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

Executive summary

• Consolidated revenue for FY25 was INR 6,369 million, up 2% year-over-year, with Q4 revenue at INR 1,672 million, up 6% year-over-year and 1% sequentially.

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

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

• Continued focus on innovation, sustainability, and regulatory compliance, with new enzyme dossiers filed in the EU and US, and three patent applications.

• Installed a 350 kW solar plant, raising clean energy capacity to 510 kW, now covering about 10% of Sinnar plant's power needs.

Financial highlights

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

• R&D expenditure increased to INR 328 million (5.3% of revenue), up from 4.5% in FY24.

• 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.

Outlook and guidance

• Management expects mid-double-digit revenue growth in FY26, driven by biocatalyst and human nutrition segments.

• Gross and EBITDA margins expected to remain stable at FY25 levels.

• Specialized manufacturing segment projected to grow over 20% in FY26, with capacity expansion underway.

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

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