Anthem Biosciences Ltd

Anthem Biosciences Limited: Trading Window closed from October 01, 2026 until 48 hours after the Board Meeting for approval of financial results for the quarter and half year ending September 30, 2026

Settlement of Upside Sharing Arrangement

• Upside sharing arrangement under Waiver-cum-Amendment Agreement dated Dec 30, 2024 has been effected.
• Public shareholders approved the arrangement at the AGM on July 22, 2026.
• Upside amount of INR 1,276.83 million settled with Upside Principal Shareholders.
• Divestment underlying the settlement originated from Viridity Tone LLP.
• Settlement was effected in compliance with Regulation 26(6) of SEBI LODR.

Financial Performance

• Consolidated quarterly revenue: Rs 418 crores.
• CRDMO contributed Rs 341 crores, 81.5% of revenue.
• Specialty Ingredients contributed Rs 78 crores, 18.5% of revenue.
• EBITDA: Rs 176 crores; margin 39.6%.
• EBIT includes Rs 25 crores of other income.
• PBT: Rs 145 crores.
• PAT: Rs 120 crores; margin 27.1%.
• Net cash at June 30, 2026: Rs 1,720 crores.
• Q1 results reflect timing shifts in deliveries.
• Underlying demand remains strong with deliveries concentrated in the latter half.
• Margins improved YoY across EBITDA and PAT.
• Cost efficiencies, yield optimization, and productivity support margins.
• Committed to sustaining revenue growth aligned with long-term performance.

Capacity and Utilization

• Unit 1 utilization ~78% in Q1 FY27.
• Unit 1 utilization was ~74% at year-end FY26.
• Unit 2 custom-synthesis utilization ~50%; fermentation ~50%.
• Unit 2 expansion added about 130 kiloliters.
• Unit 3 utilization ~30–35% in Q1 FY27.
• FY26 Unit 3 utilization ~15%.
• Unit 4 under construction; commissioning by end-FY28.
• Phase 1 adds 365 kiloliters of custom synthesis and 100 kiloliters of fermentation.
• Unit 4 capex: Rs 1,200 crores.
• Unit 4 site about 30 acres.
• Civil works largely complete; commissioning by end-FY28.
• Phase 1 uses half the area.
• Ramping to near-full capacity across Units 1–3 in two years.

Capex and Projects

• FY27 capex target around Rs 700 crores.
• Unit 4 capex Rs 1,200 crores.
• Phase 1 adds 365 kl custom synthesis and 100 kl fermentation.
• Capex split about 50:50 between FY27 and FY28.
• Unit 4 site ~30 acres; civil works underway.
• End-FY28 Unit 4 readiness.
• FY28 capex remains elevated due to Unit 4.

Guidance and Outlook

• Growth prospects intact; historical double-digit growth; no fixed annual percentage guidance.
• Q2–Q4 upswing expected as deliveries recover.
• FY27 revenue growth in line with history; margins largely intact.
• Tax rate expected around 25% to 25.5% for the full year.
• CDSCO approval awaited for Semaglutide; domestic supply planned.
• AI for QA review and target discovery; potential long-term benefits.
• GLP-1 opportunity remains long-term robust.

Liquidity and Balance Sheet

• Net cash position at 30-Jun-2026: Rs 1,720 crores.
• No material debt-related disclosures this quarter.

Q&A Highlights

• Order book provides ~60% visibility for full-year deliveries.
• One new Big Pharma customer onboarded; biotech acquired by Big Pharma.
• Semaglutide CDSCO approval timing remains pending; domestic supply potential.
• ESOP cost for FY27 is Rs 9 crores; Q1 Rs 2.25 crores.
• About 100+ early-stage programs; 10 late-phase; commercialization in 18–24 months.
• Unit4 capacity aligns with pipeline growth; ramp-up across all units over two years.

Meeting Details

• Date and time: July 22, 2026 at 11:30 AM IST.
• Type and mode: group earnings conference call, virtual.
• Organiser: Anthem Biosciences Limited.

Participants

• Managing Director & CEO.
• Chief Financial Officer.

Purpose

• Discuss Q1 FY27 unaudited standalone and consolidated results.

Additional Notes

• Call details will be available on the company's website.

Anthem Biosciences Ltd board meeting filing dated July 14, 2026

Details status to exchanges

• RTA confirms dematerialised/rematerialised details furnished to all exchanges.
• Registrar's certificate enclosing the details has been submitted.

AGM notice and report access

• Dispatched letters to shareholders without registered emails directing them to the Annual Report web link.
• Annual Report FY2025-26 is available via web link and exact navigation path.
• 20th AGM scheduled July 22, 2026 at 3:30 PM IST via VC/OAVM.
• Regulatory amendment to SEBI LODR 2015 Reg 36(1)(b) replaces hard copy with a web-based document.
• Shareholders without registered emails are requested to update their address with depository participants.

Rating Action & Agencies

• Agency: ICRA Limited.
• Fund-based working capital Rs 175 crore: AA (Stable); outlook Stable; A1+ reaffirmed.
• Term loan Rs 67.50 crore: AA (Stable); outlook Stable; enhanced limit assigned.
• Short-term non-fund based others Rs 10 crore: A1+; enhanced limit.
• Unallocated Rs 23 crore: AA (Stable); outlook Stable; A1+ reaffirmed; enhanced limit.
• Total rated amount Rs 275.50 crore across four facilities.

Outlook & Material Changes

• Outlook revised from Positive to Stable for all long-term ratings.
• Overall rating actions: upgrades/reaffirmations across working capital, term loan, and unallocated.

AGM notice dispatch update

• Newspaper advertisements issued confirming dispatch of AGM notice, annual report, and e-voting details.
• Ads published July 1, 2026 in Financial Express (English) and Vishwavani (Kannada).
• Notice and annual report available on Anthem Biosciences website.