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ANTHEM - Anthem Bioscienc

📊 NSE: ANTHEM 🏢 Biotechnology 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Anthem Biosciences General Counsel K. Ramakrishnan Resigns Due to Superannuation

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Mar 2026, 06:30 PM

Mr. K. Ramakrishnan, General Counsel and Senior Management Personnel at Anthem Biosciences, has resigned effective March 31, 2026. Having been with the company since February 17, 2007, his departure marks the end of a 19-year tenure. The resignation is attributed to superannuation following the company's recent listing. He will officially cease to be a member of the Senior Management Personnel from the effective date.

Mr. K. Ramakrishnan to step down as General Counsel effective March 31, 2026
Associated with the company for approximately 19 years since February 2007
Resignation is due to superannuation (retirement) post-company listing
He was formally classified as Senior Management Personnel on November 5, 2024

💡 As this is a routine retirement of a long-standing executive, no immediate action is required. Investors should look for the company's announcement regarding a successor to ensure continuity in legal and regulatory oversight.

Anthem Biosciences to Convert Additional ₹275 Crore Loan into Subsidiary Equity

🟡 NEUTRAL ⭐ 6/10

OTHER 📅 23 Feb 2026, 07:23 PM

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.

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.

💡 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%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 04:39 PM

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.

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.

💡 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%

🔵 WATCH ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 07:37 PM

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.

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.

💡 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 Releases Q3 and 9M FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 06:10 PM

Anthem Biosciences Limited has officially released the audio recording of its earnings conference call for the quarter and nine months ended December 31, 2025. The call, which took place on February 5, 2026, discussed the company's unaudited standalone and consolidated financial performance. This disclosure is a mandatory regulatory requirement under SEBI (LODR) Regulations, 2015, to ensure transparency for all shareholders. Investors can access the full recording on the company's official website to review management's commentary and responses to institutional queries.

Audio recording of the Q3 and 9M FY26 earnings call is now available on the company's website.
The earnings call was held on February 5, 2026, at 02:30 PM IST.
The filing complies with Regulation 30 and 46 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015.
The call covered both standalone and consolidated financial results for the period ending December 31, 2025.

💡 Investors who missed the live session should listen to the recording to understand management's outlook on the biosciences sector and specific growth drivers for Anthem. No immediate action is required as this is a procedural compliance filing.

Anthem Biosciences Q3 PAT Declines to ₹1,121 Mn; Board Allots 1.03 Lakh ESOP Shares

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 02:38 PM

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.

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.

💡 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%

🔵 WATCH ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 02:06 PM

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.

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.

💡 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

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 01:45 PM

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.

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.

💡 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

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 01:35 PM

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.

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.

💡 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

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 01:16 PM

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.

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.

💡 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.

Anthem Biosciences to Host Q3FY26 Earnings Call on February 5, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jan 2026, 10:23 PM

Anthem Biosciences Limited has issued a revised schedule for its earnings conference call to discuss the unaudited financial results for Q3 and the nine months ended December 31, 2025. The call is scheduled for Thursday, February 5, 2026, at 02:30 PM IST. This revision was necessitated by a non-functional joining link in the previous intimation. Senior management, including the MD & CEO and the CFO, will be present to discuss performance and answer questions.

Earnings conference call scheduled for February 5, 2026, at 02:30 PM IST.
Focus on Unaudited Standalone and Consolidated Financial Results for Q3 and 9M FY26.
Management participants include MD & CEO Ajay Bhardwaj and CFO Gawir Baig.
Revised intimation provides corrected functional Diamond Pass registration links.
Call hosted by JM Financial Institutional Securities Limited.

💡 Investors interested in the company's quarterly performance should use the revised link to join the call on February 5. No immediate action is required as this is a routine administrative update.

Anthem Biosciences to Host Q3FY26 Earnings Conference Call on February 5, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jan 2026, 06:03 PM

Anthem Biosciences has scheduled its earnings conference call for Thursday, February 5, 2026, at 2:30 PM IST to discuss financial results for the quarter and nine months ended December 31, 2025. The call will be led by Managing Director and CEO Mr. Ajay Bhardwaj and CFO Mr. Gawir Baig. This routine interaction allows institutional investors and analysts to seek clarity on the company's performance and future growth strategy. The session is being coordinated by JM Financial Institutional Securities Limited.

Earnings call scheduled for February 5, 2026, at 02:30 PM IST.
Discussion will focus on Unaudited Standalone and Consolidated Financial Results for Q3 and 9M FY26.
Top management including the MD & CEO and CFO will be present for the discussion.
Universal dial-in numbers provided are +91-22-6280 1366 and +91-22-7115 8267.

💡 Investors should track the upcoming financial results and listen to the management commentary for guidance on margin trends and order book updates. No immediate action is required based on this scheduling announcement.

Anthem Biosciences Files SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 04:18 PM

Anthem Biosciences Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended December 31, 2025. The certificate, issued by Kfin Technologies Limited, confirms that the company has processed dematerialization and rematerialization requests as per regulatory requirements. This filing is a standard administrative procedure for listed companies to ensure the integrity of shareholding records with NSDL and CDSL. There are no material financial implications or changes to business operations arising from this announcement.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation provided by Registrar and Transfer Agent (RTA), Kfin Technologies Limited.
Verification that security certificates received for dematerialization have been mutilated and cancelled.
Ensures adherence to SEBI (Depositories and Participants) Regulations, 2018.

💡 No action is required as this is a routine regulatory filing. Investors should focus on the company's upcoming quarterly financial results for fundamental performance indicators.

Anthem Biosciences Issues ₹49 Crore Corporate Guarantee for Subsidiary Neoanthem Lifesciences

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 07 Jan 2026, 02:23 PM

Anthem Biosciences has issued corporate guarantees totaling ₹49 Crores to support its wholly-owned subsidiary, Neoanthem Lifesciences Private Limited. The guarantees are split between Citi Bank N.A. (₹25 Crores) and Federal Bank Limited (₹24 Crores) to secure fund-based working capital facilities. This financial support is intended to meet the operational requirements of the subsidiary and was conducted on an arm's length basis. While this creates a contingent liability for the parent company, it ensures necessary liquidity for the subsidiary's growth.

Total corporate guarantee of ₹49 Crores issued for wholly-owned subsidiary Neoanthem Lifesciences.
₹25 Crores guarantee provided to Citi Bank N.A. for working capital credit facilities.
₹24 Crores guarantee provided to Federal Bank Limited for working capital credit facilities.
The transaction is conducted on an arm's length basis with no direct interest from promoters.
The guarantees will remain in force until the subsidiary fulfills its repayment obligations to the lenders.

💡 Investors should view this as a standard operational support for a subsidiary, though they should monitor the subsidiary's financial health as the guarantee represents a contingent liability.

Anthem Biosciences Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Dec 2025, 04:32 PM

Anthem Biosciences Limited has notified the exchanges that its trading window will be closed for all designated persons starting January 1, 2026. This closure is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the board meeting where the results are approved. The company will announce the specific date of the board meeting in a separate filing.

Trading window closure for all Designated Persons begins on January 1, 2026.
Closure is in anticipation of the financial results for the quarter ending December 31, 2025.
Trading restriction will lift 48 hours after the board meeting results are made public.
The filing is a standard compliance measure under SEBI Insider Trading regulations.

💡 This is a routine regulatory announcement and requires no immediate action. Investors should monitor for the upcoming board meeting date to assess the company's quarterly financial performance.

View All ANTHEM Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue reached INR 1,090 Cr in H1 FY26. The CRDMO business contributed INR 926 Cr (85% of total), while Specialty Ingredients contributed INR 163 Cr (15% of total). The company saw historical growth of 34% in FY2024 and 29% in FY2025, driven by USFDA approvals and capacity ramp-ups.

Geographic Revenue Split

Not explicitly disclosed in available documents, though the company derives major revenues from innovators in regulated markets like the US and Japan.

Profitability Margins

PAT margin improved to 26.6% in H1 FY26 (INR 309 Cr) from 25.6% in FY2025. Operating margins were 37% in FY2025, impacted by ESOP charges and external sourcing of intermediates, but recovered to 41.4% in H1 FY26 due to operating leverage and lower employee costs.

EBITDA Margin

EBITDA margin stood at 41.4% (INR 480 Cr) in H1 FY26, a significant increase from 37% in FY2025. This was driven by a reduction in employee costs from 16-17% to 12.5% of sales and a INR 34 Cr forex gain (contributing 2-3% to the margin).

Capital Expenditure

Anthem is executing a massive expansion: INR 150 Cr for Unit 2 (130 kL expansion), INR 550 Cr for Unit 3 (Neoanthem greenfield), and a planned INR 1,000 Cr for Unit 4 at Harohalli to be operational by FY2028.

Credit Rating & Borrowing

ICRA revised the outlook to Positive from Stable on long-term ratings. Borrowing is used for capex, with repayment obligations of INR 19.0 Cr annually for FY2026, FY2027, and FY2028.

⚙️ Operational Drivers

Raw Materials

Advanced intermediates and API raw materials. External sourcing of intermediates for a specific API caused a margin contraction in FY2024 because the supply chain was not fully backward integrated.

Capacity Expansion

Current synthesis capacity was 270 kL in FY2024, expanding by 130 kL (Unit 2) to reach 400 kL by H1 FY2026. A new INR 450 Cr block for peptides, high-potent compounds, and fermentation is expected to generate INR 650 Cr in revenue (1.4x-1.5x asset turnover).

Raw Material Costs

Raw material costs impacted margins in FY2024 due to lack of backward integration for one API. The company is streamlining manufacturing to shift to in-house production to protect the 37% margin floor.

Manufacturing Efficiency

H1 FY26 utilization stood at 70% for custom synthesis and 55% for fermentation. The company aims for a 1.4x to 1.5x asset turnover on new capital blocks.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth will be achieved by scaling commercial molecules from 10 to 14, commissioning the INR 1,000 Cr Unit 4 by FY2028, and ramping up the Neoanthem greenfield facility. The company is also targeting 'second source' supply opportunities for commercialized molecules.

Products & Services

Contract Development and Manufacturing Services (CDMO) for NCE and NBE molecules, advanced intermediates, APIs, specialty ingredients, peptides, and high-potent compounds.

Brand Portfolio

Anthem Biosciences, Neoanthem Lifesciences.

New Products/Services

Added 4 new commercial molecules in H1 FY26, bringing the total to 14. New high-end manufacturing for peptides and high-potent compounds is being introduced.

Market Expansion

Expansion into high-potent compounds and peptides; greenfield expansion via Unit 3 and Unit 4 in Bangalore to service regulated market innovators.

Market Share & Ranking

Described as a 'mid-sized player' in the highly competitive CRAMS/CDMO industry.

Strategic Alliances

True North acquired a minority stake in April 2021. The company works as a strategic partner for global pharmaceutical innovators.

🌍 External Factors

Industry Trends

The CDMO industry is seeing an inflow of RFPs to Indian companies. Anthem is positioning itself by building capacity ahead of demand ('build it and they will come' strategy) to capture 20% CAGR.

Competitive Landscape

Highly competitive CRAMS industry with both domestic and international mid-to-large scale players.

Competitive Moat

Moat is built on USFDA-approved facilities, a large scientific workforce (>1,000 scientists), and a track record with innovators. Switching costs are high once a molecule moves to commercial scale with a specific CDMO.

Macro Economic Sensitivity

Sensitive to biotech funding cycles, though the company reported no major impact from the recent 'funding drought' in the biotech sector.

Consumer Behavior

Shift toward outsourcing drug discovery and development by big pharma and biotech to specialized CDMOs to reduce time-to-market.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to stringent manufacturing standards from USFDA, PMDA (Japan), EDQM, ANVISA, TGA, and DCGI. Unit 2 received USFDA approval in June 2023.

⚠️ Risk Analysis

Key Uncertainties

Developmental risk: Failure of a drug in Phase 3 clinical trials can result in 100% loss of expected commercial revenue for that molecule.

Geographic Concentration Risk

Manufacturing is highly concentrated in Bangalore (Units 1, 2, 3, and 4).

Third Party Dependencies

Dependency on innovators' clinical success and market acceptance of their end products.

Technology Obsolescence Risk

Risk is managed by investing in high-end peptide and biotransformation technologies.

Credit & Counterparty Risk

Liquidity is strong with INR 993 Cr cash in hand as of Sept 2025; working capital utilization is moderate at 54.3%.

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Updated: 11/13/2025 15:25