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.