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Anupam Rasayan India Ltd.
NSE: ANURASBasic MaterialsSpecialty Chemicals
- Last close
- ₹1,101.60
- Day change
- −₹6.80 (−0.61%)vs
- Market cap
- ₹13,389 crIndian rupees
- Research updated
- 1 report
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About Anupam Rasayan India
Anupam Rasayan India Ltd. is a leading chemical manufacturing company based in India, with a focus on producing high-value, specialty chemicals. The company's primary function is to supply advanced intermediates and active ingredients for diverse industries, including agrochemicals, pharmaceuticals, personal care, and specialty pigments and dyes. Notable for its extensive and technologically-advanced manufacturing capabilities, Anupam Rasayan emphasizes sustainability and innovation in its chemical processes. With a strong foothold in both domestic and international markets, the company plays a critical role in supporting sectors that rely on specialty chemicals for their end products. Its comprehensive product portfolio caters to the specific needs of clients seeking customized solutions, ensuring high quality and reliability. Anupam Rasayan is strategically significant in markets like India where the demand for specialty chemicals is rising, driven by both industrial growth and increased agricultural productivity needs. The company’s commitment to environmental stewardship and safety further distinguishes it within the competitive landscape of the chemical manufacturing industry. It continuously invests in research and development to advance its offerings, aligning with global standards and expanding its market reach.
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
- Listing
- NSE: ANURAS
- Employees
- 2,501
- Headquarters
- Surat, India
- ISIN
- INE930P01018
- Website
- anupamrasayan.com
Public research · Report of
Business model & financial foundation
Anupam Rasayan (NSE: ANURAS), Custom synthesis and specialty chemicals: revenue of ₹2,365 crore in FY26 (+64.6% on FY25), an EBITDA margin of 22.2%, net profit of ₹170.1 crore and net debt of ₹1,404 crore.
- Revenue, FY26 (₹ crore)
- 2,365
- consolidated
- Revenue growth, FY26
- +64.6%
- on FY25
- EBITDA margin, FY26
- 22.2%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 170.1
- to owners
- Return on equity, FY26
- 4.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,404
- Borrowings less defined cash
- Market capitalisation (₹ crore)
- 13,415
- at the close of 17 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Anupam Rasayan India Limited |
| Exchange and ticker | NSE: ANURAS; BSE: 543275 |
| ISIN | INE930P01018 |
| CIN | L24231GJ2003PLC042988 |
| Sector | Basic Materials |
| Industry | Custom synthesis and specialty chemicals |
| Headquarters | Surat, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Natvarlal Vepari & Co (since 2025-09-26) |
| Market capitalisation | ₹13,415 crore (17 Oct 2026) |
| Shares outstanding | 11.38 crore shares (FY26) |
| Price | ₹1,176 (close, 17 Oct 2026) |
| 52-week range | ₹1,048 - ₹1,415 (to 17 Oct 2026) |
| Website | https://www.anupamrasayan.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Jainam Intermediates Private Limited | 100% | Chemical intermediates; holds Tangent Science associate interest |
| Tanfac Industries Limited | 25.8% | Fluorine derivatives; FY26 holding, effective management control permits full consolidation |
| ARIL Transmodal Logistic Private Limited | 100% | Logistics |
| ARIL Fluorospeciality Private Limited | 100% | Fluorinated specialty chemicals |
| Anupam Japan GK | 100% | Japan market presence |
| Anupam Europe AG | 100% | European market presence |
| Anupam USA LLC | 100% | US marketing and sales |
| Anupam General Trading FZE | 100% | Overseas trading |
| Doriath S.a.r.l. | 100% | Parent owns 100% Class A voting shares; external Class B/C have separate unresolved cash and residual rights |
| Jayhawk Fine Chemicals Corporation | 100% | Doriath-controlled US specialty chemicals; subsidiary control is not parent cash-flow entitlement |
| Mates Visa Consultancy Private Limited | 100% | Bliss acquisition vehicle; external equity-like funding issued via Purebliss has unresolved economic rights |
Tangent Science is 45% indirect associate; parent owns 15% Batam and 15% Purebliss without established control. Bliss MVCPL stake 47.95%, parent direct 2,251,669 shares; combined 50.07% as corrected 30 Sep 2026. Tanfac September subscription changes exact current stake, not retrieved. Voting percentages must not substitute for economic rights.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 59.07% | 59.07% | 59.07% | |
| Promoter holding pledged | 9.45% | 10.11% | 12.87% | |
| Foreign institutions | 7.60% | 6.91% | 7.72% | |
| Domestic institutions | 0.41% | 0.35% | 0.38% | |
| of which mutual funds | 0.09% | 0.15% | 0.19% | |
| Retail | 2.68% | 2.53% | 2.48% | |
| Other | 30.21% | 31.12% | 30.34% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Anupam Rasayan makes custom-synthesis specialty intermediates (agro 55%, pharma 20%, personal care 7%, polymer/other 18% of FY26 standalone sales) for about 75 multinational customers; the top ten took 79-81% in FY26. One reported segment. The group now holds three acquired platforms: Tanfac (fluorine derivatives, 25.8% held but controlled; FY26 revenue 711cr), Jayhawk (US, acquired 27 Feb 2026 for ~USD150mn via Doriath) and Bliss GVS Pharma (50.07% with PAC from 28 Sep 2026). Pricing rests on contracts and LOIs (cumulative 17,496cr at Q1FY27, non-binding). It controls chemistry and plants; it does not control agro destocking cycles or Chinese intermediate prices.
