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View Claim Ledger →Advanced Enzyme Technologies Ltd — Q4 FY26
Advanced Enzyme delivered a record quarter with revenue of ₹203.4 crore (+22% YoY) and EBITDA of ₹63.2 crore (+39% YoY), driven by strong volume growth in human healthcare (up 24% YoY) and biocatalysis.
bullish
high
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Advanced Enzyme delivered a record quarter with revenue of ₹203.4 crore (+22% YoY) and EBITDA of ₹63.2 crore (+39% YoY), driven by strong volume growth in human healthcare (up 24% YoY) and biocatalysis. PAT surged 69% YoY to ₹45.3 crore, with margins steady at 31%. The India business grew ~50% YoY, while US remained soft due to tariff uncertainty and inflation. Management expects double-digit growth in FY27, supported by new R&D facility operational in H2, EU approval for an anti-inflammatory product, and capacity expansion plans. Key risk: US tariff and inflation headwinds could pressure margins and delay recovery.
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Read Transcript →Quarter Snapshot
Human Healthcare Revenue (Q4)
₹1,281M
+24% YoY
Largest segment contributed 63% of total revenue, driven by pharma API and biocatalysis.
Serratiopeptidase Growth (FY26)
45%
+45% YoY
Key product saw 45% annual growth; Q4 growth was 54% YoY.
Biocatalysis Revenue (FY26)
₹247M
+42% YoY
Biocatalysis revenue grew from ₹174M to ₹247M, reflecting strong demand.
India Business Share (Human Nutrition)
32%
+?pp YoY
Domestic human nutrition contributed 32% of total revenue, indicating balanced geographic mix.
What Changed vs Last Quarter
NEW
Double-digit revenue growth in FY27
Management expects double-digit growth for FY27, driven by all segments including human, animal, and food.
NEW
EBITDA margin to remain around 31%
Margins expected to be steady with possible 1-2% variability due to cost pressures.
NEW
EU approval for anti-inflammatory product expected in FY27
The product filed two years ago is anticipated to receive EU approval this year, providing exclusivity for 5-10 years.
UPDATED
New R&D center operational in H2 FY27
The new R&D center in Nashik will be fully operational in the second half of FY27, boosting product development capacity threefold.
DROPPED
Long-term revenue growth of 13-15%
Management reiterated expectation of double-digit revenue growth on a continuous basis over 3-5 years, though ride will be roller-coaster.
DROPPED
Tariff impact on EBITDA margin ~1%
Worst-case tariff impact on EBITDA margin expected to be around 1% (down from earlier 2% estimate), with efforts to pass on costs to US customers.
DROPPED
B2C business to generate ₹1-1.5 crore in FY26
The newly separated B2C subsidiary is expected to achieve small sales of around ₹1-1.5 crore by end of current fiscal year.
NEW RISK
US tariff and inflation impact
US business faces 18% tariff and rising inflation, pressuring margins and demand. Management is absorbing ~10% cost increase.
NEW RISK
Gross margin pressure from product mix
Analyst noted sequential gross margin decline; management attributed to product mix and higher domestic sales, which carry lower margins.
NEW RISK
Key management departure
Mr. Deepak Lala, a long-time executive, has left. Management stated roles are split between two heads, but transition risk remains.
NEW RISK
Geopolitical supply chain disruptions
Conflicts and trade restrictions could escalate input costs (fuel, solvents, packaging) and logistics, impacting margins.
RISK GONE
Sustained US demand weakness
US human nutrition sales declined due to tariff uncertainty and higher costs; recovery depends on market conditions and ability to pass on costs.
RISK GONE
Europe revenue stagnation despite product approvals
Despite having nine product approvals in EU, revenue has remained range-bound at ~₹32-33 crore over several years; growth has been slow.
RISK GONE
JC Biotech quarterly loss
JC Biotech reported a PAT loss of ₹4 million in Q3 due to lower sales and one-time store/spare consumption; management advises not to look at quarterly fluctuations.
RISK GONE
Bureaucratic and regulatory hurdles in India
Management expressed concern that government initiatives may be hampered by excessive rules and regulations, potentially limiting benefits from budget proposals.
Fast read
Guidance and risk preview
Management expects double-digit growth for FY27, driven by all segments including human, animal, and food.
US business faces 18% tariff and rising inflation, pressuring margins and demand.
View Risks →