Viyash Scientific Ltd (VIYASH) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch
Viyash Scientific Ltd develops and manufactures animal health formulations, human formulations and APIs, with a growing CDMO arm, and this is its second full quarter as the merged SeQuent-Viyash entity. The print will speak to whether the API business delivers management's guided 'best quarter in history' after Q1's order postponements, and whether the 21.6% adjusted EBITDA margin holds as ESOP costs of roughly Rs. 40 Cr per quarter continue.
| Results date | November 13, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 9,464 Mn (Rs. 946.36 Cr), +19.5% YoY |
| Previous quarter PAT | Rs. 793 Mn (Rs. 79.29 Cr), +114.9% YoY |
| Previous quarter EBITDA margin | 21.6% (adjusted for ESOP costs) |
| Net debt (latest quarter) | Rs. 861 Mn (0.1x LTM EBITDA) |
| Market cap | Rs. 11,148.36 Cr |
| CMP | Rs. 252.23 |
Viyash Scientific Ltd Q2 Results Date and Time
The Board of Directors will meet on Friday, November 13, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The trading window remained closed from October 1 to November 15, 2026 under the Insider Trading Code.
The Q2 FY27 earnings call is scheduled for November 14, 2026 at 11:00 AM IST. Speakers include MD & Group CEO Dr. Hari Babu Bodepudi, ED & CEO-Animal Health Rajaram Narayanan, and CFO Ramakant Singani.
Key Things To Watch
Performance vs Guidance Tracking: Management has a dense FY27 guidance set from the Q1 and Q4 calls; the Q2 print tests several of them directly.
- Q2 FY27 API — guided as the 'best quarter in history' for both Animal and Human Health APIs — direct test of the quarter being reported
- Revenue Rs. 4,000 Cr / 20% EBITDA by FY28 — management asserted reachability by FY27 pre-ESOP; check whether the FY27 pull-forward is maintained after FY27 ESOP cost of ~Rs. 150 Cr
- EU formulations growth 18-20% INR basis (FY27) — Q1 was flat in EUR constant currency; BioForLife consolidates only from October 1, 2026
- API growth 13-15%, Animal Health API 20%+ off a Rs. 100 Cr quarterly run-rate, Human Health API 13-14%, CDMO innovator growth 30-40% — all FY27
- Capex Rs. 250-300 Cr (FY27, clarified as 'CAPEX at minority'); ESOP cost ~Rs. 40 Cr per remaining quarter; goodwill amortization step-down Rs. 100 Cr to Rs. 35 Cr; debt-free by '27 with net debt already Rs. 861 Mn / 0.1x
Margin bridge and ESOP add-back: No margin walk was published for Q1's 21.6% adjusted EBITDA margin.
- Ask for the ESOP add-back this quarter (~Rs. 40 Cr guided) and the goodwill-amortization step-down timing (Rs. 100 Cr to Rs. 35 Cr)
- Material-cost ratio direction after Q1's 102 bps QoQ rise, against the '20-plus sustain' guide and the 27% ambition management called 'achievable from now on'
API order restoration and CDMO phasing: Q1's API softness was attributed to raw-material prices and customer order postponements.
- Whether raw-material price pressure and customer order postponements that flattened Q1 API persisted into Q2
- CDMO contract phasing — Q3 FY26 API revenue had struggled slightly 'due to timing of CDMO contracts being pushed to the next quarter'
BioForLife Italia and companion-animal build-out: The Italy acquisition completed October 1, 2026, so its revenue contribution appears only from Q3.
- BioForLife revenue contribution anticipated after 24 months from completion; integration costs and treatment of the EUR 1.976 Mn deferred consideration in Q2 exceptionals
- Companion-animal tablet capacity and R&D capability build targeted for completion by January-February; Boehringer Ingelheim distribution partnership ramp
- AAHL Rs. 400.02 Cr rights recapitalization progress and Alivira Vietnam operationalization (USD 400,000 investment)
Ownership overhang: Post-Q1 stake changes may draw analyst questions on the call.
- Promoter holding at 49.78% after the August 26, 2026 open-market sale of 11.53 points by CA Harbor and CA Hull Investments
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Frequently Asked Questions
Is Viyash Scientific on track to reach its Rs. 4,000 crore revenue target?
Management has guided to Rs. 4,000 crore revenue and 20% EBITDA margin by FY28, with Dr. Hari Babu saying the target is reachable 'not even FY'28, in FY'27… pre-ESOP', citing a quarterly EBITDA run-rate of 'INR 185 crores this quarter, INR 187 crores last quarter'. The Q2 FY27 print will show whether that pull-forward holds after FY27 ESOP costs of about Rs. 150 crore.
Why did Viyash Scientific's API business grow slowly last quarter?
The API business was 'temporarily flat in Q1 due to high raw material prices and customer postponement of orders', growing just 4% YoY. Management has also deliberately reduced low-margin commodity intermediate business, which held FY26 API growth to single digits.
What does Viyash Scientific expect from its Animal Health API business?
Animal Health API runs at a Rs. 100 crore quarterly run-rate, and Dr. Hari Babu said 'we will grow 20+, but we will grow a little more than that' for FY27. Management also guided that Q2 FY27 would be the best quarter in history for both Animal and Human Health APIs.
Is Viyash Scientific's revenue growing?
Consolidated revenue rose 19.5% YoY to Rs. 9,464 Mn in Q1 FY27, led by formulations up 33% with Emerging Markets up 36% (volume-driven from Turkey, Brazil and Mexico) and USA up 60% on restructuring and API vertical integration. APIs grew a slower 4% in the same quarter.
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Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.