Anupam Rasayan India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Anupam Rasayan India Ltd filed with BSE on 30 May 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 its highest ever annual revenue for FY26, with consolidated revenue from operations at INR2,384 crores, up 65% year-on-year, and EBITDA margin of 23%. The company completed the acquisition of Jayhawk Fine Chemicals and announced a definitive agreement to acquire a 43.3% to 48.2% equity stake in Bliss GVS Pharma along with an open offer for up to 26% additional shares. Management described diversification away from agrochemicals, with pharma revenue growing to INR339 crores in FY26 from INR21 crores in FY22, and outlined plans to integrate Tanfac, Jayhawk and Bliss GVS Pharma into its platform strategy.
Numbers mentioned
Revenue from operations (consolidated): INR2,384 crores (FY26)
p. 5
“Revenue from operations was at INR2,384 crores as compared to INR1,448 crores in FY25, up 65% Y-o-Y.”
Vishal Thakkar, page 5 of the filed PDF · View the filing
EBITDA (including other income, consolidated): INR543 crores (FY26)
p. 5
“EBITDA, including other income, was at INR543 crores as compared to INR412 crores in FY25.”
Vishal Thakkar, page 5 of the filed PDF · View the filing
EBITDA margin: 23% (FY26)
p. 5
“This translates to an EBITDA margin of 23% for FY26.”
Vishal Thakkar, page 5 of the filed PDF · View the filing
Profit after tax (consolidated): INR222 crores (FY26)
p. 6
“Profit after tax was at INR222 crores as compared to INR160 crores in FY25, translating to a PAT margin of 9% in FY26.”
Vishal Thakkar, page 6 of the filed PDF · View the filing
Total income: INR639 crores (Q4 FY26)
p. 5
“Total income was at INR639 crores as compared to INR506 crores in Q4 FY25, up 26% Y-o-Y.”
Vishal Thakkar, page 5 of the filed PDF · View the filing
EBITDA (Q4): INR141 crores (Q4 FY26)
p. 5
“EBITDA, including other income, was at INR141 crores as compared to INR150 crores in Q4 FY25, translating to an EBITDA margin of 22% for this quarter.”
Vishal Thakkar, page 5 of the filed PDF · View the filing
Profit after tax (Q4): INR56 crores (Q4 FY26)
p. 5
“Profit after tax was at INR56 crores as compared to INR63 crores in Q4 FY25, translating to a 9% profit margin in this quarter.”
Vishal Thakkar, page 5 of the filed PDF · View the filing
Operating cash flow: INR334 crores (FY26)
p. 3
“We have delivered operating cash flow of INR334 crores during FY '26 on the back of improved asset utilization, operational efficiency and better working capital management.”
Anand Desai, page 3 of the filed PDF · View the filing
Capex: INR315 crores (FY26)
p. 5
“During the year, we did capex of INR315 crores towards the last leg of the capex program.”
Amit Khurana, page 5 of the filed PDF · View the filing
High-performance materials revenue (standalone): INR305 crores (FY26)
p. 3
“our revenue from high-performance materials increased threefold from INR97 crores in FY '22 to INR305 crores in FY '26”
Anand Desai, page 3 of the filed PDF · View the filing
Pharma revenue (standalone): INR339 crores (FY26)
p. 3
“Pharma revenue has grown 15-fold from INR21 crores in FY '22 to INR339 crores in FY '26”
Anand Desai, page 3 of the filed PDF · View the filing
Agrochemical revenue contribution: 55% (FY26)
p. 6
“Agrochemical segment contributed 55% of our revenue, Pharma segment contributed 20% of our revenue, Performance Materials contributed 18% of our revenue and balance was 7% contributed by Personal Care.”
Vishal Thakkar, page 6 of the filed PDF · View the filing
Jayhawk pro forma annual revenue: approximately US$76 million
p. 4
“Jayhawk reported a pro forma annual revenue of approximately US$76 million, reflecting the strong scale and capabilities of the platform.”
