Anupam Rasayan India Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Anupam Rasayan India Ltd filed with BSE on 20 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Anupam Rasayan reported Q1 FY27 consolidated total income of Rs 668 crore, up 36% year-on-year, with EBITDA up 35% to Rs 175 crore and margins at 26%, while PAT grew 6% to Rs 51 crore due to higher depreciation. Management highlighted the commercialization of ETFA using flow chemistry, a Letter of Intent with BASQUEVOLT worth approximately USD 300 million over 10 years, and progress on the Jayhawk integration and the pending Bliss GVS Pharma acquisition. Management described Jayhawk's contribution at around 20-22% of quarterly revenue with EBITDA margins of 19-20%, and said the Bliss transaction is expected to close in the first half of September.
Numbers mentioned
Consolidated total income: INR668 crores (Q1 FY27)
p. 5
“Consolidated total income for Q1 FY27 stood at INR668 crores, representing a growth of 36% year-on-year.”
Amit Khurana, page 5 of the filed PDF · View the filing
Revenue from operations: INR655 crores (Q1 FY27)
p. 5
“Revenue from operations was INR655 crores.”
Amit Khurana, page 5 of the filed PDF · View the filing
Consolidated EBITDA: INR175 crores (Q1 FY27)
p. 5
“Consolidated EBITDA increased 35% year-on-year to INR175 crores, with EBITDA margins maintained at 26%.”
Amit Khurana, page 5 of the filed PDF · View the filing
PAT: INR51 crores (Q1 FY27)
p. 6
“At the same time, PAT for the quarter stood at INR51 crores compared to INR49 crores in Q1 FY26, representing a 6% year-on-year growth.”
Amit Khurana, page 6 of the filed PDF · View the filing
Consolidated cash profit: INR64 crores (Q1 FY27)
p. 6
“For Q1 FY27, consolidated cash profit stood at INR64 crores compared with INR56 crores in Q1 FY26.”
Amit Khurana, page 6 of the filed PDF · View the filing
Consolidated total income: INR667.5 crores (Q1 FY27)
p. 6
“Consolidated total income for the quarter stood at INR667.5 crores compared to INR490.7 crores in corresponding quarter last year, registering a strong growth of 36% year-on-year.”
Vishal Thakkar, page 6 of the filed PDF · View the filing
Consolidated EBITDA: INR174.9 crores (Q1 FY27)
p. 6
“Consolidated EBITDA for the quarter stood at INR174.9 crores compared to INR129.2 crores in Q1 FY26, representing a growth of 35% year-on-year.”
Vishal Thakkar, page 6 of the filed PDF · View the filing
Consolidated profit before tax: INR69.7 crores (Q1 FY27)
p. 6
“Consolidated profit before tax stood at INR69.7 crores compared to INR62.9 crores in Q1 FY26.”
Vishal Thakkar, page 6 of the filed PDF · View the filing
Consolidated PAT margin: approximately 8% (Q1 FY27)
p. 6
“Consolidated PAT margin for the quarter stood at approximately 8%.”
Vishal Thakkar, page 6 of the filed PDF · View the filing
Jayhawk revenue contribution: 20% to 22% of revenue (Q1 FY27)
p. 7
“Jayhawk has been contributing around about 20% to 22% of our revenue for this quarter, and the margins have been very robust at around about 19 to 20 percentage points.”
Vishal Thakkar, page 7 of the filed PDF · View the filing
Jayhawk revenue: around INR145-odd crores (Q1 FY27)
p. 9
“So Jayhawk revenue will be around about INR145-odd crores.”
Vishal Thakkar, page 9 of the filed PDF · View the filing
Jayhawk PAT: around INR9-odd crores (Q1 FY27)
p. 9
“So the PAT will be in the range of around INR9-odd crores.”
Vishal Thakkar, page 9 of the filed PDF · View the filing
BASQUEVOLT LoI potential value: approximately USD300 million over 10 years
p. 5
“The potential long-term opportunity of approximately USD300 million spread over a period of 10 years reflects the depth of our customer engagement and our ability to participate in emerging high-growth application.”
