Transcript of Earnings Conference Call held on July 22, 2026.

Date: July 27, 2026 BSE Limited, National Stock Exchange of India Limited 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400 051 BSE Scrip Code: 544449 NSE Scrip Symbol: ANTHEM Subject: Transcript of Earnings Conference Call. Dear Sir/Ma’am Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the earnings conference call held on July 22, 2026, at 11:30 AM, post announcement of Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2026. The said transcript is also available on website of the Company at https://anthembio.com/. We request you to kindly take the same on record. Thanking you, Yours truly, For Anthem Biosciences Limited (Formerly known as Anthem Biosciences Private Limited) Divya Prasad Company Secretary & Compliance Officer Membership No: A41438 “Anthem Biosciences Limited Q1 FY27 Earnings Conference Call” July 22, 2026 MANAGEMENT: MR. AJAY BHARDWAJ – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. GAWIR BAIG – CHIEF FINANCIAL OFFICER MODERATOR: MS. FORUM GOSHAR – ADFACTORS PR (INVESTOR RELATIONS) Page 1 of 17 Anthem Biosciences Limited July 22, 2026 Moderator: Ladies and gentlemen, good day and welcome to Anthem Biosciences Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Forum Goshar from Adfactors PR (Investor Relations). Thank you and over to you, Ms. Goshar. Forum Goshar: Good morning everyone. I am Forum Goshar from Adfactors PR Investor Relations. On behalf of Anthem Biosciences Limited, it is my pleasure to welcome you all to the Q1 FY27 Earnings Conference call. Joining us on the call today from the management team are Mr. Ajay Bhardwaj, Managing Director and Chief Executive Officer and Mr. Gawir Baig, Chief Financial Officer. We will begin today's call with opening remarks from the management, following which we will open the floor for Q&A session. Before we begin, I would like to remind everyone that certain statements made during this call may be forward-looking in nature. These statements are based on the management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Anthem Biosciences Limited, undertakes no obligation to publicly update or revise any forward-looking statements based on subsequent events or developments. With that, I would like to now hand over the call to Mr. Ajay Bhardwaj to deliver his opening remarks. Thank you and over to you, sir. Ajay Bhardwaj: Thank you. Good morning everyone. This is Ajay Bhardwaj. I'm pleased to announce our Q1 FY27 results. Our consolidated revenues from operations for the quarter were Rs. 418 crores, out of which the CRDMO business contributed 81.5% of the revenues, delivering Rs. 341 crores. Specialty Ingredients contributed 18.5% of our revenues, delivering Rs. 78 crores. The EBITDA was Rs. 176 crores, including other income with EBITDA margin at 39.6%, that is nearly 40%. The EBIT includes other income of Rs. 25 crores. PBT was Rs. 145 crores. Our profit after tax for the quarter was Rs. 120 crores, with PAT margins at 27.1%. Net cash position of the company as of June 30, 2026 was Rs. 1,720 crores. Our Q1 FY27 results reflect timing shifts in deliveries to key customers. The underlying demand remains strong, with a higher concentration of scheduled deliveries in the latter half of the year. We are positioning to capture that momentum. We remain firmly committed to sustaining revenue growth aligned with our long-term historical performance. On the margins front, we delivered YoY improvement across both EBITDA and PAT margins. Page 2 of 17 Anthem Biosciences Limited July 22, 2026 Our disciplined focus on cost efficiencies, yield optimization and employee productivity continues to reinforce our industry-leading margin profile, positioning us to sustain this performance throughout the year. Thank you very much. Now I am open to questions. I have with me my colleague, Mr. Gawir Baig, who's our CFO. Any questions, we'll be happy to answer. Moderator: Thank you very much. We will now begin the Q&A session. The first question is from the line of Saion Mukherjee from Nomura Group. Please go ahead. Saion Mukherjee: Thank you for taking my question. Can you update on the capacity utilization at Unit 1, 2 and Neo Anthem as of first quarter and how should we think about utilization levels in these units change in the next 3 years? Any timeline with respect to regulatory inspection required for Unit 3 by US FDA or European authorities? Gawir Baig: Thanks, Saion. With respect to our capacity utilization, last year when we ended the year, roughly about Unit 1 was about 74% utilized. We continue to have the same utilization in our Unit 1 in this quarter, roughly about 78% utilized right now on the custom synthesis side. Unit 2 was about 65% utilized last year for the full year because we had gone through significant expansion over there by adding about 130 kiloliters. This quarter being a slightly softer quarter, our Unit 2 utilization was about 50% for Unit 2 across the expanded capacity on custom synthesis side. Fermentation utilization is about 50% for Unit 2 across that 140 kiloliters that we have in fermentation. Unit 3 has been picking up from a utilization point of view, roughly about 30% to 35% is the utilization for Q1 FY27. This is a ramp-up from what we had about 15% odd of utilization in FY26. There is a ramp-up in Unit 3. What do we expect going forward? We expect all these units to be completely full and that's the reason why Unit 4 is what we are setting up. We are in the midst of construction over there and I think by end of next year, we'll be able to commission Unit 4, which can add another 365 kiloliters of custom synthesis and 100 kiloliters of fermentation. So, in the next 2 years, we would look at ramping it up to almost optimum capacity utilization across all the three units. Saion Mukherjee: Thank you. Just one clarification, with the increased utilization at Neo Anthem is primarily the shifting of some production from the existing units to Neo Anthem, is that what is happening? Ajay Bhardwaj: Some of it is that, but most of it is new orders that we are getting because we have a very modern pilot plant there. We have also our peptide synthesis and oncology manufacturing there. Some new projects are being put into that unit now. It is not just shifting some of it, it is mostly new projects that are coming into Unit 3. Saion Mukherjee: In the quarter, is there any update on new contracts, new client traction, large pharma, mid pharma, any development that you would like to share? Some of the initiatives on peptides, etcetera., if you can talk about any traction that you've seen over the last 3 months? Page 3 of 17 Anthem Biosciences Limited July 22, 2026 Ajay Bhardwaj: In terms of adding customers, we have one new Big Pharma customer which has been added. We expect that to yield significant numbers going forward. One of our large biotech customer, also got acquired by a Big Pharma. So, that is something that we still yet to pan out because it's happened very recently, maybe a month old. It all continues to be good. Just to again add to your query when Gawir was answering that 50% utilization of Unit 2 in this quarter, and the subsequent quarters, we are very confident of having much better numbers because our customers have deferred deliveries to the qua [Showing first 8,000 characters — download PDF for full document]