Anupam Rasayan India Ltd (NSE: ANURAS) Q3 2026 Earnings Call dated Feb. 14, 2026
Corporate Participants:
Krishna Mayani Patel — Investor Relations
Anand S Desai — Managing Director
Gopal Agrawal — Chief Executive Officer
Vishal Thakkar — Deputy Chief Financial Officer
Analysts:
Unidentified Participant
Tanya Chaudhary — Analyst
Harsh Shah — Analyst
Siddhinathan — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Anupam Visayan India Limited Q3FY26 earnings call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Krishna Patel from ey. Thank you and over to you.
Krishna Mayani Patel — Investor Relations
Thank you Vikra and good afternoon everyone. Welcome you all to Anupam Resign India Limited’s Q3 9th FY26 earnings conference call to take us through the results and to answer your questions. We have with us the management of Amupam Resai in India represented by Mr. Anand Desai, the Managing Director Mr. Gopal Agrawal, Chief Executive Officer and Mr. Vishal Thakkar, the Deputy Chief Financial Officer. The discussions that we may have today may contain certain forward looking statements relating to the future events and future performance. Numerous factors could cause the actual results to differ materially from those in the forward looking statement.
Please note the audio of this earnings call is the copyright material of Anupam Rasa in India can be copied, rebroadcasted, attributed in the press media without specific written consent of the company. With this I would like to now hand over the call to Mr. Anand Desai, Managing Director for his opening comments. Thank you. And over to you sir.
Anand S Desai — Managing Director
Thank you Krishna. Good afternoon everyone and thank you for joining us for our Q3 and 9 months. FY26 earnings call for the 9 months ended 12-31-2025 we delivered consolidated revenue of Rupees 1730 crores translating to 84% year on year growth. EBITDA stood at Rupees 402 crores of 53% YoY growth and PAT was Rupees 166 crore resisting 71% year on year growth. For the Q3 FY26 specifically revenue stood at 512 crores up 31% year on year basis. EBITDA was 130 crores and that came in at Rupees 61 crores translating to a growth of 12% year on year basis.
The strong performance reflects scale up of commercial molecules, input capacity utilization across manufacturing assets and increasing contribution from execution of auto book across degro and performs multiple verticals. This was further supported by strong performance in pharma segment which contributed 19% of sales for nine months. FY26 our revenue mix today is well diversified across agro, pharma, personal care and performance material, providing portfolio balance and demand visibility. During the year, agro demand has shown a clear recovery supported by improving channel inventory levels and gradual normalization of global demand. The agro segment delivered healthy revival in demand reflecting improvement in customer offtake.
Pharma continues to remain a key growth driver for us where the focus is import substitution of key starting materials and intermediates for high growth, high value end product and pharma products. Our performance material portfolio which includes segments such as defense, electronic materials also delivered strong growth and for nine months FY26 it has contributed to 17% of our revenue. In 2022 we had acquired a controlling stake in 10Track which helped us secure uninterrupted access to key raw materials such as HF and KF that are critical for fluorescent chemistry. This backward integration reduces supply chain risk, improves cost stability, enhances reliability for global customers and enables development of high value added flow intermediates for Anupam.
In a similar spirit of expanding our geographical footprint and access to high value and critical end markets during the quarter, we have signed a definitive agreement to acquire 100% equity in Jayhawk Fine Chemicals, a US based specialty chemicals company from the CAB Group. We are currently in the process of completing the formalities of the equation and expect it to be closed in the coming weeks. With this acquisition, Anupam will get a direct onshore manufacturing presence in the US significantly enhancing engagement with key multinational customers. The acquisition for the strengthens of platform depth across the value chain and enhances access to fast growing innovation led end markets such as semiconductors, automotive, EV pharma, aviation and electronics which will help accelerate our participation in these high value segments.
Strategically, these equations strengthens our footprint in North America and further enhances our capabilities in advanced custom synthesis and improves access to regulated and innovative driven markets. Moreover, we expect the equation to be EPS accretive from day one. This equation is aligned with our long term objective of evolving into global specialty chemical platform serving key geographies and high growth and high value sectors. With that I will now hand it over to Gopalbhai for his operational insights.
Gopal Agrawal — Chief Executive Officer
Thank you Anandbhai. As Anandbhai mentioned, our focus continues to be on commercializing pipeline molecules, improving asset utilization, standing supply chain resilience and deepening technical capabilities across our key chemistry platforms. The pharma and polymer pipelines remain strong with 65 plus molecule across RD and pilot stages. We are manufacturing key starting material that intermediate for globally relevant blockbuster molecules such as autobastatin, sitagryptan Daga, Glohoven, Venoprozan and others. Within pharma alone we have more than 30 molecules in R and D and pilot stage. In the polymer electronic material vertical we have 35 plus molecule under development and Paris stages.