Gopal Agrawal, page 5 of the filed PDF · View the filing
Cumulative signed LOI and contracts: roughly INR18,000 crores
p. 5
“our cumulative signed LOI and contracts highlighted in the presentation represents roughly INR18,000 crores of potential business over their respective tenures with several new products scheduled for commercialization from FY27 onwards”
Gopal Agrawal, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capex requirement — INR70 crores to INR80 crores · FY27-28
stated conditionally by Vishal Thakkar
p. 9
“in the range of INR70 crores to INR80 crores may be the number that I would look at from a capex point of view, for now”
Vishal Thakkar, page 9 of the filed PDF · View the filing
Standalone EBITDA margin — 24% to 26% · next 2 to 3 years
stated as an aspiration by Vishal Thakkar
p. 8
“on a standalone, we should be looking at anything between 24% to 26% on a standalone basis”
Vishal Thakkar, page 8 of the filed PDF · View the filing
Consolidated EBITDA margin — 22% to 24% · next 2 to 3 years
stated as an aspiration by Vishal Thakkar
p. 8
“on a consol basis, we should be looking at anything between 22% to 24% EBITDA margin is what I would really guide at”
Vishal Thakkar, page 8 of the filed PDF · View the filing
Standalone polymer business share — 20% to 25%
stated as an aspiration by Vishal Thakkar
p. 7
“we believe that on a standalone, we should be able to get a polymer business to be in the range of 20% to 25%”
Vishal Thakkar, page 7 of the filed PDF · View the filing
Consolidated polymer business share — 30% to 35%
stated as an aspiration by Vishal Thakkar
p. 7
“on a consolidated basis, it should be in the range of 30% to 35%”
Vishal Thakkar, page 7 of the filed PDF · View the filing
Bliss GVS acquisition completion — first half of September
stated firmly by Vishal Thakkar
p. 7
“We expect that by the first half of September, we should be able to conclude this transaction fully.”
Vishal Thakkar, page 7 of the filed PDF · View the filing
BASQUEVOLT commercialization — second half of the year
stated conditionally by Vishal Thakkar
p. 10
“we expect it to be commercialized by the second half of the year or the later half of the year”
Vishal Thakkar, page 10 of the filed PDF · View the filing
BASQUEVOLT revenue ramp — fairly robust stable revenue · 2 to 3 years
stated as an aspiration by Vishal Thakkar
p. 10
“So in 2 to 3 years, you should see a fairly robust stable revenue coming from this.”
Vishal Thakkar, page 10 of the filed PDF · View the filing
Order book contribution to revenue — around 30%
stated as an aspiration by Vishal Thakkar
p. 11
“going forward, it should contribute around 30%-odd of our revenue with the higher base volume that we have”
Vishal Thakkar, page 11 of the filed PDF · View the filing
Organic revenue growth — 25% plus or minus a couple of percentage points · FY27
stated as an aspiration by Vishal Thakkar
p. 14
“we believe that the number will continue to be in the range of 25 plus or minus a couple of percentage points in terms of our revenue growth on an organic basis”
Vishal Thakkar, page 14 of the filed PDF · View the filing
Additional growth from Jayhawk — 10% to 15% · FY27
stated as an aspiration by Vishal Thakkar
p. 14
“another 10% to 15% of additional growth will come because of the addition of Jayhawk's revenue line”
Vishal Thakkar, page 14 of the filed PDF · View the filing
Bliss capacity utilization — 60% to 70% · next 2 to 3 years
stated as an aspiration by Vishal Thakkar
p. 13
“we continue to believe that we should be able to improve the utilization of the company's assets to 60% to 70%”
Vishal Thakkar, page 13 of the filed PDF · View the filing
Bliss acquisition debt funding — around INR300 crores
stated firmly by Vishal Thakkar
p. 15
“There, we will be taking a debt of around about INR300 crores.”
