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 margi...
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
54%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Breakdown of human nutrition revenue between India and international.
Asked by Oman Sha, Banyan Tree Advisor
Provided specific 9-month numbers for India and international.
Read the exchange
Question
if you could break down the human nutrition revenue between India and international.
Management (likely V.C. or Rati)
India is 1710 and international business... 1,710 millions for 9 months and for international market 1,686 million so total is 3396 millions for 9 months.
Partial answer
High priority
Reason for decline in human nutrition segment, especially US neutraceuticals.
Asked by Oman Sha, Banyan Tree Advisor
Explained macro uncertainty but gave no specific reason for decline.
no specific quantificationblamed macro factors
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Question
can you just help us understand especially in neutrutical business in US what led to the decline?
Management (likely V.C. or Rati)
the overall the market is very uncertain in US... Everybody is paying a heavy duty... the cost which is coming out from the China on all the raw materials... is going up...
Evasive
Medium priority
Competitive intensity in largest product in India.
Asked by Oman Sha, Banyan Tree Advisor
Did not address normalization; just said growing so no problem.
no direct comparisondismissed without data
Read the exchange
Question
what is the competitive intensity in our largest product in India? Is it normalizing compared to last year?
Management (likely V.C. or Rati)
if you see the numbers probably we are growing right so I don't see there is any problem competencies or any other area into that particular
Evasive
Medium priority
Progress on intermediates business.
Asked by Oman Sha, Banyan Tree Advisor
No update on progress; deferred indefinitely.
no timelineno specifics
Read the exchange
Question
any headway in this business?
Management (likely V.C. or Rati)
We are still working on that. And probably when the right time will come, we'll come out of it.
Partial answer
Medium priority
Monitoring disruptive technologies and new entrants in enzyme space.
Asked by Sajul Kapoor, Antifile thinking
General statements about R&D but no concrete monitoring process.
no specific examplesvague
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Question
how are you monitoring potential disruptive technologies or new entrance in the enzyme space and what steps are you taking to ensure advanced enzyme is not blindsided?
Management (likely V.C. or Rati)
we are addressing that through our lot of research of new products... we are very much on top of it publishing our papers... we keep our lead.
Partial answer
Medium priority
Decision process for incremental vs. novel R&D investments.
Asked by Sajul Kapoor, Antifile thinking
Gave high-level strategy but no specific decision criteria.
no frameworkgeneric
Read the exchange
Question
how do you decide when to invest in incremental improvements versus pioneering entirely new enzyme solutions?
Management (likely V.C. or Rati)
Mindset is basically you go to the marketplace where you have a better profit margins to begin with and then expand into the markets where there is margin pressure but the volume gives us a cost competitive advantage.
Evasive
High priority
Sales decline in Europe excluding EVO subsidiary.
Asked by Shri Gatani, LG Securities
Refused to explain decline, citing quarterly variability.
dismissed quarterly comparisonno explanation
Read the exchange
Question
besides the EVOC we've pretty much not done anything in this quarter. So could you comment on what happened like why we've lost sales over there in Europe.
Management (likely V.C. or Rati)
I think quarterly comparison as we have already been mentioning is not possible you know in our case... It all depends on customers their own procurement schedules.
Partial answer
High priority
Outlook for US sales given tariff reduction.
Asked by Rohan, Blue River Capital
Acknowledged tariff impact but gave no concrete strategy or timeline.
no specific planvague outlook
Read the exchange
Question
what is the outlook for the sales in the US given it is the largest market... how you plan to go ahead there with regards to new products new customers new segments?
Management (likely V.C. or Rati)
tariff is the tariff 18% 25% or 50%. Do you think anybody's willing to pay you 50% higher prices? It's impossible... we see a much better outlook... a lot more inquiries... that will reflect in next years.
Answered
Medium priority
Details on new R&D center in Nashik and target areas.
Asked by Abishek Nalun, central broking
Provided specific focus areas for the R&D center.
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Question
what area you will be targeting to begin with?
Management (likely V.C. or Rati)
to begin with we'll be targeting mostly on the strain development protein and on the fermentation side that will be the first phase.
Answered
High priority
Capex plans for capacity expansion.
Asked by Abishek Nalun, central broking
Provided timeline and cost estimate for future capex.
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Question
any plans of capex be green field or brownfield expansion in next one or two years.
Management (likely V.C. or Rati)
whenever we feel like it will be necessary we'll do it... in the financial year 28 29 probably... the cost will be about 50 cr at that point.
Partial answer
Medium priority
Why EU revenue not growing despite product approvals.
Asked by Ketan Chadan, regional minister
Explained that approvals don't guarantee revenue but gave no clear growth strategy.
no specific reasonblamed business model realignment
Read the exchange
Question
in spite of having so many product approvals our regulars are not growing in that region.
Management (likely V.C. or Rati)
Our major target is a food segment in the European region... assuming that since it get registered you will have a significant revenue is not true.
Answered
Medium priority
Update on B2C subsidiary and product pipeline.
Asked by Rani Prohibit, Securities Investment Management Private Limited
Provided specific revenue expectation for B2C business.
Read the exchange
Question
if you could just share some update on that.
Management (likely V.C. or Rati)
we did like separated this entirety and now the team is there... this year it will be a small sale some around 1 1.5 cr at the end of the year.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Human nutrition India 9M: 1710 million, International: 1686 million, total 3396 million. | 3,396 | 171.9 | Overstated vs filing |
| B2C business expected sales of 1-1.5 cr this year. | ₹1.5 cr | ₹171.9 cr | Understated vs filing |
| Europe revenue Q3: 96 million vs 105 last year, 116 last quarter. | 96 | 171.9 | Understated vs filing |
| Long-term growth target of 13-15%. | 15% | 2% | Overstated vs filing |
| Tariff impact on EBITDA likely around 1% instead of 2%. | 1% | -400% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.