Advanced Enzyme Technologies (ADVENZYMES) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue reached INR 6,369 million, up 2% year-over-year, with Q4 revenue at INR 1,672 million, up 6% year-over-year.

• EBITDA for FY25 was INR 1,944 million (31% margin), and PAT was INR 1,340 million (21% margin), with net profit attributable to shareholders at INR 1,311.15 million.

• Human nutrition contributed 64% of FY25 revenue, down 3% year-over-year, while animal nutrition and specialized manufacturing grew 12% and 30% respectively.

• Management anticipates mid double-digit growth for FY26, led by biocatalyst and human nutrition segments, with continued focus on innovation, sustainability, and regulatory compliance.

• The group operates in the global enzyme market, focusing on manufacturing and sales of enzymes, with ongoing international expansion.

Financial highlights

• FY25 EBITDA margin was 31% and PAT margin 21%; Q4 FY25 margins were 27% and 16% respectively.

• Gross margin for FY25 at 76%, slightly down from 77% in FY24; R&D expenditure increased to INR 328 million (5.3% of revenue).

• Net working capital days increased to 146 in FY25 from 135 in FY24; ROE declined to 11.31% and ROCE to 9.76%.

• Net debt to equity remained low at 0.01x; EPS for FY25 was ₹11.72, down 2% year-over-year.

• Cash generated from operating activities was ₹1,424.97 million in FY25.

Outlook and guidance

• Management expects mid double-digit revenue growth in FY26, with margin levels similar to FY25.

• Growth to be led by biocatalyst and human nutrition, with animal nutrition and specialized manufacturing also contributing.

• Focus on expanding product portfolio in animal nutrition, probiotics, bio-catalysis, and baking, with new launches and trials underway.

• Plans to strengthen international distribution, especially in USA, MENA, and Asia, and deepen R&D investment.

• The Board proposed a final dividend of ₹1.20 per share for FY25, in addition to an interim dividend of ₹4.00 per share.