Anthem Biosciences Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Anthem Biosciences Ltd trades at ₹777, in a confirmed uptrend and 10 weeks into that stage. That is +6.8% against its own 200-day average. It sits at 73% of a 52-week range of ₹588 to ₹846. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a confirmed uptrend — week 10 of stage 2, confirmed. At ₹777 it trades +6.8% versus its 200-day average and sits at 73% of its 52-week range (₹588–₹846).

Against the market, two honest reads. Cumulative: over the last 1.0 years the stock moved +3% while the NIFTY 500 moved +1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-06-25) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 42nd percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Anthem Biosciences Ltd trades at 73.1× P/E, mid-range by its own standards (42nd percentile). Its long-run median P/E is 74.7×, measured across 1.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 73.1× is mid-range by its own standards (42nd percentile), against a long-run median of 74.7× measured over 1.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +30.6% against a +2.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Anthem Biosciences Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 6 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

52.1/100 — rank 12 of 24 in Pharma - API & CRAMS · 77% evidence confidence

Anthem Biosciences Ltd scores 52.1 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 12. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 13.7 + 20.3 + 9.4 + 8.7 = 52.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Anthem Biosciences Ltd reported ₹418 Cr of revenue in the Jun 26 quarter, −22.6% year on year. Over 6 years it has compounded at 22.4% a year. The last full year, FY26, came in at ₹2,124 Cr. The last four reported quarters add to ₹2,002 Cr.

Anthem Biosciences Ltd reported ₹418 Cr of revenue in the Jun 26 quarter, −22.6% year on year. Over 6 years it has compounded at 22.4% a year. The last full year, FY26, came in at ₹2,124 Cr. The last four reported quarters add to ₹2,002 Cr.

FY26 revenue came in at ₹2,124 Cr (+15.1% on the year), capping 6 years at 22.4% compound. The latest quarter (Jun 26) printed ₹418 Cr, −22.6% year on year.

Pace check: the last four quarters averaged −1.6% growth against the decade's 22.4% — the current year is running slower than its own long-run rate.

→ Revenue slipped — did margins hold as it scaled? Next: 36.0% this quarter (+1.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Anthem Biosciences Ltd's operating margin is 36.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 29.0% to 46.0%. The current quarter sits inside that band.

Anthem Biosciences Ltd's operating margin is 36.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 29.0% to 46.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 36.0%, +1.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 29.0%–46.0%.

Why the margin moved: operating margin went +0.5 pp year on year while gross margin went +7.8 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit −11.8% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Anthem Biosciences Ltd earned ₹120 Cr of net profit in the Jun 26 quarter, −11.8% year on year. Full-year FY26 profit was ₹592 Cr. The 6-year compound rate is 36.1%. That is 28.7% of the quarter's revenue. The same quarter a year earlier earned ₹136 Cr.

Anthem Biosciences Ltd earned ₹120 Cr of net profit in the Jun 26 quarter, −11.8% year on year. Full-year FY26 profit was ₹592 Cr. The 6-year compound rate is 36.1%. That is 28.7% of the quarter's revenue. The same quarter a year earlier earned ₹136 Cr.

Jun 26 profit was ₹120 Cr, −11.8% year on year. On the full year, FY26 printed ₹592 Cr (+31.3%), and the 6-year compound rate is 36.1%.

🚨 Why profit moved: revenue contributed −22.6% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +24.7% vs revenue −1.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 89% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 89% of Anthem Biosciences Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹844 Cr of operating cash against ₹592 Cr of profit. After ₹179 Cr of capital spending, ₹665 Cr was left as free cash.

FY26: operating cash of ₹844 Cr against reported profit of ₹592 Cr, leaving free cash of ₹665 Cr after ₹179 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 89% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 89%: the cash cycle stretched 61 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 2.4× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹739 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Anthem Biosciences Ltd's cash conversion cycle runs 124 days in FY26, up from 63 days in FY21. Capital spending ran ₹739 Cr over the last 3 years. At FY26 sales of ₹2,124 Cr each day of that cycle holds about ₹5.8 Cr, so roughly ₹722 Cr sits inside the business at any moment.

FY26: debtors at 101 days, inventory at 56 days — roughly 1.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 124 days, looser than FY21's 63.

The full loop: cash goes out to suppliers and production on day 0; stock waits 56 days to sell; customers pay about 101 days after that; and suppliers themselves are paid at 34 days — netting out to the 124-day cycle.

In money terms: at FY26 sales of ₹2,124 Cr, each day of the cycle holds about ₹5.8 Cr — so the 124-day loop keeps roughly ₹722 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹739 Cr over the last 3 fiscal years against ₹305 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹264 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 30% and the ROIC − WACC spread is +10.6 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Anthem Biosciences Ltd earns a ROCE of 30% in FY26. That is up from a trough of 24% in FY24. Return on invested capital clears the cost of that capital by +10.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 27.9% net margin on 0.62× asset turns.

FY26 ROCE is 30%, recovered from a FY24 trough of 24% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 27.9% net margin × 0.62× asset turns × 1.13× balance-sheet leverage ≈ 19.5% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 22.6% − 12.0% = a +10.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.02.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Anthem Biosciences Ltd carries total debt of ₹54.0 Cr against shareholder equity of ₹3,043 Cr as of Jun 26, a debt-to-equity of 0.02 — effectively unlevered. On the annual view that ratio went from 0.12 in FY24 to 0.02 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 26: total debt of ₹54.0 Cr against shareholder equity of ₹3,043 Cr — a debt-to-equity of 0.02. On the annual view, debt-to-equity went from 0.12 (FY24) to 0.02 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Anthem Biosciences Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Anthem Biosciences Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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