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Anthem Biosciences to Convert Additional ₹275 Crore Loan into Subsidiary Equity
Anthem Biosciences has executed a first amendment to its loan agreement with its wholly-owned subsidiary, Neoanthem Lifesciences, allowing for the conversion of an additional ₹275 crore of debt into equity. This follows a previous ₹100 crore conversion in February 2025, under a total sanctioned financial assistance limit of ₹550 crore. The current outstanding loan to the subsidiary stands at ₹439.41 crore. While this move increases the company's investment in the subsidiary and reduces standalone loan exposure, it has no material impact on the consolidated financial statements.
Key Highlights
Option to convert an additional ₹275 crore of the existing loan into equity shares of Neoanthem Lifesciences.
Total financial assistance limit for the subsidiary is capped at ₹550 crore.
Outstanding loan amount to the subsidiary currently stands at ₹439.41 crore.
Initial ₹100 crore loan-to-equity conversion was already completed on February 21, 2025.
The transaction is conducted on an arm's length basis with no impact on consolidated financials.
💼 Action for Investors
Investors should view this as an internal balance sheet restructuring that strengthens the subsidiary's equity base. No immediate action is required as it does not change the consolidated valuation of the company.
Anthem Biosciences 9M FY26 PAT Grows to ₹402 Cr; EBITDA Margin Strong at 41.5%
Anthem Biosciences reported a steady 9M FY26 performance with consolidated revenue of ₹1,513 crore, driven primarily by its CRDMO segment which contributed ₹1,260 crore. Despite a slightly lower Q3 revenue of ₹423 crore due to a high base effect, the company maintained robust EBITDA margins of 41.5% for the nine-month period. Management has guided for a strong Q4, projecting full-year revenue growth in the mid-teens (15-16%) and EBITDA/PAT growth exceeding 20%. The company successfully reduced China dependency through backward integration, which structurally improved material margins.
Key Highlights
9M FY26 consolidated revenue reached ₹1,513 crore, with CRDMO contributing 83% of total sales.
EBITDA for 9M FY26 stood at ₹671 crore with a strong margin of 41.5%, representing 23% YoY growth.
Reported a one-time exceptional expense of ₹25.4 crore due to new government labor code notifications.
Management maintains a 20% plus growth guidance for EBITDA and PAT for the full financial year.
Successfully discontinued China supplies for key intermediates through backward integration, boosting structural margins.
💼 Action for Investors
Investors should monitor the ramp-up of the four new product approvals and the company's ability to sustain 40%+ EBITDA margins. The structural shift away from Chinese raw materials reduces supply chain risk and enhances long-term profitability.
Anthem Biosciences Q3 PAT Drops 46.5% YoY to ₹928 Mn; 9M EBITDA Margins Strong at 41.5%
Anthem Biosciences reported a weak Q3 FY26 with revenue declining 23.1% YoY to ₹4,232 Mn, which management attributed to a high base effect from the previous year. Despite the quarterly dip, the 9-month (9M FY26) performance remains positive with revenue up 11.2% to ₹15,134 Mn and EBITDA growing 22.6% to ₹6,712 Mn. Quarterly profitability was significantly impacted by a ₹254 Mn exceptional provision related to the new Labour Code, leading to a 46.5% YoY decline in PAT. The company maintains a very strong liquidity position with net cash of ₹12,312 Mn.
Key Highlights
9M FY26 Revenue grew 11.2% YoY to ₹15,134 Mn, led by 13.1% growth in the core CRDMO segment.
EBITDA margins remained resilient at 41.8% for Q3 and 41.5% for the 9-month period.
Q3 FY26 PAT fell 46.5% YoY to ₹928 Mn, weighed down by a ₹254 Mn exceptional item for Labour Code compliance.
The company holds a robust net cash position of ₹12,312 Mn as of December 31, 2025.
Management maintains a positive outlook for Q4 FY26, citing robust underlying demand despite the Q3 volatility.