Pharma continues to show strong momentum with growth of 85% on year on year basis in nine months FY26 driven by ramp up of recently commercialized molecule and addition of new products. The polymer and performance material segment also delivered a strong growth of 245% of on year on year basis in nine months FY26 supported by increasing demand across advanced material, electronic chemicals and next generation material applications. Our growth continues to be driven by high entry barrier chemistry, complex multi step synthesis and long term qualification cycles customer cycles. This typically results in strong customer stickiness and long term supply visibility.
We are also seeing strong traction in Japan where our revenue contributed was almost 17% this quarter. This growth is supported by increasing engagement with addition of new customers and expansion of new molecule with the existing customers. Japan continues to be and it remains a pretty strategic geography for us. Our focus remains clearly on deepening relationship with global innovators, expand chlorination chemistry capabilities, ramp up pharma and performance material portfolio and execute the JHOP integration smoothly. We remain confident in our growth trajectory and committed to be disciplined long term value creation. With that now I request Vishal Bhai to take you through the financial overview.
Vishal Thakkar — Deputy Chief Financial Officer
Thank you Gopal Bhai and good afternoon everyone. I would like to highlight that the growth this quarter has come from the ramp up of execution of our order book. In nine months ended 2026 Lois and contracts contributed over 250 crores of revenue demonstrating strong conversion of pipeline into commercial revenue. Overall 58% of our total revenue came from exports, reaffirming our strong and diversified global presence. Our working capital intensity remains broadly in line with what we had in Q2 and the working capital days. Downward trend continues. Looking ahead, we remain optimistic about growth momentum continuing into the next fiscal year supported by our pipeline visibility, deeper customer relationship and expanding global footprints.
I would like to share some key performance highlights for the quarter before we open up the floor for Q and A session. I hope you had the opportunity to review the detailed presentation and the results that were uploaded on the Exchanges website. Exchanges and Company Website 9 Months FY26 Highlights for the consolidated revenue was at Rupees 1730 crores up 84%. Yoyo consolidated EBITDA was at Rupees 402 crores up 53%.
Yoy consolidated PAT for 9 months was at Rupees 166 crores up 71%. Yoy concentrated EBITDA margin for 9 months, FY26 stood at 23%. Q3 FY26 Highlights. Consolidated revenue was at Rupees 512 crores. The consolidated EBITDA for the quarter was at Rupees 130 crores and the consolidated PAT for the quarter was at Rupees 61 crores. The quarterly consolidated EBITDA margin stood at 25%. Thank you. Now we can open for the floor. Open the floor for the questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question May Press Star N1 on their Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star. And two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants. Anyone who wishes to ask a question, please press star N1. Now. The first question is from the line of Tanya Chaudhary from Investec. Please go ahead.
Tanya Chaudhary
Hello sir. Thanks for the opportunity. I think you mentioned that Jayhawk’s acquisition will be EPS accretive. So what is the EPS impact this quarter because of the acquisition?
Vishal Thakkar
So right now we have not yet consolidated the numbers as the transaction is yet to be completed and hence no contribution of the Jayhawks revenue or profit has been added to this quarter’s results or the nine month result that we have announced. And going forward, once we conclude this transaction, which we are expecting, as Anand Bhai said over next a week or two or couple of weeks, we shall be then adding it to the next quarters numbers appropriately.
Tanya Chaudhary
All right sir. Thank you so much.
operator
Thank you. A reminder to all the participants, if you wish to ask a question, Please press star N1. Participants who wishes to ask a question may press star N1 at this time. The next question is from the line of Harsh Shah from MK Global. Please go ahead.
Harsh Shah
Thank you so much for the opportunity, sir. So my question was, what are your. Plans strategically with this asset we are acquiring?
Vishal Thakkar
Okay, so let me take a stab and then probably we can add further as well. But let me start with first that if you see we have been clearly focusing on expanding our footprints in us as an end market and especially we were looking at a performance materials business which we were expanding, which we have continued, which has expanded over the last year or two or more and we expect it to continue. But with the acquisition of Jayhawk, things happen to us very, very significantly. One, we get a critical manufacturing asset base in US which is a very, very, very important, you know, asset that could be there especially when we are looking at a client attracting clients in the US market as we are able to offer a very strong local supply chain for them.
Second, if you look at it, Jayhawk has a large part of the revenue coming from us and from the performance material business, which is largely into semicond, into aircraft business, aerospace business, to pharma, into EV and electronic automobiles industry, which will be very, very helpful to, you know, expand the portfolio. Third, also if you look at it from a supply chain point of view, we are able, we will now be able to offer a broader and a wider supply chain to our end customers where we practically can start from 10 fact and build it from Anupam and go further to JHOP.
