Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
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Research updated
Acutaas Chemicals Limited
NSE: ACUTAASBasic MaterialsSpecialty Chemicals
- Last close
- ₹3,137.70
- Day change
- −₹77.60 (−2.41%)vs
- Market cap
- ₹26,248 crIndian rupees
- Research updated
- 2 reports
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About Acutaas Chemicals
Acutaas Chemicals Limited is an Indian specialty chemicals company specializing in the research, development, and manufacturing of advanced pharmaceutical intermediates. These intermediates serve as crucial components for regulated and generic active pharmaceutical ingredients (APIs) used in treatments such as anti-retroviral, anti-inflammatory, anti-psychotic, anti-cancer, anti-Parkinson’s, antidepressant, and anticoagulant therapies. Beyond pharmaceuticals, Acutaas also produces specialty chemicals for diverse sectors including agrochemicals, cosmetics, polymers, animal feed, and personal care products. Founded in 2004 and headquartered in Surat, India, the company emphasizes innovation and quality through its flexible cGMP-compliant production facilities and dedicated R&D laboratories. It has expanded its global footprint by exporting products internationally and developing key intermediates for new chemical entities. Acutaas Chemicals plays a significant role in the pharmaceutical supply chain, enabling the commercialization of essential medicines and contributing to the fine chemicals industry within healthcare and related markets.
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
- Listing
- NSE: ACUTAAS
- Next results
- Employees
- 1,007
- Headquarters
- Surat, India
- ISIN
- INE00FF01025
- Website
- acutaas.com
Public research · Report of
Business model & financial foundation
Acutaas Chemicals (NSE: ACUTAAS), Pharmaceutical intermediates and specialty chemicals: revenue of ₹1,339 crore in FY26 (+33.0% on FY25), an EBITDA margin of 35.9%, net profit of ₹356.3 crore and net cash of ₹198.3 crore.
- Revenue, FY26 (₹ crore)
- 1,339
- consolidated
- Revenue growth, FY26
- +33.0%
- on FY25
- EBITDA margin, FY26
- 35.9%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 356.3
- to owners
- Return on equity, FY26
- 24.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -198.3
- Net debt excluding leases
- Market capitalisation (₹ crore)
- 25,646
- at the close of 17 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Acutaas Chemicals Limited (formerly Ami Organics Limited) |
| Exchange and ticker | NSE: ACUTAAS; BSE: 543349 |
| ISIN | INE00FF01025 |
| CIN | L24100GJ2007PLC051093 |
| Sector | Materials |
| Industry | Pharmaceutical intermediates and specialty chemicals |
| Headquarters | Surat, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Maheshwari & Co. |
| Market capitalisation | ₹25,646 crore (17 Oct 2026) |
| Shares outstanding | 8.19 crore shares (FY26) |
| Price | ₹3,206 (close, 17 Oct 2026) |
| 52-week range | ₹1,551 - ₹3,740 (to 17 Oct 2026) |
| Website | https://www.acutaas.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Acutaas Chemicals Electrolytes Private Limited | 100% | Electrolyte additives; year-end holding before subsequent partner investment |
| Acutaas Advance Material Limited | 100% | Advanced materials; holds Indichem |
| Baba Fine Chemicals | 55% | Semiconductor photoresist chemicals partnership |
| Indichem Inc. | 75% | South Korean semiconductor chemicals, through Advance Material |
