Viyash Scientific Q1 FY27: consolidated PAT ₹79 Cr, up 115% YoY as margins expand

Viyash Scientific (formerly Sequent Scientific) reported consolidated revenue of ₹946.4 Cr and PAT of ₹79.3 Cr for the quarter ended 30 June 2026, its first full quarter reporting under the enlarged post-amalgamation structure. Against the filing's own restated year-ago base (₹791.6 Cr revenue, ₹36.9 Cr PAT — restated to include the merged Viyash Life Sciences/Symed Labs group), that is +19.5% revenue and +115% PAT YoY (~110% adjusted for a negligible ₹1.25 Cr prior-year scheme cost); against the previously-tracked pre-merger Q1 FY26 base (₹441.4 Cr revenue, ₹17.6 Cr PAT) the jump looks far larger (+114%/+351%), but that gap is a consolidation-perimeter effect from the NCLT-sanctioned amalgamation (effective 16 December 2025), not underlying business growth. Sequentially, revenue rose 2.9% and PAT 19.4% over Q4 FY26 (₹919.96 Cr / ₹66.38 Cr).

Margins expanded on both comparisons: consolidated net margin rose to 8.4% from 4.65% (YoY restated) and 7.09% (QoQ), while EBITDA margin (PBT + finance cost + depreciation − other income, over revenue) improved to 18.85% from 14.85% YoY restated, though it eased from 20.03% in Q4 FY26. The QoQ margin dip sits partly on the employee-cost line, which absorbed roughly ₹19.3 Cr of incremental expense from the new 2026 ESOP scheme (1.31 Cr options granted this quarter, 2.8% of post-amalgamation paid-up capital). Standalone results were far smaller in scale — ₹353.7 Cr revenue, ₹20.9 Cr PAT, EPS ₹0.48 — underscoring that the bulk of profitability now sits in the Alivira Animal Health international subsidiaries (Spain, Brazil, Turkey, Mexico, UK and others) folded into the consolidated numbers.

The stock went into the print at ₹262.05, down 7.8% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 5 consecutive quarters; revenue is at a 6-quarter high.

On management's own framing: the prior (Q4 FY26) call targeted ~15% growth and a longer-term path to ₹1,000 Cr EBITDA while holding current margins through R&D and capacity investment. This quarter's restated organic revenue growth (19.5%) exceeds that 15% bar, and the EBITDA margin, while off its Q4 peak, sits well above the year-ago restated level — consistent with, not contradicting, that guidance; no formal Street consensus estimate for this specific quarter could be located, so vsStreet is marked unknown rather than guessed. No separate management press release was available in the context to quote directly. The board used the same meeting to approve several structural items with no direct P&L impact this quarter: allotment of 10.3 lakh ESOP shares, incorporation of a step-down Vietnam subsidiary via Alivira Animal Health, and subscription of up to ₹400 Cr into AAHL (India) via conversion of intercompany loans to equity to strengthen its capital structure. Separately, a step-down subsidiary signed an SPA on 21 July 2026 to acquire BioForLife Italia (~EUR 17 Mn), also with no impact on this quarter's results.