Anthem Biosciences (ANTHEM) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations was ₹5,940.32 million; EBITDA was ₹3,304 million and PAT ₹2,114.63 million, with a record 50.6% EBITDA margin.

• H1 FY27 revenue was ₹10,122.50 million, down 7.2% YoY; EBITDA rose 5.3% to ₹5,059 million and PAT rose 7.2% to ₹3,314.04 million.

• Management cited strong underlying demand, cost efficiencies and yield optimization, and expects to offset the Q1 shortfall through subsequent-quarter catch-up while pursuing double-digit FY27 growth.

Financial highlights

• Q2 FY27 total revenue was ₹6,529 million, up 9.1% YoY; revenue from operations was ₹5,940.32 million, up 7.9% YoY.

• Q2 FY27 EBITDA was ₹3,304 million, up 24.1% YoY; margin expanded 610 bps to 50.6%.

• Q2 FY27 PAT was ₹2,114.63 million, up 21.9% YoY; PAT margin was 32.4%.

• H1 FY27 EBITDA margin rose 480 bps YoY to 46.2%; PAT margin increased to 30.2%.

• H1 FY27 PBT was ₹4,409.54 million, up 6.0% YoY; total tax expense was ₹1,096 million, up 2.8%.

Outlook and guidance

• No formal FY27 revenue guidance; management aims for double-digit growth and expects Q1’s shortfall to be offset by catch-up in Q2, Q3 and Q4.

• Management expects EBITDA and PAT growth, said FY26 margins are sustainable, and did not commit to sustaining Q2’s ~50% EBITDA margin.

• Specialty Ingredients is targeted at ~20% of sales by year-end as a buffer against CRDMO project lumpiness.

• Nine late-stage programs could move to commercial over 18–24 months; a few could commercialize in FY27, subject to trial outcomes.

• New modalities are under development for potential commercialization; management did not estimate their FY31 revenue contribution.