| Ami Onco-Theranostics LLC | 50% | Research joint venture; investment impaired in FY24 |
Holdings are FY26 year-end except Enchem Ami Organics Private Limited, which became a direct 100% subsidiary on 17 Oct 2026 after a INR0.01cr transfer from Acutaas Chemicals Electrolytes Private Limited. The filing states EAOPL had nil FY25 and FY26 turnover; this is a group-structure simplification, not a new business acquisition. ARZ’s 10% electrolyte-subsidiary participation discussed on the Q1 FY27 call remains not independently verified.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 32.66% | 32.66% | 32.66% | 32.66% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 16.67% | 19.48% | 21.61% | 22.61% |
| Domestic institutions | 21.70% | 19.60% | 19.55% | 19.40% |
| of which mutual funds | 15.11% | 13.86% | 14.17% | 14.44% |
| Retail | 28.96% | 28.24% | 26.16% | 25.31% |
| Other | 0.01% | 0.01% | 0.01% | 0.01% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Advanced Pharmaceutical Intermediates | 1,174 | 87.7% |
| Specialty Chemicals | 165.2 | 12.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Neuland Laboratories (NEULANDLAB) | Custom manufacturing and regulated pharma customer qualification |
| Divi's Laboratories (DIVISLAB) | Custom synthesis and high-margin pharmaceutical intermediate manufacturing |
| Aarti Pharmalabs (AARTIPHARM) | Pharma intermediates and custom manufacturing |
| Anupam Rasayan (ANURAS) | Contract specialty-chemical synthesis and expansion execution |
| Navin Fluorine (NAVINFLUOR) | High-value chemistry, CDMO and customer-qualified capacity |
| Aether Industries (AETHER) | Specialty chemicals and contract research/manufacturing |
| Supriya Lifescience (SUPRIYA) | Regulated pharma manufacturing and export economics |
| Clean Science (CLEAN) | Process-led specialty-chemical margins and capital efficiency |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 717.5 | 1,007 | 1,339 |
| Cost of revenue (vendor classification) * | 593.7 | 617.4 | |
| Other operating costs (vendor classification) * | 96.5 | 122.5 | |
| EBITDA (vendor classification) * | 249.0 | 521.5 | |
| EBIT * | 222.4 | 485.5 | |
| Finance cost | 5.94 | 6.22 | 3.27 |
| Profit before tax | 81.9 | 216.2 | 482.7 |
| Total tax expense | 33.2 | 55.7 | 126.4 |
| Profit after tax including NCI | 48.7 | 160.4 | 356.4 |
| Diluted EPS post split (₹) | 5.83 | 19.81 | 43.37 |
| Cost of goods sold | 411.7 | 552.2 | 566.0 |
| Employee benefits expense | 63.1 | 83.7 | 117.6 |
| Other expenses | 114.2 | 139.0 | 175.4 |
| Other income | 7.49 | 16.9 | 41.6 |
| Depreciation and amortisation | 16.1 | 26.6 | 36.0 |
| Exceptional profit or loss | -32.1 | 0.00 | 0.00 |
| Profit attributable to NCI | 5.94 | 1.70 | 0.11 |
| Profit attributable to owners | 42.8 | 158.7 | 356.3 |
| EBITDA excluding other income | 128.5 | 232.1 | 480.4 |
| Share of associates and JV profit | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity attributable to owners | 674.0 | 1,310 | 1,654 |
| Borrowings excluding leases | 216.6 | 8.18 | 26.5 |
| Cash equivalents and other bank balances | 53.3 | 248.9 | 224.8 |
| Trade receivables | 206.4 | 290.5 | 362.6 |
| Inventories | 156.7 | 179.9 | 231.3 |
| Trade payables | 134.6 | 156.0 | 153.9 |
| PPE plus ROU and intangible assets | 370.4 | 513.6 | 640.5 |
| Capital work in progress | 125.4 | 130.3 | 332.3 |
| Total assets | 1,096 | 1,549 | 1,984 |
| Current investments excluding cash equivalents | 0.00 | 0.00 | 0.00 |
