Viyash Scientific (512529) Q3 24/25 earnings summary

Executive summary

• Achieved record consolidated quarterly revenue of INR 3,908 million (₹3,908.1 million), highest in three years, with 18.7% year-over-year growth for Q3 FY25 and 14% growth for the nine-month period; unaudited results approved by the Board on February 11, 2025.

• EBITDA pre-ESOP for Q3 FY25 rose 64% year-over-year to INR 494 million; nine-month EBITDA pre-ESOP up 116% to INR 1,424 million.

• Merger with Viyash Lifesciences progressing, with regulatory approvals underway and expected completion by September/October 2025; strategic integration and synergy planning ongoing.

• The business operates as a single segment: Pharmaceuticals.

Financial highlights

• Q3 FY25 revenue up 18.7% year-over-year and 6% sequentially to ₹3,908 mn; formulation business grew 19.2% year-over-year, API business up 16.1%.

• Gross margin improved by 300 bps year-over-year to 48.2%; EBITDA margin pre-ESOP at 12.6%, up 340 bps year-over-year.

• Q3 FY25 PBT surged 444% year-over-year to INR 81 million (reported as ₹348 mn in another source); nine-month PBT up 49% (reported as 149%) year-over-year.

• Viyash Q3 FY25 revenue grew 19% year-over-year to ₹3,839 mn; Adjusted EBITDA up 68% to ₹685 mn, with margins at 17.8%.

• Combined entity Q3 revenue up 19% to ₹7,747 mn, EBITDA up 66% to ₹1,179 mn, with combined EBITDA margin at 15.2%.

Outlook and guidance

• Double-digit revenue and margin growth expected to continue, with EBITDA margin targeted to move closer to 15% in the next 12–18 months.

• Expansion into new geographies (Mexico, Peru) and product launches to drive future growth.

• Synergies from the merger, especially in R&D and manufacturing, expected to accelerate growth and margin expansion.

• No direct exposure to bird flu segment; U.S. animal health API business seen as a growth opportunity.

• Composite Scheme of Amalgamation approved by the Board in September 2024, pending regulatory approvals; no financial impact yet reflected.