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Hester Biosciences Ltd (HESTERBIO)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524669 NSE: HESTERBIO Pharmaceuticals & Drugs | Small Cap | Hester Biosciences Share Price
₹2,190.75 4.35 (0.20%)
As on 22-Sep'26 13:14
Hester Biosciences Ltd (HESTERBIO)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524669 NSE: HESTERBIO Pharmaceuticals & Drugs | Small Cap | Hester Biosciences Share Price
₹2,190.75 4.35 (0.20%)
As on 22-Sep'26 13:14
Key Metrics
Valuation Multiples
Market Cap
₹1,860 Cr.
Current Price
₹2,190.8
52-Week Low / High
₹1,251 / 2,669
TTM EPS
₹160.1
TTM Sales
₹326 Cr.
Book Value per Share
₹534.8
P/E Ratio
13.66
Lower than its 5-year historical median
Industry PE
55.1
Price to Book (P/B)
4.09
Lower than its 5-year historical median
Price to Sales (P/S)
5.71
Lower than its 5-year historical median
EV/EBITDA
21.35
Lower than its 5-year historical median
Dividend Yield
0.5%
Profitability Efficiency
Return on Equity (ROE)
17.05%
Outperforms industry median
Return on Capital Employed (ROCE)
16.21%
Outperforms industry median
Return on Assets (ROA)
8.64%
Operating Profit Margin
24.7%
Net Profit Margin
17.28%
Gross Profit Margin
25.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
1.98%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
34.22%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
99.38%
Asset Quality
Promoter Holding
53.73%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹446 Cr.
Equity
₹8.5 Cr.
Face Value
₹10
All Time Low / High
₹0.25 / 3375.45
Check Before You Invest
Quality
Very GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Weak
Is Hester Biosciences Ltd a good quality company?
Hester Biosciences Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Hester Biosciences Ltd performance compare with that of its Peers?
Revenue growth of Hester Biosciences Ltd vs industry peers?
Hester Biosciences Ltd revenue CAGR is 9.19%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Hester Biosciences Ltd?
Promoters hold 53.73% of the Hester Biosciences Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Hester Biosciences Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 11.2% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Hester Biosciences Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 24.2% | 26.3% | 31.2% | 19.7% | 23.3% | 17.3% | 11.9% | 9.3% | 10.6% | 17% | - |
| Value Creation Index ⓘ | 0.7 | 0.9 | 1.2 | 0.4 | 0.7 | 0.2 | -0.2 | -0.3 | -0.2 | 0.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 123 | 135 | 171 | 169 | 208 | 219 | 254 | 285 | 286 | 292 | 301 |
| Sales YoY Gr. | - | 9.3% | 27% | -1% | 23.1% | 5.2% | 15.8% | 12.3% | 0.5% | 2% | - |
| Adj EPS ⓘ | 29.3 | 35.8 | 50.9 | 35.7 | 51.6 | 45.4 | 36.9 | 31.5 | 37.1 | 53.7 | 69.3 |
| YoY Gr. | - | 22% | 42.4% | -29.8% | 44.3% | -11.9% | -18.7% | -14.6% | 17.6% | 44.6% | - |
| BVPS (₹) ⓘ | 143.5 | 171.7 | 210.9 | 238.7 | 279.3 | 315.5 | 343.7 | 367.6 | 398.6 | 452.8 | 470.1 |
| Adj Net Profit ⓘ | 24.9 | 30.4 | 43.3 | 30.4 | 43.9 | 38.6 | 31.4 | 26.8 | 31.6 | 45.7 | 59 |
| Cash Flow from Ops. ⓘ | 27.6 | 32.3 | 36.2 | 25.8 | 41.1 | 15.9 | 33.4 | 42.9 | 64 | 50.9 | - |
| Debt/CF from Ops. ⓘ | 1.4 | 1.3 | 1.1 | 1.9 | 0.4 | 7.7 | 4.9 | 3.1 | 1.6 | 1.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 10.1% | 7% | 4.8% | 2% | ||||
