CRISIL Ratings has maintained its ratings for Anupam Rasayan India Limited (ARIL) on ‘Watch Developing’ following the company’s announcement of acquiring a 43.3-48.2% equity stake in Bliss GVS Pharma Ltd. The acquisition, valued at an undisclosed amount, is expected to be funded through a mix of debt and equity. This development, alongside the company’s ongoing strategic initiatives, prompts the ‘Watch Developing’ status as clarity is sought on funding and approvals.
CRISIL Maintains Ratings on Watch Developing
August 31, 2026 – CRISIL Ratings has announced that it has continued its ratings on the bank facilities and non-convertible debentures of Anupam Rasayan India Limited (ARIL) on ‘Rating Watch with Developing Implications’. This action follows ARIL’s disclosure of its plan to acquire a substantial equity stake in Bliss GVS Pharma Ltd, a pharmaceutical formulation company. The acquisition is currently underway and is anticipated to be completed by September 2026.
Strategic Acquisition and Funding Uncertainty
The ratings have been placed on ‘Watch Developing’ due to the potential impact of this acquisition and its funding strategy. ARIL is expected to fund the transaction through a combination of debt and equity. Crisil Ratings noted that a significant portion of the funding might come from a global investment management fund, which would be a non-controlling, non-voting equity investment. The credit rating agency will continue to monitor the situation closely and engage with ARIL’s management to resolve the watch once clarity on the funding and necessary approvals is obtained. Crisil Ratings anticipates that the rating is unlikely to move by more than one notch.
Financial and Business Profile Update
In fiscal 2026, ARIL reported revenues of ₹2,365 crore, a significant increase from ₹1,439 crore in fiscal 2025, driven by improvements in the agrochemical segment and ramp-up in pharma and polymer divisions. However, the operating margin declined to 22.19% in fiscal 2026 from 27.67% in fiscal 2025, attributed to challenges in passing on higher costs. The working capital cycle saw improvements with reduced inventory and receivables. The company’s business risk profile remains strong, supported by its established market position and diversified revenue streams. Key strengths also include a healthy financial risk profile and robust operating profitability. These are partially offset by large working capital requirements and susceptibility to raw material price and foreign exchange volatility.
Consolidated Group and Key Financials
CRISIL’s analysis combines the business and financial profiles of ARIL and its wholly-owned subsidiaries, along with its subsidiary, Tanfac Industries Ltd. The group has a strong market position in custom synthesis and specialty chemicals, with over four decades of experience. For the period ended March 31, 2026, ARIL reported an operating income of ₹2,365.46 crore and a reported profit after tax (PAT) of ₹222.20 crore.
Source: BSE
