Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
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Anthem Biosciences Limited
NSE: ANTHEMHealthcareBiotechnology
- Last close
- ₹812.80
- Day change
- +₹12.05 (+1.50%)vs
- Market cap
- ₹48,878 crIndian rupees
- Research updated
- 1 report
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About Anthem Biosciences
Anthem Biosciences Limited is a biotechnology and pharmaceutical company specializing as a Contract Research, Development, and Manufacturing Organization (CRDMO). Founded in 2006 and headquartered in Bengaluru, India, the company serves as an integrated solutions provider across the pharmaceutical value chain—from drug discovery and early development to commercial-scale manufacturing. Its distinctive capability set includes expertise in both small molecule New Chemical Entities (NCEs) and New Biological Entities (NBEs), supporting a broad spectrum of clients ranging from emerging biotech startups to large multinational pharmaceutical firms. A key feature of Anthem Biosciences is its advanced focus on innovation and technology-driven processes. The company also manufactures complex, fermentation-based Active Pharmaceutical Ingredients (APIs), including probiotics, enzymes, peptides, nutritional supplements, and biosimilars. Anthem’s model positions it as a vital partner in the global pharma sector, facilitating outsourced research and manufacturing services that enable biopharma companies to accelerate product timelines and reduce development risks. The company’s high quality standards, regulatory compliance, and customer-centric approach further establish its prominence and reliability in the international life sciences and healthcare industries.
- Sector
- Healthcare
- Industry
- Biotechnology
- Listing
- NSE: ANTHEM
- Chief executive
- Mr. Ajay Bhardwaj B.Tech., M.S
- Employees
- 2,282
- Headquarters
- Bengaluru, India
- ISIN
- INE0CZ201020
- Website
- anthembio.com
Public research · Report of
Business model & financial foundation
Anthem Biosciences (NSE: ANTHEM), Contract research, development and manufacturing; specialty ingredients: revenue of ₹2,124 crore in FY26 (+15.2% on FY25), an EBITDA margin of 39.3%, net profit of ₹591.8 crore and net cash of ₹1,374 crore.
- Revenue, FY26 (₹ crore)
- 2,124
- consolidated
- Revenue growth, FY26
- +15.2%
- on FY25
- EBITDA margin, FY26
- 39.3%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 591.8
- to owners
- Return on equity, FY26
- 21.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,374
- Net debt including liquid investments excluding leases
- Market capitalisation (₹ crore)
- 49,538
- at the close of 14 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Anthem Biosciences Limited (formerly Anthem Biosciences Private Limited) |
| Exchange and ticker | NSE: ANTHEM; BSE: 544449 |
| ISIN | INE0CZ201020 |
| CIN | L24233KA2006PLC039703 |
| Sector | Healthcare |
| Industry | Contract research, development and manufacturing; specialty ingredients |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP (since July 2026) |
| Market capitalisation | ₹49,538 crore (14 Oct 2026) |
| Shares outstanding | 56.11 crore shares (FY26) |
| Price | ₹870.2 (close, 14 Oct 2026) |
| 52-week range | ₹579.2 - ₹977.5 (to 14 Oct 2026) |
| Website | https://anthembio.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Neoanthem Lifesciences Private Limited | 100% | Unit III custom synthesis and fermentation manufacturing expansion |
FY26 financial statements signed by K.P. Rao & Co; term completion and AGM appointment of Batliboi in July 2026.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 74.69% | 74.68% | 71.42% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 1.37% | 1.28% | 2.57% | |
| Domestic institutions | 7.60% | 11.55% | 13.48% | |
| of which mutual funds | 6.89% | 10.12% | 11.15% | |
| Retail | 9.60% | 9.37% | 9.42% | |
| Other | 6.75% | 3.12% | 3.11% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Anthem integrates chemistry and biology discovery, development and manufacture. Innovator small/emerging biotech dominates the customer count (169 CRDMO customers FY25,145small,16mid,8large); commercial products dominate sales at60.8%FY26. Specialty ingredients are mainly domestic. Customers control molecule approval and shipment schedule; Anthem controls yields, sourcing and execution. Neoanthem is wholly owned and all related subsidiary flows eliminate.
