Viyash Scientific Ltd Q1 FY27 Results Analysis: PAT Jumps 107%, Revenue Grows 19.5%

Viyash Scientific Ltd's Q1 FY27 numbers came in strong, with revenue of Rs. 946.36 Cr (+19.54% YoY) and PAT growth of +115.20% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

Strong 19.5% YoY revenue growth and 107% PAT growth underscored by margin expansion, debt reduction, and successful Alivira subsidiary integration. QoQ EBITDA margin slipped due to cost upticks and a one-off ESOP charge, but ex-ESOP margin remains above 20%. Post-quarter BioForLife acquisition adds visibility to future growth.

Key Investment Insights

Key Positives

• Revenue grew 19.5% YoY to Rs.946.36 Cr, second-highest quarterly revenue ever.
• PAT attributable to owners grew 107% YoY to Rs.65.87 Cr.
• EBITDA margin expanded 400 bps YoY to 18.85% (P&L-derived).
• Finance costs declined 38.8% YoY to Rs.12.51 Cr, reflecting debt reduction.
• Subsidiary contribution to PAT surged 209.8% YoY to Rs.44.95 Cr, highlighting Alivira merger benefits.
• Net debt/EBITDA at 0.2x, very low leverage.
• Ex-ESOP normalized PAT margin ~9.8%, indicating strong underlying profitability.

Risk Factors

• QoQ EBITDA margin declined 118 bps from 20.03% to 18.85%, driven by higher material and employee costs.
• Material cost ratio increased 102 bps QoQ to 45.89%.
• Hyperinflation loss in Turkey of Rs.1.44 Cr vs a gain of Rs.3.71 Cr in Q1FY26, a recurring headwind.
• ESOP incremental charge of ~Rs.19.30 Cr burdened employee costs and depressed reported margins.