Anthem Biosciences logo

Anthem Biosciences

ANTHEM NSE

Key Fundamentals

MidcapBiotechnologyHealthcare
Market Cap
₹53,526 Cr
Volatility
Moderate
P/E Ratio
91.8
EBITDA
₹990 Cr
Return on Equity
19.45%
Debt to Equity
0.02
Book Value
₹54.01
52W High
₹977.55
52W Low
₹579.15

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is almost debt free.
  • Company's working capital requirements have reduced from 118 days to 92.3 days

Weaknesses

2
  • Stock is trading at 17.4 times its book value
  • Promoter holding has decreased over last quarter: -3.25%

Growth Rate

Revenue Growth
18.12% lower than 3Y
Net Income Growth
31.13% higher than 3Y
Cash Flow Change
212% lower than 3Y
ROE
3.84% lower than 3Y
ROCE
-0.41% lower than 3Y
EBITDA Margin (Avg.)
10.74% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Anthem Biosciences is a healthcare company with a market cap of ₹53,526 Cr, trading at a PE of 92.1x and 17.4x book value. The company has delivered a 3-year sales CAGR of 26% and profit CAGR of 21%, with consistent ROE around 21-23% over 3-5 years, though TTM sales growth has turned negative at -2%.

Bull Case 7
  • Strong 3-year compounded sales growth of 26%, indicating robust revenue expansion over the medium term
  • Compounded profit growth of 21% over 3 years and 17% over 5 years, demonstrating consistent earnings momentum
  • Company is almost debt-free, providing financial flexibility and lower interest burden
  • Consistent ROE of 21-23% over 3-5 years, reflecting efficient capital allocation and strong return generation
  • Working capital cycle improved from 118 days to 92.3 days, freeing up cash and improving operational efficiency
  • TTM profit growth of 18% remains positive despite the sales slowdown, suggesting margin improvement or cost discipline
  • Company has actively reduced debt levels, strengthening its balance sheet for future growth investments
Bear Case 7
  • PE ratio of 92.1x is significantly elevated, pricing in aggressive growth expectations that leave little room for disappointment
  • TTM sales growth has turned negative at -2%, signaling a potential slowdown or demand softness in recent quarters
  • Stock trades at 17.4x book value, a steep premium that implies the market is pricing in sustained high growth
  • Promoter holding decreased by 3.25% in the last quarter, which may signal reduced insider confidence
  • Dividend yield of just 0.21% offers negligible income return to shareholders at current valuations
  • Disconnect between negative TTM revenue growth (-2%) and high PE of 92.1x suggests the valuation may not be supported by near-term fundamentals
  • 5-year compounded sales growth of 14% is materially lower than the 3-year figure of 26%, raising questions about whether recent growth is sustainable or cyclical

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • Q1 revenue drops 22.6% Aug 21

    Q1 consolidated revenue from operations fell 22.6% to ₹418.2 crore from ₹540.2 crore YoY, while net profit declined 11.7% to ₹119.9 crore from ₹135.8 crore.

  • Stock flat despite bullish calls Aug 21

    Shares gave up intraday gains on Aug 21, hitting ₹894.9 before settling flat at ₹875.7 despite positive brokerage initiations, suggesting near-term selling pressure.

Positives 6
  • Jefferies initiates with Buy, ₹1,050 Aug 21

    Jefferies initiated coverage with a Buy rating and ₹1,050 target price (20% upside), valuing Anthem at 65x Sep 2028 EPS — a 10% premium to the sector average of ~60x.

  • 18% revenue CAGR through FY29 Aug 21

    Jefferies projects revenue growing from ₹21.24 billion in FY26 to ₹34.86 billion by FY29 at an 18% CAGR, with net profit nearly doubling from ₹5.92 billion to ₹10.16 billion.

  • Industry-leading 40% EBITDA margin Aug 21

    Anthem boasts the highest EBITDA margin of 40% and RoCE of 25% among Indian CRDMO players, with Q1 EBITDA margin expanding to 39.6% from 38.1% YoY.

  • Unanimous Buy from all analysts Aug 21

    All eight analysts covering Anthem Biosciences have Buy recommendations, reflecting strong consensus on the company's long-term CRDMO growth story.

  • Margin expansion outlook intact Aug 21

    Jefferies expects gross margins to improve 50-80 bps annually, driven by backward integration of its largest CRDMO product in FY26 with full benefit expected in FY27.

  • Stock up 38% YTD Aug 21

    Anthem shares have gained 38% year-to-date, reflecting strong investor interest in the CRDMO sector and the company's complex fermentation-based peptide capabilities.

Neutral 1
  • Upside sharing settlement of ₹1,277M Sep 08

    Anthem settled an upside sharing arrangement of ₹1,276.83 million with principal shareholders following divestment by Viridity Tone LLP, approved by public shareholders.

TL;DR: Anthem Biosciences is a high-margin CRDMO leader with 40% EBITDA margins, 25% RoCE, and unanimous analyst Buy ratings anchored by Jefferies' ₹1,050 target. The key near-term risk is a sharp Q1 revenue decline of 22.6% YoY, though margins actually expanded during the quarter. With an 18% revenue CAGR projected through FY29 and margin tailwinds from backward integration, the medium-term trend is constructive provided revenue growth re-accelerates in coming quarters.

Quarterly Results

Particulars Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
339
525
498
483
540
550
423
611
418
Expenses
218
330
338
288
349
332
266
344
268
Operating Profit
121
195
160
195
191
218
157
267
151
OPM %
36%
37%
32%
40%
35%
40%
37%
44%
36%
Other Income
19
28
24
14
23
48
8
52
25
Interest
4
4
3
1
2
3
0
2
1
Depreciation
19
20
20
30
26
34
35
40
30
PBT
118
200
161
178
186
230
130
278
145
Tax %
30%
19%
23%
54%
27%
24%
29%
32%
17%
Net Profit
82
162
124
83
136
173
93
190
120
EPS in Rs
1.47
2.9
2.22
1.48
2.42
3.09
1.65
3.38
2.13
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
633
1,103
1,231
1,057
1,419
1,845
2,124
2,002
Expenses
451
695
666
626
914
1,173
1,290
1,209
Operating Profit
182
408
565
431
506
672
834
793
OPM %
29%
37%
46%
41%
36%
36%
39%
40%
Other Income
21
37
49
139
63
85
131
133
Interest
20
17
10
9
10
11
7
6
Depreciation
62
62
58
64
82
89
134
138
PBT
121
366
546
497
477
657
824
783
Tax %
23%
26%
26%
23%
23%
31%
28%
—
Net Profit
93
271
406
385
367
451
592
576
EPS in Rs
111
320
462
6.75
6.57
8.07
10.54
10.25
Div. Payout %
0%
0%
0%
0%
0%
0%
19%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
8
8
9
114
112
112
112
Reserves
413
693
1,346
1,627
1,813
2,298
2,930
Borrowings
159
100
35
126
239
113
54
Other Liabilities
207
232
228
148
235
284
333
Total Liabilities
787
1,034
1,619
2,014
2,398
2,808
3,429
Fixed Assets
306
361
329
449
483
705
783
CWIP
50
19
154
164
345
297
264
Investments
99
209
273
499
472
433
1,007
Other Assets
333
445
863
902
1,099
1,373
1,374
Total Assets
787
1,034
1,619
2,014
2,398
2,808
3,429
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
166
278
333
306
140
271
844
Investing
-109
-196
-205
-376
-221
-147
-702
Financing
-48
-63
181
64
-77
-136
-40
Net Cash Flow
9
18
308
-6
-158
-12
103
Free Cash Flow
119
159
307
112
-156
12
637
CFO/OP
116
85
81
98
51
64
126
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
61
84
97
95
126
89
101
Inventory Days
186
29
52
139
129
167
56
Days Payable
87
50
50
77
61
54
34
Cash Conversion Cycle
160
63
99
156
193
202
124
Working Capital Days
20
27
75
112
128
134
92
ROCE %
—
55%
51%
28%
24%
28%
30%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

FIIs2.58%Promot.71.42%Others3.11%Public9.42%DIIs13.48%As ofJun 2026

Documents

Frequently Asked Questions about Anthem Biosciences

What does Anthem Biosciences Ltd do?
Incorporated in 2006, Anthem Biosciences Ltd is in the business of providing CRDMO services and the manufacture and sale of specialty ingredients.[1]
Where is Anthem Biosciences Ltd (ANTHEM) listed?
Anthem Biosciences Ltd trades as ANTHEM on the NSE and under code 544449 on the BSE.
Which sector does Anthem Biosciences Ltd belong to?
Anthem Biosciences Ltd is classified under the Healthcare sector, in the Biotechnology industry.
What is the market capitalisation of Anthem Biosciences Ltd?
Anthem Biosciences Ltd has a market capitalisation of ₹53,526 Cr, which places it in the Large Cap band.
What is the PE ratio of Anthem Biosciences Ltd?
Anthem Biosciences Ltd trades at a PE ratio of 91.80, against a book value of ₹54.01 per share.
What is the 52-week high and low of Anthem Biosciences Ltd?
Over the last 52 weeks Anthem Biosciences Ltd has traded between ₹579.15 and ₹977.55.
Does Anthem Biosciences Ltd pay dividends?
Anthem Biosciences Ltd has a dividend yield of 0.21%.
What is the Return on Equity (ROE) of Anthem Biosciences Ltd?
Anthem Biosciences Ltd reported a return on equity of 19.45%. Its debt-to-equity ratio is 0.02.

Company Information

Incorporated in 2006, Anthem Biosciences Ltd is in the business of providing CRDMO services and the manufacture and sale of specialty ingredients.[1]

Website anthembio.com
CEO Mr. Ajay Bhardwaj B.Tech., M.S
Listed 2025-07-21
Face Value ₹ 2
Issued Size 56,16,10,051

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