Anthem Biosciences Ltd (ANTHEM) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Anthem Biosciences is a Bengaluru-based CRDMO spanning drug discovery, development and manufacturing alongside a Specialty Ingredients business, reporting into a quarter where CRDMO demand is being tested by customer delivery timing. The print will speak to whether management's guided delivery recovery in Q2, Q3 and Q4 FY27 materialises against a tough Q2FY26 base of Rs. 5,500 Mn revenue at a 44.5% EBITDA margin, and whether the 38-40% EBITDA margin guidance holds.

Anthem Biosciences Ltd Q2 Results Date and Time

The Board will meet on Tuesday, November 3, 2026, to approve unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026 (Q2/H1 FY27). The intimation was filed under Regulation 29 of SEBI LODR, and the trading window for dealing in shares remains closed from October 1 through November 5, 2026.

What to expect from Anthem Biosciences Ltd's Q2 FY27 results

Q2 FY27 is the first test of management's commitment to a delivery recovery 'in Q2, Q3 and Q4' after Q1FY27 revenue fell 22.6% YoY to Rs. 4,182 Mn on what management called 'timing shifts in deliveries to key customers'. The recovery is underpinned by 60% order book visibility for the year and an H2-weighted delivery schedule, but the comparison base is the toughest of FY26 — Q2FY26 revenue of Rs. 5,500 Mn at a 44.5% EBITDA margin that included Rs. 482.30 Mn of other income. On margins, the 38-40% open-ended guidance is the line to defend after Q1FY27 printed 39.6%; chemicals and chemical products WPI inflation of 13.12% in July 2026 is a cost headwind with backward integration (in-house intermediates replacing China supplies) as the disclosed offset, while the rupee's July slide toward ~97/USD flattered the unhedged, in-EBITDA FX income line before the September recovery. Execution updates on Unit 4 Phase 1 — ~Rs. 700 crores of FY27 capex within a ~Rs. 1,200 crores Phase 1, completion by March 2028 — and the Neo Anthem break-even promise for FY27 round out the agenda for the call.

Key Things To Watch

Performance vs previously stated guidance: Q2FY27 is the first checkpoint on several commitments made at the July 22, 2026 Q1 call.

• Delivery recovery — 'recovery in Q2, Q3 and Q4' — Q2FY27 is the first test of this commitment after Q1 revenue fell 22.6% YoY
• EBITDA margin — 38% to 40% open-ended guidance (reaffirmed May 20, 2026); Q1FY27 printed 39.6%
• FY27 capex — ~Rs. 700 crores; watch the H1 run-rate alongside Unit 4 civil work and equipment orders

Unit 4 and Neo Anthem execution

• Unit 4 Phase 1: ~Rs. 1,200 crores over FY27-FY28 (roughly 50-50 split), adding 365 KL custom synthesis and 100 KL fermentation, completion by March 2028; commissioning expected 'by end of next year'
• Neo Anthem (Unit 3): utilization ramping from ~15% in FY26 to 30-35% in Q1FY27, with break-even or profitability guided for FY27
• Unit 3 US FDA/European regulatory inspection timeline — asked at Q1FY27, response not captured in retrieved excerpts

Order book and new customer ramp

• Order book visibility of 60% for FY27 — check whether it improved and whether the H2-weighted delivery schedule is confirmed
• New Big Pharma customer added in Q1FY27 — significant revenue contribution guided for later quarters of FY27, pending final agreement
• Specialty Ingredients — 20% growth open-ended guidance, with recovery watched after capacity was diverted to CRDMO

Risks and headwinds to monitor

• Chemicals and chemical products WPI inflation of 13.12% in July 2026; management cites backward integration as the disclosed offset
• Unhedged FX exposure — FX income sits inside EBITDA; the rupee weakened toward ~97/USD in July before recovering to a two-month high by September 3
• Management itself called sustaining current high margins 'a significant challenge' over a five-to-seven-year horizon