Anthem Biosciences Ltd. (ANTHEM.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-76.6%

₹198.75

vs ₹849.20 price

Levered DCF

₹150.60

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

77.36

Safe zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	62.21×	90.84×	111.67×	106.47×	101.16×
P/B	12.1×	17.02×	21.31×	23.56×	30.27×
P/S	17.33×	22.24×	28.9×	38.81×	33.31×
EV / EBITDA	43.89×	53.97×	72.26×	71.67×	66.13×
Gross margin	42.1%	59.7%	57.8%	67.9%	66.8%
Operating margin	32.9%	32.1%	29.9%	35.2%	42.2%
Net margin	27.9%	24.5%	25.9%	36.4%	32.9%
Current ratio	5.54×	5.32×	4.38×	8.07×	4.83×
Debt / equity	0.02×	0.05×	0.12×	0.07×	0.03×
Interest coverage	101.5×	59.12×	45.78×	45.32×	44.91×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	19.5%	18.7%	19.1%	22.1%	29.9%
Return on invested capital	16.1%	16.0%	15.0%	15.3%	27.1%
Return on assets	17.3%	16.1%	15.3%	19.1%	25.1%
Free cash flow yield	1.9%	0.3%	-0.4%	0.3%	0.4%
Earnings yield	1.6%	1.1%	0.9%	0.9%	1.0%
Enterprise value	₹365.9B	₹408.1B	₹410.7B	₹408B	₹407.1B
Net debt / EBITDA	-0.26×	-0.27×	0.1×	-0.38×	-0.51×
Cash conversion cycle (days)	116	201	190	157	93