Gopal Agrawal, page 4 of the filed PDF · View the filing
Consolidated debt (gross): around about INR1,500 crores
p. 8
“Look at this way that today, my balance sheet carries around about INR1,500 crores of debt on a consol basis on a gross level basis.”
Vishal Thakkar, page 8 of the filed PDF · View the filing
Order book (standalone): around about INR14,000 crores
p. 9
“So, if you look at my order book, order book itself is around about INR14,000 crores.”
Vishal Thakkar, page 9 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.
Working capital — FY27
stated firmly by Amit Khurana
p. 5
“This improvement is in line with our guidance of working capital improvement, and we further expect it to improve in FY27.”
Amit Khurana, page 5 of the filed PDF · View the filing
Capex — no major capex · near future
stated firmly by Amit Khurana
p. 5
“We are not envisaging any major capex in near future as current capacity is enough to take care of the near-term growth.”
Amit Khurana, page 5 of the filed PDF · View the filing
Revenue growth (standalone) — 20% to 25% or 30% growth rate · next 3 to 5 years
stated as an aspiration by Vishal Thakkar
p. 7
“a growth of 20% to 25% or 30% growth rate over the next 3 to 5 years on a CAGR basis is something that we should be striving for and we should be looking at, and we feel reasonably confident on that performance.”
Vishal Thakkar, page 7 of the filed PDF · View the filing
Peak revenue from current gross block (standalone) — INR3,500 crores
stated as an aspiration by Vishal Thakkar
p. 8
“Ankur we should be looking at about INR3,500 crores kind of a number from this revenue -- sorry, from this block at least.”
Vishal Thakkar, page 8 of the filed PDF · View the filing
Maintenance capex — INR50 crores to INR75 crores · next 2, 3 years
stated as an aspiration by Vishal Thakkar
p. 8
“I think INR50 crores to INR75 crores is what you can look at the capex where it will be maintenance and then plus a bit of an efficiency program that we continue to do if we have to.”
Vishal Thakkar, page 8 of the filed PDF · View the filing
Tax rate (standalone) — around about 25%
stated firmly by Vishal Thakkar
p. 11
“I think going forward, we should be looking at around about 25% as a tax rate going forward.”
Vishal Thakkar, page 11 of the filed PDF · View the filing
Bliss GVS capacity utilization — 60% to 70% · near to medium term
stated as an aspiration by Vishal Thakkar
p. 6
“we believe that, that can be very quickly enhanced to 60% to 70% in the near to medium term, and that's something which we would be looking at leveraging.”
Vishal Thakkar, page 6 of the filed PDF · View the filing
Bliss GVS transaction EPS impact — day 1
stated firmly by Vishal Thakkar
p. 7
“Also, yes, it will be EPS accretive from day 1.”
Vishal Thakkar, page 7 of the filed PDF · View the filing
Bliss GVS synergy timeline — 6 to 18 months
stated conditionally by Vishal Thakkar
p. 7
“So, we believe that in terms of expansion of the business, in terms of CDMO projects that they are looking at expansion in U.S., Europe and India should start giving results in 6 to 18 months' time -- 6 to 12 months' time more nearly, but 18 further, we'll be able to see a larger one.”
Vishal Thakkar, page 7 of the filed PDF · View the filing
Working capital (consolidated pro forma) — 215 to 220-odd days
stated conditionally by Vishal Thakkar
p. 10
“So if I just do it on a pro forma basis, I think the number should be -- on a consolidated basis, the working capital number should be in the range of 215 to 220-odd days kind of a number on a pro forma basis if I were to say.”
Vishal Thakkar, page 10 of the filed PDF · View the filing
Halol capex timeline — 2 to 3 months
stated conditionally by Vishal Thakkar
p. 13
“First, the time line, if you look at it is basically if you depend upon the SEBI approval and the open offer results. So anything between 2 to 3 months of time frame is what we estimate today, but that's an estimation.”
