Viyash Scientific financials and balance sheet

NSE: VIYASHBSE: 512529Pharmaceuticals & BiotechnologySmall Cap

Formerly Sequent Scientific

₹204.18₹3.81 (1.83%)BSE ₹203.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹207.99.

52-week range of traded prices to 23 Oct 2026

₹178.13Low, 23 Mar 2026₹298.00High, 6 Jul 2026

Market cap: ₹9,017 Cr598th largest listed
P/E: Earlier quarters restated in the year
P/B: 3.1
Dividend yield: Nonein the last 12 months
ROCE: 11.2%
Debt to equity: 0.14
Volume, NSE: 44,68,18350.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Viyash Scientific annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 3 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 3.6% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, the company's revenue for that year, ₹849 Cr, differs from its quarters added, ₹983 Cr; GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty. From the year to Mar 2021, the company's revenue for that year, ₹1,362 Cr, differs from its quarters added, ₹1,377 Cr. From the year to Mar 2026, the company's revenue for that year, ₹3,420 Cr, differs from its quarters added, ₹2,644 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,420
Materials and goods−1,563
Employee costs−566
Other expenses−640
Operating profit653
Depreciation−234
Other income+44
One-off items−44
Finance costs−69
Profit before tax349
Tax−124
Net profit225

What the company owns

Plant, investments and other assets₹2,510 Cr
Receivables₹1,045 Cr
Inventory₹803 Cr
Cash and bank₹270 Cr
Current investments₹0 Cr

What pays for it: net worth and liabilities

Net worth₹3,115 Cr
Owed to suppliers₹597 Cr
Other liabilities₹481 Cr
Borrowings₹436 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Viyash Scientific quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 11 Jun	Mar 2021Filed 1 Jul	Mar 2022Filed 27 May	Mar 2023Filed 24 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Revenue from operations	915	849	1,039	1,179	1,362	1,413	1,421	1,370	1,551	3,420
	827	766	914	1,009	1,150	1,303	1,409	1,308	1,390	2,768
Materials and goods bought	444	462	543	605	695	793	834	760	812	1,563
Employee costs	–	–	146	165	187	231	258	251	281	566
Other expenses	–	–	225	239	268	279	317	298	297	640
Operating profit before depreciation	88	83	125	170	212	109	12	61	162	653
Operating margin	9.6%	9.8%	12.0%	14.4%	15.6%	7.7%	0.8%	4.5%	10.4%	19.1%
Materials, % of revenue	–	–	52.2%	51.3%	51.0%	56.1%	58.7%	55.5%	52.3%	45.7%
Employee costs, % of revenue	–	–	14.0%	14.0%	13.8%	16.4%	18.2%	18.3%	18.1%	16.5%
Other expenses, % of revenue	–	–	21.7%	20.3%	19.7%	19.8%	22.3%	21.8%	19.1%	18.7%
Depreciation and amortisation	62	41	42	51	51	51	56	62	66	234
Operating profit after depreciation	26	42	83	120	161	58	−44	0	95	419
Other income	11	17	9	10	8	11	6	11	15	44
Finance costs	36	33	33	36	24	16	36	48	61	69
Profit before one-off items and tax	1	25	59	94	145	53	−73	−37	49	393
One-off items	0	−2	0	0	−9	0	−65	−17	−5	−44
Profit before tax	1	24	59	94	137	53	−138	−55	44	349
	0	13	2	12	32	8	−16	−25	12	124
Current tax	–	–	−8	23	35	14	8	14	41	63
Deferred tax	–	–	10	−10	−3	−5	−23	−39	−29	61
	−16	431	57	82	104	45	−122	−30	32	225
Belonging to the company's shareholders	–	431	49	70	95	41	−121	−36	22	177
Belonging to outside owners of subsidiaries	–	–	8	12	9	4	−1	6	10	47
Other comprehensive income	–	–	−54	−32	64	−109	−26	−65	−22	107
Total comprehensive income	–	–	3	50	169	−64	−148	−95	11	332
Net margin	−1.8%	50.7%	5.5%	7.0%	7.7%	3.2%	−8.6%	−2.2%	2.1%	6.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the period is a loss, which leaves no share to compare with the company's other periods.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 14 May	Mar 2020Filed 11 Jun	Mar 2021Filed 1 Jul	Mar 2022Filed 27 May	Mar 2023Filed 24 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
	747	787	776	740	749	713	770	3,115
	707	743	728	692	699	657	704	2,911
Share capital	49	50	50	50	50	50	50	87
Reserves	657	693	678	643	649	607	654	2,824
Belonging to outside owners of subsidiaries	40	45	49	48	50	56	66	204
	267	284	197	315	398	451	446	436
Repayable after a year	148	150	94	122	183	143	274	302
Repayable within a year	119	134	103	192	215	309	173	134
	433	470	461	512	526	627	505	946
Trade payables	209	220	230	258	244	260	257	597
Other financial liabilities	79	76	82	29	20	13	32	105
Other liabilities	17	17	18	17	24	34	24	70
Provisions	2	3	5	7	16	8	8	16
Tax owed	7	20	23	8	6	3	12	24
	208	261	155	189	254	200	327	568
Other financial liabilities	38	92	45	43	37	29	26	40
Other liabilities	2	1	1	1	0	0	0	153
Provisions	9	10	8	16	21	22	23	40
Deferred tax	10	8	7	6	12	7	4	33
	1,388	1,518	1,393	1,441	1,529	1,540	1,602	4,628
Held for sale or for a demerger	–	–	–	–	10	12	1	–
	788	814	679	655	739	718	728	2,374
Plant in use, after depreciation	227	345	319	317	301	249	232	1,138
Plant being built	17	11	29	9	51	11	15	69
Intangible assets	50	49	43	53	65	57	106	96
Goodwill	221	238	174	185	240	235	249	869
Intangible assets being developed	5	2	1	3	4	5	1	2
Investments	180	131	77	37	0	1	0	0
Other financial assets	5	7	5	11	16	12	11	22
Deferred tax	14	23	21	29	45	78	103	83
Other assets	68	7	10	11	17	70	13	95
	600	704	714	787	780	811	873	2,255
Inventories	200	219	264	348	346	346	385	803
Trade receivables	278	319	346	329	341	336	363	1,045
Cash and cash equivalents	68	68	54	57	42	65	63	256
Other bank balances	4	8	2	2	0	5	6	14
Current investments	0	40	6	1	0	3	0	0
Loans given	1	0	0	0	0	0	0	0
Other financial assets	48	10	11	1	1	2	1	2
Tax paid in advance	–	0	0	1	4	0	0	5
Other assets	–	39	30	47	46	54	54	130
Net debt	194	168	135	254	356	379	377	166

