Anthem Biosciences Limited has released its Annual Report for FY 2025-26, reporting strong growth across revenue, profitability and operational metrics. The Bengaluru-based integrated Contract Research, Development and Manufacturing Organisation (CRDMO) delivered consolidated revenue from operations of INR 21,243 Mn, a 15.2% increase over INR 18,446 Mn in FY 2025, driven primarily by continued momentum in its CRDMO business. The year also marked the Company's successful listing on BSE and NSE on July 21, 2025.

Financial Performance: Consolidated and Standalone Highlights

The Company's consolidated and standalone financial results for FY 2025-26 reflect broad-based growth across revenue and profitability metrics. The following table summarises the key financial highlights:

On a consolidated basis, total expenses increased to INR 14,315 Mn from INR 12,734 Mn in the previous year, comprising operating expenditure of INR 12,905 Mn, depreciation and amortisation of INR 1,341 Mn and finance costs of INR 69 Mn. Consolidated profit before tax stood at INR 8,242 Mn, up from INR 6,569 Mn in FY 2024-25. The current year PBT includes an Exceptional Item of INR 244 Mn on account of the new Labour Code implementation. After a tax expense of INR 2,324 Mn, consolidated PAT stood at INR 5,918 Mn. Consolidated retained earnings increased to INR 24,553 Mn from INR 19,227 Mn in the previous year.

On a standalone basis, total expenses amounted to INR 13,443 Mn compared to INR 12,387 Mn in the previous year. Operating expenditure increased to INR 12,382 Mn, depreciation and amortisation expenses increased to INR 996 Mn, while finance costs declined marginally to INR 65 Mn. Standalone PBT includes an Exceptional Item of INR 240 Mn related to the new Labour Code implementation. Standalone retained earnings at year-end stood at INR 25,832 Mn, up from INR 19,797 Mn.

Segment-Wise Revenue Performance

The CRDMO segment continued to be the primary growth driver, while the Speciality Ingredients segment provided a stable and diversified revenue base.

CRDMO revenue grew 17.7% year-on-year, supported by robust customer demand, increasing commercialisation of key molecules and continued expansion of customer programmes. The Speciality Ingredients segment, which includes probiotics, enzymes, biosimilars, peptides and nutritional actives, accounted for nearly 17% of revenues. Exports contributed 85% of revenue from operations for FY 2026, with the Company serving customers across 50 countries.

IPO and Listing Milestone

A defining event of the year was the successful listing of the Company's equity shares on BSE and NSE on July 21, 2025. The INR 33,950 Mn Initial Public Offering comprised a 100% Offer for Sale of 59,575,319 equity shares at an offer price of INR 570.00 per equity share, including a premium of INR 568.00 per equity share. A discount of INR 50.00 per equity share was offered to eligible employees. The IPO was 67x oversubscribed, reflecting strong investor confidence in the Company's integrated CRDMO platform. As the IPO was entirely an Offer for Sale, no fresh capital was raised by the Company.

Subsequent to the listing, the Company's average market capitalisation during July 1 to December 31, 2025 ranked it among India's top 250 listed companies, at rank 219 as of December 31, 2025 (Source: NSE and BSE).

Manufacturing Infrastructure and Capacity Expansion

Anthem operates three manufacturing units in Bengaluru, with a fourth greenfield facility under development. The following table summarises the current manufacturing network:

Total current custom synthesis capacity stands at 425 KL and fermentation capacity at 142 KL across the network. A major milestone during the year was the groundbreaking of Unit IV, a 30-acre greenfield facility at Harohalli, Bengaluru, with a planned Phase I investment of INR 1,200 Cr+. Unit IV is designed to support large-scale commercial manufacturing across custom synthesis, fermentation and biologics, along with a Food and Nutraceutical facility. The Company also continued ramp-up activities at NeoAnthem Unit III, including peptide and high-potency manufacturing capabilities.

Dividend and Capital Structure

The Board of Directors has recommended a final dividend at the rate of 100%, i.e., INR 2.00 per equity share of face value INR 2.00 each for FY 2025-26, subject to approval of Members at the Annual General Meeting. If approved, the dividend would result in a cash outflow of approximately INR 1,126 Mn. The record date for the final dividend was June 26, 2026.