| Adj EPS ⓘ | 7% | 0.8% | 13.3% | 44.6% | ||||
| BVPSⓘ | 13.6% | 10.2% | 9.6% | 13.6% | ||||
| Share Price | 11.1% | -3% | 9.3% | 10.5% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 22.4 | 22.7 | 26.6 | 15.9 | 19.9 | 15.3 | 11.2 | 8.9 | 9.7 | 12.6 | 15 |
| Op. Profit Mgn % ⓘ | 33.4 | 36.8 | 39.7 | 31.1 | 34.7 | 27.6 | 21.5 | 16.4 | 18 | 23.3 | 28 |
| Net Profit Mgn % ⓘ | 20.2 | 22.6 | 25.3 | 18 | 21 | 17.6 | 12.4 | 9.4 | 11 | 15.6 | 19.6 |
| Debt to Equity ⓘ | 0.3 | 0.3 | 0.2 | 0.2 | 0.1 | 0.5 | 0.6 | 0.4 | 0.3 | 0.2 | - |
| Working Cap Days ⓘ | 217 | 220 | 208 | 261 | 245 | 279 | 292 | 271 | 252 | 239 | 108 |
| Cash Conv. Cycle ⓘ | 140 | 140 | 134 | 164 | 145 | 164 | 168 | 152 | 131 | 130 | 53 |
Valuation of Hester Biosciences - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 123 | 136 | 178 | 183 | 214 | 235 | 266 | 305 | 311 | 333 |
| Operating Expenses ⓘ + | 82 | 89 | 110 | 128 | 146 | 175 | 216 | 251 | 250 | 251 |
| Operating Profit ⓘ | 41 | 47 | 68 | 55 | 69 | 60 | 50 | 53 | 61 | 82 |
| Operating Profit Margin (%) | 33.3% | 34.8% | 38.2% | 30.2% | 32.0% | 25.5% | 18.9% | 17.5% | 19.6% | 24.6% |
| Other Income ⓘ + | 0 | 3 | 7 | 6 | 5 | 14 | 15 | 11 | 4 | 14 |
| Interest ⓘ | 3 | 4 | 7 | 7 | 7 | 4 | 9 | 20 | 13 | 11 |
| Depreciation ⓘ | 7 | 10 | 12 | 13 | 13 | 17 | 21 | 17 | 17 | 19 |
| Profit Before Tax ⓘ | 31 | 36 | 57 | 41 | 50 | 54 | 40 | 32 | 40 | 76 |
| Tax ⓘ | 8 | 13 | 16 | 10 | 15 | 14 | 12 | 11 | 11 | 18 |
| Profit After Tax | 23 | 23 | 41 | 31 | 35 | 39 | 28 | 21 | 29 | 57 |
| PAT Margin (%) | 18.5% | 17.0% | 22.9% | 16.9% | 16.2% | 16.8% | 10.5% | 7.0% | 9.3% | 17.3% |
| Adjusted EPS (₹) | 27.7 | 30.1 | 48.9 | 34.3 | 40.5 | 46.2 | 31.3 | 22.2 | 32.3 | 65.4 |
| Dividend Payout Ratio (%) | 19.20% | 33.20% | 22.50% | 19.30% | 24.70% | 21.60% | 25.60% | 27% | 21.70% | 16.80% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 122 | 141 | 177 | 201 | 228 | 260 | 280 | 292 | 314 | 360 | |
| Debt + | 63 | 62 | 81 | 109 | 86 | 199 | 244 | 213 | 163 | 114 | |
| Minority Interest | 5 | 4 | 4 | 5 | 8 | 7 | 9 | 11 | 12 | 8 | |
| Trade Payables | 7 | 8 | 9 | 20 | 28 | 18 | 30 | 26 | 29 | 25 | |
| Others Liabilities ⓘ | 16 | 29 | 29 | 51 | 61 | 77 | 108 | 120 | 134 | 171 | |
| Total Liabilities ⓘ | 213 | 244 | 299 | 387 | 411 | 562 | 670 | 662 | 653 | 678 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 103 | 110 | 145 | 143 | 133 | 237 | 259 | 240 | 233 | 411 | |
| CWIP ⓘ | 21 | 32 | 7 | 74 | 109 | 82 | 149 | 171 | 183 | 9 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 21 | 25 | 30 | 34 | 43 | |
| Inventories | 33 | 40 | 51 | 64 | 62 | 75 | 85 | 76 | 70 | 73 | |
| Trade Receivables | 27 | 32 | 33 | 58 | 49 | 55 | 80 | 79 | 73 | 95 | |
| Cash Equivalents | 11 | 13 | 41 | 24 | 21 | 25 | 15 | 15 | 7 | 7 | |
| Others Assets ⓘ | 18 | 17 | 23 | 24 | 36 | 66 | 57 | 51 | 53 | 40 | |
| Total Assets ⓘ | 213 | 244 | 299 | 387 | 411 | 562 | 670 | 662 | 653 | 678 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 35 | 38 | 47 | 37 | 58 | 9 | 24 | 48 | 65 | 64 |
| Cash Flow From Investing Activity ⓘ + | -30 | -26 | -22 | -74 | -38 | -117 | -77 | -23 | -19 | -3 |
| Cash Flow From Financing Activity ⓘ + | 2 | -11 | 3 | 19 | -18 | 112 | 42 | -26 | -52 | -49 |
