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 2...
bullish
high
✓ 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.
29%Questions answered8Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Why did gross margin moderate sequentially despite good segment mix?
Asked by Abishek Daval, Central Broking
Management gave a generic answer about operating leverage without explaining the specific sequential decline in gross margin.
did not address sequential declinegave generic explanation about operating leverage
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Question
why the gross margin has kind of moderated on a sequential basis especially when we see the Europe US share is also more or less similar and our human nutrition which is like the highest margin segment is also maintained or rather gained some share
Mukul (likely Mukul, role not stated)
this is mainly what happens is because of the variable cost and fixed cost issue right? If you have incremental sale then definitely your gross margin are going to go up because your fixed expenses remains fixed and you have that operating leverage.
Evasive
High priority
Will the current run rate of serratiopeptidase continue?
Asked by Abishek Daval, Central Broking
Management declined to confirm continuation of the run rate, only vaguely said 'retain most of it'.
refused to give guidancevague commitment
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Question
So is it fair to assume that uh you know this quarterly run rate will continue going ahead.
Mukul (likely Mukul, role not stated)
I won't comment on that. I wish there are always quarter and quarter of variability particularly but I would say that we will retain most of it
Evasive
Medium priority
How big is the EU market for serratiopeptidase?
Asked by Abishek Daval, Central Broking
Management refused to provide any size estimate for the EU market.
no number givenvague
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Question
you mentioned about the EU approval for the same product. So possible to share I mean how big would be the EU market for this product?
Rati (likely Rati, role not stated)
I won't be able to give you the numbers but the interest can be very big.
Evasive
Medium priority
What is the pass-through structure for raw material cost increases?
Asked by Abishek Daval, Central Broking
Management did not explain the pass-through structure or quantify margin impact.
no specific pass-through mechanismgeneric response
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Question
how how is the pass through structure like uh in this quarter and do you expect some margin pressure because of the full effect uh getting flowed through
Rati (likely Rati, role not stated)
I will say it is difficult to pass on very competitive world global climate but you try to increase the productivity efficient increase the efficiencies and try to reduce the cost.
Evasive
High priority
What is the revenue and margin guidance for FY27, especially US?
Asked by Abishek Daval, Central Broking
Management gave no quantitative guidance, only vague statements about momentum.
no specific guidancevague
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Question
in terms of guidance what do you expect in revenue and margins in FY27 and a specific color on US business
Rati (likely Rati, role not stated)
as I mentioned before is going to be steady. Same same idea what we are talking about. We wanted to keep this momentum and hopefully build upon it.
Answered
High priority
Is India business growth volume-driven or price-driven?
Asked by Kunal Tani, Banyan Tree Advisor
Management clearly stated growth is volume-driven, pricing constant.
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Question
India business growth in terms of pricing and volume like was there an element of price increases because like three four quarters back we saw significant price erosion in our largest product.
Mukul (likely Mukul, role not stated)
in terms of pricing the pricing is more or less constant. it's more to driven by the volume
Evasive
Medium priority
Is the board considering a share buyback?
Asked by Kunal Tani, Banyan Tree Advisor
Management did not confirm or deny buyback consideration, deferred to board.
no commitmentdeferred to board
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Question
So sir is it fair to assume that buyback is also something that you is like the board is considering.
Rati (likely Rati, role not stated)
it's a board's prerogative to look into various different areas and I'm sure that on right time board will take a decision.
Partial answer
High priority
How will double-digit growth be achieved if US is flat/negative?
Asked by Kunal Tani, Banyan Tree Advisor
Management said US will grow a little but did not quantify or break down growth drivers.
no breakdown of growth by marketvague
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Question
if you can break down these counts into what are the markets that you believe will kind of support the growth or you know to make sure that a flat or a negative US market for FY27 and still we kind of do double digit growth
Mukul (likely Mukul, role not stated)
going forward the next year we expect like little growth coming from the US and not like the negative growth. we are working on many different fronts... all the three segments including human nutrition, food and animal feed
Evasive
High priority
Why is US business declining despite tariff resolution?
Asked by Rajas Jooshi, Chris Capital
Management did not explain the decline or provide concrete strategy changes.
no specific reason for declinevague about strategy change
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Question
if I look at the revenue for this quarter, it is down some 11% in INR terms. Now given the depreciation of the INR in dollar terms the decline must have been a lot more sharper... what exactly is going on and is it time for us to rethink our strategy in US
Rati (likely Rati, role not stated)
the market is changing in US quite a bit. There is more concentration on the deliverable registration the studies etc. on your strategy changing accordingly. ... we are expecting to grow in US market also.
Answered
Medium priority
What is the biocatalysis revenue for Q4 and full year?
Asked by Rajas Jooshi, Chris Capital
Management provided the exact revenue numbers for biocatalysis.
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Question
if you could also call out your biocatalysis revenue for Q4 and for the full year as well please.
Raji (likely Raji, role not stated)
247 million and for the FY26. Yes. and last year it was 174 million.
Evasive
Medium priority
What is the R&D pipeline beyond serratiopeptidase?
Asked by Rajas Jooshi, Chris Capital
Management declined to provide any specific pipeline products.
refused to name productsvague
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Question
outside of SEMA which you know sorry Sarah which you've already spoken about the European filing any other products that are there in the pipeline for us which are expected to launch soon
Mukul (likely Mukul, role not stated)
this is a continuous process. We are working on many projects... because of the competition of the nature I don't want to now go going forward specify the individual products
Answered
High priority
What was serratiopeptidase's full-year contribution and growth?
Asked by Lakshmi Narana, Tuga Investments
Management provided the growth percentages for serratiopeptidase.
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Question
from you know Sarah your business right I mean how much that did contribute for the full year and what has been the year-on-year growth
Mukul (likely Mukul, role not stated)
this is the last time we will be sharing this number this is like Sashuk I think we have on YTD growth about 45%. And Q is about 54% growth.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Biocatalysis revenue FY26: 247 million, FY25: 174 million | 247 | 203.4 | Overstated vs filing |
| Serratiopeptidase YTD growth 45%, Q4 growth 54% | 45% | 22% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.