Anlon Healthcare 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.

Anlon Healthcare Ltd trades at ₹19.6, in a confirmed uptrend and 21 weeks into that stage. That is +40.4% against its own 200-day average. It sits at 100% of a 52-week range of ₹11 to ₹20. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a confirmed uptrend — week 21 of stage 2, confirmed. At ₹19.6 it trades +40.4% versus its 200-day average and sits at 100% of its 52-week range (₹11–₹20).

Against the market, two honest reads. Cumulative: over the last 1.0 years the stock moved +112% while the NIFTY 500 moved −1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — 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.

Story check

Anlon Healthcare Ltd's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: EARLY_EXPANSION. Still open: Debt policy reversed, greenfield delayed, receivables target missed — three specific numerical commitments broken in back-to-back concalls.

Our read, 17 May 2026. A post-IPO API specialist morphing into a mid-sized CDMO platform through acquisitions — revenue 4x in 3 years if execution holds, but management has already broken three commitments.

From the numbers. PE at 50th percentile with LIMITED data reliability — no meaningful cycle analysis possible. DII buying signal (4.49→4.6% DII stake) is constructive but not decisive. FII inflow small (0.23→0.32%). The real cycle story…

From the price. Price stage 2, week 21 — above its 200-day line.

From the research. A post-IPO API specialist morphing into a mid-sized CDMO platform through acquisitions — revenue 4x in 3 years if execution holds, but management has already broken three commitments.

🚨 Where they disagree. PE at 50th percentile with LIMITED data reliability — no meaningful cycle analysis possible. DII buying signal (4.49→4.6% DII stake) is constructive but not decisive. FII inflow small (0.23→0.32%). The real cycle story is the EPS trajectory: from -0.06 (Dec-24) to +0.18 (Sep-25) to +0.10 (Dec-25) — a near-zero-to-positive inflection. PE at 26.6x on a business with 35% EBITDA margin and 30% guided revenue CAGR is not stretched if execution delivers.

What is proven. A post-IPO API specialist morphing into a mid-sized CDMO platform through acquisitions — revenue 4x in 3 years if execution holds, but management has already broken three commitments.

What is not proven yet. Debt policy reversed, greenfield delayed, receivables target missed — three specific numerical commitments broken in back-to-back concalls.

The test written in advance. Management Execution Credibility — 3 Walkbacks in 2 Calls — Management Execution Credibility — 3 Walkbacks in 2 Calls Q4 FY26 revenue vs Rs 190-200 Cr guide; receivable days in Q4 balance sheet by the next result.

The test written in advance. Working Capital Stress — Receivable Days at 290 — Working Capital Stress — Receivable Days at 290 Q4 FY26 receivable days in balance sheet; operating cash flow trajectory Q1-Q2 FY27 by the next result.

The test written in advance. Greenfield Execution Risk — Rs 100-120 Cr Capex on Rs 748 Cr MCap — Greenfield Execution Risk — Rs 100-120 Cr Capex on Rs 748 Cr MCap Q1 FY27 greenfield construction progress announcement; Bizotic merger status by the next result.

What the company does. FY26 9M revenue Rs 121 Cr (+70% YoY) with EBITDA margins expanding to 35% in Q3 — operating leverage kicking in as Epic Organic acquisition integrates. Management guiding 30% revenue CAGR to Rs 650-700 Cr by FY28 backed by Rs 180-190 Cr confirmed order book for FY27 at 90%+ plant utilization — capacity is the binding constraint, not demand. Three consistency failures in two concalls (debt U-turn, greenfield delay, receivables walkback) put the mgmt credibility grade at B — thesis is real but needs execution proof before full conviction.

Lever 6 · Order-book wins — BUILDING. Rs 180-190 Cr confirmed order book for FY27 with 90%+ plant utilization — demand is not the constraint, capacity is. What proves it keeps working: Order Book Visibility — 90%+ FY27 Capacity Pre-Booked. It stops working if Q4 FY26 revenue vs Rs 190-200 Cr guide; receivable days in Q4 balance sheet.

Lever 1 · Operating leverage — BUILDING. Export intermediates deliver ~50% gross margin vs ~35% domestic — shifting mix is expanding EBITDA faster than revenue. What proves it keeps working: Operating Leverage Inflection — Export Mix + Facility Scale. It stops working if Q4 FY26 revenue vs Rs 190-200 Cr guide; receivable days in Q4 balance sheet.

