NSE: ADVENZYMES · BSE: 540025
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Human Healthcare (63%), Animal Nutrition (13%), Bioprocessing, Specialized Manufacturing. R&D-intensive, multi-segment enzyme manufacturer spanning human health, animal nutrition, bioprocessing and specialised manufacturing.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 529 | 541 | 624 | 637 | 746 |
| EBITDA (ex other income) | 201 | 152 | 189 | 194 | 240 |
| margin % | 38.0 | 28.2 | 30.3 | 30.5 | 32.2 |
| Owners' profit | 120 | 106 | 133 | 131 | 169 |
| EPS, as reported (₹) | 10.70 | 9.45 | 11.92 | 11.72 | 15.08 |
| ROE % · ROCE % | 10.9 · 14.3 | 8.1 · 10.6 | 10.0 · 13.3 | 9.1 · 12.5 | 10.3 · 13.6 |
| Debt / equity (x) | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 |
| Cash from operations | 124 | 140 | 141 | 142 | 157 |
| Capex | (28) | (38) | (42) | (34) | (52) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 146 | 169 | 167 | 186 | 185 | 172 | 203 | 190 |
| Profit before tax | 42 | 53 | 43 | 55 | 60 | 58 | 60 | 54 |
| Net profit | 33 | 39 | 27 | 40 | 45 | 43 | 45 | 39 |
| EPS (₹) | 2.94 | 3.36 | 2.37 | 3.57 | 3.87 | 3.80 | 3.84 | 3.31 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ANTHEM BIOSCIENCES LTD | 46,761 | 120.8 | 15.37 | 48.2 | 19.5 | 26.6 | — | 42.0 |
| ADVANCED ENZYME TECH LTD ◆ | 2,979 | 17.9 | 1.77 | 10.5 | 10.3 | 13.4 | 8.2 | 33.7 |
| CCME GLOBAL LIMITED | 152 | 98.6 | 3.79 | — | (1.8) | (1.8) | — | — |
| VIVO BIO TECH LTD. | 31 | 3.3 | 0.33 | 4.6 | (1.8) | 3.2 | 0.6 | 31.5 |
| Shree Ganesh Biotech (India) L | 19 | 23.5 | 0.29 | — | 0.6 | 0.8 | — | (7.0) |
| GENOMIC VALLEY BIOTECH LIMITED | 14 | 381.8 | 3.56 | — | 0.8 | 1.0 | — | 40.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.9 | 30.2 | 44 of 164 | 74% |
| P/B | 1.8 | 3.1 | 50 of 169 | 71% |
| ROCE | 13.4 | 10.7 | 77 of 189 | 60% |
| ROE | 10.3 | 9.5 | 83 of 172 | 52% |
| Debt / Equity | 0.0 | 0.1 | 50 of 172 | 71% |
| EBITDA margin | 33.7 | 17.7 | 24 of 170 | 86% |
| Revenue growth | 2.1 | 15.3 | 123 of 166 | 26% |
| Profit growth | (4.6) | 30.0 | 110 of 164 | 33% |
| Market cap | 2979 | 796 | 71 of 187 | 62% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 29 Oct 2026 · Company buys back 54,455 shares at an average price of Rs 263.76 | corporate actions | medium | — | — |
| 28 Oct 2026 · 64,583 shares bought back at an average price of ₹262.49 | corporate actions | high | — | — |
| 27 Oct 2026 · Buyback update: 29,115 shares purchased on October 27, 2026 | corporate actions | high | — | — |
| 26 Oct 2026 · Schedule of upcoming company meeting announced | board shareholder meetings | low | — | — |
| 23 Oct 2026 · No shares bought back on October 23; cumulative total 2,200,853 | corporate actions | medium | — | — |
| 23 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 22 Oct 2026 · Advanced Enzymes buys back 58,326 shares at avg price of about 263 rupees on Oct 22, 2026 | corporate actions | high | — | — |
| 21 Oct 2026 · 57,000 shares bought back; cumulative total reaches 2.14 million | corporate actions | medium | — | — |
| 20 Oct 2026 · Promoter group member seeks reclassification to public category | ownership changes | medium | — | — |
| 19 Oct 2026 · Promoter group member seeks reclassification to Public category | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.