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; revenue grew 11.2% year-over-year.

• EBITDA for the nine months reached INR 671 crore (41.5% margin), up 22.6% year-over-year, with PAT at INR 402 crore (24.8% margin), up 9.1% year-over-year.

• 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); Q3 revenue declined 15% year-over-year but margin improved.

• Unaudited standalone and consolidated financial results for Q3 and 9MFY26 were approved by the Board and Audit Committee, with unqualified auditor reports.

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

Financial highlights

• 9MFY26 revenue from operations: ₹15,134 Mn; EBITDA: ₹6,712 Mn (41.5% margin); PAT: ₹4,020 Mn (24.8% margin).

• Q3FY26 revenue from operations: ₹4,232 Mn; EBITDA: ₹1,907 Mn (41.8% margin); PAT: ₹928 Mn (20.3% margin).

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

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

• FX income for nine months was INR 41 crore; for the quarter, INR 6.4 crore.

Outlook and guidance

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

• Margin improvements are expected to be sustainable due to backward integration and cost control.

• Management aspires for continued margin expansion in FY 2027 and FY 2028, with steady or improving EBITDA margins above 40%.

• Q4 is historically the strongest quarter, supporting full-year guidance.

• The company is monitoring the implementation of new Indian Labour Codes and has made provisions as an exceptional item, with ongoing assessment for compliance and accounting effects.