ANURAS · Chemicals · filed 6 Nov 2026
Anupam Rasayan India Ltd. reported revenue of ₹806 cr for July to September 2026, +10.2% on the year and +23.0% on the quarter. That is slower than this quarter has grown in recent years (+61.9% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹2,609 cr, +23.8% on the four before.
Operating profit (EBITDA) was ₹187 cr, a margin of 23.2%, +466 bps on the year and −156 bps on the quarter. Over the last 8 quarters the margin has ranged from 18.6% to 31.8%, averaging 24.9%. Operating costs grew +3.9% against revenue growth of +10.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹65.0 cr, +13.7% on the year and +26.8% on the quarter, with earnings per share of ₹6.81. Profit before other income, one-offs and tax grew 9.5%, so 4 points of the headline growth came from outside the core business. The tax rate was 27% against an average of 20% over the previous 6 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹233 cr, +5.0% on the four before.
Of the 14 companies in Speciality chemicals and CRAMS that have reported Q2 FY27 so far, Anupam Rasayan India Ltd. ranks 9th on revenue growth; the sector median is +14.3%. Its margin moved +466 bps on the year against a sector median of −271 bps.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand.
On earnings per share of ₹18.26 over the last four quarters, the stock at ₹1,164.50 trades at 63.8 times trailing earnings.
Customers are taking much longer to pay. Is revenue being booked ahead of cash?
Source: Balance sheet
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Results filing
Borrowing rose while cash also rose. Why borrow while holding the cash?
Source: Balance sheet
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,582 cr | ₹959 cr | ▲ 64.9% |
| Inventory | ₹2,089 cr | ₹1,775 cr | ▲ 17.7% |
| Cash | ₹634 cr | ₹378 cr | ▲ 67.6% |
| Bank balances | ₹131 cr | ₹15.6 cr | ▲ 739.8% |
| Long-term borrowings | ₹853 cr | ₹511 cr | ▲ 67.0% |
| Short-term borrowings | ₹1,605 cr | ₹1,304 cr | ▲ 23.1% |
| Trade payables | ₹1,114 cr | ₹946 cr | ▲ 17.8% |
| Net block | ₹3,378 cr | ₹2,874 cr | ▲ 17.5% |
| Capital work in progress | ₹294 cr | ₹114 cr | ▲ 156.6% |
| Equity | ₹5,048 cr | ₹3,302 cr | ▲ 52.9% |
| Total assets | ₹11,395 cr | ₹8,013 cr | ▲ 42.2% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹303 cr | ₹535 cr |
| Capital expenditure | −₹384 cr | −₹206 cr |
| Investing cash flow | −₹2,318 cr | −₹253 cr |
| Financing cash flow | ₹2,228 cr | ₹18.3 cr |
| Dividends paid | −₹15.5 cr | −₹15.2 cr |
Operating cash flow was 2.61× profit. Receivables at 198 days of sales (+50 days against the last year end). Inventory at 261 days of sales (−13 days).
Other matter 1: “The accompanying Statement includes the Unaudited Interim Financial Results / Financial Information of Four wholly owned subsidiaries as stated at Sr. No. 2 to 4 and 10 in the Table in Paragraph 4. above, whose Interim Financial Results reflect Total… Read in full
The accompanying Statement includes the Unaudited Interim Financial Results / Financial Information of Four wholly owned subsidiaries as stated at Sr. No. 2 to 4 and 10 in the Table in Paragraph 4. above, whose Interim Financial Results reflect Total assets of Rs. 19,208.30 million as at September 30, 2026; Total revenue of Rs. 89.95 million for the quarter ended September 30, 2026, and Rs. 140.86 million for the half year ended September 30, 2026; Total net profit /(loss) after tax of Rs. (12.63) million for the quarter ended September 30, 2026 and Rs. (19.06) million for the half-year ended September 30, 2026; Total comprehensive income of Rs. (12.63) million for the quarter ended September 30, 2026 and Rs. (19.06) million for the half year ended September 30, 2026; and Cash inflow of Rs. 535.27 million for the half year ended September 30, 2026, as considered in the Statement which have been reviewed by us.
Other matter 2: “The accompanying Statement includes the Unaudited Interim Financial Results / Financial Information in respect of Subsidiary Company over which the Holding Company exercises effective control as stated at Serial No. 11 in the Table in paragraph 4. above, whose Interim… Read in full
The accompanying Statement includes the Unaudited Interim Financial Results / Financial Information in respect of Subsidiary Company over which the Holding Company exercises effective control as stated at Serial No. 11 in the Table in paragraph 4. above, whose Interim Financial Results reflect Total assets of Rs. 10,060.13 million as at September 30, 2026; Total revenue of Rs. 2,331.20 million for the quarter ended September 30, 2026 and Rs. 4,223.19 million for the half year ended September 30, 2026; Total net profit after tax of Rs. 190.28 million for the quarter ended September 30, 2026, and Rs. 358.77 million for the half year ended September 30, 2026; Total comprehensive income of Rs. 191.66 million for the quarter ended September 30, 2026, and Rs. 360.15 million for the half year ended September 30, 2026; and Cash inflow of Rs. 780.42 million for the half year ended September 30, 2026, as considered in the Statement which have been reviewed by other auditors.
Other matter 3: “The accompanying Statement includes the Unaudited Interim Financial Results / Financial Information of three wholly owned subsidiaries as stated at Sr. No. 5 to 7 in the Table in Paragraph 4. above, whose Interim Financial Results reflect Total assets of… Read in full
The accompanying Statement includes the Unaudited Interim Financial Results / Financial Information of three wholly owned subsidiaries as stated at Sr. No. 5 to 7 in the Table in Paragraph 4. above, whose Interim Financial Results reflect Total assets of Rs. 1,422.42 million as at September 30, 2026; Total revenue of Rs. 283.31 million for the quarter ended September 30, 2026 and Rs. 595.91 million for the half year ended September 30, 2026; Total net profit after tax of Rs. 0.56 million for the quarter ended September 30, 2026 and Rs. 10.13 million for the period for the half year ended September 30, 2026; Total comprehensive income/(loss) of Rs. (3.10) million for the quarter ended September 30, 2026 and Rs. (21.54) million for the half year ended September 30, 2026; and Cash outflow of Rs. 56.64 million for the half year ended September 30, 2026. These Unaudited Interim Financial Results / Financial Information relate to the amounts and disclosures included in respect of these subsidiaries, are based solely on such Unaudited Interim Financial Results / Financial Information furnished to us by the Management and the same are not reviewed by us.
Filing p. consolidated limited review report p.1-4
Approved acquisition of 51% controlling equity stake in Bliss GVS Pharma Limited for ₹432.50 crore to enter finished dosage formulations. (p. board outcome letter & press release p.1)
Execution of long-term supply agreement with a US-based manufacturer with an estimated order value of USD 115 million (~₹960 crore) over 5 years. (p. ress release p.2)
Tax: Consolidated tax expense of ₹24.49 crore (current tax ₹15.80 crore, deferred tax ₹8.69 crore) on Profit before tax of ₹89.46 crore for Q2 FY27
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Volume growth | 32% | 12% |
| Export share | 66% | 64% |
| New molecules commercialised | 4 | — |
Consolidated revenue from operations grew 10.2% YoY to ₹805.94 crore in Q2 FY27, driven by 32% volume expansion which offset general pricing headwinds in agrochemicals and specialty intermediates.
Strong volume growth (+32% YoY) demonstrates market share gains and customer demand volume expansion despite pricing pressures.
Export share remains robust at 66% of revenue, with top customer concentration balanced across MNC innovators in Japan, USA, and Europe under long-term take-or-pay contracts.
Long-term contracts with global MNC innovators provide strong revenue visibility and mitigate concentration risks.
Consolidated inventory stood at ₹2,088.71 crore as of September 30, 2026, translating to 260.92 inventory days (calculated on annualised H1 revenue ₹2,921.84 crore) to support commercialisation of 4 new molecules and long-term supply contracts.
Elevated inventory days (260.92 days) reflect high working capital intensity required for stocking raw materials and strategic intermediates.
Read using the Speciality chemicals and CRAMS framework (named in the filing read). Primary valuation lens: P/E against volume growth.
Read more closely in this sector: Volume against price in growth · Customer and molecule concentration · Inventory days against sales.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| 5-Year Long-Term Supply Contract Value Target | 115.00 | 5 years | unchanged or first given |
Held for next quarter's said-then-did check.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹296 cr | ₹401 cr | ₹254 cr | ₹294 cr | ₹390 cr | ₹500 cr | ₹486 cr | ₹731 cr | ₹512 cr | ₹636 cr | ₹655 cr | ₹806 cr |
| YoY | — | — | −34% | −25% | +32% | +25% | +91% | +149% | +31% | +27% | +35% | +10% |
| EBITDA margin | 26.7% | 23.2% | 20.9% | 27.2% | 31.8% | 28.8% | 25.5% | 18.6% | 24.8% | 21.5% | 24.8% | 23.2% |
| Other income, % of PBT | 6% | 21% | 38% | 6% | −7% | 7% | 8% | 10% | 3% | 5% | 18% | 17% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 28% | 30% | 25% | 10% | 9% | 29% | 23% | 24% | −1% | 0% | 27% | 27% |
| Net profit | ₹26.0 cr | ₹40.0 cr | ₹12.0 cr | ₹31.0 cr | ₹54.0 cr | ₹63.0 cr | ₹48.0 cr | ₹57.2 cr | ₹61.0 cr | ₹56.0 cr | ₹51.2 cr | ₹65.0 cr |
| YoY | — | — | −77% | −37% | +108% | +57% | +300% | +84% | +13% | −11% | +7% | +14% |
| Core profit YoY | — | — | −85% | −53% | +85% | +78% | +480% | +112% | −8% | −35% | −2% | +10% |
| EPS | ₹1.68 | ₹2.82 | ₹0.36 | ₹1.52 | ₹2.56 | ₹4.05 | ₹3.10 | ₹3.93 | ₹4.31 | ₹3.75 | ₹3.39 | ₹6.81 |
| Flags | · | · | 2 | 1 | 2 | ✓ | 1 | 1 | 3 | 2 | ✓ | 3 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Anupam Rasayan India Ltd. reported revenue of ₹806 cr (+10.2% on the year) and net profit of ₹65.0 cr (+13.7% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +9.5% on the year, against +13.7% for reported profit.
3 checks raised a question: Customers are taking much longer to pay. Is revenue being booked ahead of cash?
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