Anupam Rasayan India Ltd

Financial Performance

• Q1 FY27 consolidated total income INR668 crores, up 36% YoY.
• Revenue from operations INR655 crores in Q1 FY27.
• Consolidated EBITDA INR174.9 crores; margin 26%.
• PAT INR51.2 crores; PAT margin ~8%.
• Cash profit INR64 crores; vs INR56 crores in Q1 FY26.
• Depreciation higher due to asset base expansion and Jayhawk.
• Major capex cycle completed; near-term capex for existing platform not significant.
• Standalone gross margin 58% in the quarter.

Operating Highlights

• ETFA commercialization via flow chemistry marks milestone; unique scale advantages.
• 65+ pharma/polymer molecules in R&D; 10+ molecules commercialized in 2 years.
• LOI with BASQUEVOLT for potential USD 300 million over 10 years; commercialization FY27.
• Jayhawk acquisition strengthens US manufacturing, advanced chemistries, and global reach.
• Bliss GVS Pharma acquisition progressing; SEBI approval done; open offer concluded Aug 10; close expected in H1 Sep.
• Jayhawk contributed ~20-22% of quarterly revenue; EBITDA margin ~19-20%.

Portfolio Share and Mix

• Polymer share: standalone 20-25%; consolidated 30-35%.
• Agri demand recovering; performance materials and pharma share rising.

Capex and Cash Flow

• Major capex cycle completed; limited near-term capex for existing platform.
• Standalone capex guidance for FY27: INR 70-80 crores.
• Cash generation healthy; working capital largely stable; improvement expected in FY27.

Outlook and Guidance

• Organic revenue growth guidance for FY27: 25% +/- 2%.
• Jayhawk addition expected to add ~10-15% growth; revenue mix shifts persist.
• Standalone EBITDA margin guide: 24-26%; consolidated: 22-24%.
• ETFA market potential around USD 0.5 billion; ramp-up in 2–3 years.
• LOI/contracts referenced: INR 18,000 crores of potential business over tenures.

Q&A Highlights

• Bliss acquisition: expected consummation by H1 Sep; integration to begin post-close.
• Bliss independence approach maintained; synergy with Jayhawk and Anupam’s teams planned.
• Jayhawk quarterly revenue ~INR 145 crores; EBITDA ~INR 30 crores (19-20%).
• Standalone gross margin ~58% this quarter; EBITDA-focused view remains key.
• Capex outlook: INR 70-80 crores for next year; little else required.

Encumbrance details

• Target company is Anupam Rasayan India Limited.
• Encumbrance type is a pledge on promoter shares.
• Promoter is Anand Sureshbhai Desai.
• Encumbered shares amount to 2,00,000; post-event encumbered total is 71,75,780 (6.30%).
• Promoter's pre-encumbrance holding was 1,10,76,940 shares (9.73%).
• Promoter already encumbered pre-event shares totaled 69,75,780 (6.13%).
• Favouring entity is Catalyst Trusteeship Limited (Debenture Trustee) for Aditya Birla Capital Limited.
• Reason for encumbrance is to meet shortfall in security cover for 16,000 NCDs.
• Facility size is INR 160 Crores.
• End use of funds is discharge of debt from the NCD issuance.
• Date of creation is 06 August 2026.
• No change in control or governance is indicated.

Meeting Details

• Date and time: August 14, 2026 at 02:00 p.m. IST.
• Type and mode: earnings call; group virtual audio recording.
• Event/organiser: Anupam Rasayan India Limited.

Participants

• Key participant: Company Secretary & Compliance Officer (no other names disclosed).

Purpose

• Purpose: audio recording of unaudited standalone and consolidated results for quarter ended June 30, 2026.

Additional Notes

• Recording available on the company website.

Business Overview

• Leading custom synthesis manufacturer across Life Science, Performance Materials, and fluorinated products.
• Revenue mix: Life Science 41%, Performance Materials 31%, Tanfac fluorinated products 28%.
• Backward integration via Tanfac; forward integration via Jayhawk US CDMO platform.
• Jayhawk Fine Chemicals acquisition completed; Bliss GVS Pharma acquisition progressing.
• 8 manufacturing facilities (India and USA), 14+ export markets, 4 R&D centers.

Operational Highlights

• ETFA (Ethyl Trifluoroacetate) commercialization using flow chemistry, a first globally.
• LoI with BASQUEVOLT for potential up to US$300 million revenue over 10 years.
• Jayhawk Fine Chemicals acquisition completed; US footprint strengthens CDMO capabilities.
• Bliss GVS Pharma acquisition progressing with stake outline and Rs 1,600 Cr consideration.
• New pharma intermediate and two performance materials products added.

Financial Performance

• Consolidated revenue ₹6,675 Mn; YoY growth 36%; EBITDA ₹1,749 Mn; margin 26%.
• Standalone revenue ₹3,349 Mn; YoY growth 4%; EBITDA ₹1,155 Mn; margin 34%.
• Consolidated PAT ₹512 Mn; margin 8%; Standalone PAT ₹320 Mn; margin 10%.
• EPS: Consolidated ₹3.40; Standalone ₹2.81; Cash profit ₹1,073 Mn (Consolidated); ₹637 Mn (Standalone).

Capital Structure & Liquidity

• Jayhawk acquisition funded via internal accruals, debt, and quasi-equity.
• Bliss GVS Pharma: proposed stake 43.3–48.2% with open offer; ~₹1,600 Cr purchase consideration.

Strategic Priorities & Outlook

• Growth driven by Pharma and Polymer expansion; higher-value CDMO offerings.
• Long-term LOIs and contracts provide revenue visibility; stronger customer relationships.
• Backward integration with Tanfac and forward integration with Jayhawk to broaden portfolio.
• 65+ pharma/polymer molecules in R&D; 62+ in pipeline; 48+ geared to regulated markets.

Risks & Governance

• Risks include earnings fluctuations, growth management, competition, and regulatory/policy changes.
• Management focus led by MD Anand S Desai; acquisitions drive strategic diversification.

Consolidated Q1 FY27 highlights

• Total revenue Rs 6,675 Mn, up 36% YoY.
• EBITDA Rs 1,749 Mn; EBITDA margin 26.2%.
• PAT Rs 512 Mn in Q1 FY27.

Strategic developments

• First to commercialize Ethyl Trifluoroacetate using flow chemistry.
• LOI with BASQUEVOLT for long-term supply; revenue opportunity ~US$300 Mn over 10 years.
• Proposed Bliss GVS Pharma acquisition progressing after definitive agreement.

Operational and capacity details

• Aggregate installed capacity ~200,000+ MT across eight facilities.

Outlook and commentary

• Management remains confident in growth prospects with strong product pipeline and technology investments.

Appointment of Chief Operating Officer

• Appointment of Ravi Desai as COO, effective Aug 14, 2026; continues as KMP; previously Sales Head.

Financial results approved

• Approved unaudited standalone and consolidated results for quarter ended June 30, 2026.
• Limited Review Reports of Statutory Auditor on these results enclosed.

Leadership appointment

• Appointed Mr. Ravi Desai as COO with effect from August 14, 2026; remains KMP.

Subsidiaries and regulatory note

• Monitchem Kansas S.a.r.l liquidated with effect June 30, 2026; its results included in the group.

Meeting Details

• Date and time: Friday, Aug 14, 2026, 02:00 PM IST.
• Type and mode: earnings call, virtual conference.
• Event/organiser: Earnings Call for Q1 FY27 by Anupam Rasayan India Ltd.
• Key participants: Managing Director; CEO; CFO; Deputy CFO.
• Purpose: discuss Q1 FY27 earnings and operational performance.