Anupam Rasayan
Anupam Rasayan
ChemicalsKey Fundamentals
MicrocapSpecialty ChemicalsChemicalsTapetide Score
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Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 4.01 times its book value
- Tax rate seems low
- Company has a low return on equity of 4.61% over last 3 years.
- Dividend payout has been low at 9.85% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
Anupam Rasayan India Ltd trades at a market cap of ~₹13,467 crore with a PE of ~59x and a price-to-book of ~4x. FY26 revenue surged 65% year-on-year to ₹2,384 crore, but the 3-year ROE averages only ~4.6% and the company carries a rising interest bill (₹149 crore in FY26 vs ₹63 crore in FY23). A ₹17,500 crore order book provides multi-year revenue visibility, though execution and margin sustainability remain open questions.
- FY26 revenue grew 65% YoY to ₹2,384 crore from ₹1,448 crore in FY25, signalling a sharp recovery after two flat years
- Q1 FY27 consolidated income grew 36% YoY to ₹668 crore with EBITDA up 35% to ₹175 crore, maintaining 26% EBITDA margin — momentum is carrying into the new fiscal year
- Diversified order book of ~₹17,500 crore executable over 5-7 years provides annual revenue visibility of ₹2,000-2,500 crore from the core CDMO franchise
- New 10-year LOI worth $106 million (~₹922 crore) signed with a Korean MNC for a high-performance niche chemical, deepening the long-term contract pipeline
- Pharma segment revenue share expanded from 4% in FY23 to 9% in FY24, with management guiding for double-digit share going forward — reduces agrochemical concentration
- 5-year compounded sales CAGR of 24% and TTM sales growth of 52% show above-industry-average topline expansion
- FY26 net profit rose to ₹222 crore from ₹160 crore in FY25 (TTM profit growth of 42%), reversing a 3-year profit CAGR of -2%
- Global-first commercialisation of ETFA and a new long-term supply pact with a US specialty metals maker open entirely new end-market segments
- PE of ~59x is steep for a chemicals company with a 3-year ROE of only ~4.6%, implying the stock prices in significant future earnings improvement
- Interest costs have nearly quintupled from ₹31 crore in FY22 to ₹149 crore in FY26, reflecting aggressive debt-funded capex that pressures free cash flow
- EBITDA margin compressed to 23% for full-year FY26 (from 25% in FY23/FY22 levels), even as revenue scaled up — operating leverage remains unproven
- 3-year compounded profit CAGR of -2% shows that rapid revenue growth in prior years did not translate into consistent earnings growth
- Dividend payout has been only ~9.85% of profits over the last 3 years with a yield of just 0.13%, offering negligible income return to shareholders
- Stock trades at 4x book value despite sub-7% ROE across all measured periods (5-year ROE of 6%, last year 6%), indicating poor capital return efficiency relative to valuation
- Effective tax rate dropped to ~12.7% in FY26 from ~30% in FY24-FY23, and any normalisation toward statutory rates would compress net profit materially
- Revenue declined in FY24 (-7.9%) and FY25 (-2.6%) before the FY26 recovery, highlighting cyclicality and customer-concentration risks inherent in a contract manufacturing model
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Revenue growth guidance raised 30%+ Aug 17
Anupam Rasayan raised its revenue growth forecast to over 30%, up from the earlier 20-25% guidance. Also identified Ethyl Fluoroacetate as a new product with $0.5B market potential, though FY27 contribution expected to be minimal.
- Six-year US specialty chemicals deal Sep 7
Secured a six-year supply agreement for specialty chemicals with a major US-based firm, reinforcing long-term international revenue visibility.
- Tanfac stake acquisition ₹60.88 Cr Sep 7
Board approved acquiring 2,60,065 equity shares in Tanfac Industries for ₹60.88 crore via preferential issue to maintain stake and offset passive dilution.
- FY26 final dividend declared Sep 7
Record date for FY26 final dividend fixed at September 18, 2026, with payout to eligible shareholders on or before October 29, 2026.
- AGM scheduled September 30, 2026 Sep 9
23rd AGM set for September 30, 2026 via VC/OAVM. E-voting window runs September 27-29.
- FY26 sustainability report filed Sep 8
Submitted BRSR for FY26 detailing ESG targets including net-zero goals by 2027, waste diversion rates, and renewable energy adoption.
- Negligible Bliss GVS Pharma acquisition Sep 1
Acquired only 1,669 shares of Bliss GVS Pharma in the open offer, negligible versus the proposed 26% stake. The underlying SPA is yet to be consummated.
TL;DR: Anupam Rasayan is on an improving trajectory with revenue growth guidance raised to 30%+ and a new six-year US supply deal adding long-term visibility. Strategic moves like the Tanfac stake acquisition and new product pipeline ($0.5B Ethyl Fluoroacetate opportunity) signal ambition, though near-term contribution from new products remains limited. No material headwinds emerged in recent newsflow. The trend is positive, with FY27 execution on the upgraded guidance being the key monitorable.
