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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agrochemicals (55%), Pharmaceuticals (20%), Performance Materials (18%), Personal Care (7%). Diversified, asset-heavy specialty chemicals manufacturer with backward integration into fluorination and a multi-vertical custom synthesis platform.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,066 | 1,602 | 1,475 | 1,437 | 2,365 |
| EBITDA (ex other income) | 297 | 431 | 381 | 401 | 525 |
| margin % | 27.9 | 26.9 | 25.8 | 27.9 | 22.2 |
| Owners' profit | 152 | 181 | 129 | 93 | 170 |
| EPS, as reported (₹) | 15.22 | 20.91 | 11.89 | 8.50 | 15.09 |
| ROE % · ROCE % | 8.8 · 11.0 | 8.6 · 12.4 | 5.7 · 10.1 | 5.2 · 9.0 | 4.8 · 7.5 |
| Debt / equity (x) | 0.46 | 0.31 | 0.35 | 0.43 | 0.39 |
| Cash from operations | (171) | 292 | 59 | (30) | 334 |
| Capex | (147) | (221) | (716) | (410) | (555) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 294 | 390 | 500 | 486 | 731 | 512 | 636 | 655 |
| Profit before tax | 34 | 59 | 88 | 63 | 76 | 60 | 56 | 70 |
| Net profit | 31 | 54 | 63 | 48 | 57 | 61 | 56 | 51 |
| EPS (₹) | 1.51 | 2.57 | 4.06 | 3.10 | 3.93 | 4.31 | 3.75 | 3.39 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,59,479 | 60.2 | 14.43 | 42.3 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 73,583 | 34.0 | 5.24 | 22.7 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 52,514 | 85.7 | 6.64 | 41.5 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,836 | 55.4 | 11.03 | 39.5 | 16.7 | 16.4 | 23.0 | 37.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Acquired 2.60 lakh shares of Tanfac Industries for about Rs. 60.88 cr via preferential issue | strategic transactions | medium | — | — |
| 9 Sept 2026 · Newspaper advertisement regarding 23rd Annual General Meeting published | compliance | minimal | — | — |
| 8 Sept 2026 · 23rd AGM notice on Sep 30, 2026; final dividend of INR 1.5 per share proposed | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Anupam Rasayan to acquire additional 0.73% stake in Tanfac Industries for Rs 60.88 cr | strategic transactions | medium | — | — |
| 7 Sept 2026 · Anupam Rasayan appoints Ms. Hetvi Vyas as Deputy CFO effective Sep 8, 2026 | management changes | medium | — | — |
| 7 Sept 2026 · Anupam Rasayan fixes Sep 18, 2026 as record date for FY26 final dividend | corporate actions | high | — | — |
| 7 Sept 2026 · Board approves Tanfac Industries stake buy, fixes AGM and dividend record date | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Anupam Rasayan inks 6-year chemical supply deal with US-based global major | business updates | high | — | — |
| 1 Sept 2026 · Post-offer ad clippings filed for Bliss GVS Pharma open offer acquisition | compliance | minimal | — | — |
| 31 Aug 2026 · Crisil continues A+ rating on Watch Developing for bank facilities and NCDs | credit debt | medium | — | — |
| Where a broker report shows |
|---|
| AETHER INDUSTRIES LIMITED | 22,229 | 94.3 | 9.05 | 60.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 21,769 | 27.8 | 3.71 | 22.4 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 18,401 | 23.1 | 2.92 | 14.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 17,846 | 33.6 | 3.00 | 18.8 | 7.0 | 4.4 | 13.0 | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 79.1 | 23.4 | 90 of 103 | 13% |
| P/B | 3.0 | 2.9 | 55 of 99 | 45% |
| ROCE | 4.7 | 10.3 | 78 of 108 | 28% |
| ROE | 4.8 | 8.1 | 74 of 101 | 27% |
| Debt / Equity | 0.4 | 0.2 | 74 of 101 | 27% |
| EBITDA margin | 26.7 | 15.5 | 16 of 99 | 85% |
| Revenue growth | 34.8 | 24.4 | 29 of 94 | 70% |
| Profit growth | 5.7 | 55.1 | 67 of 92 | 28% |
| Market cap | 13858 | 732 | 12 of 107 | 90% |
| This document shows |
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| Why |
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| 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 |
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