Anthem Biosciences Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Anthem Biosciences Ltd filed with BSE on 27 Jul 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
Anthem Biosciences reported Q1 FY27 consolidated revenue of Rs. 418 crores, with CRDMO contributing 81.5% and Specialty Ingredients 18.5%, alongside an EBITDA margin of 39.6% and PAT margin of 27.1%. Management attributed the quarter's softness to timing shifts in customer deliveries rather than a change in underlying demand, and said 60% of the full-year order book was already in hand. Capacity utilization varied across units, with Unit 3 (Neo Anthem) ramping up to 30-35% and Unit 4 construction targeted for completion by end of FY28 at a total capex outlay of about Rs. 1,200 crores.
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Numbers mentioned
Consolidated revenue from operations: Rs. 418 crores (Q1 FY27)
p. 3
“Our consolidated revenues from operations for the quarter were Rs. 418 crores, out of which the CRDMO business contributed 81.5% of the revenues, delivering Rs. 341 crores.”
Ajay Bhardwaj, page 3 of the filed PDF · View the filing
CRDMO revenue: Rs. 341 crores (Q1 FY27)
p. 3
“out of which the CRDMO business contributed 81.5% of the revenues, delivering Rs. 341 crores”
Ajay Bhardwaj, page 3 of the filed PDF · View the filing
Specialty Ingredients revenue: Rs. 78 crores (Q1 FY27)
p. 3
“Specialty Ingredients contributed 18.5% of our revenues, delivering Rs. 78 crores.”
Ajay Bhardwaj, page 3 of the filed PDF · View the filing
EBITDA: Rs. 176 crores (Q1 FY27)
p. 3
“The EBITDA was Rs. 176 crores, including other income with EBITDA margin at 39.6%, that is nearly 40%.”
Ajay Bhardwaj, page 3 of the filed PDF · View the filing
PBT: Rs. 145 crores (Q1 FY27)
p. 3
“PBT was Rs. 145 crores.”
Ajay Bhardwaj, page 3 of the filed PDF · View the filing
Profit after tax: Rs. 120 crores (Q1 FY27)
p. 3
“Our profit after tax for the quarter was Rs. 120 crores, with PAT margins at 27.1%.”
Ajay Bhardwaj, page 3 of the filed PDF · View the filing
Net cash position: Rs. 1,720 crores (as of June 30, 2026)
p. 3
“Net cash position of the company as of June 30, 2026 was Rs. 1,720 crores.”
Ajay Bhardwaj, page 3 of the filed PDF · View the filing
Unit 1 capacity utilization: 78% (Q1 FY27)
p. 4
“We continue to have the same utilization in our Unit 1 in this quarter, roughly about 78% utilized right now on the custom synthesis side.”
Gawir Baig, page 4 of the filed PDF · View the filing
Unit 2 custom synthesis utilization: 50% (Q1 FY27)
p. 4
“This quarter being a slightly softer quarter, our Unit 2 utilization was about 50% for Unit 2 across the expanded capacity on custom synthesis side.”
Gawir Baig, page 4 of the filed PDF · View the filing
Unit 3 utilization: 30% to 35% (Q1 FY27)
p. 4
“Unit 3 has been picking up from a utilization point of view, roughly about 30% to 35% is the utilization for Q1 FY27.”
Gawir Baig, page 4 of the filed PDF · View the filing
Order book coverage: 60% (FY27)
p. 6
“Even right now, we stand with about 60% of the order book still being there.”
Gawir Baig, page 6 of the filed PDF · View the filing
Unit 4 capex outlay: Rs. 1,200 crores
p. 9
“We have articulated this, roughly about Rs. 1,200 crores is the capex outlay for Unit 4 and this is Phase 1 of Unit 4.”
Gawir Baig, page 9 of the filed PDF · View the filing
FY27 targeted capex: close to about Rs. 700 crores (FY27)
p. 9
“FY27 targeted capex for this year will be close to about Rs. 700 crores.”