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 | 386 | 392 | 296 | 401 | 254 | 294 | 390 | 500 | 486 | 731 | 512 | 636 | 655 |
| Expenses | 285 | 285 | 216 | 308 | 201 | 214 | 266 | 356 | 362 | 596 | 385 | 498 | 493 |
| Operating Profit | 101 | 107 | 79 | 93 | 53 | 80 | 124 | 144 | 124 | 136 | 127 | 137 | 162 |
| OPM % | 26% | 27% | 27% | 23% | 21% | 27% | 32% | 29% | 26% | 19% | 25% | 22% | 25% |
| Other Income | 12 | 3 | 2 | 12 | 6 | 2 | -4 | 6 | 5 | 8 | 2 | 3 | 13 |
| Interest | 18 | 20 | 25 | 26 | 22 | 27 | 32 | 31 | 36 | 36 | 35 | 42 | 49 |
| Depreciation | 19 | 20 | 20 | 21 | 21 | 22 | 29 | 31 | 31 | 32 | 34 | 43 | 56 |
| PBT | 77 | 71 | 36 | 58 | 16 | 34 | 59 | 88 | 63 | 76 | 60 | 56 | 70 |
| Tax % | 32% | 31% | 28% | 30% | 25% | 10% | 9% | 29% | 23% | 24% | -1% | 0% | 27% |
| Net Profit | 52 | 49 | 26 | 40 | 12 | 31 | 54 | 63 | 48 | 57 | 61 | 56 | 51 |
| EPS in Rs | 3.59 | 3.78 | 1.68 | 2.82 | 0.36 | 1.52 | 2.56 | 4.05 | 3.1 | 3.9 | 4.31 | 3.75 | 3.39 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 502 | 529 | 811 | 1,074 | 1,602 | 1,475 | 1,437 | 2,365 | 2,535 |
| Expenses | 408 | 394 | 617 | 769 | 1,171 | 1,094 | 1,036 | 1,840 | 1,972 |
| Operating Profit | 93 | 135 | 194 | 305 | 431 | 381 | 401 | 526 | 563 |
| OPM % | 19% | 25% | 24% | 28% | 27% | 26% | 28% | 22% | 22% |
| Other Income | 19 | 11 | 26 | 8 | 10 | 30 | 11 | 17 | 26 |
| Interest | 24 | 45 | 69 | 31 | 63 | 89 | 112 | 149 | 162 |
| Depreciation | 23 | 29 | 52 | 60 | 71 | 80 | 102 | 140 | 165 |
| PBT | 66 | 72 | 100 | 222 | 308 | 242 | 198 | 254 | 261 |
| Tax % | 24% | 26% | 30% | 31% | 30% | 31% | 19% | 13% | — |
| Net Profit | 49 | 53 | 70 | 152 | 217 | 167 | 160 | 222 | 225 |
| EPS in Rs | 9.85 | 10.64 | 7.04 | 15.18 | 16.83 | 11.71 | 8.49 | 14.94 | 15.35 |
| Div. Payout % | 0% | 0% | 7% | 7% | 15% | 11% | 9% | 10% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 50 | 50 | 100 | 100 | 107 | 110 | 110 | 114 |
| Reserves | 432 | 515 | 1,473 | 1,627 | 2,265 | 2,651 | 2,740 | 3,188 |
| Borrowings | 694 | 847 | 423 | 836 | 822 | 1,069 | 1,373 | 1,867 |
| Other Liabilities | 146 | 252 | 301 | 327 | 584 | 772 | 1,045 | 2,843 |
| Total Liabilities | 1,323 | 1,664 | 2,298 | 2,891 | 3,778 | 4,602 | 5,269 | 8,013 |
| Fixed Assets | 681 | 977 | 1,115 | 1,202 | 1,417 | 1,501 | 2,185 | 3,713 |
| CWIP | 191 | 101 | 43 | 44 | 120 | 609 | 216 | 114 |
| Investments | 0 | 0 | 0 | 149 | 67 | 67 | 9 | 19 |
| Other Assets | 451 | 586 | 1,140 | 1,496 | 2,173 | 2,424 | 2,860 | 4,167 |
| Total Assets | 1,323 | 1,664 | 2,298 | 2,891 | 3,778 | 4,602 | 5,269 | 8,013 |
Cash Flow
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | 39 | 95 | 1 | -171 | 292 | 59 | -30 | 334 |
| Investing | -250 | -178 | -193 | -412 | -523 | -392 | -330 | -820 |
| Financing | 206 | 102 | 416 | 384 | 371 | 395 | 223 | 621 |
| Net Cash Flow | -6 | 19 | 224 | -199 | 140 | 62 | -137 | 135 |
| Free Cash Flow | -209 | -85 | -144 | -318 | 232 | -644 | -440 | -220 |
| CFO/OP | 55 | 77 | 10 | -44 | 84 | 28 | 3 | 72 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 88 | 89 | 92 | 95 | 95 | 143 | 186 | 148 |
| Inventory Days | 277 | 515 | 530 | 852 | 483 | 627 | 876 | 490 |
| Days Payable | 105 | 226 | 215 | 225 | 167 | 247 | 348 | 261 |
| Cash Conversion Cycle | 260 | 379 | 408 | 722 | 410 | 524 | 715 | 377 |
| Working Capital Days | 56 | 21 | 168 | 218 | 153 | 138 | 160 | 108 |
| ROCE % | — | 9% | 10% | 11% | 13% | 9% | 7% | 7% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY14–FY27.
Documents
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Company Information
Anupam Rasayan India Ltd is engaged in manufacturing of specialty chemicals, which are sold in local as well as exported to other countries.[1]
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