Key Metrics of Hester Biosciences Limited
About Hester Biosciences Limited
Sectors
Company details
- Registered office
- Village Meda-adraj, Taluka Kadi, Mahesana, 384441
- Listed
- NSE: HESTERBIO · ₹2,407.30
Operational Areas of Hester Biosciences Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
Sign in with access to company financials to review vendor evidence.
Credit ratings
WatchDowngraded by CARE on 23 Mar 2026 (from BBB+)
PositiveUpgraded by CARE on 07 Sep 2026 (from BBB)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 07 Sep 2026 | CARE | Upgraded (from BBB) | BBB+ | A2 | Stable | ₹114 Cr | View |
| 23 Mar 2026 | CARE | Downgraded (from BBB+) | BBB | A3+ | Stable | ₹131 Cr | View |
| 27 Dec 2024 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹160 Cr | View |
| 05 Jan 2024 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹188 Cr | View |
| 07 Jul 2023 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹198 Cr | View |
| 07 Feb 2023 | CARE | Reaffirmed (from A-) | BBB+ | A2 | Stable | ₹164 Cr | View |
| 21 Jan 2022 | CARE | Reaffirmed | A- | A2 | Stable | ₹336 Cr | View |
| 11 Nov 2020 | CARE | Reaffirmed | A- | A2 | Stable | ₹78.2 Cr | View |
| 10 Jan 2020 | CARE | Reaffirmed | A- | A2 | Stable | ₹151 Cr | View |
| 27 Sep 2019 | CARE | Reaffirmed | A- | A2 | Stable | ₹141 Cr | View |
| 25 Dec 2018 | CARE | Reaffirmed | A- | A2 | Stable | ₹79.8 Cr | View |
| 03 Jan 2018 | CARE | Reaffirmed | A- | A2 | Stable | ₹54.8 Cr | View |
Credit strengths (CARE, Sep 2026)
+ Experienced promoters
HBL was founded by Rajiv Gandhi, CEO and Managing Director, who has an experience of over three decades in the vaccine industry and looks after the company’s overall operations. He is also a member of the National Advisory Committee for Animal Husbandry and Dairying Sector, constituted by the Government of India. Promoters are supported by qualified second-tier management. Over the years, the company regularly launched new products and expanded its geographical presence across
+ Long and established track record of operations
HBL has over three decades of experience in manufacturing poultry vaccines and operates in two key segments—poultry healthcare and animal healthcare (including pet care). Its portfolio includes a range of viral and bacterial vaccines and healthcare products for poultry, livestock (sheep, goats, cows, and buffaloes), and companion animals. The company expanded its global presence through manufacturing facilities in Nepal (through Hester Biosciences Nepal Private Limited [HBNPL]) and Tanzania (thr
+ Diversified product portfolio with established marketing and distribution network
As on March 31, 2026, HBL’s portfolio includes over 50 vaccines and 70 healthcare products across therapeutics, feed supplements, herbal products, and disinfectants, covering key vaccines such as peste des petits ruminants (PPR), goat pox vaccine (GPV), brucella abortus vaccine, contagious bovine pleuropneumonia (CBPP) vaccine and lumpy skin disease (LSD) vaccine, among others. Poultry healthcare segment contributed to ~71% of its revenue (FY25: 58%) while animal healthcare segment contributed
+ Improving profitability
PBILDT margin improved by 726 bps to 27.17% in FY26 (FY25: 19.91%) due to increased share of relatively high margin poultry vaccines in overall sales mix. Consequently, profit after tax (PAT) margin too improved to 17.04% in FY26 (FY25: 9.25%). The momentum continued in Q1FY27 as well with improving profitability marked by PBILDT margins of 33.54% in Q1FY27 (Q1FY26: 30.29%). In Q1FY27, HBL reported a one-time exceptional gain of ₹85.35 crore at the consolidated level, arising from the
+ Significant improvement in the financial risk profile
The company’s capital structure marked by overall gearing remained comfortable and improved from 0.56x as on March 31, 2025, to 0.46x as on March 31, 2026, backed by accretion of profit and debt repayments. Its tangible net worth augmented substantially as on June 30, 2026, followed by one-time gain of ₹85.35 crore and accretion of profit. Going forward, with no major new debt availment plans, overall financial risk profile is expected to improve further.