| Peer | Why the dossier compares them |
|---|---|
| Aarti Industries (AARTIIND) | Multi-product specialty intermediates and capital-intensive custom manufacturing |
| Navin Fluorine International (NAVINFLUOR) | Fluorination chemistry and custom synthesis/CDMO |
| SRF (SRF) | Specialty fluorochemicals, multinational customers and capex ramps |
| PI Industries (PIIND) | Agrochemical custom synthesis and long-term customer contracts |
| Clean Science and Technology (CLEAN) | Specialty chemistry process intellectual property and operating margins |
| Tatva Chintan Pharma Chem (TATVA) | Niche specialty intermediates and new-capacity execution |
| Gujarat Fluorochemicals (FLUOROCHEM) | Fluoropolymers and emerging battery-material exposure |
| Deepak Nitrite (DEEPAKNTR) | Indian chemical intermediates and capital allocation benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,051 | 1,563 | 1,475 | 1,437 | 2,365 |
| Cost of revenue (vendor classification) * | 658.2 | 999.2 | 911.5 | 851.7 | 1,603 |
| Other operating costs (vendor classification) * | 51.9 | 90.2 | 89.5 | 93.5 | 117.4 |
| EBITDA (vendor classification) * | 306.4 | 420.8 | 389.7 | 399.4 | 535.6 |
| Operating EBIT excluding other income | 246.0 | 356.6 | 301.0 | 298.6 | 384.9 |
| Finance costs | 24.2 | 48.9 | 89.4 | 112.2 | 148.7 |
| Profit before tax | 221.9 | 307.7 | 241.8 | 197.9 | 254.4 |
| Total income tax expense | 69.7 | 90.8 | 74.3 | 37.9 | 32.2 |
| Profit after tax including NCI | 152.2 | 216.9 | 167.4 | 160.0 | 222.2 |
| Diluted EPS attributable to owners (₹) | 15.18 | 17.40 | 11.87 | 8.50 | 15.09 |
| Materials purchases and inventory change | 614.4 | 604.5 | 1,323 | ||
| Employee benefits expense | 75.1 | 73.6 | 86.6 | ||
| Other expenses | 404.9 | 358.0 | 430.8 | ||
| Operating EBITDA excluding other income | 380.7 | 400.9 | 524.8 | ||
| Other income | 30.2 | 11.5 | 18.2 | ||
| Depreciation amortisation and impairment | 79.7 | 102.3 | 139.9 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Share of profit or loss of associates | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to non-controlling interest | 38.8 | 66.6 | 52.1 | ||
| Profit attributable to owners | 128.6 | 93.3 | 170.1 | ||
| Gross cost of materials consumed | 693.1 | 936.9 | 1,442 | ||
| Changes in finished goods WIP and stock in trade | -78.7 | -332.4 | -118.8 | ||
| Current income tax expense | 47.9 | 43.8 | 52.1 | ||
| Deferred income tax expense or credit | 40.4 | -5.93 | -19.0 | ||
| Earlier year income tax expense or credit | -14.0 | 0.00 | -0.90 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 1,727 | 2,508 | 2,931 | 3,082 | 4,630 |
| Borrowings excluding lease liabilities | 836.2 | 821.7 | 1,019 | 1,318 | 1,815 |
| Cash bank balances and current investments | 42.3 | 187.8 | 354.4 | 134.7 | 410.6 |
| Trade receivables | 280.1 | 415.1 | 579.4 | 733.8 | 959.4 |
| Inventories | 863.2 | 931.5 | 1,055 | 1,452 | 1,775 |
| Trade payables MSME plus other creditors | 227.8 | 322.6 | 415.2 | 576.4 | 945.5 |
| Net property, plant and equipment * | 87.7 | 98.4 | 106.9 | 162.5 | 271.2 |
| Capital work in progress * | 43.7 | 150.1 | 734.0 | 371.7 | 415.3 |
| Total assets * | 2,891 | 3,778 | 4,602 | 5,269 | 8,013 |
| Borrowings less defined cash | 664.3 | 1,183 | 1,404 | ||
| Equity attributable to owners | 2,761 | 2,850 | 3,302 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -188.0 | 188.0 | 59.0 | -30.1 | 334.3 |
| Free cash flow (vendor definition) * | -318.2 | 71.3 | -657.0 | -440.0 | -220.8 |
| Dividends paid cash outflow | -9.99 | -24.6 | -26.3 | -13.4 | -15.2 |
| Gross PPE acquisition cash outflow | -146.6 | -220.7 | -716.0 | -409.9 | -555.2 |
| Business acquisitions net acquired cash outflow | n.r. | n.r. | n.r. |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual equity shares outstanding at year end (crore shares) | 10.00 | 10.37 | 10.98 | 10.99 | 11.38 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 294.0 | 390.1 | 500.2 | 485.8 | 731.4 | 512.4 | 635.8 | 655.0 |
| Cost of revenue (vendor classification) * | 108.2 | 156.6 | 484.7 | 243.9 | 273.6 | 331.5 | 284.7 | |
| Other operating costs (vendor classification) * | 87.2 | 89.1 | -242.3 | 97.4 | 93.3 | 136.2 | 143.0 | |
| EBITDA (vendor classification) * | 82.4 | 120.8 | 139.8 | 129.2 | 129.6 | 140.7 | 174.9 | |
| Operating EBIT excluding other income | 58.7 | 95.0 | 113.8 | 93.6 | 103.7 | 93.0 | 94.6 | 106.3 |
| Finance costs | 26.7 | 32.0 | 31.2 | 35.7 | 36.0 | 35.2 | 41.9 | 49.2 |
| Profit before tax | 34.0 | 59.5 | 88.1 | 62.9 | 75.5 | 60.0 | 56.1 | 69.7 |
| Total income tax expense | 3.40 | 5.29 | 25.2 | 14.4 | 18.4 | -0.64 | 0.07 | 18.5 |
| Profit after tax including NCI | 30.6 | 54.2 | 62.9 | 48.5 | 57.2 | 60.6 | 56.0 | 51.2 |
| Diluted EPS attributable to owners (₹) | 1.51 | 2.57 | 4.06 | 3.10 | 3.93 | 4.31 | 3.75 | 3.39 |
| Materials purchases and inventory change | 108.2 | 156.6 | 237.5 | 243.9 | 474.3 | 273.6 | 331.5 | 284.7 |
| Employee benefits expense | 18.1 | 20.1 | 18.4 | 20.3 | 17.4 | 18.1 | 30.8 | 64.9 |
| Other expenses | 87.2 | 89.1 | 99.8 | 97.4 | 103.9 | 93.3 | 136.2 | 143.0 |
| Operating EBITDA excluding other income | 80.4 | 124.3 | 144.5 | 124.3 | 135.8 | 127.5 | 137.3 | 162.4 |
| Other income | 1.93 | -3.55 | 5.54 | 4.91 | 7.79 | 2.10 | 3.37 | 12.6 |
| Depreciation amortisation and impairment | 21.7 | 29.3 | 30.7 | 30.7 | 32.1 | 34.5 | 42.7 | 56.1 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit or loss of associates | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interest | 13.9 | 26.0 | 18.4 | 14.4 | 12.8 | 11.6 | 13.3 | 12.6 |
| Profit attributable to owners | 16.7 | 28.2 | 44.6 | 34.0 | 44.4 | 49.0 | 42.7 | 38.6 |
| Gross cost of materials consumed | 198.5 | 272.7 | 283.0 | 361.2 | 425.4 | 269.7 | 385.8 | 353.9 |
| Purchases of stock in trade | 0.00 | 0.00 | 0.00 | 1.96 | -1.96 | 0.00 | 0.00 | 0.00 |
| Changes in finished goods WIP and stock in trade | -90.4 | -116.1 | -45.5 | -119.3 | 50.9 | 3.89 | -54.3 | -69.2 |
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 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 29.3% | 48.7% | -5.6% | -2.6% | 64.6% |
| EBITDA margin | 25.8% | 27.9% | 22.2% | ||
| Net margin | 8.7% | 6.5% | 7.2% | ||
| Return on equity | 4.7% | 3.1% | 4.4% | ||
| Return on capital employed | 10.8% | 12.1% | 8.3% | 7.2% | 7.1% |
| Return on assets | 3.1% | 1.9% | 2.6% | ||
| Net debt (₹ crore) | 664.3 | 1,183 | 1,404 | ||
| Net debt / EBITDA | 1.75x | 2.95x | 2.68x | ||
| Interest cover | 10.2x | 7.29x | 3.37x | 2.66x | 2.59x |
| Asset turnover | 0.41x | 0.47x | 0.35x | 0.29x | 0.36x |
| Receivable days | 97 | 97 | 143 | 186 | 148 |
| Inventory days (on revenue) | 300 | 218 | 261 | 369 | 274 |
| Payable days (on revenue) | 79 | 75 | 103 | 146 | 146 |
| Cash conversion | 0.46x | -0.32x | 1.97x | ||
| Capex intensity | 14.0% | 14.1% | 48.5% | 28.5% | 23.5% |
| Free cash flow (₹ crore) | -334.6 | -32.7 | -657.0 | -440.0 | -220.8 |
| Dividend payout | 20.5% | 14.4% | 8.9% | ||
| EPS, diluted (₹) | 15.18 | 17.40 | 11.87 | 8.50 | 15.09 |
| Book value per share (₹) | 1,72,71,78,164 | 2,41,85,59,127 | 2,66,94,26,681 | 2,80,32,54,362 | 4,06,67,80,614 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating 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): Borrowings less defined cash; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating 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 attributable to owners).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, 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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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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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 Anupam Rasayan India
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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 26 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.