NSE: ACUTAAS · BSE: 543349
ACUTAAS CHEMICALS LIMITED
Makes specialty chemicals across four segments, with pharmaceutical intermediates the dominant business. Pharma intermediates contributed 87.7% of FY26 revenue (₹11,741 Mn), supplying advanced intermediates and CDMO products to global pharmaceutical customers; the segment grew 76.5% YoY in Q1 FY27 to ₹292.7 cr. Commodity chemicals accounted for 11.2% of FY26 revenue and are being deliberately phased out as lower-margin products are replaced by higher-margin specialty offerings. Semiconductor chemicals — where the company is India's only photoresist manufacturer — made up 1.2% of FY26 revenue, with a new IndiChem plant in Korea due to start commercial revenue from FY28. Battery chemicals commercial supply commenced in Q1 FY27 after trial runs, targeting full 4,000 MT capacity (2,000 MT VC + 2,000 MT FEC) within three years. The cost base is dominated by raw materials at 44.4% of FY26 revenue, with capex at 24.5% reflecting heavy capacity expansion across plants. Management has guided to 25% revenue growth for FY27 with stable margins. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharmaceutical Intermediates (88%), Commodity Chemicals (11%), Semiconductor Chemicals (1%), Battery Chemicals. Specialty chemicals manufacturer anchored by pharma intermediates, diversifying into battery and semiconductor chemicals
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 520 | 617 | 717 | 1,007 | 1,339 |
| EBITDA (ex other income) | 105 | 123 | 96 | 232 | 480 |
| margin % | 20.2 | 19.9 | 13.4 | 23.0 | 35.9 |
| Owners' profit | 72 | 0 | 43 | 159 | 356 |
| EPS, as reported (₹) | 21.03 | 22.86 | 11.67 | 19.81 | 43.51 |
| ROE % · ROCE % | 13.8 · 18.5 | 14.0 · 19.0 | 7.1 · 10.8 | 12.2 · 16.5 | 20.8 · 27.7 |
| Debt / equity (x) | 0.00 | 0.01 | 0.32 | 0.01 | 0.02 |
| Cash from operations | (9) | 66 | 125 | 118 | 292 |
| Capex | 0 | (96) | (280) | (195) | (328) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 247 | 275 | 308 | 207 | 306 | 393 | 433 | 330 |
| Profit before tax | 50 | 63 | 83 | 58 | 96 | 145 | 184 | 104 |
| Net profit | 38 | 45 | 63 | 44 | 72 | 106 | 134 | 75 |
| EPS (₹) | 9.38 | 11.35 | 7.80 | 5.41 | 8.82 | 13.19 | 16.09 | 9.07 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 80.5 | 30.1 | 135 of 158 | 15% |
| P/B | 18.2 | 3.0 | 158 of 163 | 3% |
| ROCE | 27.5 | 10.8 | 12 of 183 | 94% |
| ROE | 20.8 | 9.8 | 17 of 166 | 90% |
| Debt / Equity | 0.0 | 0.2 | 50 of 166 | 70% |
| EBITDA margin | 34.8 | 17.5 | 19 of 165 | 89% |
| Revenue growth | 59.1 | 16.3 | 17 of 161 | 90% |
| Profit growth | 70.4 | 30.9 | 49 of 158 | 69% |
| Market cap | 31078 | 810 | 21 of 181 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Earnings call recording for October 27, 2026 available on website | investor communications | low | — | — |
| 27 Oct 2026 · Q2 EBITDA jumps 84.6%; FY27 revenue and margin guidance raised | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 FY27 revenue up 42.7%, PAT up 71.4%, guidance raised | compliance | minimal | — | — |
| 27 Oct 2026 · H1 revenue up 54%, standalone profit rises 80% | results | high | — | — |
| 27 Oct 2026 · Board approves Q2 and half-year results for September 2026 | results | high | — | — |
| 22 Oct 2026 · Acutaas Chemicals schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board meeting on Oct 27 to approve Q2 and H1 unaudited results | results | low | — | — |
| 17 Oct 2026 · Acutaas Chemicals completes acquisition of step-down subsidiary Enchem Ami Organics | strategic transactions | high | — | — |
| 6 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) filed for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Acutaas Chemicals re-appoints two directors for five years from Feb 2027 | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.