Viyash Scientific (512529) Q3 24/25 earnings summary

Executive summary

• Achieved record consolidated quarterly revenue of INR 3,908 million for Q3 FY25, up 18.7% year-over-year, and nine-month revenue of INR 11,497 million, up 14% year-over-year.

• Q3 FY25 EBITDA pre-ESOP rose 64% year-over-year to INR 494 million; nine-month EBITDA pre-ESOP up 116.5% to INR 1,424 million.

• The merger with Viyash Lifesciences is progressing, with key regulatory approvals received and completion expected by September/October 2025.

• Unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2024, were approved by the Board on February 11, 2025.

Financial highlights

• Q3 FY25 revenue: INR 3,908 million (+18.7% YoY); Formulations: INR 3,008 million (+19.2% YoY), API: INR 812 million (+16.1% YoY); EBITDA margin pre-ESOP: 12.6%.

• Q3 FY25 PBT: INR 81 million (+444% YoY); nine-month EBITDA: INR 1,424 million (+116.5% YoY); Q3 FY25 net profit after tax: INR 64.8 million (vs. loss of INR 91.9 million YoY).

• Combined entity Q3 FY25 EBITDA: INR 1,180 million (15.2% margin); nine-month combined EBITDA: INR 3,320 million (14.8% margin).

• Viyash Q3 FY25 revenue: INR 3,840 million (+19% YoY), Adjusted EBITDA: INR 685 million (+68% YoY), margin: 17.8%.

• Standalone Q3 FY25 revenue: INR 362.7 million; net profit after tax: INR 28.1 million.

Outlook and guidance

• Double-digit revenue and margin growth expected to continue, supported by new product launches, geographic expansion, and operational synergies from the merger.

• Margin improvement initiatives and capacity utilization expected to drive further EBITDA margin expansion toward 15%-16% over the next 12-18 months.

• No direct guidance on FY27 revenue, but management expects strong growth above INR 4,000 crore due to portfolio and geographic expansion.