Anthem Biosciences Limited (ANTHEM)
Large CapPharma stocks · Large cap · NSE
Anthem Biosciences Limited is a contract research, development, and manufacturing organization (CRDMO) and producer of specialty ingredients, serving the life sciences sector.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100Rev -23% YoY · PAT -12% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹418 Cr | -22.6% | -31.6% |
| EBITDA | ₹151 Cr | -20.9% | -43.4% |
| Operating margin | 36.0% | +100 bps | -800 bps |
| PAT | ₹120 Cr | -11.8% | -36.8% |
| PAT margin | 28.7% | +352 bps | -239 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Anthem Biosciences reported a significant revenue decline of 22.6% YoY and 31.5% QoQ in Q1FY27, driven by timing shifts in key customer deliveries. Despite revenue pressure, EBITDA and PAT margins improved YoY to 39.6% and 27.1% respectively, reflecting cost efficiencies and yield optimization.
The sharp revenue contraction in Q1FY27 raises concerns, though management attributes it to delivery timing. The YoY margin expansion is positive, indicating operational efficiency. The thesis hinges on the company's ability to execute scheduled deliveries in H2FY27 and demonstrate sustained underlying demand.
Revenue Split Q1FY27
Latest issuer-disclosed distribution across 2 reported categories.
Underlying Demand
Management states 'The underlying demand remains strong'.
Scheduled Deliveries in H2
Management expects 'a higher concentration of scheduled deliveries in the latter half of the year'.
Long-term Growth Commitment
Management is 'firmly committed to sustaining revenue growth aligned with our long-term historical performance'.
Underlying Demand
Management states 'The underlying demand remains strong'.
Scheduled Deliveries
Management expects 'a higher concentration of scheduled deliveries in the latter half of the year'.
Cost Efficiencies
Management highlights 'disciplined focus on cost efficiencies, yield optimisation, and employee productivity'.
Timing Shifts in Deliveries
Q1FY27 quarterly results reflect timing shifts in deliveries to key customers.
Execution Risk on Delayed Deliveries
Q1FY27 quarterly results reflect timing shifts in deliveries to key customers, impacting current period revenue.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company explicitly provides both YoY and QoQ comparisons. While QoQ shows a steeper decline, management's explanation of 'timing shifts in deliveries' suggests sequential momentum is impacted by short-term factors, making both comparisons relevant to understand performance against prior year and immediate prior quarter.
EBITDA Margin
39.6% in Q1FY27, up 153 bps YoY from 38.1% in Q1FY26.
PAT Margin
27.1% in Q1FY27, up 300 bps YoY from 24.1% in Q1FY26.
CRDMO Revenue Contribution
81.5% of total revenue in Q1FY27.
Molecules in Pipeline
14 Commercial + 10 Late Stage (Phase III) Molecules.
Future Revenue Growth
Management is 'positioned to capture that momentum' from H2 deliveries.
Commitment to Growth
Management is 'firmly committed to sustaining revenue growth aligned with our long-term historical performance'.
Sustaining Margins
Management expects 'to sustain this performance through the year' on margins.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | -22.6% YoY in Q1FY27 | Execution of scheduled deliveries in H2FY27 to reverse revenue decline. |
| EBITDA Margin | 39.6% in Q1FY27 | Sustained margin profile through the year as guided by management. |
| Net Cash Position | ₹17,197 Mn as of June 30, 2026 | Deployment of cash for future growth or capacity expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
75Bullishfull bull SMA stack · SMA20 +13.6% / mo · MACD + · near 52W high · sector +2.2pp vs Nifty (3M)
Technical chart
ANTHEMdaily · 1Y · AUTO+39.9%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 65.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~12.0% over last month) — short-term momentum positive.
- RSI(14) at 65 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 4% off 52W high · 61% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 23.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.3%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 50 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 50 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 18/20 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -102.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 90th percentile within Pharma. Main check: results consistency is weak at 48/100.
High Trust Lite: Promoter holding is 71.4%. Key concern: Promoter holding fell 3.3%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 90th pctile, median 70 · Large: 83rd pctile, median 73
28 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 71.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸5 years of positive FCF.
Trust risks
- ▸Promoter holding fell 3.3%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 88.70
- P/B
- 17.23
- EV/EBITDA
- 56.56
- Market Cap
- 52607.00Cr
Profitability
- ROE
- 22.30%
- ROCE
- 30.40%
- ROA
- 16.80%
- Dividend Y
- 0.21%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 21.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 132.17×
- Altman Z
- 8.90
- Book Value
- 54.20
Cash Flow
- FCF Yield
- 0.27%
- FCF Positive Y
- 5/5
- OCF
- 844.00 Cr
- EPS TTM
- 10.25
Shareholding
- Promoter Hold
- 71.42%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 90%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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