1. At a Glance
Anthem Biosciences, a biotech CRDMO juggernaut, is storming into the market with a ₹3,395 Cr IPO. A 100% Offer For Sale, no fresh cash for R&D splurges. But this Bengaluru-based enzyme-and-patent powerhouse has the metrics, margins, and mindshare to make you look twice.
2. Introduction with Hook
Imagine if you could rent a scientific brain lab that makes your drug idea real, scales it, tests it, and ships it globally—without lifting a pipette. That’s Anthem Biosciences.
– Market Cap: ₹31,867 Cr (post-IPO)
– PAT Margin: A juicy 23.38%
– ROCE: A pharma-fantasy 26.88%
While the rest of us were Googling “What’s a CRDMO?”, Anthem was adding 196 drug discovery projects and locking in 550+ customers across 44 countries. No jokes—this is a nerd empire.
3. Business Model (WTF Do They Even Do?)
Anthem is a Contract Research, Development, and Manufacturing Organization (CRDMO). It helps drug companies with:
- Drug discovery (R&D from scratch)
- Process development (making drugs better/cheaper)
- Commercial manufacturing (mass production)
They’re into both small molecules and biologics, fermentation-based APIs (probiotics, enzymes, peptides), and even work on biosimilars.
Key services:
- Fermentation platforms
- Biotransformation
- Analytical development
- Regulatory support
This isn’t just lab coats and pipettes. It’s full-stack biopharma for hire.
4. Financials Overview
| FY | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | Net Worth (₹ Cr) | Total Borrowing (₹ Cr) |
|---|---|---|---|---|---|
| 2023 | 1,134 | 446 | 385 | 1,741 | 125 |
| 2024 | 1,483 | 520 | 367 | 1,925 | 233 |
| 2025 | 1,930 | 684 | 451 | 2,410 | 109 |
Key Punchlines
- Revenue CAGR (FY23–FY25): 30%
- PAT Margin FY25: 23.38%
- D/E: Just 0.05—barely leveraged. Anthem doesn’t need debt; they mint patents.
5. Valuation
IPO Price Band: ₹540–₹570
P/E (FY25 EPS ₹8.07): 66.9x – 70.6x
P/B (Book Value ₹43.08): 12.5x – 13.2x
Valuation Range (Fair Value Estimate)
- Conservative: 45x EPS → ₹364
- Aggressive: 70x EPS → ₹565
- Optimistic (Biotech premium + growth): 80x EPS → ₹645
➡️ FV Range: ₹360 – ₹645
Current IPO is pricing at the upper quartile. Not cheap, not absurd. You’re paying for R&D muscle, not past cash flow.
6. What’s Cooking – News, Triggers, Drama
- 550+ active global clients: Locking in recurring biz.
- Anchor Raised ₹1,016 Cr: Strong institutional confidence
- 196 projects as of Sept 2024: From molecule to mass-scale
- IP Portfolio: 8 granted patents, 24 pending (some in GLP-1, hot segment post-Ozempic)
- Zero Fresh Issue: All OFS = exit for promoters/private investors.
(Translation: Company won’t get funds, but investors will get liquidity.)
7. Balance Sheet
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net Worth | 1,741 Cr | 1,925 Cr | 2,410 Cr |
| Total Assets | 2,014 Cr | 2,398 Cr | 2,808 Cr |
| Total Borrowing | 125 Cr | 233 Cr | 109 Cr |
| Reserves & Surplus | 1,629 Cr | 1,815 Cr | 2,298 Cr |
Key Takeaways
- Lean debt profile (D/E: 0.05)
- Net worth growing ~20% YoY
- Borrowing reduced post-2024 (possibly repayment from IPO windfall?)
8. Cash Flow – Sab Number Game Hai
| Year | Cash from Ops | Cash from Investing | Cash from Financing |
|---|---|---|---|
| FY23 | 412 Cr (est) | -600 Cr | +180 Cr |
| FY24 | 520 Cr (est) | -450 Cr | -100 Cr |
| FY25 | 600+ Cr (est) | TBD | TBD |
Key Insight
Strong cash gen business. Anthem re-invests heavily into R&D infra (not marketing nonsense), which depresses free cash flow but builds long-term moats.
9. Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROE | 20.82% |
| ROCE | 26.88% |
| PAT Margin | 23.38% |
| EBITDA Margin | 36.81% |
| D/E | 0.05 |
| Price-to-Book | 13.23 |
Translation: This lab isn’t just nerdy—it’s profitable, efficient, and barely in debt. That’s biotech royalty.
10. P&L Breakdown – Show Me the Money
| Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 1,134 Cr | 1,483 Cr | 1,930 Cr |
| EBITDA | 446 Cr | 520 Cr | 684 Cr |
| EBITDA Margin | 39.3% | 35.1% | 36.8% |
| PAT | 385 Cr | 367 Cr | 451 Cr |
Observations
- Margins consistent despite growth
- FY24 PAT dropped slightly due to exceptional items
- FY25 rebounded hard—lab coats rejoiced
11. Peer Comparison
| Company | Revenue (Cr) | PAT Margin | P/E | ROCE | D/E |
|---|---|---|---|---|---|
| Anthem Biosciences | 1,930 | 23.3% | 70x | 26.9% | 0.05 |
| Syngene Intl | 3,300 | ~17% | 65x | ~16% | 0.18 |
| Laurus Labs | 5,200 | ~14% | 30x | 12% | 0.50 |
Verdict: Anthem wins on margins, IP-led R&D, and asset-light ops. But priced rich like a biotech at Burning Man.
12. Miscellaneous – Shareholding, Promoters
Promoters:
- Ajay Bhardwaj
- Ganesh Sambasivam
- K Ravindra Chandrappa
- Ishaan Bhardwaj
| Shareholding | % |
|---|---|
| Pre-IPO | 76.87% |
| Post-IPO | 74.68% |
Employees: 600+ scientists, including chemists, biologists, engineers. The Avengers, but nerdier.
13. EduInvesting Verdict™
Anthem Biosciences is what happens when Indian science decides to build globally. It’s a CRDMO brute force with fermentation tanks full of revenue and a patent stack taller than Bangalore’s flyovers.
Yes, the IPO is 100% OFS. No fresh fund infusion.
Yes, the pricing is on the higher side.
But if you believe in R&D-driven compounding, global pharma outsourcing, and the rise of India as a biotech lab—not just a pill-filler—Anthem is worth your microscope time.
Not a quick-buck listing play. But maybe, just maybe, the biotech multi-year story India never had.
Metadata
– Written by EduInvesting Research Desk | July 13, 2025
– Tags: Biotech, IPO2025, Pharma, CRDMO, Anthem, OFS, R&D, Global Pharma
