Hester Biosciences Limited has submitted multiple regulatory compliance disclosures to stock exchanges, reinforcing its commitment to transparency and adherence to SEBI regulations. The company filed reports with both BSE Limited and National Stock Exchange of India Limited regarding its corporate status and quarterly compliance requirements.

Large Corporate Classification Disclosure

The company formally notified stock exchanges on 3 April 2026 that it does not fall under the Large Corporate category as defined by SEBI regulations. This disclosure was made in compliance with SEBI Circular No. SEBI/HO/DDHS/CIR/P/2018/144 dated 26 November 2018, which pertains to fund raising through debt securities by Large Corporates.

Quarterly Securities Compliance Report

On 8 April 2026, Hester Biosciences submitted its confirmation certificate for securities dematerialised/rematerialised during the quarter ended 31 March 2026. This submission was made under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate was received from the company's Registrar and Share Transfer Agent, MUFG Link Intime India Private Limited.

Corporate Information and Leadership

Hester Biosciences Limited operates from its headquarters and registered office located in Village Meda-Adraj, Taluka Kadi, District Mehsana, Gujarat. The company also maintains an Ahmedabad office at Pushpak, Panchvati Circle. Both regulatory disclosures were signed by Company Secretary & Compliance Officer Vinod Mali and Chief Financial Officer Ashish Desai, demonstrating proper corporate governance protocols.

Regulatory Framework Significance

These compliance submissions highlight the company's adherence to SEBI's regulatory framework. The Large Corporate classification disclosure ensures transparency in debt market operations, while the quarterly securities report maintains proper oversight of dematerialisation processes. Companies falling under the Large Corporate category are subject to specific regulations regarding fund raising through debt securities, making Hester Biosciences' confirmation of its non-classification important for investors and regulatory authorities.

Hester Biosciences Limited has received revised credit ratings from CARE Ratings Limited, with downgrades across all bank facilities announced on 19 March 2026. The rating agency communicated the revision through an electronic letter dated 19 March 2026, prompting the company to inform stock exchanges under regulatory compliance requirements.

Credit Rating Downgrades

CARE Ratings has downgraded Hester Biosciences' credit ratings across three categories of bank facilities. The revision affects the company's borrowing profile and reflects the rating agency's assessment of recent financial performance.

Facility-wise Rating Details

The rating revision covers bank facilities totaling ₹131.47 crore across different categories. Long-term bank facilities worth ₹66.25 crore, reduced from the previous ₹95.18 crore, received the CARE BBB; Stable rating. The combined long-term and short-term bank facilities of ₹65.00 crore were assigned CARE BBB; Stable/CARE A3+ ratings, while short-term bank facilities of ₹0.22 crore received the CARE A3+ rating.

Assessment Basis and Company Response

The rating revision was conducted based on audited financials for financial year 2024-25 and unaudited financial results for the half-year ended 30 September 2025. Hester Biosciences characterizes these ratings as transitional, citing several positive developments that occurred after 30 September 2025.

The company highlighted five key improvement indicators:

• Enhancement in operating margin and net profit margin
• Improvement in ROCE ratios and total debt to PBILDT ratio
• Regulatory marketing and manufacturing license approval for Avian Influenza H9N2 vaccine
• Adequate liquidity positioned against debt repayment obligations
• Improved debt coverage indicators in H1FY26 on year-on-year basis and over FY25 levels

Business Profile and Market Position

Hester Biosciences Limited operates as one of India's leading animal health companies, manufacturing vaccines and health products since 1997. The company operates through two main divisions: Poultry Healthcare and Animal Healthcare, which includes ruminants and pet health segments.

The company maintains strong market positions across key product categories. It holds approximately 75% of the global PPR vaccine market, making it the world's largest manufacturer and supplier. In India, Hester commands over 70% market share in Goat Pox vaccine, used for cattle immunization against Lumpy Skin disease, and maintains approximately 35% market share as the second-largest poultry vaccine manufacturer.

Forward Outlook

Hester Biosciences has committed to improving bottom-line performance, expecting positive changes including potential credit rating improvements. The company continues focusing on innovation, margin stability, and sustainable growth through product diversification and geographic expansion, targeting increased revenues and profitability at both standalone and consolidated levels.

Source: None/Company/INE782E01017/0fa418ce-a485-4187-8e8a-74e3e8e46ea8.pdf