💼 Action for Investors
Investors should monitor whether the sharp Q3 revenue decline is truly a one-off base effect or indicative of a slowdown in CRDMO order execution. While the high EBITDA margins and strong cash reserves are reassuring, the significant quarterly profit miss suggests a cautious approach until Q4 recovery is visible.
Anthem Biosciences Q3 PAT Declines to ₹1,121 Mn; Board Allots 1.03 Lakh ESOP Shares
Anthem Biosciences reported a weak Q3 FY26 with revenue from operations falling 16.4% YoY to ₹4,165.75 million. Net profit for the quarter dropped to ₹1,121.25 million from ₹1,279.93 million in the previous year, significantly impacted by a ₹249.84 million exceptional provision for new Labour Codes. On a positive note, the nine-month (9M FY26) performance remains stronger than the previous year, with total income reaching ₹16,282.61 million. Additionally, the board approved the allotment of 1,03,800 equity shares under the 2024 ESOP plan.
Key Highlights
Revenue from operations decreased to ₹4,165.75 million in Q3 FY26 from ₹4,982.62 million YoY.
Net Profit (PAT) for the quarter stood at ₹1,121.25 million, down from ₹1,984.34 million in the preceding quarter.
Recognized an exceptional expense of ₹249.84 million as a provision for the new Government Labour Codes.
Allotted 1,03,800 equity shares of ₹2 face value at an exercise price of ₹100.75 per share.
9M FY26 Profit after tax remains higher at ₹4,588.98 million compared to ₹3,836.25 million in 9M FY25.
💼 Action for Investors
Investors should exercise caution due to the sequential and year-on-year decline in quarterly revenue and margins. It is advisable to wait for management commentary regarding the demand outlook and the one-time nature of the labor code provisions.
Anthem Biosciences Q3FY26 PAT Falls 25% YoY to ₹928 Mn; 9M EBITDA Margins Strong at 41.5%
Anthem Biosciences reported a mixed set of results for Q3FY26, with revenue declining 15% YoY to ₹4,232 Mn, primarily due to a high base in the previous year's CRDMO segment. Despite the revenue dip, EBITDA margins remained robust at 41.8% for the quarter, supported by higher other income and operational efficiencies. Net profit for the quarter was impacted by a ₹254 Mn exceptional provision related to the new Labour Code, leading to a 25.3% YoY decline in PAT to ₹928 Mn. However, the 9-month performance remains positive with revenue and EBITDA growing 11.2% and 22.6% YoY respectively.
Key Highlights
9MFY26 Revenue grew 11.2% YoY to ₹15,134 Mn, while EBITDA increased 22.6% to ₹6,712 Mn.
Q3FY26 Revenue from the core CRDMO business fell 19.4% YoY to ₹3,332 Mn.
EBITDA margins improved to 41.8% in Q3FY26 from 36.9% in the same quarter last year.
PAT for Q3FY26 stood at ₹928 Mn, impacted by a ₹254 Mn exceptional charge for new labour laws.
The company maintains a strong liquidity position with a net cash balance of ₹12,312 Mn as of Dec 31, 2025.
💼 Action for Investors
Investors should monitor the recovery in the CRDMO segment in Q4, which management expects to be the strongest quarter of the year. While the quarterly revenue dip is concerning, the high EBITDA margins and strong net cash position provide a solid fundamental cushion.
Anthem Biosciences Q3FY26 PAT Declines 25% YoY to ₹928 Mn Amid CRDMO Segment Slowdown
Anthem Biosciences reported a challenging Q3FY26 with revenue from operations declining 15% YoY to ₹4,232 Mn, largely driven by a 19.4% drop in its core CRDMO business. While the 9-month performance remains positive with revenue up 11.2% YoY, the quarterly Profit After Tax (PAT) fell significantly by 25.3% YoY to ₹928 Mn. Profitability was further impacted by a ₹254 Mn exceptional provision related to new government labour codes. Despite the quarterly volatility, the company maintains a robust net cash position of ₹12,312 Mn.
Key Highlights
Q3FY26 Revenue from operations fell 15% YoY to ₹4,232 Mn and 23.1% sequentially.
CRDMO segment revenue witnessed a sharp 19.4% YoY decline to ₹3,332 Mn in Q3FY26.
9MFY26 EBITDA grew 22.6% YoY to ₹6,712 Mn with strong margins of 41.5%.
Exceptional item of ₹254 Mn recognized in Q3 for provisions under new Labour Codes.
Net cash position remains strong at ₹12,312 Mn as of December 31, 2025.
💼 Action for Investors
Investors should exercise caution due to the sharp sequential and year-on-year decline in the core CRDMO business during Q3. While the long-term 9-month growth and cash reserves are healthy, the immediate focus should be on management's commentary regarding the recovery of order execution in the coming quarters.
Anthem Biosciences Q3FY26: EBITDA Margins Expand to 41.8% Despite 15% Revenue Dip
Anthem Biosciences reported a mixed Q3FY26 with revenue declining 15% YoY to ₹4,232 Mn, primarily due to a high base in the previous year. However, EBITDA margins improved significantly to 41.8% from 35.2% YoY, leading to a 3.7% growth in EBITDA. Net profit for the quarter fell 25.3% to ₹928 Mn, impacted by a ₹254 Mn exceptional provision for new Labour Codes. For the nine-month period (9MFY26), the company maintains a steady growth trajectory with revenue and PAT up 11.2% and 9.1% respectively.
Key Highlights
Q3FY26 Revenue from operations stood at ₹4,232 Mn, down 15% YoY, while CRDMO segment contributed 78.8% of total revenue.
EBITDA margins expanded significantly to 41.8% in Q3FY26 compared to 35.2% in Q3FY25.
9MFY26 Revenue grew 11.2% YoY to ₹15,134 Mn with EBITDA growing 22.6% to ₹6,712 Mn.
A one-time exceptional item of ₹254 Mn was recognized due to the notification of new Labour Codes impacting wage definitions.
Strong balance sheet maintained with a net cash position of ₹12,312 Mn as of December 31, 2025.
💼 Action for Investors
Investors should monitor the recovery in CRDMO revenues in Q4, which management expects to be the strongest quarter of the year. The significant margin expansion is a positive sign of operational efficiency despite the temporary revenue dip.
Anthem Biosciences Q3 PAT Declines 12% YoY to ₹1,121 Mn; Exceptional Item Impacts Bottom-line
Anthem Biosciences reported a weak Q3 FY26 with revenue from operations falling 16.4% YoY to ₹4,165.75 Mn. Net profit for the quarter dropped 12.4% YoY to ₹1,121.25 Mn, impacted by a sequential slowdown and an exceptional provision of ₹249.84 Mn for new Labour Codes. However, the nine-month (9M FY26) performance remains positive, with PAT growing 19.6% YoY to ₹4,588.98 Mn. The company also expanded its equity base by allotting 1,03,800 shares under its ESOP 2024 plan.
Key Highlights
Revenue from operations decreased 16.4% YoY to ₹4,165.75 Mn in Q3 FY26.
Net Profit (PAT) for the quarter fell to ₹1,121.25 Mn from ₹1,279.93 Mn in Q3 FY25.
Recognized an exceptional charge of ₹249.84 Mn as provision for new Government Labour Codes.
9M FY26 total income grew to ₹16,282.61 Mn, up from ₹14,332.86 Mn in the previous year.
Allotted 1,03,800 equity shares under ESOP 2024, increasing paid-up capital to ₹1,123.43 Mn.
💼 Action for Investors
Investors should be cautious as the sharp sequential and YoY decline in quarterly revenue and profit suggests a temporary slowdown in execution or demand. Monitor management commentary regarding the exceptional item and the outlook for the CDMO segment to see if growth recovers in Q4.