B
- 3.99
- EV/EBITDA
- 12.81
- Market Cap
- 11695.00Cr
Profitability
- ROE
- 7.39%
- ROCE
- 13.40%
- ROA
- 5.81%
- 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
- 11.66×
- Altman Z
- 6.54
- Book Value
- 66.60
Cash Flow
- FCF Yield
- 2.04%
- FCF Positive Y
- 6/5
- OCF
- 323.00 Cr
- EPS TTM
- 5.76
Shareholding
- Promoter Hold
- 61.31%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 73%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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