ANTHEM · Healthcare
Anthem Biosciences Ltd. reported revenue of ₹418 cr for April to June 2026, −22.6% on the year and −31.6% on the quarter. Over the last four quarters revenue comes to ₹2,002 cr, −2.2% on the four before.
Operating profit (EBITDA) was ₹151 cr, a margin of 36.1%, +75 bps on the year and −757 bps on the quarter. Over the last 8 quarters the margin has ranged from 32.1% to 43.7%, averaging 37.7%. Operating costs grew −23.5%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹120 cr, −11.8% on the year and −36.8% on the quarter, with earnings per share of ₹2.13. Profit before other income, one-offs and tax fell 26.4%, so 15 points of the headline growth came from outside the core business. The tax rate was 17% against an average of 30% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹576 cr, +14.1% on the four before.
On earnings per share of ₹10.25 over the last four quarters, the stock at ₹827.85 trades at 80.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 17.0% against 28.0% over the previous quarters, worth about ₹16.0 cr of profit.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹339 cr | ₹525 cr | ₹498 cr | ₹483 cr | ₹540 cr | ₹550 cr | ₹423 cr | ₹611 cr | ₹418 cr |
| YoY | — | — | — | — | +59% | +5% | −15% | +27% | −23% |
| EBITDA margin | 35.7% | 37.1% | 32.1% | 40.4% | 35.4% | 39.6% | 37.1% | 43.7% | 36.1% |
| Other income, % of PBT | 16% | 14% | 15% | 8% | 12% | 21% | 6% | 19% | 17% |
| Exceptional items | — | — | — | — | — | — | — | — | — |
| Tax rate | 30% | 19% | 23% | 54% | 27% | 24% | 29% | 32% | 17% |
| Net profit | ₹82.0 cr | ₹162 cr | ₹124 cr | ₹83.0 cr | ₹136 cr | ₹173 cr | ₹93.0 cr | ₹190 cr | ₹120 cr |
| YoY | — | — | — | — | +66% | +7% | −25% | +129% | −12% |
| Core profit YoY | — | — | — | — | +65% | +6% | −11% | +38% | −26% |
| EPS | ₹1.47 | ₹2.90 | ₹2.22 | ₹1.48 | ₹2.42 | ₹3.09 | ₹1.65 | ₹3.38 | ₹2.13 |
| Flags | · | · | · | · | ✓ | ✓ | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Anthem Biosciences Ltd. reported revenue of ₹418 cr (−22.6% on the year) and net profit of ₹120 cr (−11.8% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −26.4% on the year, against −11.8% for reported profit.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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