So it’s a very strong platform that we are offering. Third, if you look at it from a technology point of view, they have very strong, few technologies that they have especially in the hybridity business and which is what we think will help us in terms of, you know, leveraging it to offer a basket of products to our end customers. Also one more thing is that they have, they have validation with lot of very high end customers in US which typically takes a long period for any valid, any company to get validated which further will enhance the speed at which we can, you know, expand our business in US So overall across asset, across supply chain, across technology, across customers and across portfolio, we will be able to leverage the whole platform and offer a broader, larger, stable supply chain offering to our customers. I hope that helps. Yes, that explains it. Well sir, that’s it from my side. Thank you and best of luck for the coming quarter. Thank you.
Harsh Shah
Thank you.
operator
Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and 1. Participants, please note if you wish to ask a question, please press star and 1. A reminder to all the participants, if you wish to ask a question, please press star and 1. The next question is from the line of Disha Shamir Maheshwari from Nivshivai. Please go ahead.
Unidentified Participant
Thanks for the opportunity. So the first question is regarding lip F6. So now while the process optimization capabilities and tan pack’s backward integration in the fluorine chemistry are clear strengths, so now could management please share any additional factors that made Anupam the preferred choice over the two to three other established global players already manufacturing LIPF 6.
Tanya Chaudhary
Yeah. So see the whole approach that we have Taken here of offering a full supply chain, a B coupled with the technical capabilities that Anupam has of doing multiple chemistries both put together and at scale, these three typically helps any customer to work with us who can offer a long term supply chain solution. This project, we have been working with them for a long, long period of time and today now the large multinational has, you know, offered to work with, offered us to work with them and that’s the thing. So if you were to ask me, there are two or three broad ones.
One, technical capabilities across multiple chemistries. Two, the access to supply chain and three, an effort of over years together to work with a multinational company like that and references that we have created as a very reliable sustainable supply chain partner is what brings us to being a preferred partner with these customers.
Unidentified Participant
Okay, thank you sir. And the next question would be like we’ve seen US players increasingly seeking Indian suppliers for LIPF 6 to diversify from FEOC countries. So however Anupam’s recent LOI is with European players like Elight who may lack a similar regulatory mandate now assuming the end product is not getting consumed in the US So could you please elaborate on why these European partners selected Anupam beyond process optimization and San Pack integration especially given China’s pricing dominance.
Tanya Chaudhary
See I would not talk about the other, other part of the world but let me talk about my ourselves and why this has happened with Elan. The the point I’m one I was making earlier also is that every customer today, see if you look at it there is a whole scale up happening and everybody will need a large quantity of volumes here and when they need large quantities of volume with a full ramp up they would need, they would need customers, suppliers, sorry suppliers who has a strong credible supply chain solution. They are not looking at somebody who can import from somewhere and then process it.
It is a full supply chain first. So that is very, very critical and especially when you’re into a B2B kind of a business and especially a new business where you need to ramp up quickly, that happens even more. Second, what they will also need is that do we have the chemistry capability to optimize as we go? If you see historically we have been able to, historically we have been able to demonstrate to all our customers that we have been able to achieve a strong cost optimization and process optimization which plays the cost curve as we scale up.
So that again helps them. Also if you look at the case in the point that we were talking about, we had recently announced another announcement which was with Elementium of US so it is not as if that we are only working with an European partners but also with the American partners and all of them are looking at working with us because again as I said I don’t, I’m repeating myself but it is supply chain assets on ground, chemistry in place and cost optimization, process optimization that we can offer. So I think that’s what I can say and that’s how we see it.
Unidentified Participant
Okay, thank you sir.
operator
Thank you. Before we take the next question, a reminder to all the participants. If you wish to ask a question please press star N1. The next question is from the line of Siddhinathan from JM Financial. Please go ahead.
Siddhinathan
Yeah, hi sir, thank you for taking my question. I just have one from my side. Could you please give some clarity on how much improvement there has been in your working capital days and what your targets are for FY27 and FY28?
Tanya Chaudhary
Yeah, sure. So as of now we are around about working on intensity for the consolidated would be around about 250 odd days and we expect that in the near term we should be going towards 220, 200 and as you said 27. I think 27 we should be below, below 200 around 180 days or below is the management’s focus and target here. And we can talk about it, talk about the further, you know, plans as we go. But this is the as is planned.
Siddhinathan
Understood sir. Thank you and best of luck.
Tanya Chaudhary
Thank you. Thank you.
operator
Thank you. A reminder to all the participants that you May Press Star N1 to ask a question. Ladies and gentlemen, anyone who wishes to ask a question May Press Star N1. A final reminder to all the participants, Please press star n1 if you wish to ask a question. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments.
Tanya Chaudhary
Thank you. On behalf of the management of Anupam Rasayan India, we thank all of you for joining us for our post earning calls today. We hope we have been able to address majority of your queries. If there are any further queries. You may please reach out to Eny, our partner investor relations partner for any questions and we will be happy to answer offline. We now close the call. Thank you everyone and have a good weekend.
operator
Thank you very much on behalf of Anupam Resayan India limited that concludes this conference. Thank you all for joining us today and you may now disconnect your lines.