Gawir Baig, page 9 of the filed PDF · View the filing
ESOP cost: Rs. 9 crores (FY27)
p. 11
“ESOP cost is about Rs. 9 crores for FY27.”
Gawir Baig, page 11 of the filed PDF · View the filing
Employee cost as percentage of sales: 18.8% (Q1 FY27)
p. 14
“Our employee cost has been amongst the lowest vis-a-vis as a percentage of sales vis-a-vis the industry, although it might look for this quarter about 18.8%, it might look higher, but that's largely on account of the muted revenue for Q1 FY27.”
Gawir Baig, page 14 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.
Unit 4 commissioning — completion of Unit 4 Phase 1 · by end of FY28
stated firmly by Gawir Baig
p. 9
“By end of this FY28, we will be ready with our Unit 4.”
Gawir Baig, page 9 of the filed PDF · View the filing
Full year revenue growth — FY27
stated conditionally by Gawir Baig
p. 8
“You will see the numbers coming back as a recovery in Q2, Q3 and Q4. Our growth prospect for the full year remains intact.”
Gawir Baig, page 8 of the filed PDF · View the filing
Tax rate — about 25% to 25.5% · FY27
stated conditionally by Gawir Baig
p. 10
“So, we will have a much more marginalized tax rate of about 25% to 25.5% for this full year.”
Gawir Baig, page 10 of the filed PDF · View the filing
Employee cost as percentage of sales — around 13% · FY27
stated as an aspiration by Gawir Baig
p. 14
“But if you look at on an FY27 full year basis, we will be largely around 13% sort of number as a percentage of sales.”
Gawir Baig, page 14 of the filed PDF · View the filing
Semaglutide CDSCO approval — this year
stated conditionally by Ajay Bhardwaj
p. 10
“That's something that we are is waiting to happen and it will happen sometime this year for sure.”
Ajay Bhardwaj, page 10 of the filed PDF · View the filing
ESOP cost — closer to about Rs. 5 crores · next year
stated conditionally by Gawir Baig
p. 11
“The fourth-year ESOP charge for the ESOPs which have been granted will be about closer to about Rs. 5 crores next year.”
Gawir Baig, page 11 of the filed PDF · View the filing
Specialty Ingredients growth — FY27
stated as an aspiration by Ajay Bhardwaj
p. 14
“But in the end of the year, this specialty ingredients should also grow.”
Ajay Bhardwaj, page 14 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 gave current utilization figures across units and said Unit 4 will be commissioned by end of next year to absorb further growth.
Answered by Gawir Baig
Asked by Saion Mukherjee: What is the capacity utilization at Unit 1, 2 and Neo Anthem and how will it change over the next 3 years?
p. 4
“We expect all these units to be completely full and that's the reason why Unit 4 is what we are setting up.”
Gawir Baig, page 4 of the filed PDF · View the filing
Management confirmed a new Big Pharma customer was added and expects significant contribution going forward.
Answered by Ajay Bhardwaj
Asked by Saion Mukherjee: Any update on new contracts and client traction, including a large Big Pharma addition?
p. 5
“In terms of adding customers, we have one new Big Pharma customer which has been added.”
Ajay Bhardwaj, page 5 of the filed PDF · View the filing
Management clarified the 60% figure applies to the whole business, though the order book concept is largely relevant to CRDMO.
Answered by Gawir Baig
Asked by Udit Bokaria: What does the 60% order book visibility cover — whole business or just CRDMO?
p. 6
“When I talked about 60% as a fraction, that's for the whole business.”
Gawir Baig, page 6 of the filed PDF · View the filing
Management said growth prospects for the year remain intact and expect recovery in subsequent quarters.
Answered by Gawir Baig
Asked by Mehul Sheth: Given Q1 was down ~25% YoY, how should the full year CRDMO growth be viewed?
p. 8
“Our growth prospect for the full year remains intact. It will be in line with our historical growth performance and our margins also remains mostly intact.”
Gawir Baig, page 8 of the filed PDF · View the filing
Management said they are not giving a specific percentage guidance but expect growth consistent with historical performance.
Answered by Gawir Baig
Asked by Bino Pathiparampil: Do you still maintain a targeted growth rate of 20% for this year?
p. 9
“Our growth is intact. We are not giving a guidance of any particular percentage, but historically if you look at our last 10 years' growth, we have delivered quite healthy growth rate and we'll continue to do that in this year as well.”
Gawir Baig, page 9 of the filed PDF · View the filing
Management said commercial supply has not started, pending CDSCO approval, and denied that competitor issues were a driver.
Answered by Ajay Bhardwaj
Asked by Bansi Desai: Have commercial supplies of Semaglutide API started, and are peers' scaling issues driving inbound demand?
p. 10
“We certainly have not started supplying. That's something that is still in the works. We are awaiting approval from CDSCO.”
Ajay Bhardwaj, page 10 of the filed PDF · View the filing
Management said the impact isn't material this year as acquirers typically leave teams undisturbed initially.
Answered by Ajay Bhardwaj
Asked by Vivek Agarwal: How does the acquisition of a biotech customer by a Big Pharma change the outlook for that project?
p. 11
“However, the impact is not material for the rest of this year. Usually, when an acquisition takes place, they leave the team alone for a year or sometimes even a couple of years to do their thing and then only slowly there is a ramp-up of volumes.”
Ajay Bhardwaj, page 11 of the filed PDF · View the filing
Management confirmed Q1 as the softest quarter and expects specialty ingredients to grow by year end despite supply chain pressures.
Answered by Ajay Bhardwaj
Asked by Dhaval Khut: Is Q1 the lowest quarter for the year, and when will specialty ingredients return to growth?
p. 14
“We clearly see this Q1 as the softest quarter for the year. We expect it to from here on only to grow.”
Ajay Bhardwaj, page 14 of the filed PDF · View the filing
Management described early-stage exploration of AI in document review and drug target discovery, while cautioning much of the current talk is hype.
Answered by Ajay Bhardwaj
Asked by Saion Mukherjee: What AI use cases are relevant to Anthem's business and what could the long-term impact be?
p. 15
“A lot of AI talk is a moment hype. When we drill down to show a use case, then it is very thin.”
Ajay Bhardwaj, page 15 of the filed PDF · View the filing
Management explained that customers often over-stock certain geographies based on projections and then reroute or delay supply when actual demand differs.
Answered by Ajay Bhardwaj
Asked by Udit Bokaria: What typically causes customers to defer deliveries for a growing product?
p. 16
“Sometimes when that doesn't happen, they reroute that to other markets where they had planned materials differently.”
Ajay Bhardwaj, page 16 of the filed PDF · View the filing
Risks flagged
Timing shifts and lumpiness in customer delivery schedules affecting quarterly revenue
p. 8
“Because end of the day, the CRDMO business is dependent upon the deliveries schedule of customers, and hence there's a lumpiness in terms of the business on the CRDMO business side.”
Gawir Baig, page 8 of the filed PDF · View the filing
Supply chain pressures in specialty ingredients due to geopolitical turmoil
p. 14
“We've had lot of pressure on supply chain pressures.”
Ajay Bhardwaj, page 14 of the filed PDF · View the filing
Uncertainty over pending CDSCO approval delaying Semaglutide commercial supply
p. 10
“We are awaiting approval from CDSCO.”
Ajay Bhardwaj, page 10 of the filed PDF · View the filing
Uncertain trajectory of biotech customer relationships following acquisition by Big Pharma
p. 12
“We've had really no meaningful discussions with the acquirer, the Big Pharma.”
Ajay Bhardwaj, page 12 of the filed PDF · View the filing
Risk of products moving quickly from specialty to commoditized status
p. 17
“A fine chemical will go towards commoditization much faster than before.”
Ajay Bhardwaj, page 17 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.