Anupam Rasayan India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Anupam Rasayan India Ltd trades at ₹1,209, in a confirmed uptrend and 68 weeks into that stage. That is −2.0% against its own 200-day average. It sits at 46% of a 52-week range of ₹1,065 to ₹1,376. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (15 weeks and counting).

Today the stock is in a confirmed uptrend — week 68 of stage 2. At ₹1,209 it trades −2.0% versus its 200-day average and sits at 46% of its 52-week range (₹1,065–₹1,376).

Against the market, two honest reads. Cumulative: over the last 5.4 years the stock moved +144% while the NIFTY 500 moved +92% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (15 weeks and counting; last ahead the week of 2026-06-05) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Anupam Rasayan India Ltd's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: RECOVERY_MID.

Our read, 17 May 2026. A fluorine chemistry platform in mid-transition — revenue inflecting hard but capital returns still depressed, with a US acquisition that could either unlock the next leg or drag integration costs.

From the numbers. PE at 84.9x is above the 10Y median of 70.35x and at the 68th percentile — not a trough setup. The PE cycle segment is EXPANDED_THEN_CONTRACTING_LONG, reflecting sustained de-rating from the Dec 2021 peak of 73.55x. EPS…

From the price. Price stage 2, week 68 — below its 200-day line, relative strength falling.

From the research. A fluorine chemistry platform in mid-transition — revenue inflecting hard but capital returns still depressed, with a US acquisition that could either unlock the next leg or drag integration costs.

🚨 Where they disagree. PE at 84.9x is above the 10Y median of 70.35x and at the 68th percentile — not a trough setup. The PE cycle segment is EXPANDED_THEN_CONTRACTING_LONG, reflecting sustained de-rating from the Dec 2021 peak of 73.55x. EPS recovery is real (PAT +71% YoY in 9M FY26) but ROCE and ROE remain depressed at 7.33% and 3.32% respectively. The market is pricing a full earnings recovery that needs 4-6 more quarters to materialize in return-on-capital metrics. DII selling adds a cautionary institutional signal.

What is proven. A fluorine chemistry platform in mid-transition — revenue inflecting hard but capital returns still depressed, with a US acquisition that could either unlock the next leg or drag integration costs.

What is not proven yet. Management has now missed the WC target twice (FY26 target pushed to FY27). At 250 days, Rs 730 Cr net debt, and Rs 35-36 Cr/quarter interest, FCF remains deeply negative and growth requires dilution or further debt.

The test written in advance. Working Capital at 250 days — Cash Flow Drag Persists — Working Capital at 250 days — Cash Flow Drag Persists Q4 FY26 WC days actual (must show progress below 230 days to validate FY27 target) by the next result.

The test written in advance. PAT Margin Dilution from New Molecule Ramp — PAT Margin Dilution from New Molecule Ramp Q4 FY26 and Q1 FY27 OPM trajectory — must recover toward 27-28% as mix shifts to higher-margin molecules by the next result.

The test written in advance. Jayhawk Integration Risk — Jayhawk Integration Risk Q4 FY26 concall: confirmation of closing date, Jayhawk revenue contribution, and integration timeline by the next result.

What the company does. 9M FY26 revenue Rs 1,730 Cr (+84% YoY) after FY25 contraction; Pharma +85% and Performance Materials +245% driving the recovery, with the agro segment also bouncing back. Jayhawk (US specialty chemicals) acquisition closing FY26-end creates a full-stack fluorine supply chain India→US; EPS accretive from day one per management — unverified until Q4 FY26 actuals land. The valuation puzzle: PE at 84.9x and 68th percentile despite ROCE 7.33% and ROE 3.32% — the market is pricing an earnings recovery that still needs 4-6 quarters to show up in returns-on-capital.

Lever 2 · Value-added mix — BUILDING. Pharma revenue +85% YoY in 9M FY26; 30+ molecules in R&D/pilot including Apixaban, Statins, Sitagliptin, Venetoclax. Input substitution for KSMs not yet addressed by Indian players. What proves it keeps working: Pharma Segment Ramp (KSM / API input substitution). It stops working if Q4 FY26 WC days actual (must show progress below 230 days to validate FY27 target).

Lever 3 · Management change — BUILDING. Performance Materials +245% YoY in 9M FY26 (17% of revenue); 35+ molecules in development for semiconductors, aerospace, EV, automotive. Dual LiPF6 LOIs with E-Lyte Innovations (EU) and Elementium (US) signed. What proves it keeps working: Performance Materials — Defense, Electronics, EV Chemistry. It stops working if Q4 FY26 WC days actual (must show progress below 230 days to validate FY27 target).

Lever 10 · New geographies — BUILDING. 100% acquisition of US-based Jayhawk Fine Chemicals closing within weeks of Feb 2026 call. Creates Tanfac→Anupam→Jayhawk full fluorine supply chain. EPS accretive day one per management. What proves it keeps working: Jayhawk Acquisition — US Onshore Manufacturing. It stops working if Q4 FY26 WC days actual (must show progress below 230 days to validate FY27 target).

Lever 6 · Order-book wins — BUILDING. Rs 14,646 Cr order book (4-10 year spread); Rs 3,100 Cr already commercialized (>20% of FY25 revenue); Rs 250+ Cr from LOIs and contracts converted in 9M FY26. What proves it keeps working: Order Book Conversion — Rs 14,646 Cr LOI Pipeline. It stops working if Q4 FY26 WC days actual (must show progress below 230 days to validate FY27 target).

Sources: our stock research file (17 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Anupam Rasayan India Ltd reported ₹655 Cr of revenue in the Jun 26 quarter, +34.8% year on year. That is the 7th straight quarter of year-on-year growth. Over 10 years it has compounded at 24.1% a year. The last full year, FY26, came in at ₹2,365 Cr. The last four reported quarters add to ₹2,534 Cr.

Why this happened. Jayhawk provides what Anupam previously lacked: direct US onshore manufacturing validated with American customers. This addresses the critical barrier for large multinational customers who demand 'strong, credible full supply chain solutions, not import-and-process models.' Jayhawk brings established customer relationships in semiconductor, aerospace, pharma, and EV/automotive end-markets. The strategic logic is strong: most competitors cannot offer an integrated India→US fluorine supply chain. The caution: EPS accretion claim is management assertion, unverified until Q4 FY26 actuals.

FY26 revenue came in at ₹2,365 Cr (+64.6% on the year), capping 10 years at 24.1% compound. The latest quarter (Jun 26) printed ₹655 Cr, +34.8% year on year — the 7th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +60.5% growth against the decade's 24.1% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +51.7% over the last 4 quarters against +37.4%/yr over the last 8 — accelerating; TTM profit +14.8% vs +33.1%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Anupam Rasayan India Ltd's operating margin is 25.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 19.0% to 28.0%. The current quarter sits inside that band.

Why this happened. The pharma strategy targets the KSM (Key Starting Material) space where Indian players have not yet built manufacturing depth. Anupam launched 9 molecules in FY25 (5 pharma) and 17 new molecules over 18 months — these are now ramping to revenue. High-value molecules across CNS, statins, and infectious disease create long-term supply agreements (3-5 year customer validation cycles). The 85% YoY growth is multi-quarter and structural, not a one-off.

The latest quarter's operating margin is 25.0%, −1.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 19.0%–28.0%.

🚨 Why the margin moved: operating margin went −0.8 pp year on year while gross margin went +6.7 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Anupam Rasayan India Ltd earned ₹51.0 Cr of net profit in the Jun 26 quarter, +6.3% year on year. Full-year FY26 profit was ₹222 Cr. The 10-year compound rate is 20.0%. That is 7.8% of the quarter's revenue. The same quarter a year earlier earned ₹48.0 Cr.

Jun 26 profit was ₹51.0 Cr, +6.3% year on year. On the full year, FY26 printed ₹222 Cr (+38.7%), and the 10-year compound rate is 20.0%.

Why profit moved: revenue contributed +34.8% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +23.0% vs revenue +60.5%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 66% of Anupam Rasayan India Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹334 Cr of operating cash against ₹222 Cr of profit. After ₹1,566 Cr of capital spending, ₹−1,232 Cr was left as free cash.

FY26: operating cash of ₹334 Cr against reported profit of ₹222 Cr, leaving free cash of ₹−1,232 Cr after ₹1,566 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 66% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 66%: the cash cycle tightened 31 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 8.1× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Anupam Rasayan India Ltd's cash conversion cycle runs 377 days in FY26, down from 408 days in FY21. Capital spending ran ₹2,612 Cr over the last 3 years. At FY26 sales of ₹2,365 Cr each day of that cycle holds about ₹6.5 Cr, so roughly ₹2,443 Cr sits inside the business at any moment.

FY26: debtors at 148 days, inventory at 490 days — roughly 16.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 377 days, tighter than FY21's 408.

The full loop: cash goes out to suppliers and production on day 0; stock waits 490 days to sell; customers pay about 148 days after that; and suppliers themselves are paid at 261 days — netting out to the 377-day cycle.

In money terms: at FY26 sales of ₹2,365 Cr, each day of the cycle holds about ₹6.5 Cr — so the 377-day loop keeps roughly ₹2,443 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹2,612 Cr over the last 3 fiscal years against ₹322 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹114 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Anupam Rasayan India Ltd earns a ROCE of 7% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 9.4% net margin on 0.30× asset turns.

FY26 ROCE is 7%.

Why the return is what it is — the wiring (FY26): 9.4% net margin × 0.30× asset turns × 2.40× balance-sheet leverage ≈ 6.8% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 63% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Anupam Rasayan India Ltd carries ₹1,867 Cr of borrowings against ₹3,334 Cr of equity in FY26, a debt-to-equity of 0.56. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹423 Cr to ₹1,867 Cr. Capital spending ran ₹2,612 Cr across the last 3 of those years.

FY26: borrowings of ₹1,867 Cr against equity of ₹3,334 Cr — a debt-to-equity of 0.56. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹423 Cr to ₹1,867 Cr while capital spending ran ₹2,612 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 63% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 2.2 points of Anupam Rasayan India Ltd over 8 quarters, the biggest move on the register. That takes promoters to 59.1% of the company. Domestic institutions moved −2.2 points over the same window, to 0.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

Why this happened. The performance materials segment is Anupam's highest-optionality exposure. 245% YoY growth in 9M FY26 reflects commercialization of contracts signed in FY25, including a Japan multinational MPA for semiconductor-grade molecules and E-Lyte Innovations LOI for electrolyte solutions. The structural tailwind is EV supply chain diversification away from China and data center buildout requiring specialty electronic chemicals. Long customer qualification cycles (3-5 years) mean once validated, the revenue base is sticky.

The register over the last two years — Promoters: −2.2 points over 8 quarters to 59.1%; Domestic institutions: −2.2 points over 8 quarters to 0.4%; Foreign institutions: +0.6 points over 8 quarters to 7.7%.

🚨 Why the register moved: promoters drove it (−2.2 points), alongside domestic institutions (−2.2 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Anupam Rasayan India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Anupam Rasayan India Ltd trades at 78.8× P/E, mid-range by its own standards (56th percentile). Its long-run median P/E is 71.0×, measured across 5.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 78.8× is mid-range by its own standards (56th percentile), against a long-run median of 71.0× measured over 5.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +76.0% against a +4.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +9.9%/yr price move, ~+7.7%/yr came from earnings growth and ~+2.2 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 63% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Anupam Rasayan India Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +66.5% at its peak to +51.7% but is still expanding, ROCE slipping at 7.0%. The read is built from 9 quarters across 4 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

41.3/100 — rank 21 of 28 in Speciality Chemicals · 82% evidence confidence

Anupam Rasayan India Ltd scores 41.3 out of 100 against the 28 companies it is compared with in Speciality Chemicals, ranking 21. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 20 + 10.5 + 8.2 + 2.6 = 41.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Said versus delivered

What Anupam Rasayan India Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

🚨 EBITDA Margin Guidance Downgrade · 25 May 2026. In the Oct 2025 call, management confidently projected structural EBITDA margins to stabilize around 25% going forward. However, in the May 2026 call, they quietly walked back this guidance, resetting future expectations to align with "this year's numbers" (FY26 reported EBITDA margin was 23%) without explaining the 200 basis point downgrade.

Capex Completion and Commercialization Timeline · 25 May 2026. During the Oct 2025 call, management explicitly stated that their major Rs. 678 crore capex program was already "fully completed" and that the new assets were ready to generate revenue. In contrast, the May 2026 call revealed that 315 crores was spent during the year on the "last leg" of the program, implying full plant commercialization actually occurred much later than previously claimed.

🚨 Working Capital Target Narrative Shift · 25 May 2026. The CFO set a firm near-term target in the Oct 2025 call to bring working capital operations down to 200 days by the end of FY26. By the May 2026 call, the company concluded the year at 240 to 250 days (effectively flat sequentially from the 247 days reported in H1) yet framed this level as an encouraging positive trajectory, completely ignoring the missed 200-day objective.

FY26 Revenue Guidance Significant Upgrade · 17 October 2025. In both the May 2025 and August 2025 calls, management guided for FY26 revenue growth returning to "historical growth rates" in the range of 25% to 30%+ year-on-year. However, in the October 2025 call, management materially revised this guidance upwards, stating they now expect "50%-plus growth in FY26," representing an unexplained and significantly steeper acceleration from the prior quarter's projection.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions