Anthem Bioscienc Q4 FY26 Results (NSE: ANTHEM)
Signal: Growth reaccelerated
The read
The key inflection is a standalone Q4FY26 operating recovery: revenue rose 21.6% YoY after Q3FY26's 15.1% decline, while EBIT margin expanded to 41.3% from 36.1% YoY and 30.6% QoQ; however, the 30.8% depreciation increase against a broadly flat PPE-plus-CWIP base warrants monitoring as the group scales its investment cycle.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹582.5 Cr | +21.6% | +39.9% |
| EBIT | ₹240.71 Cr | +23.7% | |
| Net profit | ₹210.67 Cr | +71.9% | |
| EPS | ₹3.77 | +72.1% | |
| EBIT margin | 41.3% |
P&L walk
Standalone Q4FY26 revenue rose 21.6% YoY and 39.9% QoQ, gross margin expanded by about 360bps as raw-material and inventory costs fell to 34.4% of revenue, EBIT margin reached 41.3%, and PAT rose 71.9% with EPS tracking earnings.
Key positives
- Standalone Q4FY26 revenue reached ₹5825.01 million, up 21.6% YoY and 39.9% QoQ, reversing the Q3FY26 revenue decline of 15.1% YoY.
- Gross margin expanded to 65.6%, up approximately 360bps YoY, as raw-material plus inventory costs declined to 34.4% of revenue from 38.0%.
- EBITDA grew approximately 37.2% YoY versus revenue growth of 21.6%, a +15.6pp growth gap, while employee costs rose 18.2% and other expenses rose 5.8%; EBITDA margin expanded approximately 520bps to 45.8%.
- Operating cash flow rose to ₹8894.15 million from ₹3004.58 million, while the balance sheet ended with net cash of ₹2226.81 million.
- EPS increased 72.1% to ₹3.77, closely tracking the 71.9% PAT increase.
Key concerns
- The filing does not provide consolidated P&L figures in the supplied text, limiting assessment of Neoanthem Lifesciences' contribution to group earnings.
- Depreciation rose 30.8% YoY to ₹262.84 million while PPE declined to ₹6096.00 million and PPE plus CWIP remained broadly flat, creating an asset-base/depreciation mismatch.
- Q4 PAT includes a ₹9.71 million exceptional credit related to reassessment of Labour Code provisions; the benefit is modest but non-recurring.
Research and educational content only. Not investment advice.