| Net debt excluding leases | 163.3 | -240.7 | -198.3 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net cash from operating activities | 125.2 | 118.3 | 292.2 |
| Free cash flow (vendor definition) * | -76.3 | -35.8 | |
| Dividends paid | -10.9 | -12.3 | -12.3 |
| PPE purchases including CWIP and capital advances | -314.7 | -194.6 | -328.0 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Closing equity shares post split | 7.38 | 8.19 | 8.19 |
| Weighted average diluted equity shares | n.d. | 8.01 | 8.21 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 246.7 | 275.0 | 308.5 | 207.2 | 306.2 | 393.2 | 432.8 | 329.7 |
| Cost of revenue (vendor classification) * | 139.6 | 147.8 | 204.0 | 96.9 | 169.2 | 215.9 | 138.8 | |
| Other operating costs (vendor classification) * | 38.6 | 36.8 | -40.0 | 34.4 | 43.5 | -46.4 | 38.3 | |
| EBITDA (vendor classification) * | 57.4 | 70.3 | 90.7 | 66.8 | 155.4 | 194.1 | 114.9 | |
| EBIT * | 50.5 | 64.0 | 83.4 | 58.7 | 145.5 | 184.5 | 105.1 | |
| Finance cost | 0.50 | 0.69 | 0.60 | 0.64 | 0.58 | 0.86 | 1.19 | 1.14 |
| Profit before tax | 50.0 | 63.3 | 82.8 | 58.1 | 96.2 | 144.7 | 183.8 | 103.9 |
| Total tax expense | 12.5 | 17.9 | 20.1 | 14.1 | 24.3 | 38.4 | 49.5 | 28.9 |
| Profit after tax including NCI | 37.6 | 45.4 | 62.7 | 44.0 | 71.9 | 106.2 | 134.3 | 75.0 |
| Diluted EPS post split (₹) | 4.69 | 5.68 | 7.80 | 5.41 | 8.82 | 13.10 | 16.04 | 9.04 |
| Cost of goods sold | 139.6 | 147.8 | 162.5 | 96.9 | 135.5 | 169.2 | 164.4 | 138.8 |
| Employee benefits expense | 19.6 | 21.7 | 23.3 | 25.1 | 29.4 | 29.9 | 33.3 | 39.6 |
| Other expenses | 38.6 | 36.8 | 37.7 | 34.4 | 46.1 | 43.5 | 51.5 | 38.3 |
| EBITDA excluding other income | 48.9 | 68.7 | 85.0 | 50.9 | 95.3 | 150.7 | 183.5 | 113.1 |
| Other income | 8.44 | 1.67 | 5.78 | 15.9 | 9.84 | 4.70 | 11.1 | 1.80 |
| Depreciation and amortisation | 6.83 | 6.32 | 7.30 | 8.13 | 8.40 | 9.82 | 9.63 | 9.82 |
| Exceptional profit or loss | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to NCI | 0.23 | 0.49 | 0.23 | -0.28 | -0.38 | -1.74 | 2.52 | 0.73 |
| Share of associates and JV profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 37.3 | 45.0 | 62.5 | 44.3 | 72.2 | 108.0 | 131.8 | 74.3 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 40.3% | 33.0% | |
| EBITDA margin | 17.9% | 23.0% | 35.9% |
| Net margin | 6.0% | 15.8% | 26.6% |
| Return on equity | 6.3% | 16.0% | 24.0% |
| Return on capital employed | 20.1% | 32.4% | |
| Return on assets | 3.9% | 12.0% | 20.2% |
| Net debt (₹ crore) | 163.3 | -240.7 | -198.3 |
| Net debt / EBITDA | 1.27x | -1.04x | -0.41x |
| Interest cover | 35.8x | 148.6x | |
| Asset turnover | 0.65x | 0.76x | 0.76x |
| Receivable days | 105 | 105 | 99 |
| Inventory days (on revenue) | 80 | 65 | 63 |
| Payable days (on revenue) | 68 | 57 | 42 |
| Cash conversion | 2.93x | 0.75x | 0.82x |
| Capex intensity | 43.9% | 19.3% | 24.5% |
| Free cash flow (₹ crore) | -189.5 | -76.3 | -35.8 |
| Dividend payout | 25.6% | 7.7% | 3.4% |
| EPS, diluted (₹) | 5.83 | 19.81 | 43.37 |
| Book value per share (₹) | 91.38 | 160.0 | 202.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS post split).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Acutaas Chemicals includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Acutaas Chemicals
- Research reportLatest
- Research report
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 25 Oct 2026.
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