Anupam Rasayan India Limited — Q3 FY26 earnings call

Call held 14 Feb 2026

Management summary

Anupam Rasayan reported strong financial performance for Q3 and 9MFY26, driven by commercial molecule scale-up and improved capacity utilization. The company announced the strategic acquisition of Jayhawk Fine Chemicals, aiming to expand its global footprint and access high-value end markets. Segmental growth was robust, particularly in Pharma and Performance Material, contributing to a diversified revenue mix.

Highlights

  • Consolidated revenue for 9MFY26 grew 84% year-on-year to INR1,730 crores.

  • EBITDA for 9MFY26 increased 53% year-on-year to INR402 crores, with a 23% margin.

  • PAT for 9MFY26 registered 71% year-on-year growth to INR166 crores.

  • Q3 FY26 revenue grew 31% year-on-year to INR512 crores, with an EBITDA margin of 25%.

  • Acquisition of Jayhawk Fine Chemicals will provide direct onshore manufacturing presence in the US, enhance access to high-value end markets, and is expected to be EPS accretive from day one.

Key financials

2 periods

Headline

  • 9MFY26 Revenue
    ₹1,730 Cr
    YoY +84%
  • 9MFY26 EBITDA
    ₹402 Cr
    YoY +53%
  • 9MFY26 PAT
    ₹166 Cr
    YoY +71%
  • 9MFY26 EBITDA Margin
    23%

Q3 FY26

  • Revenue
    ₹512 Cr
    YoY +31%
  • EBITDA
    ₹130 Cr
  • PAT
    ₹61 Cr
    YoY +12%
  • EBITDA Margin
    25%

What they filed

Q1 FY27: revenue up 4.1%, net profit up 6.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue191 212 331 316 588 +208%401 +89%371 +12%329 +4%
EBITDA52 72 106 94 109 +110%101 +40%101 −5%109 +16%
Net profit14 19 38 30 41 +193%48 +153%42 +11%32 +7%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • Pharma
    19% Contribution to 9MFY26 Sales85% 9MFY26 YoY Growth
  • Performance Material
    17% Contribution to 9MFY26 Revenue245% 9MFY26 YoY Growth
  • Japan Revenue
    17% Contribution to Q3 Revenue
  • Exports
    58% Contribution to Total Revenue

Capital allocation

high confidence
  • M&A Jayhawk Fine Chemicals Acquisition · Signed

    Expand geographical footprint in US, enhance access to fast-growing innovation-led end markets (semiconductors, automotive, EV, Pharma, aviation, electronics), strengthen platform depth, and secure uninterrupted access to key raw materials for fluorination chemistry.

    Expected to be EPS accretive from day one.

    In a similar spirit of expanding our geographical footprint and access to high value and critical end markets, during the quarter, we have signed a definitive agreement to acquire 100% equity in Jayhawk Fine Chemicals, a US-based specialty chemicals company from the CABB Group. ... This acquisition is aligned with our long-term objective of evolving into global specialty chemical platform serving key geographies, high growth and high value sectors. ... we expect the acquisition to be EPS accretive from day one.

Guidance & targets

Working Capital

  • Working Capital Days Working Capital · near-term · Medium confidence 220-200 days

    From 250 days today

    So as of now, we are around about working capital intensity for the consolidated would be around about 250-odd days and we expect that in the near-term we should be going towards 220, 200.

    — Vishal Thakkar

  • Working Capital Days Working Capital · FY27 · High confidence below 200, around 180 days or below

    From 250 days today

    And as you said '27, I think '27 we should be below 200, around 180 days or below is the management's focus and target here.

    — Vishal Thakkar

What to watch in Q4 FY26

Jayhawk acquisition closing and financial impact

next quarter
Current Signed definitive agreement, expected to close in coming weeks.
Target Acquisition closed, financial contribution reflected in next quarter's results.

Why it matters

The acquisition is strategic and expected to be EPS accretive, so its timely closure and initial financial contribution are key for growth.

We are currently in the process of completing the formalities of the acquisition and expect it to be closed in the coming weeks. ... we expect the acquisition to be EPS accretive from day one. ... we shall be then adding it to the next quarter's numbers appropriately.

Q&A highlights

5 direct
EPS impact of Jayhawk acquisition for Q3 FY26 Direct
So right now, we have not yet consolidated the numbers as the transaction is yet to be completed. And hence, no contribution of the Jayhawk's revenue or profit has been added to this quarter's results or the nine-month result that we have announced. And going forward, once we conclude this transaction, which we are expecting as Anand Bhai said over next a week or two or couple of weeks, we shall be then adding it to the next quarter's numbers appropriately.