| Net Cash Flow ⓘ | 6 | 1 | 28 | -19 | 1 | 4 | -12 | -1 | -6 | 12 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 20.38 | 17.57 | 25.59 | 16.38 | 16.16 | 16.17 | 10.39 | 7.41 | 9.51 | 17.05 |
| ROCE (%) | 19.75 | 20.2 | 26.64 | 16.53 | 17.33 | 14.12 | 9.6 | 9.59 | 9.93 | 16.21 |
| Asset Turnover Ratio | 0.63 | 0.6 | 0.66 | 0.53 | 0.54 | 0.49 | 0.44 | 0.46 | 0.47 | 0.5 |
| PAT to CFO Conversion(x) | 1.52 | 1.65 | 1.15 | 1.19 | 1.66 | 0.23 | 0.86 | 2.29 | 2.24 | 1.12 |
| Working Capital Days | ||||||||||
| Receivable Days | 76.80 | 78.70 | 66.80 | 90.90 | 91.50 | 80.50 | 91.90 | 94.80 | 89 | 92.40 |
| Inventory Days | 97.60 | 97.90 | 92.80 | 114.30 | 107.30 | 106 | 109.10 | 96 | 85.60 | 78.40 |
| Payable Days | 85.40 | 120.30 | 106.70 | 187.70 | 174.80 | 129.70 | 113 | 106.30 | 114.20 | 120.50 |
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Hester Biosciences Ltd FAQs
The current trading price of Hester Biosciences on 22-Sep-2026 13:14 is ₹2,190.8.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Sep-2026 the market cap of Hester Biosciences stood at ₹1,859.9 Cr
The latest P/E ratio of Hester Biosciences as of 21-Sep-2026 is 31.54.
The latest P/B ratio of Hester Biosciences as of 21-Sep-2026 is 4.65.
The 52-week high of Hester Biosciences is ₹2,669 and the 52-week low is ₹1,251.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Hester Biosciences is ₹301 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Hester Biosciences Ltd is a good quality company.
The key valuation ratios of Hester Biosciences Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Hester Biosciences Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Hester Biosciences Ltd
Hester Biosciences was incorporated on April 29, 1987 as a Private Limited Company by the name of Hester Pharmaceuticals Limited. It was subsequently converted into a Public Limited Company on November 1, 1993. The company is engaged in the manufacturing of poultry vaccines. The company has been promoted by Rajiv D. Gandhi his brother Sanjiv D. Gandhi and Dr. Bhupendra V. Gandhi. The company changed its name to the present in 2008.
The company is a 100% biotech company producing animal biologicals. Located near the city of Ahmedabad, in the state of Gujarat, in Western India, Hester has a state-of-the-art facility to produce live and killed (Inactivated) veterinary vaccines.
Production procedures for poultry vaccines based on in-house advanced capabilities are being followed in the areas of virus propagation in specific pathogen-free embryos, tissue culture, batch fermentation of bacteria, lyophilisation and emulsion preparation.
Hester on December 22, 2008 launched a poultry vaccine against Coryza disease in chicken, containing 3 serotypes – A, B & C.
Hester is the first company in India to manufacture the Coryza vaccine with 3 strains as against other companies manufacturing the vaccine with only 2 serotypes - A & C. Coryza disease is of economical importance to poultry farmers as it causes a drop in egg production in laying birds.
Hester currently manufactures 39 types of poultry vaccines against various poultry diseases.
Product range of the company includes:
- Live Vaccines
- Killed Vaccines
- Diagnostic kits & Seromonitoring services
Achievements/ recognition:
- GMP and ISO 9001:2000 certified company
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