Anthem Biosciences (ANTHEM IN) – Q1FY27 Result Update – Weak Q1; FY27 growth outlook remains unchanged – BUY
Published on 22 Jul 2026
ANTHEM's Q1FY27 performance was impacted by timing-related shipment deferments to key customers, with underlying demand and order inflow remaining strong. The management expects deferred deliveries to be recovered over Q2–Q4. We believe growth visibility remains robust, driven by a deep CRDMO pipeline, ramp-up of recently commercialized molecules, and potential commercialization of late-stage assets over the next 18–24 months. Further, the Specialty Ingredients business is expected to benefit from semaglutide API commercialization once CDSCO approval comes through. With planned capex of INR10–12bnover FY-28E, largely funded through internal accruals, the company continues to expand capacities to support long-term growth. We estimate Revenue/EBITDA/PAT CAGR of ~21%/22%/19% over FY26–28E driven by ~23% growth in CDMO services, ~11% in CRO and ~14% in Specialty Ingredients. At CMP, the stock trades at ~35x EV/EBITDA and ~50x P/E on FY28E. We maintain ‘BUY’ with TP of INR850/share, valuing the company at 55x FY28E P/E.
