Anthem Biosciences (ANTHEM IN) – Q4FY26 Result Update – Strong revenue growth – BUY
Published on 21 May 2026
ANTHEM’s Q4FY26 EBITDA delivered strong growth of 37% YoY growth. We believe growth visibility remains strong supported by a deep CRDMO pipeline along with a growing commercial portfolio. Demand for commercialized molecules is expected to remain healthy aided by ramp-up in recently launched molecules and potential commercialization of late-stage programs. Further, the specialty ingredients business is likely to benefit from GLP-1 API scale-up from H2CY26. With planned capex of INR10-12bn, largely funded through internal accruals, the company is expanding capacities to support future 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 rating and value the company at 55x FY28E P/E with revised TP of INR 850/share.
