Submission of Transcript of Earnings Call on the Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended 31.03.2026.
ANURAS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Anupam Rasayan India reported FY26 consolidated revenue of INR2,384 crores (up 65% Y-o-Y) with EBITDA margin of 23% and PAT margin of 9%. The company generated INR334 crores in operating cash flow. On a standalone basis, it delivered INR1,676 crores revenue, and management targets 20-30% CAGR growth over the next 3-5 years with an order book of INR14,000 crores. The company has completed two major acquisitions: Jayhawk Fine Chemicals (U.S., ~US$76M pro forma revenue, only 1 month consolidated in FY26) and a definitive agreement to acquire 43.3-48.2% stake in Bliss GVS Pharma (funded via INR300 crores NCDs plus quasi-equity, EPS accretive from day 1). Pro forma consolidated revenue across all four entities (Anupam + Tanfac + Jayhawk + Bliss) exceeds INR4,000 crores with EBITDA of ~INR834 crores. Gross debt is ~INR1,500 crores (net ~INR1,100 crores), considered comfortable against consolidated EBITDA. Management confirmed no major new capex is required as current assets can support revenue up to INR3,500 crores from standalone operations alone.
The earnings call demonstrates strong operational momentum with multiple acquisitions adding scale. The diversified revenue mix (agro 55%, pharma 20%, performance materials 18%) and the platform strategy across Tanfac, Jayhawk, and Bliss create a multi-year growth runway. However, the 22% Q4 EBITDA margin (vs 23% full year) and 9% PAT margin indicate near-term margin pressure from integration costs and lower-margin acquired entities, though management expects upward bias as pharma/polymer mix increases.