Credit challenges
− Moderate scale of operations and return indicators
HBL’s TOI grew by ~8% on a y-o-y basis and stood moderate at ₹337.43 crore in FY26 (FY25: ₹311.62 crore), supported by growth in poultry healthcare segment. Overall, in consolidated TOI, HBL continues to contribute majority share (88% in FY26 whereas subsidiaries are operating at modest scale. For Q1FY27, HBL (consolidated) reported d TOI of ₹78.89 crore (Q1FY26: ₹86.42 crore). The de-growth in TOI was mainly considering no major contributions from the subsidiaries. HBL (on a consolidated
− Large working capital requirement due to inherently high inventory holding requirement
HBL’s operations remained working capital intensive with high inventory requirements, considering the nature of its products. Average inventory days remained stable at 122 days in FY26 compared to 123 days in FY25. High inventory days are due to long manufacturing process and requirement to maintain sufficient stock across product categories. Consequently, operating cycle also remained elongated at 176 days in FY26 compared to 170 days in FY25.
− Presence in regulated industry and risk related to the poultry industry
The vaccine industry has very high entry barriers and is a highly regulated market in terms of intellectual property rights (IPR) and other regulatory requirements. The poultry industry is exposed to risks of disease outbreaks, which could affect the poultry vaccine industry. Such instances cause a severe reduction in the consumption of poultry products, causing a cascading effect on profitability of poultry companies. Demand for HBL’s products depends on the farmer’s ability to spend on poultry
Could lead to an upgrade
• Total operating income (TOI) above ₹350 crore and profit before interest, lease rentals, depreciation and tax (PBILDT) margin above 25% on a sustained basis. • Total debt to PBILDT below 2x on a sustained basis. • Improvement in the return indicators with return on capital employed (ROCE) above 15%.
Could lead to a downgrade
• Lower-than-envisaged growth in the scale of operations or PBILDT margin below 20% on a sustained basis. • Total debt to PBILDT above 3.50x on a sustained basis. • Significant elongation in operating cycle, adversely affecting cash flow from operations and
Agency-reported financials (CARE, 07 Sep 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹312 Cr | ₹337 Cr | ₹78.89 Cr |
| PBILDT* | ₹62.05 Cr | ₹91.69 Cr | ₹26.46 Cr |
| Profit after tax (PAT) | ₹28.83 Cr | ₹57.48 Cr | ₹96.73 Cr |
| Overall gearing (x) | 0.56× | 0.46× | — |
| Interest coverage (x) | 4.88× | 8.39× | 8.59× |
| Revenue growth (YoY) | — | 8.3% | — |
| PAT margin | 9.3% | 17.0% | 122.6% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank | Working capital & bank lines | — | ₹65.0 Cr | — | BBB+ | Upgraded | CARE |
| facilities Long-term bank facilities | Working capital & bank lines | — | ₹48.5 Cr | — | A2 | Other | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹22.0 L | — | BBB+ / A2 | Upgraded | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | ₹5.00 Cr | CARE BBB+; Stable / CARE A2 |
| Cash Credit | ₹60.0 Cr | CARE BBB+; Stable / CARE A2 |
| Credit Exposure Limit | ₹22.0 L | CARE A2 |
| External Commercial Borrowings | ₹37.9 Cr | CARE BBB+; Stable |
| Standby Line of Credit | — | Withdrawn |
| Term Loan | — | Withdrawn |
| Term Loan | ₹10.6 Cr | CARE BBB+; Stable |
Lenders
| Fund-based - LT | External Commercial Borrowings | State Bank of India |
| Fund-based - LT | Term Loan | State Bank of India |
| Fund-based - LT/ ST | Cash Credit | State Bank of India |
| Non-fund-based - LT/ ST | Bank Guarantee | State Bank of India |
| Non-fund-based - ST | Credit Exposure Limit | State Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 24% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 51% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 8.59×
What happened, step by step
- Jul 2023 — Project / plant of ₹54 cr
- Jan 2024 — Term debt tied up
“Apart from above, HBL (India) is also undertaking expansion project of vaccine manufacturing capacity (6.25 billion dos es to around 1 3.90 billion dos es) with total project cost of ₹54 crore.”
Rated limits by facility
Timeline
From the report
It has a debt-free operations and PBILDT margin remained at 47% in FY26 (FY25: 5%).
From the report
On a consolidated level, HBL is expected to achieve GCA of ~₹80 -85 crore against debt repayment obligation of ~₹36 crore in FY27.
From the report
This includes repayment of soft loan availed by HBAL , for which HBL (parent) has given the corporate guarantee.
From the report
HBL (on a consolidated basis) had cash and bank balance of ₹2.77 crore (excluding margin money of ₹ 3.86 crore) as on March 31, 2026.
From the report
While it has a debt-free operations, PBILDT margin remained moderate at 5% in FY25 (FY24: 45%).
From the report
This includes repayment of ~₹20 crore for soft loan availed by HBAL from ‘The Bill and Melinda Gates Foundation’ (BMGF), for which HBL (parent) has given the corporate guarantee.