Vishal Thakkar, page 13 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.
Management said current management will continue, and the acquisition strengthens the pharma platform given Bliss's low capacity utilization and Anupam's presence in regulated markets.
Answered by Vishal Thakkar
Asked by Harsh Shah: What was the rationale behind the Bliss GVS acquisition and will current management continue?
p. 6
“Also, if you look at this company is today having an operating capacity utilization of only 30% and we believe that, that can be very quickly enhanced to 60% to 70% in the near to medium term, and that's something which we would be looking at leveraging.”
Vishal Thakkar, page 6 of the filed PDF · View the filing
Management gave standalone entity revenue figures adding to over INR4,000 crores on a pro forma basis with about INR834 crores EBITDA.
Answered by Vishal Thakkar
Asked by Tanya Chowdhary: What is the expected pro forma revenue post consolidation of all entities?
p. 7
“So total, if I look at as of today delivered business on a pro forma basis, we should be looking at over INR 4,000 crores of revenue and an EBITDA of around about INR834 crores on a consol basis, I would say.”
Vishal Thakkar, page 7 of the filed PDF · View the filing
Management estimated about INR3,500 crores of revenue potential from the current asset base.
Answered by Vishal Thakkar
Asked by Ankur Periwal: What is the peak revenue potential from the current stand-alone gross block?
p. 8
“Ankur we should be looking at about INR3,500 crores kind of a number from this revenue -- sorry, from this block at least.”
Vishal Thakkar, page 8 of the filed PDF · View the filing
Management said there would be an upward bias to margins from pharma/polymer mix shift but declined to give a specific new margin guide given ramping products.
Answered by Vishal Thakkar
Asked by Ankur Periwal: Will pharma and polymer growth be margin accretive versus agro, and how will working capital evolve?
p. 10
“Margins -- see, yes, there will be upward bias. I accept and agree with you. The only thing is right now, I do not want to guide because these are all ramping up products.”
Vishal Thakkar, page 10 of the filed PDF · View the filing
Management described vertical integration potential on the FDF side and leveraging Anupam's regulated market expertise to expand Bliss's underutilized capacity.
Answered by Vishal Thakkar
Asked by Varun Pinto: How will synergies between Anupam and Bliss work given neither manufactures its own API?
p. 15
“This, we will be able to leverage our expertise in the regulated market like U.S. and Europe, where they have permissions and approvals to expand very quickly.”
Vishal Thakkar, page 15 of the filed PDF · View the filing
Management said entities would remain independent, similar to the Tanfac model, while still leveraging shared capabilities across plants.
Answered by Vishal Thakkar
Asked by Saket Saurabh: Will Bliss and other acquired entities remain independent or eventually be merged?
p. 17
“I don't see that we need to bring it into a same corporate entity because the plants will be separate.”
Vishal Thakkar, page 17 of the filed PDF · View the filing
Management said the capex is for a separate CDMO business vertical with high asset turnover potential, but declined to elaborate further before consummating the Bliss transaction.
Answered by Vishal Thakkar
Asked by Dhruv Bajaj: What is the timeline and scale of the Halol capex for the CDMO project?
p. 14
“That capex is basically for the CDMO business, which has been offered by a very large multinational pharma player, existing customers of theirs.”
Vishal Thakkar, page 14 of the filed PDF · View the filing
Risks flagged
Uncertainty and limited visibility because the Bliss GVS transaction has not yet been consummated
p. 14
“They are listed entity. We have not yet consummated this transaction that we make statements on their behalf.”
Vishal Thakkar, page 14 of the filed PDF · View the filing
Transaction timeline depends on regulatory approval
p. 13
“First, the time line, if you look at it is basically if you depend upon the SEBI approval and the open offer results.”
Vishal Thakkar, page 13 of the filed PDF · View the filing
Margin guidance withheld due to ramping products not yet at full margin profile
p. 10
“The only thing is right now, I do not want to guide because these are all ramping up products.”
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.