Acutaas Chemicals Ltd(ACUTAAS)

NSE: ACUTAASBSE: 543349

₹ 3,146.95-2.07%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 25,764 crNext results: 27 Oct 2026Website: www.amiorganics.comUpdated: 24 Oct 2026

About

Acutaas Chemicals Ltd is an Indian manufacturer of advanced pharmaceutical intermediates and speciality chemicals, with CDMO services and a growing presence in battery electrolyte additives and semiconductor chemicals. In FY26, the company reported revenue of 1,339.37 crores and EBITDA of 521.98 crores. It operates three manufacturing plants in Gujarat (Sachin, Ankleshwar, Jhagadia) and holds a 75% stake in a semiconductor chemicals joint venture in South Korea.^[1][2]

Business segments

Advanced Pharmaceutical Intermediates (including CDMO) generated INR 292.7 crores in Q1 FY27, up 76.5% YoY, and INR 1,174.1 crores in FY26, up 37.5% YoY. It is the largest segment by revenue.^[3]
Specialty Chemicals (battery electrolyte additives, BFC semiconductor chemicals, commodity chemicals) brought in INR 37 crores in Q1 FY27, down 10.6% YoY, as the company deliberately wound down commodity chemical sales.^[3]
EBITDA margin was ~36% for Pharma Intermediates and ~24% for Specialty Chemicals in Q1 FY27.^[3]
By geography in FY25: revenue of 731.86 crores from outside India and 251.48 crores from India.^[4]

Manufacturing operations

Sachin plant (Unit 1, Gujarat): 83% utilisation in Q1 FY27, which management describes as the capacity ceiling. Management is evaluating land acquisition for a new plant.^[3]
Ankleshwar plant (Unit 2, Gujarat): 23% utilisation in Q1 FY27 vs 31% in Q4 FY26. Management expects it to fill in about three years.^[3]
Jhagadia plant (Unit 3, Gujarat): 55% utilisation in Q1 FY27 vs 50% in Q4 FY26. It houses the battery electrolyte additive block with 4,000 MT capacity (2,000 MT VC + 2,000 MT FEC).^[3]
A 16 MW captive solar plant is fully commissioned across sites and has added more than 2.5% to operating margin.^[5]

CDMO and pharma intermediates pipeline

Five CDMO products were commercial as of Q3 FY26. Four more were validated in FY26 and are expected to bring meaningful revenue from H2 FY27, each with peak revenue potential of INR 50-100 crores.^[6]
Management targets CDMO revenue of more than INR 1,000 crores by FY28.^[3]
About 30-40 CDMO molecules are added to the development pipeline each year.^[3]
The company substantially finished exiting low-margin products from its pharma intermediates portfolio in 9M FY26. Sequential growth resumed in Q4 FY26.^[7]

Battery chemicals and semiconductor

The company holds 90% of subsidiary Acutaas Electrolytes Private Limited (ACEPL). ACEPL handles business development, marketing and sales of electrolyte additives and battery chemicals, and the parent company manufactures them.^[2]
ACEPL had revenue of ₹0.19 million in FY 2025-26.^[2]
The Jhagadia battery chemicals plant (4,000 MT) began commercial supply in Q1 FY27. All of its capacity is covered by long-term customer contracts.^[3]
A third electrolyte additive product has a signed customer contract. Phase 2 capex is due to finish by end of Q2 FY27, with ramp-up expected in FY28.^[3]
The BFC semiconductor chemicals business recovered from Q4 FY26, with shipments confirmed to Japanese and Korean customers.^[7]

Indichem Korea JV

Acutaas holds 75% of Indichem, a semiconductor chemicals JV in South Korea. The Korean partner provides technology, market access and starting materials.^[5]
Indichem's R&D centre is operational and is sending samples to prospective customers. Main plant capex was expected to finish by end of Q1 FY27.^[3]
Commercial revenue from Indichem is expected from FY28. Capacity is expected to fill three to four years after commissioning.^[3]

Expansion and capex

The Jhagadia Unit-3 facility for electrolytes and battery chemicals, an investment of ₹1,950 million, was nearing completion per the FY26 annual report.^[2]
Planned FY27 capex is about INR 90 crores: INR 50 crores of spillover for electrolyte additives and a pilot plant, and INR 40-45 crores of maintenance.^[3]
A new R&D centre with 10x the current capacity is planned, with separate divisions for pharma, battery chemicals, semiconductor, electronics and cosmetics. Its capex has not been finalised.^[3]

Management guidance

Management reaffirmed FY27 revenue growth of 25% and expects the FY27 EBITDA margin to be similar to FY26.^[3]
Pharma Intermediates' share of revenue is expected to fall from 87% to about 80% over the next three years.^[3]
By FY28, battery chemicals and semiconductor are targeted to run as self-sustaining growth engines.^[7]

Recent developments

On October 17, 2026, the company completed the acquisition of 100% of Enchem Ami Organics Private Limited (10,000 equity shares of Rs. 10 each), making it a direct wholly-owned subsidiary.^[8]
The FY26 annual report proposed a final dividend of ₹2.50 per share.^[2]

Market Cap

₹25,764 Cr

High / Low

₹3,735 / 1,571

Stock P/E

66.7

Price / Book

15.6

Book Value

₹202

EPS

₹43.5

No. of Shares

8.19 Cr

ROCE

31.6%

ROE

24.1%

OPM

35.2%

Debt / Equity

0.02

Sales

₹1,339 Cr

Net Profit

₹356 Cr

Promoter holding

32.7%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials