ANTHEM - Anthem Bioscienc
📢 Recent Corporate Announcements
Anthem Biosciences has recommended the appointment of S. R. Batliboi & Associates LLP as its statutory auditors for a five-year term starting FY 2026-27, replacing K.P. Rao & Co. The Board also approved an upside sharing arrangement where promoters will receive ₹1,276.83 million from an investor, Viridity Tone LLP, following a successful post-listing divestment. This payout was triggered after the investor sold 20,313,795 shares for ₹13,170 million, achieving returns that exceeded the pre-agreed thresholds of 25% or 2x the original investment. The arrangement now awaits approval from public shareholders via an ordinary resolution.
- Appointment of M/s. S. R. Batliboi & Associates LLP as Statutory Auditors for a 5-year term (2026-2031).
- Investor Viridity Tone LLP divested 20,313,795 shares on March 09, 2026, for a net realization of ₹13,170 million.
- Promoters Ajay Bhardwaj, Ganesh Sambasivam, and K Ravindra Chandrappa to receive ₹1,276.83 million as an upside share.
- The upside sharing is based on a 2021 Shareholders’ Agreement and requires an ordinary resolution from public shareholders.
- The payout is triggered by the investor receiving returns in excess of 25% or 2x their original investment.
Anthem Biosciences has recommended the appointment of S.R. Batliboi & Associates LLP (an EY affiliate) as statutory auditors for a five-year term starting FY 2026-27. The board also approved an 'Upside Sharing Arrangement' where three promoters will receive ₹1,276.83 million from investor Viridity Tone LLP following a stake sale. This payment was triggered after the investor realized ₹13,170 million from selling 20,313,795 shares, exceeding the pre-agreed return threshold of 2x the original investment. The arrangement now seeks approval from public shareholders via an ordinary resolution.
- S.R. Batliboi & Associates LLP appointed as Statutory Auditors for a 5-year term (2026-2031).
- Investor Viridity Tone LLP divested 20,313,795 shares on March 09, 2026, for a total of ₹13,170 million.
- Promoters Ajay Bhardwaj, Ganesh Sambasivam, and K Ravindra Chandrappa to receive ₹1,276.83 million in upside sharing.
- The sharing arrangement was triggered as investor returns exceeded the higher of 25% or 2x the original investment.
- Public shareholder approval is required for the payout, with related parties abstaining from the vote.
Anthem Biosciences Limited has announced the closure of its trading window for all designated persons starting April 01, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the board meeting where these results are approved. This is a standard regulatory procedure for listed companies to prevent insider trading during the pre-earnings period.
- Trading window closure for Designated Persons begins on April 01, 2026.
- Closure is related to the approval of financial results for the quarter and year ending March 31, 2026.
- The window will reopen 48 hours after the conclusion of the relevant Board Meeting.
- The specific date for the Board Meeting will be communicated to exchanges in due course.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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%.