Advanced Enzyme Technologies Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Advanced Enzyme Technologies Ltd filed with BSE on 15 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Advanced Enzyme Technologies reported its highest-ever quarterly and annual revenue for FY26, with Q4 revenue of INR 2,034 million, up 22% YoY, and full-year revenue of INR 7,458 million, up 17%. EBITDA margin remained at 31% for both the quarter and the year, while PAT grew 69% YoY in Q4 and 30% for the full year. Management attributed the growth to strength across Human Healthcare, Animal Healthcare, Bioprocessing and Specialized Manufacturing segments, and flagged input cost inflation and U.S. market uncertainty as ongoing considerations for the coming year.
Numbers mentioned
Revenue from operations: INR 2,034 million (Q4 FY26)
p. 3
“For the fourth quarter, we reported revenue from operation at INR 2,034 million, reflecting the robust YoY growth of 22% and sequential growth of 18%.”
Vasant Rathi, page 3 of the filed PDF · View the filing
Annual revenue: INR 7,458 million (FY26)
p. 3
“For the full year, our annual revenues stood at INR 7,458 million, representing a solid growth of 17%.”
Vasant Rathi, page 3 of the filed PDF · View the filing
EBITDA: INR 632 million (Q4 FY26)
p. 3
“EBITDA for the quarter stood at INR 632 million, registering a 39% YoY growth and 28% sequential growth on a full-year basis.”
Vasant Rathi, page 3 of the filed PDF · View the filing
EBITDA margin: 31% (Q4 and FY26)
p. 3
“EBITDA margin for both the quarter and the year remains strong at 31%.”
Vasant Rathi, page 3 of the filed PDF · View the filing
Profit after tax: INR 453 million (Q4 FY26)
p. 3
“Profit after tax stood at INR 453 million for the quarter, showcasing a staggering growth of 69% on a YoY basis and 5% sequentially.”
Vasant Rathi, page 3 of the filed PDF · View the filing
PAT margin: 22% for quarter, 23% for FY26 (Q4 and FY26)
p. 3
“Consequently, our PAT margin stood at 22% for the quarter and 23% for the full fiscal year, as compared to 21% in FY25.”
Vasant Rathi, page 3 of the filed PDF · View the filing
Human Healthcare segment revenue: INR 1,281 million (Q4 FY26)
p. 4
“Our largest and most critical segment revenue for Q4 FY26 stood at INR 1,281 million, marking a 24% YoY growth and 33% sequential increase.”
Vasant Rathi, page 4 of the filed PDF · View the filing
Animal Healthcare segment revenue: INR 250 million (Q4 FY26)
p. 4
“Animal Healthcare revenue in this segment rose to INR 250 million, delivering a 19% increase YoY, 2% sequential, and 25% on year-to-date basis.”
Vasant Rathi, page 4 of the filed PDF · View the filing
Biocatalysis revenue: INR 247 million (FY26)
p. 10
“INR 247 million for the FY26. And last year, it was INR 174 million.”
Beni Prasad Rauka, page 10 of the filed PDF · View the filing
Serratio (Serratiopeptidase) growth: 45% YTD, 54% QoQ (FY26)
p. 14
“I think we have on YTD growth about 45%, and QoQ is about 54% growth.”
Beni Prasad Rauka, page 14 of the filed PDF · View the filing
R&D expenditure (standalone): INR 356 million (FY26)
p. 5
“Our R&D expenditure total on standalone basis is INR 356 million in FY26 as compared to INR 328 million in FY25.”
Beni Prasad Rauka, page 5 of the filed PDF · View the filing
Human nutrition revenue split - India vs International: 32% India, 30% International (FY26)
p. 20
“32% of our business has come from India. I'm talking about human nutrition business, and of our total revenue. 32% from India domestic market, and 30% has come from international market.”
Beni Prasad Rauka, page 20 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
R&D center operational — fully operational · latter half of FY27
stated firmly by Vasant Rathi
p. 4
“As mentioned in our previous interaction, our new R&D center in Nashik is expected to become fully operational in the latter half of this fiscal year, significantly boosting our product development bandwidth.”
