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Investor Presentation February 05, 2026 Anthem Biosciences Limited
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Safe Harbour Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", seek to", "future", "objective", "goal", "likely", "project", "should", "potential", "will pursue", and similar expressions of such expressions may constitute “forward-looking statements”. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include but are not limited to our ability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
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Consolidated Profit & Loss Statement: Q3FY26 vs Q3FY25 vs Q2FY26 Performance 3 Particulars (₹ Mn) Q3FY26 Q3FY25 YoY Q2FY26 QoQ FY25 Revenue from Operations 4,232 4,978 -15.0% 5,500 -23.1% 18,446 CRDMO 3,332 4,135 -19.4% 4,719 -29.4% 15,061 Specialty Ingredients 899 843 6.7% 781 15.1% 3,385 Other Income 335 244 37.3% 482 -30.5% 857 Total Revenues 4,567 5,222 -12.5% 5,982 -23.7% 19,303 Cost of materials consumed and changes in inventories 1,426 2,327 -38.7% 2,234 -36.2% 7,439 Employee benefits expense 705 569 23.9% 677 4.1% 2,605 Other expenses 529 487 8.5% 410 29.0% 1,693 EBITDA 1,907 1,839 3.7% 2,661 -28.3% 7,566 EBITDA Margins 41.8% 35.2% 18.8% 44.5% -6.1% 39.2% Finance cost 4 26 -86.2% 30 -86.7% 103 Depreciation and amortization expense 345 203 70.3% 335 3.0% 894 PBT before exceptional items 1,558 1,610 -3.2% 2,296 -32.1% 6,569 Exceptional Items* 254 PBT after exceptional items 1,305 1,610 -18.9% 2,296 -43.2% 6,569 Total tax expense 377 367 2.7% 562 -32.9% 2,056 Profit after tax 928 1,243 -25.3% 1,734 -46.5% 4,513 * On November 21, 2025, the Government of India notified the four Labour Codes. Considering the materiality and regulatory -driven, non-recurring nature of this impact, the Company has presented such increme ntal impact under Exceptional Items. The incremental impact of INR 254 Mn in consolidated financials primarily arose due to change In wage definition and gratuity provisions. The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed.
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Consolidated Profit & Loss Statement: 9MFY26 vs 9MFY25 Performance 4 Particulars (₹ Mn) 9MFY26 9MFY25 YoY FY25 Revenue from Operations 15,134 13,614 11.2% 18,446 CRDMO 12,599 11,138 13.1% 15,061 Specialty Ingredients 2,535 2,475 2.5% 3,385 Other Income 1,046 717 45.9% 857 Total Revenues 16,180 14,330 12.9% 19,303 Cost of materials consumed and changes in inventories 5,968 5,671 5.2% 7,439 Employee benefits expense 2,102 2,007 4.7% 2,605 Other expenses 1,397 1,179 18.5% 1,693 EBITDA 6,712 5,473 22.6% 7,566 EBITDA Margins 41.5% 38.2% 8.6% 39.2% Finance cost 50 98 -49.0% 103 Depreciation and amortization expense 945 589 60.4% 894 PBT before exceptional items 5,717 4,786 19.5% 6,569 Exceptional Items* 254 - - PBT after exceptional items 5,463 4,786 14.1% 6,569 Total tax expense 1,443 1,099 31.3% 2,056 Profit after tax 4,020 3,686 9.1% 4,513 * On November 21, 2025, the Government of India notified the four Labour Codes. Considering the materiality and regulatory -driven, non-recurring nature of this impact, the Company has presented such increme ntal impact under Exceptional Items. The incremental impact of INR 254 Mn in consolidated financials primarily arose due to change In wage definition and gratuity provisions. The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed.
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30.8% 28.6% 1,243 928 Q3FY25 Q3FY26 23.8% 20.3% Q3FY26 Consolidated Financial Highlights 5 4,978 4,232 Q3FY25 Q3FY26 Revenues (₹ Mn) 1,839 1,907 Q3FY25 Q3FY26 EBITDA1 (₹ Mn) and EBITDA Margins (%age) PAT (₹ Mn) and PAT Margins (%age) 35.2% 41.8% 9,934 12,312 Sept 30, 2025 Dec 31, 2025 Net Cash (₹ Mn) CRDMO 78.8% Specialty Ingredients 21.2% Q3FY26 Revenue Split 1,610 1,305 Q3FY25 Q3FY26 PBT after exceptional items2 (₹ Mn) and PBT Margins (%age) Note: 1. EBITDA for Q3FY26 includes Other Income of INR 335 Mn (Other Operating Income o/a of forex gain (net) and RoDTEP incentive is INR 64 Mn and Financial / Non Operating Income of INR 271 Mn). Corresponding figures for Q3FY25 was Other Income of INR 244 Mn (Other Operating Income o/a of forex gain (net) and RoDTEP incentive is INR 98 Mn and Financial / Non Operating Income of INR 146 Mn) 2. PBT includes INR 254 mn of exceptional items which primarily arose due to change in wage definition and gratuity provisions
