Anupam Rasayan India Ltd(ANURAS)

NSE: ANURASBSE: 543275

₹ 1,098.8-0.79%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 12,510 crWebsite: www.anupamrasayan.comUpdated: 24 Oct 2026

About

Anupam Rasayan India Ltd is a Gujarat-based specialty chemicals manufacturer producing agrochemical active ingredients, pharmaceutical intermediates, and high-performance polymer and electronic materials via custom synthesis and long-term supply contracts. The company operates across three verticals - agro, pharma, and performance materials - with a cumulative signed LOI and contract portfolio of ~₹18,000 crore as of Q1 FY27. Reported revenue was 2365.45 crore in FY26.^[1][2]

Business segments

Agrochemicals contributed 55% of standalone revenue in FY26, down from 76% in FY22, as newer verticals scaled up.^[1]
Pharma contributed 19% of 9MFY26 consolidated revenue, growing 85% YoY in 9MFY26; standalone pharma revenue reached ₹339 crore in FY26 vs ₹21 crore in FY22.^[3]
Polymer and Performance Materials contributed 17% of consolidated revenue in 9MFY26, growing 245% YoY; standalone segment reached ₹305 crore in FY26 vs ₹97 crore in FY22.^[3]
Polymer segment guided to reach 20 - 25% of standalone revenue and 30 - 35% of consolidated revenue going forward (as of Q1 FY27).^[4]

Products and pipeline

125+ molecules commercialised cumulatively and 65+ molecules in R&D and pilot stages across pharma and polymer verticals, as of Q1 FY27.^[4]
Three new products commercialised in Q1 FY27: one in pharma and two in performance materials.^[4]
First company globally to commercialise Ethyl Trifluoroacetate (ETFA) via flow chemistry, targeting a USD 0.5 billion addressable market across pharma, agro and semiconductors (Q1 FY27).^[4]

Manufacturing capacity and operations

Total manufacturing capacity stood at 2,00,552 MT as of Q1 FY27.^[4]
All major planned capex projects commissioned and operational by FY26; standalone maintenance capex guided at ₹70 - 80 crore per annum in FY27.^[4]
Jayhawk Fine Chemicals operates in Kansas, US, with ~$78M revenue in CY24 and approximately 140 FTEs; acquired at an enterprise value of ~$134M.^[3]
Jayhawk contributed ~₹145 crore (~20 - 22% of consolidated revenue) in Q1 FY27; it is unlevered and self-funds its own capex.^[4]
Tanfac reported FY26 revenue of ₹711 crore and is introducing new products and customers in FY27 to extend the fluorination platform.^[1]
Bliss GVS Pharma (FY26 revenue ~₹927 crore) operates at ~30% capacity utilisation; management targets 60 - 70% over 2 - 3 years.^[1]
17.9 MW solar plus 9.6 MW hybrid renewable capacity commissioned as of FY25, with a Scope 2 net zero target by 2027; the ₹593 million hybrid plant targets ₹150 million in annual savings.^[5]

Key operating numbers

Consolidated working capital days declined from 409 days in FY25 to 247 days in H1 FY26 as older inventory was liquidated.^[6]
LOI/contract revenue was ~₹400 crore in FY26; expected to contribute ~25% of consolidated revenue in FY27 and ~30% in FY28.^[4]

Customers and markets

Top-10 customers accounted for 81% of consolidated revenue in Q2 FY26.^[6]
International revenue share was 36% in Q1 FY27; exports accounted for 58% of consolidated revenue in 9MFY26.^[4]
Japan contributed approximately 17% of consolidated revenue in Q3 FY26, helped by new customers and more molecules with existing ones.^[3]
Management said in Q2 FY26 that most products fall under the exempt category for US tariffs.^[6]

Order book and contracts

Cumulative signed LOI and contract portfolio stood at ~₹18,000 crore as of Q1 FY27, up from ₹14,646 crore at Q4 FY26.^[4]
LOI signed with BASQUEVOLT S.A. in Q1 FY27 for specialty chemical supply of ~USD 300 million over 10 years; commercialisation expected in H2 FY27.^[4]
A 10-year, $106 million (₹922 crore) LOI with a South Korean MNC was set to start supplies from FY26, per the FY25 annual report.^[5]
Peak revenue potential from standalone gross block estimated at ~₹3,500 crore; pro-forma group revenue across Anupam, Tanfac, Jayhawk and Bliss guided at over ₹4,000 crore (Q4 FY26).^[1]

Acquisitions and recent developments

Acquired a 48.2% controlling stake in Bliss GVS Pharma at ₹299 per share, funded via a ₹300 crore term loan and ₹1,450 crore from financial investors; closed in September 2026.^[7]
Bliss GVS adds a pharma platform from key starting materials to finished dosage formulations; CDMO synergies and US/EU expansion expected within 6 - 18 months of closing.^[1]
Jayhawk Fine Chemicals acquisition completed; consolidated for about 1 month 2 days in FY26, with full-year contribution in FY27.^[1]
FY26 capex of ₹315 crore was the last leg of the multi-year capital programme; all plants now commissioned.^[1]
39,14,886 warrants were converted into equity shares at ₹945.11 after FY25 year end.^[5]
CRISIL upgraded the long-term rating to A+/Stable, as reported in the FY25 annual report.^[5]

Market Cap

₹12,510 Cr

High / Low

₹1,415 / 1,053

Stock P/E

71.6

Price / Book

3.8

Book Value

₹293

EPS

₹14.9

No. of Shares

11.38 Cr

ROCE

7.4%

ROE

5.5%

OPM

16.9%

Debt / Equity

0.54

Sales

₹2,365 Cr

Net Profit

₹222 Cr

Promoter holding

59.1%

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