ANURAS

Anupam Rasayan India share price & financials

Price
₹1,277.1
Market cap
₹14.1k Cr
Sector
Chemicals
Calls analysed
7
Latest concall · Q1 FY27 · call held 14 Aug 2026

Anupam Rasayan India Limited Q1 FY27

Consolidated EBITDA ₹174.9 cr +35%Consolidated EBITDA Margin 26% Consolidated PAT ₹51.2 cr +6%Consolidated PAT Margin 8%

What went well

  • Strong revenue growth of 36% YoY for Q1 FY27, reaching INR667.5 crores.
  • EBITDA grew 35% YoY to INR174.9 crores, with healthy margins maintained at 26%.
  • Successful commercialization of ETFA via flow chemistry, demonstrating advanced R&D capabilities.

What to watch

  • PAT growth at 6% YoY (INR51.2 crores) significantly lagged EBITDA growth (35%), primarily due to increased depreciation from asset base expansion and Jayhawk.
  • Ex-Jayhawk, standalone revenue growth would have been single-digit for the quarter.
Read the full call →

What Anupam Rasayan India Limited does

Anupam Rasayan India is a custom-synthesis specialty chemicals and CDMO manufacturer that develops and produces complex intermediates and active ingredients for agrochemical, pharmaceutical, personal-care and performance-materials customers worldwide. It operates a backward-integrated fluorination platform through its majority-owned subsidiary Tanfac Industries, a hydrofluoric-acid and fluorine-derivatives producer, and expanded into the U.S. specialty-chemicals and CDMO market through the acquisition of Jayhawk Fine Chemicals Corporation in Kansas. The company earns revenue through long-term supply relationships with multinational agrochemical, pharma and electronics clients, built on deep process expertise in complex chemistries such as fluorination, chlorination, bromination, etherification and photo/flow chemistry. It has also signed a definitive agreement to acquire a controlling stake in Bliss GVS Pharma to extend further into the pharmaceutical value chain.

Segments

  • Life Science Related Specialty Chemicals
  • Performance Materials
Manufacturing plants
8 plants (4 in Sachin, 2 in Jhagadia - Gujarat; 1 in Cuddalore, Tamil Nadu via Tanfac; 1 in Kansas, USA via Jayhawk)
Total installed manufacturing capacity
~2,00,552 MT per annum across all plants
R&D centres
4 (Sachin, Jhagadia, Tanfac, Jayhawk)
R&D team
90+ professionals, including 10% PhDs and 75+ chemical engineers
Sales offices
5 (India, Japan, Switzerland, USA, UAE)
Export presence
14+ countries
Founded 1984Headquarters Surat, Gujarat, India Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 2 delivered 2 missed 12 open
  • Jayhawk Acquisition EPS Impact went quiet said Q2 FY26 Promised: EPS-accretive from day one Q1 FY27: Promise of 'EPS-accretive from day one' remains unaddressed. Management noted PAT growth lagged EBITDA due to higher depreciation from Jayhawk, but did not clarify the net EPS impact.
  • Sustainable EBITDA Margin missed said Q3 FY25 Promised: 26% to 28% EBITDA margin Q1 FY27: Reported 26% consolidated EBITDA margin, within the original target range. However, new long-term guidance is for 22-24% consolidated, below the original 26-28% target.
  • FY26 Revenue Growth delivered said Q3 FY25 Promised: 30% to 35% revenue increase in FY '26 Q4 FY26: Achieved 65% YoY growth for FY26, exceeding the revised target of >50%.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

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.

Performance +11.2% 1Y

₹1.1k₹1.2k₹1.3k₹1.4kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Oct 2025Q3 FY26 — 15 Dec 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 25 May 2026Q1 FY27 — 14 Aug 2026

1Y: ₹1,097 on 10 Sept 2025 → ₹1,219.4. High ₹1,376 (15 May 2026), low ₹1,064.7 (17 Oct 2025).

How the price took the results

close before → close after

Q1 FY27
+0.1%
14 Aug
Q4 FY26
+0.4%
25 May
Q3 FY26
+1.2%
15 Dec
Q2 FY26
−5.5%
17 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 3.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 24.2%.

Year endingFY23FY24FY25FY26
Revenue₹1.5k Cr₹1.1k Cr₹898 Cr₹1.7k Cr
Operating profit₹413 Cr₹307 Cr₹267 Cr₹405 Cr
Operating margin27.5%27.2%29.7%24.2%
Interest₹62 Cr₹88 Cr₹106 Cr₹140 Cr
Depreciation₹69 Cr₹71 Cr₹92 Cr₹114 Cr
Net profit₹195 Cr₹117 Cr₹72 Cr₹161 Cr
Net margin13.0%10.4%8.0%9.6%
Cash from operations₹244 Cr₹22 Cr₹-65 Cr₹274 Cr
Free cash flow₹37 Cr₹-602 Cr₹-372 Cr₹-169 Cr
ROCE11.0%7.0%5.0%7.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹100 Cr₹100 Cr₹107 Cr₹110 Cr₹114 Cr₹114 Cr
Reserves₹1.5k Cr₹1.6k Cr₹2.3k Cr₹2.6k Cr₹3.1k Cr₹3.1k Cr
Borrowings₹423 Cr₹836 Cr₹822 Cr₹1.1k Cr₹1.2k Cr₹1.6k Cr
Other liabilities₹300 Cr₹325 Cr₹388 Cr₹547 Cr₹1.2k Cr₹1.1k Cr
Total liabilities₹2.3k Cr₹2.9k Cr₹3.6k Cr₹4.4k Cr₹5.7k Cr₹5.9k Cr
Fixed assets₹1.1k Cr₹1.2k Cr₹1.2k Cr₹1.3k Cr₹2.4k Cr₹2.5k Cr
Capital work in progress₹42 Cr₹43 Cr₹113 Cr₹579 Cr₹58 Cr₹68 Cr
Investments₹0 Cr₹148 Cr₹158 Cr₹159 Cr₹9 Cr₹0 Cr
Other assets₹1.1k Cr₹1.5k Cr₹2.1k Cr₹2.3k Cr₹3.2k Cr₹3.3k Cr
Total assets₹2.3k Cr₹2.9k Cr₹3.6k Cr₹4.4k Cr₹5.7k Cr₹5.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +2.78 pp while promoters trimmed −2.12 pp. The shareholder count shrank 10% to 42,776.

Promoters
59.1%
FIIs
7.7%
DIIs
0.4%
Public
32.8%

Since Jun 2025

  • FIIs +2.78 pp
  • Promoters −2.12 pp
  • DIIs −1.86 pp

How it drifted, 12 quarters

Over this window the public went from 27.3% to 32.8% — +5.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 60.7%, FIIs 10.3%, DIIs 1.8%, Public 27.3%.Dec '23: Promoters 61.4%, FIIs 9.1%, DIIs 2.5%, Public 27.0%.Mar '24: Promoters 61.3%, FIIs 8.1%, DIIs 2.6%, Public 28.1%.Jun '24: Promoters 61.2%, FIIs 7.1%, DIIs 2.6%, Public 29.1%.Sep '24: Promoters 61.2%, FIIs 7.0%, DIIs 2.3%, Public 29.5%.Dec '24: Promoters 61.2%, FIIs 7.5%, DIIs 2.3%, Public 29.1%.Mar '25: Promoters 61.2%, FIIs 6.5%, DIIs 2.3%, Public 30.1%.Jun '25: Promoters 61.2%, FIIs 4.9%, DIIs 2.2%, Public 31.6%.Sep '25: Promoters 59.1%, FIIs 7.6%, DIIs 1.4%, Public 31.9%.Dec '25: Promoters 59.1%, FIIs 7.6%, DIIs 0.4%, Public 32.9%.Mar '26: Promoters 59.1%, FIIs 6.9%, DIIs 0.3%, Public 33.6%.Jun '26: Promoters 59.1%, FIIs 7.7%, DIIs 0.4%, Public 32.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Anupam Rasayan India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Kiran Pallavi Investments LLC 31.80%unchanged
Milan R Thakkar 14.41%+0.06 pp
Anand Sureshbhai Desai 9.73%unchanged
Shraddha Anand Desai 6.84%unchanged
Rehash Industrial And Resins Chemicals Pvt Ltd 6.34%unchanged
Mona Anandbhai Desai 3.64%unchanged
Jayeshkumar Virendrabhai Patel 3.64%unchanged
Jainam Broking Limited 3.28%+0.37 pp
Vikasa India Eif I Fund FPI fund2.31%unchanged
Thakkar Nileshkumar Farshuram (Huf) 1.54%unchanged
Zeal Global Opportunities Fund FPI fund1.49%unchanged
M7 Global Fund Pcc - Cell Dewcap Fund FPI fund1.48%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ANURAS

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.01 L shares (+1.1%).

Held by funds
₹10 Cr
5 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹6 Cr · 0.2% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹6 Cr+0.01 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹3 Cr+0.00 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +867 shares (+1.1%)

Funds are sitting on
+3%
vs est. average cost
Held by funds
₹10 Cr
5 schemes · ≈ 0.07% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹6 Cr · 0.2% of that fund

Shares held by these funds +723%

Dec '22 81,568 shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1219, this stock must grow earnings at 43% every year for 7 years. Our analysis caps realistic growth at ~-3%. At that growth it is worth ₹118 — downside of 90%.

Growth the price implies
42.6% a year
for 7 years, fading to 4%
It has actually compounded at
-4.0% a year
net profit, FY23–FY26 · EPS -3.1%
The gap
0.5 pp
-90% downside if it only repeats history
Price today ₹1,219.4 Value at the reference growth ₹118.06

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Anupam Rasayan India Limited

Guides on how to read this kind of business and the numbers that matter.