Lever 10 · New geographies — BUILDING. 21 DMFs approved; EDQM approval received; USFDA pending Sanofi audit (June 2026) — regulated market revenue to scale from <5% to ~30% by FY26-end. What proves it keeps working: Geographical Expansion — Regulated Market Penetration (EU, Japan, Brazil, USA). It stops working if Q4 FY26 revenue vs Rs 190-200 Cr guide; receivable days in Q4 balance sheet.

Lever 11 · Selling more to existing customers — BUILDING. 100% domestic KSM sourcing vs Chinese API manufacturers is an explicit customer requirement — Anlon is positioned as the non-China alternative. What proves it keeps working: China Plus One — Zero China Dependency as Competitive Differentiator. It stops working if Q4 FY26 revenue vs Rs 190-200 Cr guide; receivable days in Q4 balance sheet.

Sources: our stock research file (17 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

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

Anlon Healthcare Ltd reported ₹87.6 Cr of revenue in the Jun 26 quarter, +162.9% year on year. That is the 4th straight quarter of year-on-year growth. Over 5 years it has compounded at 60.8% a year. The last full year, FY26, came in at ₹172 Cr. The last four reported quarters add to ₹226 Cr.

Why this happened. As of the February 2026 concall, Anlon standalone has Rs 180-190 Cr in confirmed FY27 orders (expected revenue Rs 160-170 Cr given utilization efficiency). Epic Organic adds Rs 125-130 Cr of FY27 confirmed orders at current 50-55% utilization. The business is capacity-constrained, not demand-constrained. This means revenue is mechanically tied to the commissioning timeline of the greenfield expansion and the Bizotic acquisition. The order book as a leading indicator is exceptionally strong — but its translation into revenue is execution-dependent.

FY26 revenue came in at ₹172 Cr (+43.3% on the year), capping 5 years at 60.8% compound. The latest quarter (Jun 26) printed ₹87.6 Cr, +162.9% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +140.8% growth against the decade's 60.8% — the current year is running faster than its own long-run rate.

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.

Anlon Healthcare Ltd's operating margin is 17.8% in the Jun 26 quarter, −0.9 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 6 fiscal years the operating margin has ranged −32.0% to 28.0%. The current quarter sits inside that band.

Why this happened. The Nov 2025 concall disclosed that export margins carry ~50% gross margin (raw materials capped at 50% of selling price) vs ~35% for domestic (65% cap). As Anlon shifts from domestic API (FY25) toward export N-minus-1 intermediates (H2 FY26), the operating leverage accelerates. Q3 FY26 demonstrated this cleanly: revenue Rs 35.78 Cr drove EBITDA margin of 35.06%, the highest yet. The Q4 FY26 concall guidance implies blended consolidated EBITDA of 32-33% sustainably. When Bizotic and the greenfield come online, this margin profile should compound on a larger revenue base.

The latest quarter's operating margin is 17.8%, −0.9 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged −32.0%–28.0%, and FY26's 28.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −0.9 pp year on year while gross margin went −2.7 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

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

Anlon Healthcare Ltd earned ₹8.3 Cr of net profit in the Jun 26 quarter, +133.2% year on year. Full-year FY26 profit was ₹29.0 Cr. That is 9.5% of the quarter's revenue. The same quarter a year earlier earned ₹3.5 Cr. 1 of the last 9 reported quarters were loss-making.

Jun 26 profit was ₹8.3 Cr, +133.2% year on year. On the full year, FY26 printed ₹29.0 Cr (+38.1%).

Why profit moved: revenue contributed +162.9% and the margin −0.9 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +119.8% vs revenue +140.8%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

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 −140% of Anlon Healthcare Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−59.0 Cr of operating cash against ₹29.0 Cr of profit. After ₹37.0 Cr of capital spending, ₹−96.0 Cr was left as free cash.

FY26: operating cash of ₹−59.0 Cr against reported profit of ₹29.0 Cr, leaving free cash of ₹−96.0 Cr after ₹37.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −140% 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 −140%: the cash cycle stretched 75 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 75 days — the next section's job is to find where the cash is stuck.

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).

Anlon Healthcare Ltd's cash conversion cycle runs 467 days in FY26, up from 392 days in FY21. Capital spending ran ₹38.0 Cr over the last 3 years. At FY26 sales of ₹172 Cr each day of that cycle holds about ₹0.5 Cr, so roughly ₹220 Cr sits inside the business at any moment.

