ANTHEM
Large CapAnthem Biosciences Limited
Pharma
Anthem Biosciences Limited operates as a science-led Contract Research, Development, and Manufacturing Organization (CRDMO) platform and also produces Specialty Ingredients. The company aims to build one of the most agile, science-led, and future-ready CRDMO platforms globally.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +27% YoY · PAT +129% YoY · margin expansion · +44% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹611 Cr | +26.5% | +44.4% |
| EBITDA | ₹267 Cr | +36.9% | +70.1% |
| Operating margin | 44.0% | +400 bps | +700 bps |
| PAT | ₹190 Cr | +128.9% | +104.3% |
| PAT margin | 31.1% | +1392 bps | +911 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Anthem Biosciences reported its highest-ever revenue quarter in Q4FY26, with 26.4% YoY revenue growth and 129.8% YoY PAT growth. FY26 saw 15.2% YoY revenue growth and 31.1% YoY PAT growth, driven by strong CRDMO performance and significant margin expansion.
The company delivered robust Q4FY26 and full-year FY26 results, exceeding revenue and profitability growth targets. Strong CRDMO segment performance and significant margin expansion indicate effective cost management and operational leverage. Net cash position improved substantially.
Q4FY26 Revenue Split
Latest issuer-disclosed distribution across 2 reported categories.
CRDMO Business Performance
The CRDMO business delivered ₹17,727 Mn revenues in FY26, growing 17.7% YoY, and ₹5,128 Mn in Q4FY26, growing 30.7% YoY.
Specialty Ingredients Segment
The Specialty Ingredients segment delivered ₹3,516 Mn revenues in FY26 and ₹981 Mn in Q4FY26.
Capacity Expansion
New greenfield facility (Unit IV) at Harohalli is under construction, adding significant custom synthesis and fermentation capacity.
Unit IV Greenfield Expansion
Construction is underway for the new greenfield facility at the 30-acre site at Harohalli, Bangalore.
Phase I Investment & Capacity
Phase I investment is ₹12,000 Mn, adding 365 KL Custom Synthesis and 100 KL Fermentation capacity.
Prudent Cost Management
Anthem’s commitment to prudent cost management has enabled the company to expand profitability margins.
Healthy Financial Position
The Company continues to maintain a healthy financial position, with Net Cash of ₹13,743 Mn as of March 31, 2026.
Labour Code Impact
An incremental impact of ₹244 Mn was recognized as an 'Exceptional Item' in FY26 due to changes in wage definition and gratuity provisions from new Labour Codes.
Regulatory Clarifications
The Company will evaluate and account for differential impact if any further clarification from the Government on other aspects of the Labour Codes arises.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both YoY and QoQ comparisons for Q4FY26, showing strong sequential momentum and significant annual growth across key financial metrics. Annual (FY26 vs FY25) comparison is crucial for overall performance, while quarterly (Q4FY26 vs Q4FY25 and Q4FY26 vs Q3FY26) highlights recent operational strength and momentum.
EBITDA Margins
Q4FY26 EBITDA margin was 48.1% (up 600 bps YoY, 630 bps QoQ). FY26 EBITDA margin was 43.4% (up 420 bps YoY).
PAT Margins
Q4FY26 PAT margin was 28.7% (up 12.1% YoY). FY26 PAT margin was 26.0% (up 2.6% YoY).
CRDMO Revenue Growth
CRDMO revenue grew 30.7% YoY and 53.9% QoQ in Q4FY26. For FY26, CRDMO revenue grew 17.7% YoY.
Specialty Ingredients Revenue Growth
Specialty Ingredients revenue grew 7.9% YoY and 9.1% QoQ in Q4FY26. For FY26, Specialty Ingredients revenue grew 3.9% YoY.
Strong FY26 Performance
Chairman, MD & CEO stated, 'We ended the financial year 2025–26 on a strong note, with our highest revenue quarter ever in Q4FY26.'
Future Strategic Priority
Management's priority for FY26-27 is 'to build one of the most agile, science-led, and future-ready CRDMO platforms in the world.'
Commitment to Sustainable Growth
The Company 'remains committed to delivering sustainable growth across all business segments.'
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CRDMO Revenue Growth | Q4FY26: 30.7% YoY; FY26: 17.7% YoY | Sustained high growth rates in the CRDMO segment, indicating continued client wins and project execution. |
| EBITDA Margin | Q4FY26: 48.1%; FY26: 43.4% | Maintenance or further expansion of profitability margins, reflecting operational efficiency and cost control. |
| Unit IV Capacity Ramp-up | Construction underway for 365 KL Custom Synthesis and 100 KL Fermentation capacity. | Commissioning timelines, successful ramp-up of utilization, and contribution to revenue growth from the new facility. |
| Net Cash Position | ₹13,743 Mn as of Mar 31, 2026 | Efficient deployment of the strong cash position into growth-driving capital expenditures or strategic initiatives. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +16.8% / mo
Technical chart
ANTHEMweekly · 6M+11.3%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 59.
- RSI(14) at 59 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 6% off 52W high · 34% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 17/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -75.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 99th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 74.7%. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Pharma: 99th pctile, median 70 · Large: 97th pctile, median 74
28 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸5 years of positive FCF.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 71.40
- P/B
- 14.26
- EV/EBITDA
- 45.01
- Market Cap
- 43515.00Cr
Profitability
- ROE
- 22.30%
- ROCE
- 30.40%
- ROA
- 17.26%
- Dividend Y
- 0.26%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 21.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 119.14×
- Altman Z
- 8.94
- Book Value
- 54.20
Cash Flow
- FCF Yield
- 0.33%
- FCF Positive Y
- 5/5
- OCF
- 844.00 Cr
- EPS TTM
- 10.54
Shareholding
- Promoter Hold
- 74.67%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.