| Segment | revenue, FY26 (₹ crore) | Share | gross profit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| CRDMO | 1,773 | 83.5% | 1,133 | 86.4% |
| Specialty Ingredients | 351.6 | 16.5% | 179.1 | 13.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Syngene International (SYNGENE) | Integrated discovery, development and manufacturing platform |
| Divi's Laboratories (DIVISLAB) | Innovator custom synthesis and high-margin manufacturing |
| Sai Life Sciences (SAILIFE) | Integrated innovator-focused CRDMO |
| Cohance Lifesciences (COHANCE) | Custom synthesis and specialty manufacturing |
| Laurus Labs (LAURUSLABS) | CDMO and fermentation optionality, broader generics mix |
| Neuland Laboratories (NEULANDLAB) | Custom manufacturing services and complex chemistry |
| Piramal Pharma (PPLPHARMA) | Global CDMO platform with broader specialty portfolio |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from operations | 1,057 | 1,419 | 1,845 | 2,124 |
| Cost of revenue (vendor classification) * | 339.3 | 599.6 | 743.9 | 812.3 |
| Other operating costs (vendor classification) * | 133.3 | 130.7 | 163.7 | 194.2 |
| EBITDA (vendor classification) * | 500.6 | 561.8 | 753.3 | 979.8 |
| EBIT * | 505.5 | 486.6 | 666.9 | 830.8 |
| Finance cost | 8.20 | 9.54 | 10.3 | 6.89 |
| Profit before tax after exceptional items | 497.3 | 477.3 | 656.9 | 824.2 |
| Total tax expense | 112.1 | 110.0 | 205.6 | 232.4 |
| Profit for the year | 385.2 | 367.3 | 451.3 | 591.8 |
| Diluted EPS (₹) | 6.86 | 6.48 | 8.04 | 10.43 |
| Materials consumed plus inventory change | 599.6 | 743.9 | 812.3 | |
| Employee benefits expense | 182.9 | 260.5 | 282.7 | |
| Other expenses | 131.9 | 169.3 | 195.5 | |
| Operating EBITDA excluding other income | 505.0 | 670.8 | 833.8 | |
| Other income | 63.7 | 85.7 | 155.8 | |
| Depreciation and amortisation | 81.8 | 89.4 | 134.1 | |
| Exceptional items signed impact on PBT | 0.00 | 0.00 | -24.4 | |
| Profit attributable to owners | 367.3 | 451.3 | 591.8 | |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | |
| Share of profit of associates | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Total equity | 1,741 | 1,925 | 2,410 | 3,043 |
| Total borrowings excluding lease liabilities | 126.2 | 238.5 | 109.0 | 51.1 |
| Cash and equivalents plus other bank balances | 342.2 | 183.9 | 172.3 | 274.9 |
| Trade receivables current plus non-current | 274.1 | 490.5 | 453.5 | 593.7 |
| Inventories | 129.4 | 211.4 | 340.4 | 124.5 |
| Trade payables MSME plus other | 76.4 | 106.7 | 110.1 | 75.2 |
| Net PPE plus ROU assets plus intangible assets | 130.3 | 145.2 | 705.1 | 783.2 |
| Capital work in progress | 194.5 | 361.4 | 296.9 | 264.3 |
| Total assets | 2,014 | 2,398 | 2,808 | 3,429 |
| Current investments | 312.3 | 665.6 | ||
| Other liquid investments and non-current bank deposits | 248.5 | 485.0 | ||
| Net debt including liquid investments excluding leases | -624.2 | -1,374 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Net cash generated from operating activities | 364.2 | 155.2 | 270.6 | 844.5 |
| Free cash flow (vendor definition) * | 111.4 | -157.0 | 9.34 | 633.3 |
| Purchase of PPE and intangibles including CWIP | -188.2 | -295.6 | -261.2 | -211.2 |
