Advanced Enzyme Technologies Ltd(ADVENZYMES)

NSE: ADVENZYMESBSE: 540025

₹ 248.2-4.35%refreshed 23 Oct, 03:56 pm ISTMarket cap: ₹ 2,759 crNext results: 31 Oct 2026Website: www.advancedenzymes.comUpdated: 24 Oct 2026

About

Advanced Enzyme Technologies Ltd is an Indian enzyme manufacturer supplying specialty enzymes and probiotics across human healthcare, animal nutrition, food bioprocessing, and contract manufacturing. FY26 consolidated revenue reached INR 7,458 mn, the highest-ever annual top-line, growing 17% YoY. The company operates manufacturing and R&D facilities in India and through subsidiaries in Germany (Evoxx Technologies) and India (JC Biotech, now wholly owned).^[1][2][3]

Business segments

Human Healthcare contributed 60% of total consolidated revenue in Q1 FY27 (INR 1,139 mn), covering pharma API enzymes and human nutrition; segment fell 7% YoY on softer Pharma API sales.^[2]
Industrial Bioprocessing contributed 16% of total revenue in Q1 FY27 (INR 306 mn), growing 30% YoY, led by food enzymes (+51% YoY to INR 263 mn); non-food sub-segment declined 30% YoY.^[2]
Specialized Manufacturing contributed 11% of total revenue in Q1 FY27 (INR 200 mn), growing 41% YoY and 11% QoQ, driven by effervescent-based contract manufacturing.^[2][4]
Animal Nutrition grew 25% YoY to INR 946 mn for full FY26 and 19% YoY to INR 250 mn in Q4 FY26, accounting for 13% of FY26 total revenue; growth was primarily driven by increased sales in Asia.^[1]

Key operating numbers

Fermentation capacity utilisation reached 70-75% in Q1 FY27, up from prior guidance of ~55-60%; management has set 80% as the threshold for triggering new production capex, with a decision expected in Q2 FY27.^[2]
R&D spend (standalone) was INR 90 mn, representing 4.75% of revenue in Q1 FY27, up from INR 86 mn / 4.62% in Q1 FY26; consolidated R&D was ~5% of revenue in both periods.^[2]
Top-10 customer concentration fell to 23% of revenue in Q1 FY27, down from 27% in Q1 FY26; top-10 product concentration held steady at 45%, down from 49% in Q4 FY26.^[2]
Biocatalysis revenue was INR 45 mn in Q1 FY27, having grown to INR 247 mn for full FY26 from INR 174 mn in FY25 (~42% increase).^[2][1]
Net working capital cycle stood at 125-138 days in Q1 FY27.^[2]

Products and portfolio

Serratiopeptidase (anti-inflammatory enzyme) represented 23% of FY26 annual sales, growing ~45% YTD and ~54% QoQ in Q4 FY26; management ceased separately disclosing this metric from FY27 to limit competitive intelligence.^[1]
Biocatalysis products - enzymatic solutions adopted by API manufacturers - are in advanced plant-level trials; the segment is reported separately and expected to show good growth in H2 FY27.^[1][2]
B2C US segment (subsidiary revenue) was USD 1.14 mn in Q1 FY27, marginally up from USD 1.12 mn in Q1 FY26.^[2]

Subsidiaries

Evoxx Technologies (Germany) turned fully profitable in FY26: revenue grew 50% YoY to INR 319 mn, EBITDA swung from INR -12 mn to INR +72 mn, and PAT from INR -39 mn to INR +50 mn.^[1]
JC Biotech became a wholly-owned subsidiary in Q1 FY27 after Advanced Enzyme acquired the remaining 4.28% stake for INR 79.79 mn; JC Biotech Q1 FY27 revenue was INR 195 mn and EBITDA INR 26 mn.^[2]

Customers and distribution

India domestic revenue grew 28% for full FY26 to INR 3,727 mn, accounting for 52% of Q4 FY26 revenue; India was the single largest and fastest-growing geography in FY26.^[1]
Americas revenue declined 7% for full FY26 to INR 2,192 mn, weighed by tariff absorption, nutraceutical market disruption, and inflationary pressure on end-consumers.^[1]
Europe revenue grew 114% YoY in Q2 FY26 (INR 116 mn vs INR 54 mn), driven by baking and food enzyme focus through Evoxx; Asia grew 153% YoY in Q2 FY26 (INR 256 mn vs INR 101 mn) on animal feed and human nutrition registrations.^[4]
Animal Nutrition distribution is being expanded in USA, MENA and Asian markets with additional overseas distributor appointments ongoing.^[2][1]

Expansion and capex

Total consolidated capex of INR 123 crore is planned for FY27: ~INR 20 crore maintenance, ~INR 50 crore R&D (Nashik centre), and the balance as growth capex; ~INR 20 crore expected to spill into Q2 FY27.^[2]
Nashik R&D centre has ~INR 50 crore already in work-in-progress as of Q1 FY27; the first phase will increase R&D capacity threefold and focus on strain development, protein engineering and fermentation.^[2][1][5]
Production capacity expansion decision for the main entity is expected in Q2 FY27 once utilisation is confirmed at 70-75%+; infrastructure is in place to support up to a 50% capacity increment on short notice.^[2][1]

Recent developments

In August 2026, the board approved an open-market share buyback of INR 697 mn at a ceiling price of INR 500 per share (~1.4 lakh shares); buyback commenced around 14 August 2026.^[2]
Q1 FY27 revenue of INR 1,898 mn grew only 2% YoY; an additional INR 100 mn sales reversal (goods in transit, risk/reward transfer not complete) suppressed the reported top line; management stated this revenue has since been recorded.^[2]
EBITDA margin contracted to 27% in Q1 FY27 from 30% in Q1 FY26, driven by lower top-line realisation, elevated power and fuel costs from global energy disruption, and an adverse temporary sales mix.^[2]
EFSA novel food approval for the anti-inflammatory enzyme (serratiopeptidase) remains pending; as of August 2026, management estimates a further 3-6 month wait; if approved, the company expects exclusive supply rights for 5-10 years.^[2][1]

Market Cap

₹2,759 Cr

High / Low

₹420 / 247

Stock P/E

16.8

Price / Book

1.7

Book Value

₹146

EPS

₹15.1

No. of Shares

11.19 Cr

ROCE

14.0%

ROE

11.1%

OPM

28.7%

Debt / Equity

0.01

Sales

₹746 Cr

Net Profit

₹174 Cr

Promoter holding

43.6%

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