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Sustained US demand weakness
View Risks →Advanced Enzyme Technologies Limited — Q3 FY26
Advanced Enzyme reported a mixed Q3 FY26 with consolidated revenue of ₹171.9 crore (+2% YoY) and PAT of ₹43.2 crore (+11% YoY), but EBITDA fell 11% YoY to ₹49.4 crore with margin contracting 400bps to 29%.
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Advanced Enzyme reported a mixed Q3 FY26 with consolidated revenue of ₹171.9 crore (+2% YoY) and PAT of ₹43.2 crore (+11% YoY), but EBITDA fell 11% YoY to ₹49.4 crore with margin contracting 400bps to 29%. Human healthcare revenue declined 6% YoY due to weakness in US pharma API and nutrition amid tariff uncertainty, while animal healthcare (+22% YoY) and bio-processing (+13% YoY) delivered strong growth. Management guided for 13-15% long-term growth and expects tariff impact on margins to be ~1% (vs earlier 2%). The new R&D center in Nashik is expected to be commissioned by end of Q2 FY27, focusing on strain development and fermentation. Key risk: sustained US demand weakness could further pressure margins and delay recovery in the largest segment.
एडवांस्ड एंजाइम का तीसरी तिमाही का प्रदर्शन मिला-जुला रहा। कंपनी की कुल कमाई ₹171.9 करोड़ रही, जो पिछले साल से 2% ज्यादा है। मुनाफा ₹43.2 करोड़ (+11%) बढ़ा, लेकिन परिचालन मुनाफा (EBITDA) 11% घटकर ₹49.4 करोड़ रह गया। मार्जिन 29% पर आ गया, जो पहले से 4% कम है। इंसानों की दवा वाले हिस्से में बिक्री 6% गिरी, क्योंकि अमेरिका में टैरिफ अनिश्चितता के कारण फार्मा और पोषण उत्पादों की मांग कमजोर रही। वहीं, पशु स्वास्थ्य (+22%) और जैव-प्रसंस्करण (+13%) में अच्छी बढ़त हुई। कंपनी को लंबी अवधि में 13-15% वृद्धि की उम्मीद है। टैरिफ का मार्जिन पर असर पहले के 2% के बजाय अब सिर्फ 1% रहने का अनुमान है। नासिक में नया R&D केंद्र अगले साल सितंबर तक शुरू हो जाएगा। मुख्य जोखिम: अमेरिका में मांग कमजोर रही तो मुनाफा और गिर सकता है और सबसे बड़े हिस्से की रिकवरी में देरी हो सकती है।
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Human Healthcare Revenue
₹96.2 crore
-6% YoY
Largest segment declined due to lower sales in pharma API and nutrition in both domestic and international markets.
Animal Healthcare Revenue
₹24.1 crore
+22% YoY
Strong growth driven by robust performance; segment contributed 14% of total revenue.
Bio-processing Revenue Growth (Food Business)
16% YoY
+16% YoY
Food business within bio-processing grew 16% YoY and 51% sequentially, driving segment growth.
Top Customer Concentration
26%
flat YoY
Top customer contributed 26% of revenue in Q3, unchanged from Q3 FY25; 9-month figure improved to 23% from 36%.
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Guidance and risk preview
Management reiterated expectation of double-digit revenue growth on a continuous basis over 3-5 years, though ride will be roller-coaster.
US human nutrition sales declined due to tariff uncertainty and higher costs; recovery depends on market conditions and ability to pass on costs.
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