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 1 Jul	Mar 2022Filed 27 May	Mar 2023Filed 24 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
	115	31	17	31	83	323
	159	57	31	45	111	384
	−71	−89	−52	−46	−88	−329
Receivables	−39	−41	−41	−9	−48	−284
Inventories	−46	−115	5	0	−47	−104
Payables	9	65	−17	−37	6	59
Other working capital	5	1	2	0	0	0
Tax paid	−44	−27	−15	−14	−28	−61
Capital spending	53	32	86	31	39	135
Free cash flow	62	−2	−69	0	44	188
	10	−94	−65	−6	−25	−84
Plant and property sold	8	1	12	19	10	37
Companies bought	−140	−68	0	0	0	0
Interest received	1	0	1	1	2	10
Dividends received	1	0	0	0	0	0
	−139	67	32	−1	−61	−123
Borrowings raised	88	122	113	113	268	5
Borrowings repaid	−205	−31	−36	−58	−271	−213
Interest paid	−23	−16	−36	−45	−51	−69
Lease payments	−8	−5	−10	0	−12	−14
Dividends paid	0	12	0	0	2	5
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	132
Net change in cash	−14	4	−16	23	−2	115

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Viyash Scientific dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 11 Jun	Mar 2021Filed 1 Jul	Mar 2022Filed 27 May	Mar 2023Filed 24 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Earnings per share	−₹0.58	₹17.40	₹2.00	₹2.87	₹3.87	₹1.67	−₹4.88	−₹1.44	₹0.88	₹4.09
Diluted earnings per share	−₹0.58	₹17.29	₹1.99	₹2.85	₹3.85	₹1.65	−₹4.88	−₹1.44	₹0.85	₹4.01
Dividend per share	–	₹0.20	₹0.20	–	₹0.50	–	–	–	–	–
Book value per share	–	–	₹28.63	₹29.91	₹29.30	₹27.88	₹28.02	₹26.32	₹28.15	₹66.64
Dividend payout	–	1.1%	10.1%	–	13.0%	–	–	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.4%	0.0%	0.0%	0.1%	−1.6%
Market cap at the year end (₹ crore)	3,123	1,880	1,750	1,932	5,983	3,323	1,811	2,881	3,274	7,973

Ratios

Consolidated, years to March.Viyash Scientific PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 11 Jun	Mar 2021Filed 1 Jul	Mar 2022Filed 27 May	Mar 2023Filed 24 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Revenue growth	–	–	–	13.5%	–	3.8%	0.6%	−3.6%	13.3%	–
Operating profit growth	–	–	50.6%	36.3%	–	−48.4%	−89.1%	413.7%	163.4%	–
Net profit growth	–	–	−86.8%	44.3%	–	−56.9%	–	–	–	–
Earnings per share growth	–	–	−88.5%	43.5%	–	−56.8%	–	–	–	–
	–	–	6.9%	9.6%	13.0%	5.8%	−17.4%	−5.3%	3.2%	9.8%
	–	–	–	2.8 pts	3.3 pts	−7.2 pts	−23.2 pts	12.1 pts	8.5 pts	6.6 pts
From the net margin	–	–	–	1.8 pts	1.8 pts	−7.6 pts	−22.8 pts	12.1 pts	8.1 pts	8.6 pts
From asset turnover	–	–	–	0.7 pts	1.7 pts	0.4 pts	0.7 pts	0.4 pts	0.3 pts	1.3 pts
From borrowing	–	–	–	0.2 pts	−0.2 pts	0.0 pts	−1.1 pts	−0.3 pts	0.1 pts	−3.3 pts
Return on capital employed	–	–	8.2%	11.2%	16.6%	5.5%	−3.8%	0.0%	7.8%	11.8%
Cash conversion	–	–	–	–	109.9%	67.9%	–	–	258.4%	143.7%
Interest cover	0.7	1.3	2.5	3.4	6.6	3.7	–	–	1.6	6.1
Debt to equity	–	–	0.36	0.36	0.25	0.43	0.53	0.63	0.58	0.14
Receivable days	–	–	98	99	93	85	88	89	85	112
Inventory days	–	–	135	132	139	160	152	166	173	188
Payable days	–	–	141	133	121	119	107	125	115	140
Cash conversion cycle, days	–	–	92	98	111	126	132	131	143	160
Working capital days	–	–	75	78	79	105	110	112	111	125
Asset turnover	–	–	0.75	0.81	0.94	1.00	0.96	0.89	0.99	1.10
Assets per rupee of net worth	–	–	1.96	2.01	1.98	2.00	2.14	2.26	2.31	1.72
Sales per rupee of plant	–	–	4.58	3.42	4.27	4.46	4.72	5.51	6.70	3.01
Capital spending to depreciation	–	–	–	–	1.04	0.64	1.55	0.50	0.59	0.58
Plant being built, % of plant in use	–	–	7.6%	3.2%	9.0%	2.8%	17.1%	4.5%	6.5%	6.0%

Revenue growth is left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth is left blank for the year to Mar 2018: between the two periods the company restated its earlier figures and excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. Operating profit growth is left blank for the year to Mar 2018: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth is left blank for the year to Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the years to Mar 2021 and Mar 2026: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2023 and Mar 2024: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.7%
Cash from operations against operating profit: 49.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	18.3%	20.2%	34.0%
Profit growth, yearly rate	–	13.2%	–
Return on equity, average	–	−0.8%	2.6%
Return on capital employed, average	–	4.3%	6.5%
Operating margin, average	10.4%	8.5%	11.3%
Net margin, average	7.0%	0.2%	2.2%
Asset turnover, average	–	0.99	0.99
Cash conversion cycle, days, average	–	138	145
Interest cover, average	–	–	3.8
Debt to equity, average	–	0.46	0.45

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	484	437	323
Cash from investing	−274	−115	−84
Cash from financing	−86	−185	−123
Capital spending	323	205	135
Dividends paid	19	7	5
Shares bought back	0	0	0
Shares issued for cash	132	132	132
Borrowings raised	622	387	5
Borrowings repaid	609	542	213

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	9	4	2	6	7	8
Altman Z-scorePublished threshold 1.81	–	–	3.43	3.47	8.08	4.84	2.90	3.66	4.39	5.40
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.46	−2.49	−2.73	−2.76	−2.54	−1.14
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.37	7.66	−4.97	−3.54	−1.68	−0.45
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	5.89	–	–	1.92
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	1.09	−6.88	−8.64	2.99	2.04	−5.06	67.34
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−1.77	5.67	17.47	−5.68	8.92	4.43	15.96
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.11	−0.63	0.53	0.15	0.43	−0.09	2.37
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.07	1.16	0.18	1.29	1.18	0.30	0.06
Effective tax ratePublished threshold 17.16 per cent	−64.73	56.91	3.41	12.79	23.55	15.60	–	–	27.19	35.63
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−34.54	–	–	−35.12	18.06

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
17 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based-Others	[ICRA]AA-Review, Other	Stable	185
30 Apr 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA-; IND A1+Review, Upgrade	Stable	35

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.