Anupam Rasayan India Limited

Anupam Rasayan completed the acquisition of Jayhawk Fine Chemicals, strengthening its US footprint and custom synthesis capabilities. Additionally, the company signed a definitive agreement to acquire 43.3-48.2% equity in Bliss GVS Pharma, aiming to establish an integrated global life science and specialty pharmaceutical platform. These strategic moves have significantly diversified the revenue mix, reducing agrochemicals' contribution from 76% in FY22 to 55% in FY26, while pharma revenue grew 15-fold to INR339 crores in FY26 and high-performance materials revenue tripled to INR305 crores in FY26.

FY26 was a landmark year for Anupam Rasayan, achieving its highest ever revenue from operations of INR2,384 crores, a 65% YoY increase from INR1,448 crores in FY25. EBITDA for the year grew to INR543 crores from INR412 crores in FY25, maintaining a healthy 23% margin. Profit after tax also saw a substantial increase to INR222 crores in FY26, up from INR160 crores in FY25, reflecting strong execution across key business verticals and scale-up of commercial molecules.

In Q4 FY26, total income increased 26% YoY to INR639 crores. However, EBITDA for the quarter was INR141 crores (22% margin), a slight decline from INR150 crores in Q4 FY25. Similarly, Profit after tax for Q4 FY26 was INR56 crores (9% margin), down from INR63 crores in Q4 FY25. Management noted that while there is an upward bias in margins from the pharma and polymer segments, these products are currently ramping up, and full margin profiles will emerge once they are fully scaled.

Anupam incurred INR315 crores in capex during FY26, completing the last phase of its capex program, with no major capex planned for the near future as current capacity is sufficient. Maintenance capex is projected at INR50-75 crores annually. Consolidated gross debt stands at approximately INR1,500 crores, with net debt around INR1,100 crores. The Bliss GVS acquisition will add about INR300 crores in debt via NCDs, bringing the pro forma net debt to INR1,400-1,500 crores, which management considers comfortable given a pro forma EBITDA of over INR650 crores.

The company generated INR334 crores in operating cash flow during FY26, driven by improved asset utilization and working capital management, with further improvements expected in FY27. Management projects the standalone business to grow at a CAGR of 20-30% over the next 3-5 years. The current gross block is estimated to generate around INR3,500 crores in revenue, and Bliss GVS's current 30% capacity utilization is targeted to increase to 60-70% in the near to medium term.

Management emphasized that acquired entities like Jayhawk and Bliss GVS will run independently but leverage each other's strengths, mirroring the successful integration of Tanfac Industries. Synergies from Bliss GVS, particularly in expanding the pharma platform and CDMO opportunities, are anticipated to materialize within 6-18 months and are expected to be EPS accretive from day one. The company aims to offer a comprehensive solution across the value chain, from KSM to finished dosage formulations.