Acutaas Chemicals
Acutaas Chemicals
HealthcareKey Fundamentals
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Key Insights
Strengths
3- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 45.8% CAGR over last 5 years
Weaknesses
2- Stock is trading at 15.8 times its book value
- Promoter holding has decreased over last 3 years: -6.27%
Growth Rate
AI Analysis — Bull vs Bear
Acutaas Chemicals Ltd (formerly Ami Organics) has a market capitalisation of about ₹26,595 crore. Its TTM sales grew 41% and TTM profit grew 104%, with 5-year compounded sales and profit growth of 32% and 46%. The stock trades at 69.5x earnings and 16.28x book value after a 141% gain over the past year. The company is almost debt free, and promoter holding has fallen by 6.75 percentage points over three years.
- Profit growth has sped up. TTM profit growth of 104% is well above the 3-year CAGR of 62% and the 5-year CAGR of 46%.
- Sales growth is steady over time. Compounded sales growth was 30% over 3 years, 32% over 5 years and 41% on a TTM basis, so the gains are not a one-off.
- Return on equity rose to 24% last year from a 3-year average of 18%, which suggests capital is being used more efficiently as the business grows.
- Profit is growing faster than sales. TTM profit growth of 104% versus TTM sales growth of 41% points to operating leverage and margin expansion.
- The company is almost debt free, which leaves room to fund growth without adding leverage risk. Its implied TTM net profit is about ₹383 crore (₹26,595 crore market cap ÷ 69.5 P/E).
- Returns have compounded over several periods: 74% CAGR over 3 years and 39% CAGR over 5 years, backed by a 46% 5-year profit CAGR.
- A 10-year average ROE of 20% shows the business has earned returns above a typical cost of equity over a long period, not just in the recent upcycle.
- The valuation is high. A P/E of 69.5 gives an earnings yield of about 1.4%, so the price assumes the recent high growth rates will continue.
- The price-to-book ratio of 16.28 implies a book value of only about ₹1,634 crore against a ₹26,595 crore market cap, leaving little asset-based downside protection.
- The stock's 1-year return of 141% is ahead of 104% TTM profit growth, so part of the gain came from the market paying a higher multiple rather than from earnings alone.
- Promoter holding has fallen by 6.75 percentage points over the last 3 years, which may worry investors who watch insider alignment.
- TTM profit growth of 104% compares with a 5-year CAGR of 46%. If growth returns to its longer-term trend, the 69.5x multiple could come under pressure.
- Shareholders get almost no income. The dividend yield is 0.08%, an implied payout of about ₹21 crore on roughly ₹383 crore of TTM profit, so returns depend almost entirely on the share price.
- ROE averaged only 18% over 3 and 5 years, which is modest next to a 16.28x price-to-book multiple. The 24% ROE from last year would need to hold to support the premium.
- Key data is missing, including 10-year sales, profit and stock growth, the debt-to-equity figure and the 52-week price range. This makes it harder to judge performance across full business cycles.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- HPAPI pilot plant commissioned Sep 4
Acutaas opened a new pilot plant at Unit 1, Sachin, Surat on September 4, 2026, with OEB 4 containment for highly potent API intermediates. It supports new product trials and process scale-up for targeted therapies such as oncology, which are higher-value niches.
- Patent count rises to 11 Sep 10
Acutaas secured a process patent for preparing 2,4-dimethylthiophenol, bringing its total to 11 patents. This strengthens its IP portfolio and shows ongoing R&D output.
- 19th AGM approves FY26 accounts Sep 24
At the 19th AGM on September 24, 2026, shareholders adopted the FY26 financials and declared a final dividend. They also passed resolutions on director reappointments and related party transactions.
- EAOPL made direct subsidiary Sep 24
The board approved acquiring 100% of step-down subsidiary Enchem Ami Organics Pvt Ltd for ₹1 lakh, making it a direct wholly owned subsidiary. This is an internal group restructuring with no material financial impact.
- PL Capital conference on Sep 28 Sep 22
Acutaas will take part in the PL Capital Mid & Small Cap Conference in Mumbai on September 28, 2026. The company confirmed it will not share any price-sensitive information.