FY26: debtors at 220 days, inventory at 393 days — roughly 12.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 467 days, looser than FY21's 392.

The full loop: cash goes out to suppliers and production on day 0; stock waits 393 days to sell; customers pay about 220 days after that; and suppliers themselves are paid at 147 days — netting out to the 467-day cycle.

In money terms: at FY26 sales of ₹172 Cr, each day of the cycle holds about ₹0.5 Cr — so the 467-day loop keeps roughly ₹220 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹38.0 Cr over the last 3 fiscal years against ₹6.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

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.⚠ unverified

Anlon Healthcare Ltd earns a ROCE of 21% in FY26. That is up from a trough of 7% in FY22. Return on invested capital clears the cost of that capital by +0.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 16.9% net margin on 0.46× asset turns.

FY26 ROCE is 21%, recovered from a FY22 trough of 7% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 16.9% net margin × 0.46× asset turns × 1.63× balance-sheet leverage ≈ 12.7% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 12.0% − 12.0% = a +0.0 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. Negative — growth at these returns destroys value until the returns recover.

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.⚠ unverified

Anlon Healthcare Ltd carries total debt of ₹44.0 Cr against shareholder equity of ₹255 Cr as of Mar 26, a debt-to-equity of 0.17 — effectively unlevered. On the annual view that ratio went from 0.84 in FY25 to 0.17 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹44.0 Cr against shareholder equity of ₹255 Cr — a debt-to-equity of 0.17. On the annual view, debt-to-equity went from 0.84 (FY25) to 0.17 (FY26). The returns on this page are earned, not borrowed.

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 Anlon Healthcare 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.

Why this happened. Three CDMO molecules at ~Rs 5,700/kg with two global innovators — one validation batch dispatched Q3 FY26, two completing Q1 FY27; commercialization targeted Q3 FY27.

The register over the last two years — .

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.

Anlon Healthcare 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.

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.

Anlon Healthcare Ltd trades at 32.9× P/E, about the priciest it has ever traded. Its long-run median P/E is 28.1×, measured across 0.3 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 32.9× is about the priciest it has ever traded, against a long-run median of 28.1× measured over 0.3 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 +5.9% against a +78.9% price move — the price outran earnings, pushing the multiple UP its own range.

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

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Anlon Healthcare Ltd was paying for profit growth of about 15.3% a year. Today the market pays 32.9× P/E, the 99th percentile of its own 0-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is the whole of what a buyer is backing.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

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).

Anlon Healthcare 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 5 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.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

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

4-Factor Sector Score

53.8/100 — rank 3 of 5 in Chemicals - Speciality · 71% evidence confidence

Anlon Healthcare Ltd scores 53.8 out of 100 against the 5 companies it is compared with in Chemicals - Speciality, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 20.6 + 12.1 + 10 + 11.1 = 53.8. 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.

Said versus delivered

What Anlon Healthcare Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Peak revenue potential for existing capacity reduced · 6 August 2026. In June 2026, management said the existing consolidated 1,400-1,600 metric tonne platform could generate INR 450-500 crore at peak. In August 2026, management placed peak revenue at 350-400 crores, a roughly 20% lower ceiling, without reconciling the change in capacity economics.

🚨 EBITDA normalization pushed from Q2 to Q3 · 6 August 2026. June 2026 characterized the margin pressure as temporary and expected sustainable approximately 25% EBITDA margins in Q2. By August 2026, management said normalization was mostly expected by Q3, indicating a material deterioration in the near-term margin outlook; although continued raw-material pressure was cited, management did not explain why the earlier Q2 expectation was missed.

Expansion capacity plan materially changed · 6 August 2026. November 2025 described a 700 metric ton greenfield expansion that would take total capacity to 1,100 metric tons. August 2026 instead described a 1,200 metric ton addition and 1,600 metric ton standalone capacity, representing a material change in project scale that was not reconciled in the latest call.

Expansion Capex and Debt Strategy Reversal · 3 June 2026. In the Nov 2025 call, management stated the greenfield expansion would cost 31 crores and be fully funded by IPO proceeds, explicitly rejecting the need for debt. However, in the Jun 2026 call, the projected capex for this expansion quadrupled to 130 crores, and management announced they will now take a 65 to 70 crore bank term loan to fund it.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions