Anthem Biosciences (ANTHEM) Q3 25/26 earnings summary

Executive summary

• Consolidated nine-month revenue reached INR 15,134 Mn, with CRDMO contributing 83.2% and Specialty Ingredients 16.8%.

• EBITDA for the nine months was INR 6,712 Mn (41.5% margin), with PAT at INR 4,020 Mn (24.8% margin), up 9.1% year-over-year.

• Q3 FY26 revenue was INR 4,232 Mn, EBITDA INR 1,907 Mn (41.8% margin), and PAT INR 928 Mn (20.3% margin).

• Quarterly revenue declined year-over-year due to a high base, but margin improvements offset the impact.

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

Financial highlights

• Nine-month EBITDA grew 22.6% year-over-year; PBT before exceptional items grew about 20%.

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

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

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

• Standalone net profit for Q3 FY26 was Rs 1,121.25 Mn; consolidated net profit was Rs 920.37 Mn.

Outlook and guidance

• FY 2026 revenue growth expected in the mid-teens (15-16%), with EBITDA and PAT margins guided to remain above 20%.

• Q4 is historically the strongest quarter, expected to drive a strong finish for the year.

• Margin improvements are expected to be sustainable due to structural changes like backward integration.

• Positive outlook for FY 2027 and FY 2028, with growth expected from new and existing products and customer additions.

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