Anupam Rasayan India Ltd. announced robust results for the nine months ended December 31, 2025 (9MFY26), delivering 84% YoY revenue growth to INR 1,730 crores. Management detailed strategic growth drivers across Pharma and Performance Materials, alongside progress on two major acquisitions: Tanfac integration and the pending 100% acquisition of US-based Jayhawk Fine Chemicals. The company maintains an optimistic outlook driven by high-entry barrier chemistry.
Q3 and 9MFY26 Financial Highlights
Anupam Rasayan India Limited shared its financial performance for the third quarter (Q3 FY26) and the nine months ended December 31, 2025. The company reported a significant leap in consolidated performance for the nine-month period.
Consolidated 9MFY26 highlights included:
- Revenue at INR1,730 crores, marking an 84% Year-on-Year (Y-o-Y) growth.
- EBITDA stood at INR402 crores, an increase of 53% Y-o-Y.
- Profit After Tax (PAT) was INR166 crores, growing by 71% Y-o-Y.
- The EBITDA margin for 9MFY26 was 23%.
For the third quarter (Q3 FY26) specifically:
- Revenue reached INR512 crores, up 31% Y-o-Y.
- EBITDA was INR130 crores.
- PAT was INR61 crores, reflecting 12% Y-o-Y growth.
- The Q3 EBITDA margin stood at 25%.
Operational Performance and Segment Drivers
Managing Director, Mr. Anand Desai, noted that the strong performance was driven by the scale-up of commercial molecules and improved capacity utilization. The revenue mix remains well-diversified:
- The Pharma segment contributed 19% of sales for 9MFY26 and showed strong momentum with 85% Y-o-Y growth.
- The Agro segment saw a clear demand recovery.
- The Performance Material portfolio, including defense and electronic materials, contributed 17% of revenue for 9MFY26.
- The Polymer and Performance Material segment grew by 245% Y-o-Y in 9MFY26.
Mr. Gopal Agrawal, CEO, highlighted the strength in the Pharma and Polymer pipelines, with 65 plus molecules in R&D and pilot stages. The company emphasized its growth strategy focusing on high entry barrier chemistry, complex multi-step synthesis, and strong customer stickiness.
Furthermore, revenue traction in Japan was noted, contributing almost 17% this quarter.
Strategic Acquisitions Update
Management detailed two key integration and expansion steps:
- Tanfac Integration: The 2022 acquisition secured uninterrupted access to critical raw materials like HF and KF for fluorination chemistry, improving cost stability and supply chain risk.
- Jayhawk Fine Chemicals (US Acquisition): A definitive agreement was signed to acquire 100% equity in the US-based specialty chemicals company. This is expected to close in the coming weeks and will provide a direct onshore manufacturing presence in the US, enhancing access to high-value end markets such as semiconductors, automotive, and EV. Management confirmed the acquisition is expected to be EPS accretive from day one, though its results have not yet been consolidated into the current figures.
Financial Outlook and Working Capital
Mr. Vishal Thakkar, Deputy CFO, shared that 58% of total revenue came from exports. He noted strong conversion of the order book, with LOIs and contracts contributing over INR250 crores to 9MFY26 revenue.
Regarding working capital intensity, the current consolidated figure is around 250-odd days. The management’s near-term target is to reduce this towards 220-200 days, with a focus to achieve below 200, around 180 days or below by FY27.
Source: BSE
