Anthem Biosciences (ABL) is India’s shiny new CRDMO kid on the block. Think of it as the “outsourced lab partner” for Big Pharma, handling everything from drug discovery to manufacturing—chemicals, biologics, ADCs, peptides, lipids, RNAi, you name it. With ₹1,845 Cr sales, ₹452 Cr PAT, and margins north of 36%, Anthem already looks like it skipped the awkward teenage years.
But here’s the catch: it listed in July 2025, and at 100x P/E, it’s priced like the biotech equivalent of Zomato on listing day—growth dreams baked into every share.
2. Introduction
Founded in 2006, Anthem grew from a Bangalore lab outfit into a fully integrated Contract Research, Development & Manufacturing Organization (CRDMO) with clients across 44 countries. It is one of the few Indian players straddling both NCE (New Chemical Entities) and NBE (New Biological Entities).
Core mantra: provide soup-to-nuts services to pharma/biotech clients. Target ID → Lead selection → Pre-clinical → Clinical trial batches → Commercial scale. Bonus: it also makes specialty ingredients like probiotics, enzymes, peptides, and vitamin analogues. Basically, part CRO, part CDMO, part nutraceuticals supplier.
Anthem is the first Indian CRDMO with end-to-end NCE + NBE capabilities. Translation: it can handle both chemical drugs and biologics—something most peers can’t.
4. Financials Snapshot
Metric
FY25
Growth
Revenue
₹1,845 Cr
+30% YoY
EBITDA
₹672 Cr
+33% YoY
EBITDA Margin
36%
Stable
PAT
₹452 Cr
+23% YoY
EPS
₹8.1
—
Quarterly (Q1 FY26):
Sales: ₹540 Cr (+60% YoY)
PAT: ₹136 Cr (+65% YoY)
Verdict: Anthem is scaling faster than your neighborhood cloud kitchen during IPL season.
5. Valuation – Fair Value Range
P/E: 100x vs sector ~64x. Even biotech hype doesn’t justify triple digits forever.
EV/EBITDA: 59x—practically biotech bubble territory.
Price/Sales: 24.5x vs global CDMOs at ~8–10x.
👉 Fair Value Range = ₹350 – ₹500 (assuming 30–40% growth sustained). Current ₹804 looks stretched like lab gloves on Hulk’s hands.