From the report
Given the limited scale-up of operations, HBAL availed deferment on interest and principal repayments till June 2025, which was further extended till December 2025.
From the report
HBL (on a consolidated basis) had cash and bank balance of ₹7.94 crore as on September 30, 2025.
From the report
On a consolidated basis, HBL is expected to earn healthy GCA against debt repayment obligation of ~₹25 crore in FY25.
From the report
HBL’s liquidity is further supported by cushion available against unutilised working capital limits with average fund-based working capital utilisation of ~59% for 12-months ended October 2024.
From the report
HBAL availed soft loan from The Bill and Melinda Gates Foundation (BMGF), where the company had availed interest deferment.
From the report
HBNPL became debt-free as on September 30, 2024, and has self-sustaining operation.
From the report
HBL (on a consolidated basis) has cash and bank balance of ₹16.79 crore as on September 30, 2024. 3 CARE Ratings Ltd.
From the report
With this, gross cash accruals ( GCA) moderated from ₹46.39 crore during FY22 to ₹38.26 crore during FY23.
From the report
On a consolidated basis, HBL is expected to earn healthy GCA as against debt repayment obligation of around ₹25 crore during FY24.
From the report
The liquidity of HBL is further supported by cushion available against unutilised working capital limits with average fund-based working capital utilisation of around 72% for 3 CARE Ratings Ltd.
From the report
The reported cash flow from operations was at ₹23.60 crore during FY23 as compared with ₹8.71 crore during FY22.
From the report
HBAL had availed soft loan from BMGF where principal re-payment is to start from June 2025 providing added cushion to build the liquidity, while the company has also availed deferment in its interest instalment for 18 months.
From the report
HBL (on a consolidated basis) has cash and bank balance of ₹14.33 crore as on March 31, 2023 (₹24.73 crore as on March 31, 2022).
From the report
Apart from above, HBL (India) is also undertaking expansion project of vaccine manufacturing capacity (6.25 billion dos es to around 1 3.90 billion dos es) with total project cost of ₹54 crore.
From the report
HBAL had availed soft loan from BMGF where principal re -payment will start fr o m June 2025 providing added cushion to bu ild the liquidity.Also, HBNPL has paid offmajority of its term debt,and does notrequire any major financial support from HBL.Current ratio and quick ratio though moderated,remained strong.
From the report
On a consolidated basis, HBL had cash and bank balance of ₹13.16 crore as on March 31, 2023 (₹24.73 crore as on March 31, 2022).
From the report
The entire capital grant as well as soft loan was disbursed as on March 31, 2022.
From the report
Apart from above, HBL (India) is also undertaking expansion project of vaccine manufacturing capacity (6.25 billion does to around 12.96 billion does) with project cost of around ₹52 crore to be completed by end of March 2023.
From the report
On a consolidated basis, HBL is expected to earn GCA of around ₹40-45 crore during FY23 as against debt repayment obligation of around ₹23 crore.
From the report
The overall liquidity of HBL is also supported by cushion available against unutilised working capital limits with average fund-based working capital utilisation of around 62% for past 12 months ended December 2022.
From the report
The reported cash flow from operations was at ₹8.81 crore during FY22 as compared with ₹58.05 crore during FY21.
From the report
HBAL had availed soft loan from BMGF where principal re-payment will start from June 2025 providing added cushion to build the liquidity.
From the report
On a consolidated basis, HBL had cash and bank balance of ₹24.73 crore as on March 31, 2022. 4 CARE Ratings Ltd.
From the report
Total cost of project was USD 18 million (~Rs.125 crore, gross block addition of ~USD 15 million) which is being funded by HBL in form of equity capital of USD 4 million and USD 14 million from BMGF in form capital grant of USD 4 million and soft loan of USD 10 million (USD 10 million is disbursed as on September 30, 2021 out of sanctioned soft loan of USD 12 million).
From the report
As on September 30, 2021, HBAL has incurred total cost of Rs.104.11 crorewhich was funded from soft loan of Rs.74.17 crore and grant of Rs.22.88 crore from BMGF and Rs.28.75 crore equity infusion by HBL.
From the report
HBL has provide the corporate guarantee to the soft loan availed from BMGF.
From the report
HBL reported healthy cash flow from operation of Rs.54.44 crore during FY21 as compared with Rs.30.05 crore during FY20.
From the report
On a consolidated basis, HBL had cash and bank balance of Rs.20.81 crore as on March 31, 2021.
From the report
Liquidity: Adequate Despite elongated operating cycle of 240 days in FY20, the liquidity of the company remains adequate marked by healthy cash flow from operation of Rs.31.38 crore during FY20, current ratio of 2.07 times as on March 31, 2020 and modest average fund based working capital utilizations at 67% in the last 12 month ended September 2020.