TL;DR: Acutaas is building its R&D and specialty capabilities, with an OEB 4 HPAPI pilot plant for oncology-focused work and an 11th process patent. The other items are routine: AGM approvals, a dividend, a ₹1 lakh subsidiary restructuring and an investor conference. No clear headwinds appear in this news set, though the articles include no revenue, margin or order-book data to confirm momentum in operations. The direction looks steady to improving, and the next signal to watch is whether the HPAPI capacity turns into commercial contracts in the coming quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 154 | 172 | 166 | 225 | 177 | 247 | 275 | 308 | 207 | 306 | 393 | 433 | 330 |
| Expenses | 120 | 148 | 140 | 182 | 147 | 198 | 206 | 224 | 156 | 211 | 243 | 249 | 217 |
| Operating Profit | 34 | 25 | 27 | 43 | 30 | 49 | 69 | 85 | 51 | 95 | 151 | 184 | 113 |
| OPM % | 22% | 14% | 16% | 19% | 17% | 20% | 25% | 28% | 25% | 31% | 38% | 42% | 34% |
| Other Income | 1 | -30 | 3 | 1 | 1 | 8 | 2 | 6 | 16 | 10 | 5 | 11 | 2 |
| Interest | 1 | 1 | 3 | 2 | 4 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 4 | 4 | 4 | 5 | 6 | 7 | 6 | 7 | 8 | 8 | 10 | 10 | 10 |
| PBT | 31 | -10 | 24 | 37 | 20 | 50 | 63 | 83 | 58 | 96 | 145 | 184 | 104 |
| Tax % | 28% | 71% | 25% | 31% | 26% | 25% | 28% | 24% | 24% | 25% | 27% | 27% | 28% |
| Net Profit | 22 | -17 | 18 | 26 | 15 | 38 | 45 | 63 | 44 | 72 | 106 | 134 | 75 |
| EPS in Rs | 2.71 | -2.55 | 2.27 | 3.41 | 1.71 | 4.56 | 5.49 | 7.63 | 5.41 | 8.82 | 13.19 | 16.09 | 9.07 |
Profit & Loss
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 160 | 188 | 239 | 240 | 341 | 520 | 617 | 717 | 1,007 | 1,339 | 1,462 |
| Expenses | 137 | 157 | 196 | 198 | 260 | 415 | 493 | 589 | 775 | 859 | 919 |
| Operating Profit | 23 | 31 | 42 | 42 | 80 | 105 | 123 | 128 | 232 | 480 | 543 |
| OPM % | 14% | 16% | 18% | 17% | 24% | 20% | 20% | 18% | 23% | 36% | 37% |
| Other Income | 0 | 3 | 0 | 2 | 1 | 3 | 4 | -25 | 17 | 42 | 27 |
| Interest | 3 | 3 | 5 | 6 | 6 | 6 | 2 | 6 | 6 | 3 | 4 |
| Depreciation | 1 | 2 | 3 | 4 | 4 | 10 | 12 | 16 | 27 | 36 | 38 |
| PBT | 19 | 28 | 35 | 35 | 72 | 91 | 112 | 82 | 216 | 483 | 529 |
| Tax % | 35% | 35% | 34% | 21% | 25% | 21% | 26% | 41% | 26% | 26% | — |
| Net Profit | 12 | 18 | 23 | 27 | 54 | 72 | 83 | 49 | 160 | 356 | 387 |
| EPS in Rs | 40.17 | 61.67 | 11.1 | 13.08 | 8.57 | 9.87 | 11.43 | 5.8 | 19.38 | 43.51 | 47.17 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 15% | 13% | 26% | 8% | 6% | — |
Balance Sheet
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 10 | 10 | 32 | 36 | 36 | 37 | 41 | 41 |
| Reserves | 37 | 56 | 72 | 101 | 135 | 486 | 558 | 637 | 1,269 | 1,613 |
| Borrowings | 27 | 44 | 54 | 59 | 137 | 1 | 4 | 217 | 13 | 36 |
| Other Liabilities | 43 | 54 | 77 | 61 | 110 | 136 | 169 | 205 | 227 | 295 |
| Total Liabilities | 109 | 155 | 213 | 232 | 413 | 659 | 767 | 1,096 | 1,549 | 1,984 |
| Fixed Assets | 28 | 32 | 79 | 85 | 186 | 205 | 259 | 427 | 570 | 745 |
| CWIP | 11 | 30 | 2 | 12 | 0 | 3 | 30 | 125 | 130 | 332 |
| Investments | 1 | 3 | 2 | 2 | 1 | 2 | 2 | 0 | 0 | 0 |
| Other Assets | 68 | 91 | 131 | 133 | 225 | 450 | 477 | 543 | 848 | 907 |
| Total Assets | 109 | 155 | 213 | 232 | 413 | 659 | 767 | 1,096 | 1,549 | 1,984 |
Cash Flow
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 29 | 8 | 15 | 27 | 28 | -12 | 66 | 125 | 118 | 292 |
| Investing | -19 | -25 | -21 | -24 | -101 | -121 | -33 | -365 | -224 | -266 |
| Financing | -7 | 15 | 6 | 0 | 72 | 140 | -12 | 239 | 261 | 4 |
| Net Cash Flow | 3 | -2 | 0 | 3 | -1 | 8 | 20 | -1 | 156 | 30 |
| Free Cash Flow | 10 | -16 | -7 | 6 | -77 | -46 | -31 | -155 | -76 | -36 |
| CFO/OP | 153 | 53 | 68 | 85 | 52 | 10 | 73 | 116 | 71 | 84 |
Ratios
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 83 | 97 | 116 | 86 | 129 | 115 | 136 | 105 | 105 | 99 |
| Inventory Days | 76 | 89 | 95 | 148 | 123 | 150 | 131 | 139 | 119 | 149 |
| Days Payable | 148 | 154 | 168 | 146 | 172 | 158 | 157 | 119 | 103 | 99 |
| Cash Conversion Cycle | 11 | 31 | 43 | 88 | 80 | 107 | 111 | 125 | 121 | 149 |
| Working Capital Days | 46 | 64 | 28 | 34 | 51 | 141 | 139 | 80 | 123 | 116 |
| ROCE % | — | 38% | 34% | 27% | 33% | 24% | 21% | 16% | 20% | 32% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Ami Organics Limited is one of the leading research and development-driven manufacturers of specialty chemicals. The company manufactures different types of Advanced Pharmaceutical Intermediates and Active Pharmaceutical Ingredients (API) for New Chemical Entities, and materials for agrochemicals and fine chemicals.[1]
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