1. At a Glance
Anthem Biosciences (ABL) just pulled a biotech mic-drop in Q1 FY26 — revenue up 59.6% YoY to ₹540 crore, PAT up 64.8% to ₹136 crore, and an EBITDA margin of a juicy 35%. This is not your typical pharma generics snoozefest; Anthem’s in the CRDMO big leagues, with capabilities in both small and large molecules, and customers willing to sign fat cheques for complex science. The only “downside”? A triple-digit P/E that could make venture capitalists blush.
2. Introduction
Founded in 2006, Anthem Biosciences is the quiet overachiever of India’s life sciences industry — the kid in class who aces both chemistry and biology, while also running a profitable side hustle. Unlike pure-play CDMOs or CROs, Anthem plays the full Contract Research, Development, and Manufacturing Organization (CRDMO) game — from target identification to commercial-scale manufacturing — across both NCEs (small molecules) and NBEs (biologics).
While many Indian players specialise in either chemistry or biology, Anthem’s USP is straddling both worlds, allowing it to win business in hot growth areas like Antibody-Drug Conjugates (ADCs), RNAi, and lipid nanoparticles (yes, the same tech that powers mRNA vaccines).
Its second act is the Specialty Ingredients business — think probiotics, peptides, enzymes — high-value niches that keep cash flowing when long-cycle drug projects take time to pay off.
3. Business Model (WTF Do They Even Do?)
Anthem’s core business is split into:
a) CRDMO Services (~81% of revenue)
- End-to-end drug development: discovery, preclinical, clinical, and commercial.
- Modality spread: 7 ADCs, 2 RNAi, 10 lipid-based, 10 peptide-based, 1 oligonucleotide program (FY25).
- 8,000+ customer projects executed, 675+ clients globally.
b) Specialty Ingredients (~19% of revenue)
- Fermentation-based APIs and nutritional actives.
- Sold to