During the year, the Company allotted equity shares pursuant to the Anthem Employee Stock Option Plan 2024: 2,532,951 equity shares on June 11, 2025 and 103,800 equity shares on February 05, 2026. As at March 31, 2026, the issued and paid-up equity share capital stood at INR 1,123,427,702 comprising 561,713,851 equity shares of INR 2.00 each.

The Board proposes to transfer INR 670.56 Mn to the general reserves for the financial year ended March 31, 2026.

R&D Investment and Technology Platforms

The Company invested INR 181.54 Mn in R&D during FY 2026, representing 0.85% of revenue from operations. Key technology platforms advanced during the year include peptides, oligonucleotides, biocatalysis, flow chemistry, ADCs, RNA-based technologies and lipids. The Company also continued investments in high-potency manufacturing, fermentation and process automation.

ESG and Sustainability Highlights

Anthem made significant progress on its sustainability commitments during FY 2025-26:

• Renewable Energy: 94.9% of energy sourced from renewables in FY 2026, with 60.8 Mn kWh sourced from renewable sources
• GHG Emissions: Total Scope 1 + 2 emissions of 19,935 tCO2e; GHG emission intensity of 0.94 tCO2e per Million INR
• Water Recycling: Treated wastewater recycled at 99.8% at Units I and II; 91.8% at Unit III (NeoAnthem)
• Waste Management: 9,943 MT of total hazardous waste managed; 2,186 MT of total non-hazardous waste handled
• Workforce: 2,282 permanent employees as at March 31, 2026; women comprising 16% of the workforce and 16% of managerial positions
• OHS Training: 5,442 total OHS training hours; 547 OHS training sessions conducted
• CSR: Total CSR amount spent of INR 50.57 Mn during FY 2025-26 across education, healthcare, livelihood and environmental sustainability

The Company's climate strategy is aligned with Science Based Targets under the SBTi framework, with Scope 1 and Scope 2 emission reduction pathways aligned with the 1.5°C scenario.

Corporate Governance and AGM

The 20th Annual General Meeting of the Company is scheduled to be held on Wednesday, July 22, 2026 at 3:30 PM (IST) through Video Conferencing / Other Audio-Visual Means. Key items of business include adoption of audited financial statements, declaration of the final dividend, re-appointment of Mr. K Ravindra Chandrappa as a director liable to retire by rotation, and appointment of M/s. S.R. Batliboi & Associates LLP as Statutory Auditors for a period of five consecutive years commencing from the conclusion of the 20th AGM.

ICRA Limited reaffirmed the Company's Long-term/Short-term Fund-based Working Capital facilities rating at "[ICRA]AA- (Positive)/[ICRA]A1+" during the year, with the outlook revised from "Stable" to "Positive". The Long-term Fund-based Term Loan rating was also reaffirmed at "[ICRA]AA- (Positive)" with the outlook revised to "Positive".

The Board comprised 8 directors as on March 31, 2026, including 3 executive directors, 4 non-executive independent directors and 1 non-executive nominee director. The Board met 11 times during FY 2025-26.

Anthem Biosciences Ltd promoter Ganesh Sambasivam confirmed that the promoter group did not create any encumbrance on shares held directly or indirectly during the financial year ended March 31, 2026. The declaration ensures that the shareholding remains free from charges such as pledges, which is critical for shareholder confidence regarding ownership stability.

The disclosure was submitted to BSE and NSE pursuant to Regulation 31(4) and 31(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. These regulations mandate periodic reporting to maintain transparency regarding the holding status of promoters and persons acting in concert.

Promoter Group Details

The filing identified Ganesh Sambasivam as the primary declarant on behalf of the promoter and promoter group. The confirmation covers all shares held by the group members throughout the specified financial year.

The following table lists the members of the promoter group as provided in the filing:

The declaration was signed on April 06, 2026, in Bengaluru. A copy of the communication was forwarded to the Audit Committee of anthem biosciences for their records.