Advanced Enzyme Technologies Ltd

Financial Performance

• Revenue: INR 1,898 million; 2% YoY; -7% QoQ; includes INR 100 million reversal.
• EBITDA: INR 510 million; -10% YoY; -19% QoQ; margin 27%.
• PAT: INR 386 million; -5% YoY; -15% QoQ; PAT margin 20%.
• Board buyback: INR 697 million at INR 500 per share.
• Acquisition: remaining 4.28% in JC Biotech for INR 79.79 million; becomes wholly-owned.
• R&D spend: INR 90 million; 4.75% of revenue.
• Consolidated R&D ~5% of revenue; excluding evoxx ~3%.
• Healthcare: India INR 580 million; International INR 559 million; total Healthcare INR 1,139 million.
• Europe/Evoxx: INR 13 crores revenue; +43% YoY; +38% QoQ.
• Top 10 customers: 23% of revenue; Top 10 products: 45% of revenue.
• Debt: ~20% of revenue; 22% in Q1 FY26.
• Working capital: Inventory INR 190 crores; Receivables INR 131 crores; Payables INR 41 crores; WC ~INR 280 crores.
• Working capital days: 125–138 days.

Segment Update

• Human Healthcare: INR 1,139 million; -7% YoY; -11% QoQ; 60% of total; US B2C improving.
• Animal Healthcare: INR 252 million; -3% YoY; +1% QoQ; 13% of total.
• Bioprocessing: INR 306 million; +30% YoY; -5% QoQ; 16% of total.
• Specialized Manufacturing: INR 200 million; +41% YoY; +11% QoQ; 11% of total.
• Top 10 customers contributed 23% of revenue; Top 10 products contributed 45%.

Capex & Investments

• Capex outlay: INR 123 crores; ~INR 20 crores normal capex.
• Growth capex: ~INR 53 crores; ~INR 50 crores for R&D; balance growth.
• Growth-capex timing: may start next quarter; fermentation utilization ~70–75%.

Outlook & Guidance

• US growth target: 8–10%; end-year around 8%.
• EBITDA margin to normal ~30% for full-year FY27.

Q&A Highlights

• Serratiopeptidase numbers not disclosed; potential ~1% impact if any.
• Branding in US: shift to branding; not a wholesale change to core model.
• Biocatalysis: INR 45 million this quarter; growth potential in H2.
• Starya Labs: not fully functional yet; assets transfer ongoing.
• EFSA novel-food: under consideration; timelines unpredictable.

Meeting Details

• Date: August 12, 2026; conference call for Q1 2026 unaudited results.
• Type/Mode: group conference call; virtual audio conference.
• Event/organiser: Analyst and Investor conference call.

Participants

• Company Secretary and Head – Legal served as company representative.

Purpose

• Discussion of the unaudited quarterly results for the quarter ended June 30, 2026.

Additional Notes

• Recording: audio recording available on company's investor website; transcript to be uploaded later.

Buyback framework

• Board approval dated August 8, 2026.
• Buyback up to 10% of paid-up capital and free reserves.
• Maximum buyback size ₹697,000,000.
• Maximum price ₹500 per equity share.
• Indicative max shares 1,394,000 (1.24% of total equity shares).
• 99% of standalone, 5.09% of consolidated paid-up capital plus free reserves.
• Buyback within 10% statutory limit under the Act.
• Minimum buyback size ₹522,750,000.
• At least 75% of Buyback Size to be utilized.
• At least 40% of Buyback Size within initial half of offer period.
• Open market buyback through BSE/NSE; payable in cash.
• Buyback not from Promoters or Promoter group; excludes Persons in control.
• Buyback not to exceed 25% of total equity shares in the financial year.
• Closing price on Aug 8, 2026: ₹324.40 (BSE), ₹324.35 (NSE).
• Premiums to VWAP considered across multiple lookback periods.

Funding, timing and governance

• Funding from securities premium and/or free reserves; no borrowings.
• Escrow account to be opened with HDFC Bank to secure obligations.
• Emkay Global Financial Services appointed merchant banker; MUFG Intime India appointed registrar.
• Sanjay Basantani named Compliance Officer for Buyback.
• Buyback Committee formed: Mukund Kabra, Vinodkumar Jajoo, Sanjay Basantani.
• Public announcement to be signed by Kabra, Jajoo, and Basantani.
• Quorum for Buyback Committee: two members; may meet in-person or virtually.
• Committee empowered to appoint intermediaries and finalize terms and timelines.
• Authorized to open/close accounts, manage escrow, and sign related documents.
• Solvency declarations and related filings to be signed; Draft solvency/assets-liabilities approved.
• Promoter shares to remain frozen until buyback concludes; compliance with applicable laws.
• Debt ratio post-buyback capped at 2x of paid-up capital and free reserves.
• Subject to minimum public shareholding and regulatory approvals; open market route only.