NSE: ANURAS · BSE: 543275
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. 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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,47,581 | 55.7 | 13.36 | 39.1 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,214 | 32.0 | 4.93 | 21.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 46,552 | 76.0 | 5.88 | 37.0 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 42,476 | 53.7 | 10.69 | 38.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,367 | 86.4 | 8.29 | 55.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 19,572 | 25.0 | 3.33 | 20.3 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 15,853 | 19.9 | 2.52 | 12.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 15,833 | 29.8 | 2.66 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 73.2 | 23.0 | 88 of 99 | 11% |
| P/B | 2.8 | 2.8 | 50 of 99 | 50% |
| ROCE | 4.7 | 10.1 | 76 of 106 | 29% |
| ROE | 4.8 | 8.1 | 72 of 99 | 28% |
| Debt / Equity | 0.4 | 0.2 | 72 of 99 | 28% |
| 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 | 12808 | 697 | 12 of 108 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Anupam Rasayan gets Crisil ESG rating of 62, Core ESG 63 (Strong) | business updates | medium | — | — |
| 8 Oct 2026 · Catalyst Trusteeship reports additional share pledge of 2.16% in Anupam Rasayan | ownership changes | high | — | — |
| 7 Oct 2026 · Non-Applicability Confirmed for SEBI DP Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Promoter pledges shares for subsidiary NCDs, releases pledges after loan repayments | ownership changes | high | — | — |
| 6 Oct 2026 · Promoter Mona Desai updates pledge disclosures; 97.58% of stake encumbered | ownership changes | high | — | — |
| 6 Oct 2026 · Catalyst Trusteeship reports additional pledge of 66 lakh Anupam Rasayan shares | ownership changes | high | — | — |
| 5 Oct 2026 · Promoter Rehash Industrial releases pledge on 50 lakh shares after loan repayment | ownership changes | medium | — | — |
| 5 Oct 2026 · Promoter Mona Desai pledges 14.6 lakh shares as NCD security | ownership changes | high | — | — |
| 5 Oct 2026 · Promoter Anand Desai pledges 98 percent of his shares for company NCDs and loan | ownership changes | high | — | — |
| 1 Oct 2026 · AGM 2026 results: all 4 resolutions approved, final dividend confirmed | compliance | minimal | — | — |
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.