ANTHEM · Healthcare
Anthem Biosciences Ltd. reported revenue of ₹611 cr for January to March 2026, +26.5% on the year and +44.4% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹2,125 cr, +15.1% on the four before.
Operating profit (EBITDA) was ₹267 cr, a margin of 43.7%, +333 bps on the year and +658 bps on the quarter. It is the widest margin of the last 8 quarters (range 32.1% to 43.7%). Operating costs grew +19.4% against revenue growth of +26.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹190 cr, +128.9% on the year and +104.3% on the quarter, with earnings per share of ₹3.38. Profit before other income, one-offs and tax grew 37.8%, so 91 points of the headline growth came from outside the core business. The tax rate of 32% is in line with its recent average. Profit over the last four quarters totals ₹592 cr, +31.4% on the four before.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit. The quarterly statements do not carry the US and India split, R&D spend and any FDA observations; those come with the filing read.
On earnings per share of ₹10.54 over the last four quarters, the stock at ₹827.85 trades at 78.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +128.9% on the year; profit before other income, exceptional items and tax +37.8%.
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| CRDMO Segment Revenue (₹ crore) | 466.23 |
| Specialty Ingredients Segment Revenue (₹ crore) | 84.28 |
| EBITDA Margin | 44.5% |
| CRDMO Revenue Share | 84.7% |
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
| Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹339 cr | ₹525 cr | ₹498 cr | ₹483 cr | ₹540 cr | ₹551 cr | ₹423 cr | ₹611 cr | ₹418 cr | ₹594 cr |
| YoY | — | — | — | — | +59% | +5% | −15% | +27% | −23% | +8% |
| EBITDA margin | 35.7% | 37.1% | 32.1% | 40.4% | 35.4% | 39.7% | 37.1% | 43.7% | 36.0% | 45.7% |
| Other income, % of PBT | 16% | 14% | 15% | 8% | 12% | 21% | 6% | 19% | 17% | 20% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 30% | 19% | 23% | 54% | 27% | 24% | 29% | 32% | 17% | 29% |
| Net profit | ₹82.0 cr | ₹162 cr | ₹124 cr | ₹83.0 cr | ₹136 cr | ₹173 cr | ₹93.0 cr | ₹190 cr | ₹120 cr | ₹211 cr |
| YoY | — | — | — | — | +66% | +7% | −25% | +129% | −12% | +22% |
| Core profit YoY | — | — | — | — | +65% | +6% | −11% | +38% | −27% | +31% |
| EPS | ₹1.47 | ₹2.90 | ₹2.22 | ₹1.48 | ₹2.42 | ₹3.09 | ₹1.65 | ₹3.38 | ₹2.13 | ₹3.75 |
| 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 ₹611 cr (+26.5% on the year) and net profit of ₹190 cr (+128.9% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +37.8% on the year, against +128.9% for reported profit.
1 check raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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