From the report
Liquidity: Adequate Despite elongated operating cycle of 240 days in FY20, the liquidity of the company remains adequate marked by healthy cash flow from operation of Rs.31.38 crore during FY20, current ratio of 2.07 times as on March 31, 2020 and modest average fund based working capital utilizations at 67% in the last 12 month ended September 2020.
From the report
HBL had unencumbered cash and bank balance of Rs.23.09 crore as on March 31, 2020 part of which is to be utilized towards the on-going capital expenditure in Tanzania, Africa.
From the report
Decline in profitability margins with largely stable TOI led to lower gross cash accruals of Rs.43.15 crore during FY20 as against gross cash accruals of Rs.53.95 crore in FY19.
From the report
Increased scale of operations with improvement in profitability margins led to increase in gross cash accruals to Rs.53.95 crore during FY19 as against Rs.34.00 crore in FY18.
From the report
Liquidity - Adequate: Despite elongated operating cycle of 210 days, the liquidity of the company remains adequate with current ratio of 2.94 times as on March 31, 2019 and modest average fund based working capital utilizations at 65% for past 12 months ended December 2019.
From the report
Moreover, liquidity is supported by healthy cash flow from operation which stood at Rs.34.62 crore during FY19.
From the report
Further, HBL has relatively low term debt repayment obligation of Rs.9 crore to Rs.12 crore per annum during FY20 to FY22 as against envisaged annual cash accruals of around Rs.50 crore which indicate adequate cushion in its debt servicing.
From the report
Further, HBL has relatively low term debt repayment obligation of Rs.9 crore to Rs.12 crore per annum during FY20 to FY22 as against envisaged annual cash accruals of around Rs.50 crore which indicate adequate cushion in its debt servicing.
From the report
Furthermore, HBL had cash and bank balance of Rs.41.67 crore as on March 31, 2019 which company plans to utilise towards the on-going capital expenditure in Tanzania, Africa.
From the report
Increased scale of operations with improvement in profitability margins led to increase in gross cash accruals to Rs.53.95 crore during FY19 as against Rs.34.00 crore in FY18.
From the report
Liquidity analysis: Despite elongated operating cycle of 210 days, the liquidity of the company remains adequate with current ratio of 2.94 times as on March 31, 2019 and modest average fund based working capital utilizations at 64% for past 12 months ended July 2019.
From the report
Moreover, liquidity is supported by healthy cash flow from operation which stood at Rs.34.62 crore during FY19.
From the report
Further, HBL has relatively low term debt repayment obligation of Rs.9 to Rs.10 crore per annum during FY20 to FY22 as against the existing cash accruals of Rs.54 crore in FY19 indicating sufficient cushion in debt servicing.
From the report
Furthermore, HBL had cash and bank balance of Rs.41.67 crore as on March 31, 2019 which company plans to utilised towards the on-going capital expenditure in Tazania, Africa.
From the report
Liquidity analysis: Despite elongated operating cycle of 216 days, the liquidity profile of the company remains adequate with current ratio of 1.80 times as on March 31, 2018 and average fund based working capital utilizations at 43% for past trailing 12 months ended October 2018.
From the report
Further, HBL had unencumbered cash and bank balance of Rs.13.08 crore as on March 31, 2018.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Hester Biosciences Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Part of Biocon. | biocon.com | 1978 | Bangalore, India | |
| Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | lauruslabs.com | 2005 | Visakhapatnam, India | |
 Biological E. Limited |
Biotechnology & Vaccines · Pharmaceuticals & Healthcare | Biologicale.com | 1953 | Hyderabad, India |
| Rossari Biotech Limited | Biotechnology & Vaccines · Pharmaceuticals & Healthcare | — | — | Mumbai, Maharashtra, India |
 Anthem Biosciences (India) |
Biotechnology & Vaccines · Pharmaceuticals & Healthcare | anthembio.com | — | India |
| Biotechnology & Vaccines · Pharmaceuticals & Healthcare | bharatserums.com | 1971 | Mumbai, Maharashtra, India | |
| Concord Biotech Limited | Biotechnology & Vaccines · Pharmaceuticals & Healthcare | — | — | Ahmedabad, Gujarat, India |
| Gufic Biosciences Limited | Biotechnology & Vaccines · Pharmaceuticals & Healthcare | — | — | Mumbai, Maharashtra, India |
| Windlas Biotech Limited | · Business Services | — | — | Dehradun, Uttarakhand, India |
| Kbk Biotech Private Limited | Biotechnology & Vaccines · Pharmaceuticals & Healthcare | — | — | Peddapuram Mandal, Andhra Pradesh, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.