Anthem Biosciences Limited — Q3 FY26
Anthem Biosciences reported Q3 FY26 consolidated revenue of 423 crore and EBITDA of 191 crore (41.8% margin), with PAT at 93 crore (20.3% margin).
bullish
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.
63%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Full year revenue and margin guidance status after 9 months performance.
Asked by Vivek Agarwal, City Group
Management revised revenue guidance downward but did not clearly state it was a change; margin guidance maintained.
revised revenue guidance down from 20% to 15-16% without explicitly acknowledging change
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Question
in the 9 months we have the top line was in the low double digit and the full year guidance are somewhere around 20% plus so is it still holding that guidance given that you also talked about that the 4Q is going to be strong
G (CFO)
revenue growth estimate of about 20% with EBITDA margins remaining constant... we should be looking at a good quarter four... revenue growth will be in the mid-teens around 15 to 16%... margin guidance of 20% plus on EBITDA remains intact
Evasive
High priority
Structural margin expansion sustainability into FY27 and FY28.
Asked by Vivek Agarwal, City Group
Management gave aspirational language but no concrete commitment to margin expansion in FY27-28.
no specific guidancecontradictory statements (aspire to grow but keep steady)
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Question
is it fair to assume that in 27 and 28 for example the margins may trend significantly higher than this year
G (CFO)
our aspiration is always to have the margin trend pointing north... material margin we want to move trend north... we would want to keep our margin steady though aspiration wise we want to grow
Partial answer
High priority
Revenue slowdown due to product disruption and recovery timeline.
Asked by Vivek Agarwal, City Group
Acknowledged destocking but did not specify which products were affected or quantify impact.
no specific product names or disruption details
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Question
is there any disruption in couple of or one or two products etc. and whether these products are expected to come back maybe in the fourth year or next year
Chairman (name not stated)
many companies have destocked a little bit and rationalized their stocks... that will be corrected in the subsequent year... we continue to add more customers... very positive about FY27 and 28
Evasive
High priority
Expectation of 20% growth in FY27 and key growth drivers.
Asked by Shreyans Mukharji, Nomura
Management declined to give FY27 growth guidance, only directional optimism.
no specific FY27 guidancedeferred to later
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Question
should we expect growth closer to what your trajectory has been around 20% in fiscal 27 on back of existing commercial product and new launches
Chairman
tough question to answer... I can't say till I'm a little bit into that year... directionally we are looking northwards... in the next 5 years will we have a CAGR of what we've had in the last 5 years? I expect so.
Evasive
Medium priority
Relative importance of growth drivers: existing products, new launches, lateral contracts.
Asked by Shreyans Mukharji, Nomura
Management gave a balanced but non-committal answer without prioritizing growth drivers.
no rankingno quantification
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Question
which will be a bigger growth driver for Anthem... the ramp up of recently commercialized products or the ones already in the market... or lateral contracts
Chairman
all of the above... commercial products still have headroom... new products will be slower to take off... lateral contracts yielding fruits... can't predict at this point
Answered
High priority
Full impact of backward integration on gross margin and sustainability.
Asked by Shreyans Mukharji, Nomura
Management confirmed full impact is baked in and margins should sustain.
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Question
this material cost to sales... is the full impact already there in the numbers or how should we think about this number in the quarters ahead
G (CFO)
the full impact is there because we don't source the intermediate anymore from China... outsourcing is nil right now... this level of margin should sustain
Answered
High priority
Pipeline update: early phase, phase 2, phase 3 molecule counts and progression.
Asked by Bansi Desai, JP Morgan
Management provided specific counts and timelines for pipeline progression.
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Question
if you can comment on how this pipeline has grown... early phase phase one phase two... out of 10 molecules four have been commercialized so probably you would have six in phase three
G (CFO)
early phase molecules still similar numbers about 130 to 140... phase 2 programs about five or six could move to phase 3 in next 18-30 months... phase 3 numbers remain the same at six
Answered
Medium priority
Impact of improved biotech funding on pipeline expansion.
Asked by Bansi Desai, JP Morgan
Management confirmed improved funding environment leading to more RFQs.
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Question
are we likely to see benefits of that trickling to us... more expansion of our pipeline on the face products
Chairman
we are seeing an improvement in environment, many requests for RFQs have come in last one quarter... it is turning around
Partial answer
Medium priority
Semaglutide API opportunity post-patent expiry and competitive positioning.
Asked by Bansi Desai, JP Morgan
Management highlighted backward integration but gave no quantitative outlook.
no revenue or margin estimatesno specific customer names
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Question
on semaglutide API... how should we think about that opportunity... China being extremely competitive
Chairman
we are among the very few who are completely backward integrated... we are arguably the most backward integrated company in the country... we see a very good play in it
Answered
High priority
Capacity utilization across units and adequacy for 20% growth.
Asked by Pamela, GM Financial
Management provided specific utilization percentages and confirmed capacity adequacy.
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Question
is it possible for us to give utilization across unit 1 2 3 and are we fine with the available capacity for the 20% growth expectation for next two years
G (CFO)
unit one 75% occupancy... unit two 35% utilized... unit three underutilized... we have decent capacity to continue on the growth path
Answered
Medium priority
Capex milestones and bottlenecks for unit 4.
Asked by Karthik Ban, Bajaj Life Insurance
Management provided timeline and current status of capex.
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Question
this thousand crore capex for the unit 4... where exactly are we what would be the milestones and bottlenecks to watch out for
G (CFO)
civil work is ongoing... towards March 27 financial year we'll have major portion of capex going out... it's still in early stage civil work mode
Answered
Medium priority
Semaglutide focus: oral vs injectable, DMF filing, customer signings.
Asked by Sanjay Kumar, Ith Thoughts PMS
Management clearly answered each part of the question.
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Question
Are we focusing on the oral SEMA or the injectable version... any timelines for filing DMF and have we signed any customers in India
Chairman
we focus on semaglutide as the active... we have signed up with a bunch of customers in India... we haven't filed the DMF though we are in a position to do it
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin guidance 20%+ | 20% | 41.8% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.