Vasant Rathi, page 4 of the filed PDF · View the filing
Overall growth — double-digit
stated as an aspiration by Mukund Kabra
p. 7
“overall, what we expect to grow is in the double-digit and maybe double-digit, and that's, like, what we are aiming for, and that is where all the efforts are there.”
Mukund Kabra, page 7 of the filed PDF · View the filing
U.S. business growth — little growth · FY27
stated firmly by Mukund Kabra
p. 9
“So going forward, the next year, we expect little growth coming from the U.S., and not like the negative growth.”
Mukund Kabra, page 9 of the filed PDF · View the filing
Margin impact from cost pressure — 1% or 2% variability
stated conditionally by Mukund Kabra
p. 9
“I wouldn't say that too much of impact. 1% or 2% is always possible, and that's a variability what we have.”
Mukund Kabra, page 9 of the filed PDF · View the filing
R&D revenue expenditure increase — INR 50 million
stated firmly by Beni Prasad Rauka
p. 16
“In absolute terms, the R&D revenue expenditure is likely to go up by INR 50 million.”
Beni Prasad Rauka, page 16 of the filed PDF · View the filing
R&D CapEx — about INR 130 crores
stated firmly by Beni Prasad Rauka
p. 16
“So I think overall CapEx on R&D will be about INR 130 crores.”
Beni Prasad Rauka, page 16 of the filed PDF · View the filing
Biocatalysis growth — moderate growth · next year
stated as an aspiration by Mukund Kabra
p. 14
“And next year, what we are looking at it is some moderate growth coming from this area.”
Mukund Kabra, page 14 of the filed PDF · View the filing
Capacity expansion decision — after September
stated conditionally by Mukund Kabra
p. 16
“In the main company, we will be taking that call after September.”
Mukund Kabra, page 16 of the filed PDF · View the filing
Capacity increment capability — 50% increase capability
stated firmly by Mukund Kabra
p. 16
“So as of now, currently stand, we do have infrastructure to increase the capacity increment by 50% right away.”
Mukund Kabra, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed it to variable versus fixed cost dynamics and product mix, and noted improved productivity on certain products.
Answered by Beni Prasad Rauka
Asked by Abhishek Navalgund: Why did gross margin moderate sequentially despite strong Human Nutrition mix and stable U.S. exposure?
p. 6
“So, this is mainly what happens is because of the variable cost and fixed cost issue, right?”
Beni Prasad Rauka, page 6 of the filed PDF · View the filing
Management declined to commit but said most of the growth would be retained and other products are also contributing.
Answered by Mukund Kabra
Asked by Abhishek Navalgund: Can this quarter's Serratiopeptidase growth run rate be sustained?
p. 6
“I won't comment on that, Abhishek. There are always quarter and quarter variability, particularly, but I would say that we'll retain most of it.”
Mukund Kabra, page 6 of the filed PDF · View the filing
Management said pricing is broadly constant and growth is more driven by volume, though they are looking to pass on some cost increases from the new year.
Answered by Mukund Kabra
Asked by Kunal Thanvi: Is the India Serratiopeptidase growth volume-driven or price-driven?
p. 8
“In terms of pricing, the pricing is more or less constant. It's more driven by the volume, but at the same time, going forward, we are looking how do we increase the cost and pass on some of the cost, and which we are trying to do from the New Year.”
Mukund Kabra, page 8 of the filed PDF · View the filing
Management said the board evaluates all options for shareholder value and would decide at the right time.
Answered by Vasant Rathi
Asked by Kunal Thanvi: Is buyback of shares under consideration given the tax law changes?
p. 8
“It's a board's priority to look into various different areas, and I'm sure that on the right time board will take a decision, okay.”
Vasant Rathi, page 8 of the filed PDF · View the filing
Management said the U.S. market is changing with more focus on deliverable registration and studies, and described the year as challenging but expects growth.
Answered by Vasant Rathi
Asked by Rajas Joshi: Why is U.S. revenue down in a quarter when a recovery was expected post-tariffs?
p. 9
“There is more concentration on the deliverable registration, the studies, etc. And U.S. strategy, changing accordingly.”
Vasant Rathi, page 9 of the filed PDF · View the filing
Management said they refocused on core research-backed segments rather than commodity products, adopted a global and long-term outlook, and are investing heavily in R&D including a new center.