| Dividends paid | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shares outstanding * | 56.16 | 56.16 | 56.16 | 56.11 |
| EBITDA incl. other income, company definition | 568.7 | 756.6 | 989.6 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 525.0 | 497.8 | 483.2 | 540.2 | 550.0 | 423.2 | 610.9 | 418.2 |
| Cost of revenue (vendor classification) * | 187.8 | 232.7 | 176.9 | 223.4 | 142.6 | 215.5 | 146.2 | |
| Other operating costs (vendor classification) * | 45.5 | 48.7 | 51.4 | 41.1 | 52.9 | 55.8 | 42.6 | |
| EBITDA (vendor classification) * | 223.1 | 183.9 | 209.3 | 266.1 | 190.7 | 318.4 | 175.5 | |
| EBIT * | 203.1 | 163.6 | 178.8 | 232.6 | 130.8 | 279.8 | 145.5 | |
| Finance cost | 3.55 | 2.55 | 0.52 | 1.61 | 3.03 | 0.35 | 1.90 | 0.89 |
| Profit before tax after exceptional items | 199.5 | 161.0 | 178.3 | 186.2 | 229.6 | 130.5 | 277.9 | 144.6 |
| Total tax expense | 37.6 | 36.7 | 95.7 | 50.5 | 56.2 | 37.7 | 88.2 | 24.6 |
| Profit for the period | 161.9 | 124.3 | 82.6 | 135.8 | 173.4 | 92.8 | 189.8 | 119.9 |
| Diluted EPS (₹) | 2.84 | 2.21 | 1.47 | 2.42 | 3.06 | 1.64 | 3.34 | 2.11 |
| Materials consumed plus inventory change | 187.8 | 232.7 | 176.8 | 230.9 | 223.4 | 142.6 | 215.5 | 146.2 |
| Employee benefits expense | 96.4 | 56.9 | 59.8 | 72.0 | 67.7 | 70.5 | 72.5 | 78.8 |
| Other expenses | 45.5 | 48.7 | 51.4 | 45.8 | 41.0 | 52.9 | 55.8 | 42.6 |
| Operating EBITDA excluding other income | 195.2 | 159.5 | 195.2 | 191.5 | 217.9 | 157.2 | 267.2 | 150.6 |
| Other income | 27.8 | 24.4 | 14.1 | 22.8 | 48.2 | 33.5 | 51.2 | 24.9 |
| Depreciation and amortisation | 20.0 | 20.3 | 30.4 | 26.4 | 33.5 | 34.5 | 39.6 | 30.0 |
| Exceptional items signed impact on PBT | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -25.4 | 0.98 | 0.00 |
| Profit attributable to owners | 161.9 | 124.3 | 82.6 | 135.8 | 173.4 | 92.8 | 189.8 | 119.9 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit of associates | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | 34.3% | 30.0% | 15.2% | |
| EBITDA margin | 35.6% | 36.4% | 39.3% | |
| Net margin | 25.9% | 24.5% | 27.9% | |
| Return on equity | 20.0% | 20.8% | 21.7% | |
| Return on capital employed | 27.1% | 24.1% | 28.5% | 29.6% |
| Return on assets | 16.6% | 17.3% | 19.0% | |
| Net debt (₹ crore) | -624.2 | -1,374 | ||
| Net debt / EBITDA | -0.93x | -1.65x | ||
| Interest cover | 61.6x | 51.0x | 64.6x | 120.5x |
| Asset turnover | 0.52x | 0.64x | 0.71x | 0.68x |
| Receivable days | 95 | 126 | 90 | 102 |
| Inventory days (on revenue) | 45 | 54 | 67 | 21 |
| Payable days (on revenue) | 26 | 27 | 22 | 13 |
| Cash conversion | 0.42x | 0.60x | 1.43x | |
| Capex intensity | 17.8% | 20.8% | 14.2% | 9.9% |
| Free cash flow (₹ crore) | 176.0 | -140.5 | 9.34 | 633.3 |
| Dividend payout | 0.0% | 0.0% | ||
| EPS, diluted (₹) | 6.86 | 6.48 | 8.04 | 10.43 |
| Book value per share (₹) | 30.99 | 34.27 | 42.91 | 54.22 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including liquid investments excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Anthem Biosciences includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Anthem Biosciences
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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