Hester Biosciences Ltd(HESTERBIO)

NSE: HESTERBIOBSE: 524669

₹ 2,036.65-5.29%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,733 crWebsite: www.hester.inUpdated: 24 Oct 2026

About

Hester Biosciences Ltd is an Indian animal health company that makes vaccines and health products for poultry, ruminants and pets, with over 50 vaccines and more than 70 animal health products. Consolidated revenue was 332.6 crore in FY26. It is the second-largest poultry vaccine manufacturer in India with an estimated domestic market share of around 35%, and the largest supplier of PPR vaccines in the world with about 75% of the global market.^[1][2]

Business segments

Poultry Healthcare made up 61.9% of consolidated revenue (Rs 205.97 crore) in FY26, with EBIT of Rs 58.09 crore and an EBIT margin of 28.2%.^[3]
Animal Healthcare made up 38.1% of consolidated revenue (Rs 126.63 crore) in FY26, with EBIT of Rs 25.27 crore and an EBIT margin of 20.0%.^[3]
Between FY2019 and FY26, Poultry Healthcare's share of revenue changed by -11.3 percentage points and Animal Healthcare's by +14.2 percentage points.^[3]
The company is aiming for a steady 50:50 revenue mix between Poultry Healthcare and Animal Healthcare. Its R&D pipeline leans toward Animal Health.^[4]

Products and market position

As of FY26 the portfolio had over 50 vaccines and more than 70 animal health products for poultry, ruminants and pets.^[1]
As of FY26 Hester held more than 70% of India's goat pox vaccine market. It was India's first commercial maker of goat pox vaccine.^[1]
Hester supplies the PPR OIE vaccine bank and is a leading supplier of LSD vaccine across Africa (FY26).^[1]
Its poultry vaccines are made on four technology platforms: Chick Embryo Origin, Continuous Cell Line, Tissue Culture and Fermentation.^[1]
During FY26 the company received marketing and manufacturing licences for an H9N2 low-pathogen Avian Influenza vaccine, its first AI vaccine.^[4]
Alongside the H9N2 vaccine, Hester introduced an Avian Influenza Management approach that combines vaccination, probiotics and farm biosecurity.^[5]
Feed supplements and disinfectants for poultry were launched the year before and showed early traction in Q1 FY27.^[6]
Pet vaccines, aimed at rabies and a 9-in-1 canine product, are in R&D. No launch timeline has been stated.^[7]

Manufacturing and R&D

The flagship plant at Kadi, Gujarat, is one of the largest animal biological manufacturing facilities in Asia (FY26).^[1]
Hester has a DSIR-recognised R&D centre at Kadi and holds WHO-GMP, ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and GLP certifications (FY26).^[1]
Hester runs diagnostic laboratories in Kadi, Hyderabad and Kolkata that give customers free diagnostic services (FY26).^[1]
The fill-and-finish facility was capitalised in Q3 FY26, which roughly doubled drug product capacity.^[5]
The company received permission to repurpose its BSL-3 facility for veterinary use. The facility was capitalised during FY26.^[1][4]
Capacity utilisation across all India facilities was about 60-65% in Q1 FY27. Production can be switched between poultry and large-animal vaccines.^[6]
The Africa subsidiary runs a plant in Tanzania and brought in Rs 27.5 crore of revenue in 9M FY26.^[5]

Key operating numbers

Poultry Healthcare revenue grew 48% YoY in Q1 FY27, 41% in Q4 FY26 and 21% for full-year FY26.^[6]
Animal Healthcare revenue fell about 30% YoY in FY26 because government PPR and Lumpy Skin Disease tenders were delayed.^[4]
6.3 crore PPR doses were supplied in Q4 FY26.^[4]
Standalone gross margin was 78% in Q1 FY27, up from 69% in Q1 FY26.^[6]

Customers and distribution

Hester sells to veterinarians, institutional customers, government programmes and commercial farms through an organised distribution system (FY26).^[1]
No single customer accounted for more than 10% of revenue in FY26.^[1]
Animal Healthcare revenue depends heavily on government immunisation programmes, especially PPR eradication and the Lumpy Skin Disease Control Initiative.^[6]
As of FY26 Hester exported to Asia, Africa, Europe and South America and was active in over 35 countries.^[1]
The Africa operations focus on vaccine registrations and sales in key African markets, with country-level teams on the ground, and take part in the GALVmed VITAL 2 programme.^[4]
The Nepal plant is set up to supply PPR vaccines to international markets.^[6]

Expansion and pipeline

From Q2 FY26, no major capex beyond routine maintenance is planned for the next 2-3 years.^[4]
The BSL-3 facility is to be used for veterinary pipeline products. The specific products have not been named.^[6]
A recombinant Brucella vaccine is in development and was described as on schedule in Q1 FY27.^[6]
Regulatory dossiers in the animal health segment were submitted during Q1 FY27.^[6]

Recent developments

CARE downgraded Hester's long-term rating to BBB/Stable from BBB+/Stable and its short-term rating to A3+ from A2 (FY26 annual report).^[1]
In Q1 FY27 the Gates Foundation cut Hester Africa's loan from USD 12 million to USD 5 million, waived the accrued interest and made the loan interest-free.^[6]
The H9N2 Avian Influenza vaccine, licensed in March 2026, was launched commercially and contributed to Poultry Healthcare growth in Q1 FY27.^[6]
During FY26 Hester sold part of its stake in Texas Lifesciences. The group also includes Hester Biosciences Kenya Limited and a joint venture, Thrishool Exim Limited.^[1][4]
Consolidated revenue fell 8% YoY in Q1 FY27 because Nepal and Africa revenue was lower, while standalone India revenue grew 14% YoY.^[6]

Market Cap

₹1,733 Cr

High / Low

₹2,669 / 1,251

Stock P/E

12.7

Price / Book

4.8

Book Value

₹423

EPS

₹65.4

No. of Shares

0.85 Cr

ROCE

15.2%

ROE

16.5%

OPM

22.6%

Debt / Equity

0.52

Sales

₹333 Cr

Net Profit

₹57 Cr

Promoter holding

44.3%

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Hester Biosciences Ltd(HESTERBIO)

About

Business segments

Products and market position

Manufacturing and R&D

Key operating numbers

Customers and distribution

Expansion and pipeline

Recent developments

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