Answered by Vasant Rathi
Asked by Nikhil Upadhyay: What changed to make growth more broad-based across segments compared to earlier years?
p. 11
“Our outlook is more broad-based and long-term rather than the short-term margins.”
Vasant Rathi, page 11 of the filed PDF · View the filing
Management confirmed the priority has shifted toward gaining more customer traction over pure margin optimization.
Answered by Vasant Rathi
Asked by Nikhil Upadhyay: Has the company sacrificed gross margin for customer traction rather than relying on operating leverage from volume growth?
p. 12
“More customer tractions.”
Vasant Rathi, page 12 of the filed PDF · View the filing
Management shared YTD and QoQ growth figures but said this would be the last time detailed numbers on this product are shared given competitive sensitivity.
Answered by Beni Prasad Rauka
Asked by Lakshmi Narayanan: What was Serratio's contribution to full-year revenue and how is competitive intensity in that segment?
p. 14
“I think this is the last time we will be sharing this number.”
Beni Prasad Rauka, page 14 of the filed PDF · View the filing
Management explained a Q3 exceptional item related to a reversal of litigation provision and a new labour law cost impact.
Answered by Beni Prasad Rauka
Asked by Shreyans Gathani: What drove the extraordinary item referenced for gross margin in the prior quarter?
p. 15
“That was, I think, one was related to reversal of some provision, which we were carrying in our books for some litigation matter.”
Beni Prasad Rauka, page 15 of the filed PDF · View the filing
Management confirmed a portion of tariff costs is still being absorbed and being passed on gradually.
Answered by Vasant Rathi
Asked by Ashish Thavkar: Is the company still absorbing U.S. tariff costs, and how much?
p. 19
“Yeah, to a certain extent, yes. And it is a gradual process to pass it on and to explain.”
Vasant Rathi, page 19 of the filed PDF · View the filing
Management said patents not generating meaningful revenue were removed from the list even as new ones were filed.
Answered by Mukund Kabra
Asked by Ketan Chheda: Why has the number of patents in the presentation declined from 17 to 15?
p. 21
“So, some of the patents, which were not giving the revenue, we thought that is not significant. We are cut down from the list, but we filed two or three.”
Mukund Kabra, page 21 of the filed PDF · View the filing
Risks flagged
Rising input costs for fuel, salt, solvents, packaging and logistics due to geopolitical disruption
p. 3
“However, we remain vigilant, as increasing geopolitical disruption will escalate the prices of input essentials such as fuel, salt, solvent, packaging, vis-à-vis also logistics, potentially creating near-term margin pressures across the industry.”
Vasant Rathi, page 3 of the filed PDF · View the filing
Ongoing margin pressure from uncertain energy and input costs
p. 7
“No. Abhishek, there's always going to be margin pressure. These are all uncertain times with what is going to happen tomorrow with your energy.”
Vasant Rathi, page 7 of the filed PDF · View the filing
Difficulty passing on rising costs to customers in a competitive global market
p. 7
“No. Abhishek, it is difficult to pass on very competitive world, global climate.”
Vasant Rathi, page 7 of the filed PDF · View the filing
U.S. inflationary pressure and uncertain discretionary spending outlook
p. 7
“There is enormous pressure of the inflationary pressures here in the U.S. economy due to energy.”
Vasant Rathi, page 7 of the filed PDF · View the filing
Challenging year ahead for the U.S. business
p. 7
“This is going to be a very challenging year no matter what, okay.”
Vasant Rathi, page 7 of the filed PDF · View the filing
Supply chain uncertainty requiring higher inventory buildup
p. 17
“It's not only the pricing, but it's because of the uncertainties of supply chain and other things that you never know what will happen tomorrow.”
Mukund Kabra, page 17 of the filed PDF · View the filing
Biocatalysis business dependent on government regulations and global competition
p. 14
“Keep in mind that this is very, again, challenging area, I would say, because it also depends a lot on the government body’s regulations and global competition, you know, so changes of processes.”
Vasant Rathi, page 14 of the filed PDF · View the filing
Ongoing U.S. tariff cost absorption
p. 19
“So as of now, we are still absorbing, 10-odd percentage cost, right, from the tariff?”
Ashish Thavkar, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.