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Contract manufacturer of pharmaceutical formulations, producing dosage forms for other pharma companies in India.
Contract manufacturer of pharmaceutical formulations, producing dosage forms for other pharma companies in India.
In one line: A pharma contract formulation manufacturer.
Moat: none (process know-how). Contract manufacturing scale, but limited pricing power versus branded pharma customers.
Headquarters: India · Employees: 4,131
Size Viyash Scientific (VIYASH.NS) is an India Health Care company (Pharmaceuticals: Major) with a market value of $1.07B, the 574th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹229.48 on 6 Nov 2026.
Performance Over six months the shares gained 3.5%, against -15.3% for the median peer and 0.0% for the India market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 96.5% over the last twelve months (peer median +7.4%); the operating margin is 12.8% (peer median 7.0%).
Valuation It trades at 30.3× forward earnings against a peer median of 21.0× (3rd most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 39% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is +18 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.4 points below its cost of capital (19.1% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹31.5B | ₹34.2B | ₹30.1B | ₹13.7B | ₹14.2B |
| Revenue growth | — | +14% | +120% | -4% | — |
| Gross profit | ₹9.70B | ₹7.79B | ₹4.80B | ₹1.85B | ₹1.60B |
| EBITDA | ₹6.01B | ₹6.57B | ₹3.94B | ₹649M | ₹460M |
| Net income | ₹1.71B | ₹1.77B | ₹232M | -₹359M | -₹1.21B |
| Free cash flow | n/a | ₹1.29B | ₹1.66B | -₹449M | -₹1.05B |
| Capital expenditure | n/a | ₹1.35B | ₹1.08B | ₹308M | ₹862M |
| Total debt | n/a | ₹4.90B | ₹6.54B | ₹4.88B | ₹4.44B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Viyash Scientific VIYASH.NS | $1.07B | +3% | +96% | 13% | 30.3× | 38.6% |
| Piramal Pharma PPLPHARMA.NS | $3.37B | +30% | +9% | 3% | 159.9× | n/a |
| Cohance Lifesciences COHANCE.NS | $1.75B | -11% | +41% | 6% | 82.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VIYASH.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.7% | -5.1% | 11th highest of 21 |
| 6-month return | +3.5% | -15.3% | 3rd highest of 20 |
| Distance from 52-week high | -23.0% | -34.4% | 6th highest of 21 |
| Revenue growth (TTM) | +96.5% | +7.4% | 3rd highest of 19 |
| Operating margin | 12.8% | 7.0% | 6th highest of 19 |
| Forward P/E | 30.3× | 21.0× | 3rd most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 38.6% | 4.2% | 2nd most demanding of 13 |
| Growth delivered (Del g) | +20.4% | +4.2% | highest of 13 |
| Hurdle (Req g minus delivered) | +18.3 pp | +1.4 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | -9.4 pp | -0.3 pp | 2nd lowest of 17 |
| EV / EBITDA | 16.9× | 12.3× | 3rd most expensive of 6 |
| Net debt / EBITDA | 0.4× | -1.2× | 3rd most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Viyash Scientific VIYASH.NS | India | $1.07B | +3% | +96% | 13% | 30.3× | 38.6% | +20.4% |
| CStone Pharmaceuticals 2616.HK | Hong Kong | $1.07B | -38% | +117% | -89% | n/a | n/a | n/a |
| Sichuan Huiyu Pharmaceutical 688553.SS | China | $1.07B | -15% | +8% | 7% | n/a | 34.1% | -6.0% |
| Basilea Pharmaceutica BSLN.SW | Switzerland | $1.07B | +27% | +5% | 24% | 12.4× | -5.7% | +12.7% |
| Genfleet Therapeutics (Shanghai) 2595.HK | Hong Kong | $1.07B | -47% | -55% | -457% | n/a | n/a | n/a |
| Zhejiang Tianyu Pharmaceutical 300702.SZ | China | $1.08B | -2% | +27% | 4% | 22.7× | 5.0% | +3.5% |
| BeBetter Med 688759.SS | China | $1.08B | -49% | n/a | n/a | n/a | n/a | n/a |
| China Resources Boya Bio-pharmaceutical 300294.SZ | China | $1.06B | -18% | -27% | -19% | 23.8× | n/a | n/a |
| Renhe Pharmacy 000650.SZ | China | $1.06B | -10% | -7% | 14% | 17.7× | -9.4% | -7.0% |
| Chengdu Easton Biopharmaceuticals 688513.SS | China | $1.09B | -35% | -2% | 13% | 26.5× | 5.5% | +7.7% |
| Chongqing Taiji Industry (Group) 600129.SS | China | $1.09B | -15% | -4% | 2% | 26.5× | n/a | n/a |
| Jiangsu Kanion Pharmaceutical 600557.SS | China | $1.05B | -6% | +8% | 7% | 21.0× | 3.4% | +1.8% |
| Jiangxi Fushine Pharmaceutical 300497.SZ | China | $1.10B | -29% | +103% | 24% | 10.6× | 8.6% | -4.5% |
| Ningbo Menovo Pharmaceutical 603538.SS | China | $1.10B | -51% | +19% | 9% | 49.2× | 13.9% | +4.9% |
| Sunflower Pharmaceutical 002737.SZ | China | $1.04B | -13% | +31% | -7% | 4.8× | -6.4% | -7.7% |
| Bio-Thera Solutions 688177.SS | China | $1.10B | -14% | +24% | -44% | n/a | n/a | n/a |
| Blue Jet Healthcare BLUEJET.NS | India | $1.11B | +13% | -28% | 28% | 32.5× | 49.0% | +13.8% |
| Shandong Lukang Pharmaceutical 600789.SS | China | $1.11B | -13% | -7% | 3% | n/a | 3.3% | +6.5% |
| Towa Pharmaceutical 4553.T | Japan | $1.03B | -16% | +7% | 9% | 7.0× | 1.5% | +12.1% |
| SAWAI 4887.T | Japan | $1.03B | -22% | +11% | 9% | 10.9× | n/a | n/a |
| Symbiotec Pharmalab SYMBIOTEC.NS | India | $1.03B | n/a | n/a | n/a | n/a | n/a | n/a |