Anthem Biosciences (ANTHEM) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue for the nine months ended December 31, 2025, was INR 1,513 crore (₹15,134 Mn), with CRDMO contributing INR 1,260 crore and specialty ingredients INR 254 crore.

• EBITDA for the nine months reached INR 671 crore (41.5% margin), with PAT at INR 402 crore (24.8% margin), both showing strong year-over-year growth.

• Q3 revenue was INR 423 crore (₹4,232 Mn), with EBITDA at INR 191 crore (41.8% margin) and PAT at INR 93 crore (20.3% margin).

• Management remains confident in robust underlying demand and expects a strong Q4 finish.

• Unaudited results for Q3 FY26 were approved by the Board, with unqualified auditor reports confirming compliance.

Financial highlights

• Nine-month EBITDA grew 23% year-over-year; PBT before exceptional items grew ~20%.

• Net cash position as of Dec 31, 2025: ₹12,312 Mn.

• Other income for the quarter was INR 33.5 crore, mainly from forex and non-operating sources; other income increased 45.9% year-over-year for 9MFY26.

• FX income contributed INR 41 crore for nine months and INR 6.4 crore for Q3.

• Basic EPS for Q3 FY26 was Rs 2.00 standalone and Rs 1.65 consolidated.

Outlook and guidance

• FY 2026 revenue growth expected in the mid-teens (15-16%), below initial 20% guidance, but EBITDA and PAT margin guidance of 20%+ remains intact.

• Margin improvements are expected to be sustainable due to backward integration and operating leverage.

• Management is optimistic about FY 2027 and FY 2028, expecting continued growth as destocking effects subside and new customers ramp up.

• The company is monitoring the implementation of new Indian Labour Codes and has made provisions as an exceptional item.