Viyash Scientific (512529) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 and FY25 saw strong double-digit revenue growth and significant profitability improvement, driven by superior product mix, accelerated launches, operational efficiency, and robust performance in formulations and API.

• The proposed merger with Viyash Life Sciences is progressing, with board and CCI approvals obtained and synergy planning underway; stock exchange and NCLT approvals are pending.

• Audited standalone and consolidated financial results for FY25 were approved with an unmodified auditor opinion; no dividend was recommended to conserve resources.

• Appointment of new Secretarial Auditors for a five-year term, subject to shareholder approval.

Financial highlights

• Combined Q4 FY25 revenue reached ₹7,725 million, up 13.2% YoY; combined FY25 revenue was ₹30,094 million, up 12.3% YoY.

• SeQuent standalone Q4 FY25 revenue was ₹4,017 million, up 11.2% YoY; full-year revenue grew 13% to ₹15,516 million.

• Q4 EBITDA pre-ESOP was INR 569 million, up 38.7% YoY; EBITDA margin at 14.2%, up 280 bps YoY.

• FY25 PAT turned positive at INR 322 million, a 208.9% improvement from a loss in the prior year.

• FY25 free cash flow for the combined entity was ₹2,457 million, with net debt reduced to ₹4,681 million.

Outlook and guidance

• Management expects sustainable double-digit revenue growth and margin expansion, targeting high-teens margins for SeQuent and 20%+ for Viyash by FY27.

• Combined entity aims for 20% EBITDA margin and INR 4,000 crore topline within 2–2.5 years, with synergy realization from the merger to be presented in H1 FY26.

• CDMO business expansion and new product launches, especially in companion animal health, are key growth drivers.

• Tax rate guidance for FY26 and FY27 is 25–30%.