ANUPAM RASAYAN INDIA LTD

Manufactures specialty chemicals across four verticals: agrochemicals (55% of FY26 standalone revenue), pharmaceuticals (20%), performance materials (18%) and personal care (7%). Operates a multi-product synthesis platform with backward integration into fluorination via Tanfac, and produces key starting materials (KSMs), intermediates and active ingredients for global agrochemical and pharmaceutical customers. Recently completed two acquisitions — Jayhawk Fine Chemicals (US custom synthesis, defence and semiconductor exposure, pro forma ~USD 76 million annual revenue) and a 43.3%-48.2% stake in Bliss GVS Pharma (full pharma value chain from KSM to finished dosage forms) — taking pro forma combined revenue across the four entities to over INR 4,000 crore with EBITDA of ~INR 834 crore. The order book stands at INR 14,000 crore, with ~INR 1,700-1,800 crore of incremental annual revenue expected from the pipeline over a six-year horizon. All plants are commercialised; management has guided maintenance capex of INR 50-75 crore per annum and targets 20-25% standalone revenue CAGR over 3-5 years. Signed a non-binding Letter of Intent with BASQUEVOLT, S.A. (Spain) for potential long-term supply of a specialty chemical for solid-state lithium batteries, with cumulative potential revenue of USD 300 million over up to 10 years. Raw materials are the largest cost, accounting for 61% of revenue in FY26.