Vishal Thakkar, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Still exploratory, no specific update, will work with Bliss management once that deal closes
Answered by Vishal Thakkar
Asked by Sujal: Status of the previously guided API plant acquisition
p. 7
“we continue to explore that. And right now, there is nothing specifically that is there that we need to share, but we continue to explore”
Vishal Thakkar, page 7 of the filed PDF · View the filing
SEBI approval and open offer completed, expects closing by first half of September
Answered by Vishal Thakkar
Asked by Tanya Chowdhary: Update on Bliss GVS acquisition timeline and pending approvals
p. 7
“We've got the SEBI approval, also the open offer that was to be coming in has come in, and August 10 was the last date for any shareholder to offer their shares, which has been successfully concludedand now we are in the process of closing”
Vishal Thakkar, page 7 of the filed PDF · View the filing
Estimated total addressable market of USD 0.5 billion for the two molecules
Answered by Vishal Thakkar
Asked by Meet Vora: Size of the market ETFA and related molecules can address
p. 8
“we estimate that it should be in the USD0.5 billion kind of revenue that these 2 molecules will have”
Vishal Thakkar, page 8 of the filed PDF · View the filing
Jayhawk is well capitalized and unlevered, no support expected from Anupam for now
Answered by Vishal Thakkar
Asked by Meet Vora: Jayhawk capex plans for FY27-28 and whether Anupam will need to fund it
p. 9
“they are fairly well capitalized in terms of cash and they are completely unlevered. We don't see that we would have any requirement that we will need to support Jayhawk for their any capex going forward for now”
Vishal Thakkar, page 9 of the filed PDF · View the filing
Very small/insignificant number of shares tendered, similar to Tanfac's open offer experience
Answered by Vishal Thakkar
Asked by Hardik: Response rate on the Bliss open offer given the price gap to market
p. 10
“The numbers that we have got an update for is a very, very small number. It is to that extent of insignificant number that that has been provided or offered to us to buy under the open offer.”
Vishal Thakkar, page 10 of the filed PDF · View the filing
Working capital has been stable and on the guided trajectory with improvement expected by year end
Answered by Vishal Thakkar
Asked by Harsh Shah: Standalone working capital improvement trajectory
p. 11
“working capital has been stable and we are on the trajectory that we have been guiding there. And there is improvement that we see coming in the next coming quarters.”
Vishal Thakkar, page 11 of the filed PDF · View the filing
No major further capitalization expected; depreciation increase was mainly due to Jayhawk consolidation
Answered by Vishal Thakkar
Asked by Probal Sen: Whether depreciation will keep increasing due to further capitalization
p. 11
“there is no major capitalization that we are seeing going forward. And largely, the depreciation was largely on account of Jayhawk coming into our portfolio.”
Vishal Thakkar, page 11 of the filed PDF · View the filing
Demand recovery is following through as forecasted; Agri contribution share will decline as other segments grow faster, not due to Agri weakness
Answered by Vishal Thakkar
Asked by Probal Sen: Outlook for the Agri business over next 12-18 months
p. 12
“the Agri contribution will continue to be reasonable to our portfolio, but it will be dropping primarily not because of the Agri business slowing down, but it is because of the other two businesses growing faster”
Vishal Thakkar, page 12 of the filed PDF · View the filing
Confirmed single-digit organic growth ex-Jayhawk, attributed to Q1 seasonality
Answered by Vishal Thakkar
Asked by Darshil Jhaveri: Whether ex-Jayhawk revenue growth was in single digits this quarter
p. 14
“Yes, it has been single digit. And as Anand bhai and Gopal bhai and Amit bhai mentioned in their opening remarks, that Q1 is typically a more tepid quarter for us seasonally.”
Vishal Thakkar, page 14 of the filed PDF · View the filing
A wholly owned subsidiary will take on about INR300 crore debt, with the balance funded via an equity-linked instrument
Answered by Vishal Thakkar
Asked by Jash: Debt versus equity structure for funding the Bliss acquisition
p. 15
“There, we will be taking a debt of around about INR300 crores.”
Vishal Thakkar, page 15 of the filed PDF · View the filing
Risks flagged
Q1 is seasonally a weaker quarter for the business
p. 14
“Q1 is typically a more tepid quarter for us seasonally.”
Vishal Thakkar, page 14 of the filed PDF · View the filing
Depreciation increase from Jayhawk's differing historical depreciation policy under prior management
p. 11
“Jayhawk, under the old management, had a different depreciation period that they had, and we are reviewing it and seeing that”
Vishal Thakkar, page 11 of the filed PDF · View the filing
Very limited shareholder participation in the Bliss open offer relative to the committed investment
p. 10
“It is to that extent of insignificant number that that has been provided or offered to us to buy under the open offer.”
Vishal Thakkar, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.