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4,786 5,463 9MFY25 9MFY26 33.4% 33.8% 0.0% 10.0% 20.0% 30.0% 40.0% 3,686 4,020 9MFY25 9MFY26 25.7% 24.8% 0.0% 10.0% 20.0% 30.0% 40.0% 9MFY26 Consolidated Financial Highlights 6 13,614 15,134 9MFY25 9MFY26 Revenues (₹ Mn) 5,473 6,712 9MFY25 9MFY26 EBITDA1 (₹ Mn) and EBITDA Margins (%age) PAT (₹ Mn) and PAT Margins (%age) 38.2% 41.5% 0.0% 5,719 12,312 Dec 31, 2024 Dec 31, 2025 Net Cash (₹ Mn) CRDMO 83.2% Specialty Ingredients 16.8% 9MFY26 Revenue Split PBT after exceptional items2 (₹ Mn) and PBT Margins (%age) Note: 1. EBITDA for 9MFY26 includes Other Income of INR 1,046 Mn (Other Operating Income o/a of forex gain (net) and RoDTEP incentive is INR 405 Mn and Financial / Non Operating Income of INR 641 Mn). Corresponding figures for 9MFY25 was Other Income of INR 717 Mn (Other Operating Income o/a of forex gain (net) and RoDTEP incentive is INR 211 Mn and Financial / Non Operating Income of INR 506 Mn) 2. PBT includes INR 254 mn of exceptional items which primarily arose due to change in wage definition and gratuity provisions
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Margin profile continues to remain strong with a robust return profile for Q3FY26 7 Strong Business Performance Robust Technology and Infrastructure Strong Returns and Balance Sheet 14.1% / 22.7% ROE / Q3FY26 Post Tax ROCE 1.23x Q3FY26 Gross Fixed Assets Turnover 1.61x Net Cash / Q3FY26 EBITDA* ₹4,232 Mn Q3FY26 Revenues 41.8% Q3FY26 EBITDA Margin 20.3% Q3FY26 PAT Margin 2,228 / 1,097 # Employees / Scientific Staff 400KL Custom Synthesis Capacity 142KL Fermentation Capacity *Based on Annualised EBITDA
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9MFY26 performance continues to be robust 8 Strong Business Performance Platforms across discovery to commercialization Strong Returns and Balance Sheet 20.4% / 30.0% ROE / 9MFY26 Post Tax ROCE 1.47x 9MFY26 Gross Fixed Assets Turnover 1.38x Net Cash / 9MFY26 EBITDA* ₹15,134 Mn 9MFY26 Revenues 41.5% 9MFY26 EBITDA Margin 24.8% 9MFY26 PAT Margin 58.4% Commercial Molecules 9MFY26 Contribution to Revenues 14 Commercial Molecules 10.5% R&D Services 9MFY26 Contribution to Revenues *Based on Annualised EBITDA
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Financial Highlights: 9MFY26 and Q3FY26 9 Quarterly Performance: Consolidated Revenue from Operations was ₹4,232 Mn for the quarter CRDMO business delivered ₹3,332 Mn revenues Specialty Ingredients delivered ₹899 Mn revenues EBITDA was ₹1,907 Mn, with EBITDA margins at 41.8% PAT (Profit After Tax) was ₹928 Mn, with PAT margins at 20.3% Nine months Performance: Consolidated Revenue from Operations was ₹15,134 Mn for the nine months CRDMO business delivered ₹12,599 Mn revenues Specialty Ingredients delivered ₹2,535 Mn revenues EBITDA was ₹6,712 Mn, with EBITDA margins at 41.5% PAT (Profit After Tax) was ₹4,020 Mn, with PAT margins at 24.8% Net Cash position as of Dec 31, 2025, is ₹12,312 Mn
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Financial Highlights: 9MFY26 and Q3FY26 10 Exceptional Items: On November 21, 2025, the Government of India notified four new Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment has published draft Central Rules and FAQs in this regard. The Company has assessed and made a provision, as an Exceptional Item consistent with the guidance provided by the Institute of Chartered Accountants of India, in the financial results for the quarter and nine months ended December 31, 2025. The Company will continue to monitor the finalization of Central / State Rules and clarifications from the Government on other aspects of the new Labour Code and will take necessary steps to ensure compliance thereof and also provide appropriate accounting effects, as needed.
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Message from Chairman, MD and CEO 11 AJAY BHARDWAJ Chairman, MD & CEO “Our 9MFY26 performance has shown steady progress in revenue terms and with improving margin profile our EBITDA has grown at 23% and PBT before exceptional items has grown around 20%. Our quarterly revenue performance was influenced by the higher base of the same quarter last year, although the margin improvement neutralised the revenue shortfall. The underlying demand remains robust, with our historically strongest quarter still ahead, we are confident of delivering a strong finish to the financial year”.
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Unit I: No.49, F1 &F2, Canara Bank Road, Bommasandra Industrial Area Phase 1, Bommasandra, Bangalore, 560 099, India Unit II: Plot No 276-P & 277-P , SurveyNo-20, Harohalli Industrial Area, Phase II, Near Bannikuppe Village, Kanakapura Taluk,Ramnagar District, Harohalli, Karnataka 562112, India Anthem Biosciences Limited NeoAnthem Lifesciences Private Limited Unit III: 313-P ,314-P,318-P,Harohalli Industrial Area, Phase II, Kanakapura Taluk,Ramnagar District, Harohalli, Karnataka, 562112, India Thank You For further information please contact investors.abl@anthembio.com or anthem@adfactorspr.com