ANTHEM · Healthcare
Anthem Biosciences Ltd. reported revenue of ₹423 cr for October to December 2025, −15.1% on the year and −23.1% on the quarter.
Operating profit (EBITDA) was ₹157 cr, a margin of 37.1%, +499 bps on the year and −252 bps on the quarter. Over the last 7 quarters the margin has ranged from 32.1% to 40.4%, averaging 36.8%. Operating costs grew −21.3% against revenue growth of −15.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹93.0 cr, −25.0% on the year and −46.2% on the quarter, with earnings per share of ₹1.65. Profit before other income, one-offs and tax grew faster, at −10.9%; other income, one-offs or tax held the headline back. The tax rate of 29% is in line with its recent average.
On earnings per share of ₹8.64 over the last four quarters, the stock at ₹827.85 trades at 95.8 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
EBITDA margin 37.1%, +499 bps on the year (−252 bps on the quarter).
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 ₹423 cr (−15.1% on the year) and net profit of ₹93.0 cr (−25.0% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −10.9% on the year, against −25.0% for reported profit.
None of the 7 checks that could run raised a question.
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