Clarifies that the financial impact of the acquisition will be reflected in future quarters, not the current reported period.

Asked by Tanya Chowdhary

Strategic plans for Jayhawk acquisition Direct
One, we get a critical manufacturing asset base in US, which is a very important asset that would be there, especially when we are looking at attracting clients in the US market. As we are able to offer a very strong local supply chain for them. Second, if you look at it, Jayhawk has a large part of the revenue coming from US and from the Performance Material business, which is largely into semiconductors, into aircraft business, aerospace business, into Pharma, EV and electronic automobiles industry, which will be very helpful to expand the portfolio.

Details the strategic rationale behind the acquisition, including market access, portfolio expansion, supply chain integration, and technology leverage.

Asked by Harsh Shah

Factors for Anupam being preferred choice for LiPF6 over global players Direct
So see the whole approach that we have taken here of offering a full supply chain, A. B, coupled with the technical capabilities that Anupam has of doing multiple chemistries, both put together and at scale. These three typically helps any customer to work with us who can offer a long-term supply chain solution.

Highlights Anupam's competitive advantages in full supply chain integration, technical capabilities across multiple chemistries, and ability to provide long-term solutions.

Asked by Disha S. Maheshwari

Why European partners selected Anupam for LiPF6 despite China's pricing dominance Direct
The point I was making earlier also is that every customer, today see if you look at it, there is a whole scale up happening and everybody will need a large quantity of volumes here. And when they need large quantities of volumes with a full ramp up, they would need suppliers who has a strong credible supply chain solution. They are not looking at somebody who can import from somewhere and then process it. It is a full supply chain first.

Explains that for large-scale, critical B2B products like LiPF6, customers prioritize a robust, integrated supply chain and cost optimization capabilities over just low pricing.

Asked by Disha S. Maheshwari

Working capital days improvement and targets for FY27/FY28 Direct
So as of now, we are around about working capital intensity for the consolidated would be around about 250-odd days and we expect that in the near-term we should be going towards 220, 200. And as you said '27, I think '27 we should be below 200, around 180 days or below is the management's focus and target here.

Provides specific targets for working capital days reduction, indicating management's focus on efficiency improvements.

Asked by Siddhinathan

2 min read 5 chapters

Detailed narrative

Strong Financial Performance in Q3 and 9MFY26

Anupam Rasayan reported robust financial results for the quarter and nine months ended December 31, 2025. For 9MFY26, consolidated revenue reached INR1,730 crores, marking an 84% year-on-year growth. EBITDA stood at INR402 crores, up 53% YoY, with a healthy margin of 23%. PAT for the nine-month period grew 71% YoY to INR166 crores. In Q3 FY26 alone, revenue was INR512 crores, a 31% increase YoY, and EBITDA was INR130 crores, translating to a 25% margin.

Strategic Acquisition of Jayhawk Fine Chemicals

The company signed a definitive agreement to acquire 100% equity in Jayhawk Fine Chemicals, a US-based specialty chemicals company. This acquisition is pivotal for establishing a direct onshore manufacturing presence in the US, enhancing engagement with multinational customers, and expanding into high-growth end markets such as semiconductors, EV, and Pharma. Management expects the acquisition to be EPS accretive from day one and anticipates closing the transaction in the coming weeks, with financial consolidation in the next quarter.

Diversified Segmental Growth and Product Pipeline

Anupam Rasayan's revenue mix is well-diversified across Agro, Pharma, Personal Care, and Performance Material segments. The Pharma segment contributed 19% of sales for 9MFY26, growing 85% YoY, driven by import substitution and new product additions. The Performance Material segment, including defense and electronic materials, showed exceptional growth of 245% YoY in 9MFY26, contributing 17% to total revenue. The company's R&D pipeline remains strong with over 65 molecules in Pharma and Polymer/Electronic Material verticals.

Focus on Supply Chain Resilience and Customer Engagement

The company emphasizes strengthening its supply chain, with the Tanfac acquisition in 2022 providing uninterrupted access to critical raw materials like HF and KF for fluorination chemistry. This focus extends to the Jayhawk acquisition, which will further enhance supply chain offerings to US customers. Exports contributed 58% of total revenue, reaffirming a strong global presence. Japan, in particular, contributed almost 17% to Q3 revenue, driven by increasing engagement and new customers.

Working Capital Management and Future Outlook

Management noted that working capital intensity for the consolidated entity is currently around 250 days. The company aims to reduce this to 220-200 days in the near-term and further to below 200 or around 180 days by FY27. Anupam Rasayan remains optimistic about sustaining growth momentum into the next fiscal year, supported by pipeline visibility, deeper customer relationships, and expanding global footprints.

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