1. Opening Hook
When biotech meets Bollywood ambition, you get Anthem — where every molecule dreams of becoming a blockbuster. Q2 FY26 was less about experiments in labs and more about experiments in scaling — Rs. 1,090 Cr revenue, 41% EBITDA margins, and enough new molecules to make the FDA blush. Management’s confidence? Sky-high. Their cash balance? Even higher.But can Rs. 993 Cr in cash and 14 commercial molecules guarantee a stable petri dish of profits? Keep reading — the real chemistry starts when we talk about Unit-IV’s Rs. 1,000 Cr expansion and that juicy GLP-1 play. 🧪
2. At a Glance
- Revenue ₹1,090 Cr (H1FY26)– Science fiction turned financial fact.
- EBITDA ₹480 Cr, margin 41.4%– Every CFO’s version of “Eureka!”
- PAT ₹309 Cr, margin 26.6%– Profits looking healthier than most clinical trials.
- Cash ₹993 Cr– Cash-rich, risk-light; biotech’s rare mutation.
- CRDMO revenue ₹926 Cr– Lab coats printing money.
- Specialty Ingredients ₹163 Cr– Temporarily sacrificed at the altar of CDMO demand.
- CAPEX ₹1,000 Cr (Unit-IV)– Because apparently, molecules need mansions. 🧬
3. Management’s Key Commentary
“We achieved ₹1,090 Cr revenue with 41.4% EBITDA margins.”(Translation:We’re running a science lab like it’s a hedge fund.*)
“Specialty Ingredients slowed because CRDMO took over capacity.”(Translation:When the main gig’s booming, side hustles wait their turn.*)
“Unit-II expansions (CP6 & CP7) add 130 KL capacity worth ₹300 Cr revenue potential.”(Translation:Stainless steel tanks = growth machines.*)
“Unit-IV will cost ₹1,000 Cr and double capacity in 2 years.”(Translation:Biotech’s version of a moonshot—literally and financially.*)
“Four new commercial molecules this half; total 14 now.”(Translation:Molecules are the new product SKUs.*)
“EBITDA margins sustainable at 36–37%.”(Translation:Unless the forex gods get grumpy.*)
“We’re building peptide and GLP-1 capabilities, fully integrated—no China fragments.”(Translation:Anthem wants to own your next Ozempic addiction. 💉*)
4. Numbers Decoded
| Metric | Q2 & H1 FY26 | YoY Change | Management Spin |
|---|---|---|---|
| Revenue | ₹1,090 Cr | +26% | “Solid growth in every molecule.” |
| EBITDA | ₹480 Cr | +20% | “Operating leverage? Meet scientific leverage.” |
| EBITDA Margin | 41.4% | +200 bps | “Profit chemistry perfected.” |
| PAT | ₹309 Cr | +25% | “Cash from chemistry.” |
| Cash on Books | ₹993 Cr | +18% | “Ready for next lab invasion.” |
| CRDMO Revenue | ₹926 Cr | +30% | “Main engine firing strong.” |
| Specialty Ingredients | ₹163 Cr | – | “Paused for greater good.” |
| CAPEX in H1 | ₹182 Cr | – | “CP6, CP7 fully operational.” |
| Unit-IV CAPEX | ₹1,000 Cr | Planned | “Science park under construction.” |
Translation:Anthem’s chemistry isn’t just in molecules — it’s in its financial structure.
5. Analyst Questions
Q:Specialty Ingredients fell — should we worry?A:Nope, CRDMO hogged all the toys. (Translation:A good problem to have.*)
Q:ESOP costs falling — does that help margins?A:Yes. From ₹36 Cr to ₹8 Cr this half. (Translation:Motivation cheaper this year.*)
Q:What’s with all these new units?A:Unit-II ready, Unit-III warming up, Unit-IV under construction. (Translation:We’re running a biotech real estate fund.*)
Q:GLP-1 opportunity?A:Huge. Fully integrated, fermentation to finish. (Translation:The semaglutide gold rush starts here.*)
Q:Margins sustainable?A:36–37% steady, maybe higher with FX tailwind. (Translation:Pray for a weak rupee.*)
6. Guidance & Outlook
Management sounded like a confident scientist:
