ADVANCED ENZYME TECH LTD

Develops, manufactures and sells enzymes across four segments. Human Healthcare contributes 63% of FY26 revenue (INR 745.8 crore) and is led by Serratiopeptidase, an anti-inflammatory enzyme that grew ~45% YoY and is awaiting EU novel-food approval expected in FY27. Animal Nutrition (13% of revenue) grew 25% YoY; Bioprocessing grew 16% and Specialized Manufacturing grew 23% YoY. Three subsidiaries — JC Biotech (INR 72.8 crore FY26 revenue), Scitech (INR 66.8 crore) and Evoxx (INR 31.9 crore, turned EBITDA positive) — extend the company into contract enzyme and specialised manufacturing. Exports reached 52 countries at 33.58% of standalone turnover, with the U.S. nutraceutical business absorbing an ~18% tariff headwind. A new R&D centre in Nashik with 3x current capacity (INR 130 crore total capex) is scheduled to go live in H2 FY27, alongside 2 EU EFSA and 3 US FDA dossiers under review. Largest cost items are materials (26.1% of revenue), employees (21.8%) and other operating expenses (21.6%), with management flagging input cost inflation from fuel, salt, solvents, packaging and logistics.