Target: ₹290CMP: ₹259.85Viyash Scientific’s FY26 annual report highlights the successful integration of the erstwhile Viyash LifeSciences, Sequent Scientific and Appco Pharma businesses, with profitability supported by operational turnaround across key subsidiaries and an improving business mix.Appco Pharma (US) emerged as the single largest earnings driver, contributing nearly 40 per cent of consolidated profit following a sharp turnaround in profitability, while the Animal Health business witnessed broad-based improvement, with Alivira Animal Health significantly reducing losses. The company continued shifting its Human Formulations portfolio towards complex generics and differentiated products, supported by approximately 85 per cent backward integration across key products, while expanding its Companion Animal franchise through new product launches, strategic partnerships and dedicated R&D investments. Revenue quality improved with PLI incentives and licensing income contributing ₹60.90 crore.Manufacturing investments also continued, with the gross block increasing to ₹1,820 crore, while governance remained largely comfortable with no material related-party transactions involving KMP-controlled entities, although Dr Haribabu Bodepudi’s remuneration of ₹78 crore and select transactions with Piramal Pharma Ltd and Aterna Labs Pvt Ltd represent key annual report observations. We retain Buy with a target price of ₹290.Published on July 27, 2026