Anthem Biosciences (ANTHEM IN) – Initiating Coverage – Drivers aligned for next leg of growth – BUY
Published on 30 Mar 2026
We initiate coverage on ANTHEM with ‘BUY’ rating and TP of INR755/share, implying ~16% upside from current levels. Growth visibility remains strong given a deep pipeline spanning discovery to late-stage development, along with a commercial portfolio. Demand for commercialized molecules should remain healthy, supported by the ramp-up of recently launched molecules and potential commercialization of late-stage programs. The specialty ingredients business is expected to benefit from GLP-1 API ramp-up from H2CY26. With INR10-12bn capex planned, largely through internal accruals, ANTHEM is expanding capacity to support future growth.
