Anthem BioSciences (ANTH.NS): Timing-led Softness in IQ; Order Visibility Underpins FY27E Confidence

研报英文原文证据摘录

Anthem BioSciences (ANTH.NS): Timing-led Softness in IQ; Order Visibility Underpins FY27E Confidence

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22 Jul 2026 06:39:40 ET │ 12 pages

Anthem BioSciences (ANTH.NS)

Timing-led Softness in 1Q; Order Visibility Underpins FY27E Confidence

CITI'S TAKE

Buy Anthem's weak 1QFY27 revenue performance appears largely attributable

to the timing shift in deliveries from key customers rather than any Price (21 Jul 26 15:30) Rs791.55

underlying slowdown in CRDMO demand. Management reiterated Target price Rs870.00

confidence in FY27 growth, supported by a strong order book, improving Expected share price return 9.9%

customer traction and expected delivery ramp-up through 2Q-4Q. Other Expected dividend yield 0.0%

key notables – a) a large pharma customer has been added with Expected total return 9.9%

engagement spanning across multiple areas and b) awaiting CDSCO

Market Cap Rs445,797M approval for the supply of Semaglutide APIs to the Indian customers. We

US$4,632M continue to like Anthem's positioning in CRDMO on a) strong balance

sheet (Rs17bn net cash), b) solid growth in commercial molecules and

strong late-stage pipeline, c) strong and improving relationships with big

pharma customers, d) and upcoming capacity addition. Maintain Buy. Vivek Agrawal, CFAAC

+91-22-6175-9875

Results Summary — 1QFY27 revenue from operations stood at Rs4.2bn (-22.6% vivek1.agrawal@citi.com

YoY), impacted by deferred deliveries from key customers. CRDMO contributed

81.5% of revenues (Rs3.4bn, -24.7%YoY) while Specialty Ingredients contributed

Rs780m (-11.5% YoY). EBITDA was Rs15bn,with EBITDA margin at 36% (flat YoY),

demonstrating strong profitability despite lower revenues. PAT came in at Rs1.2bn,

with PAT margin of 27.1%.Management highlighted that 1Q is typically the softest