Acutaas Chemicals Limited — Q3 FY26
Acutaas Chemicals delivered a stellar Q3 FY26 with revenue of ₹393.2 cr (+43% YoY), EBITDA of ₹150.7 cr (margin 38.3%, +1335 bps YoY), and PAT of ₹106.2 cr (+133.7% YoY).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
54%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Direction of semiconductor chemicals verticals, new product launches, and Korea facility guidance.
Asked by Ricken Sha, Boring AMC
Management gave qualitative update but no specific revenue guidance for Baba or Korea facility.
no revenue guidance givenqualitative only
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Question
the overall direction of the semiconductor chemicals both the verticals. So in the last call we have mentioned about some new product launches and trial batches for Baba and also if you can shed some light on the guidance of the facility in Korea coming up
Narish (Chairman)
our endeavor is to promote our products acts of Harious business... the fine cam business has started turning around in terms of revenue... the capex has started almost four months back... we have already invested 130 cr towards the capex and hopefully by end of this calendar year we should be able to complete the capex and start the business.
Evasive
Medium priority
Reason for increased flow technology conversion and product mix change.
Asked by Ricken Sha, Boring AMC
Management redirected to standard process without explaining why change happened now.
reframed the questionno specific reason given
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Question
some of the legacy molecules they could have been transferred to flow tech much much earlier. So what has essentially changed and why has this increased this much right now?
Abhishek (Management)
When we talk about the changing to the flow, chemists and all those things that is not related to the CDMO business... For a at X CMO of business, this is a very standard process for us to look at every product on a monthly and a quarterly basis if there is any threat related to margin...
Partial answer
Medium priority
Utilization at Ankleshwar plant and plans for incremental pharma intermediate capex.
Asked by Ricken Sha, Boring AMC
Provided utilization number but deferred capex plan to later.
no specific capex plan givendeferred to future
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Question
what utilization would we be in at Ankleshwar and along the same line what are the plan for incremental pharma intermediate capex post Ankleshwar is at peak capacity utilization.
Abhishek (Management)
At Ankleshwar plant the utilization has been 40% for the quarter... In terms of capex for this site it is still premature to announce anything but as we mentioned this largely covers our growth requirement till FY28.
Partial answer
High priority
Movement of new CDMO projects and validation status.
Asked by Ricken Sha, Boring AMC
Gave validation count but no revenue ramp-up details for H2 FY26.
no specific revenue numbersdeferred to next year
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Question
you have mentioned three new CDMO manufacturing projects in H1 FY26 and you had also guided that they will ramp up in H2 FY26. So how has been the movement of these new CDMO projects?
Abhishek (Management)
we have validated in total in four number of CD projects have already been validated for which we are expecting meaningful revenue from next financial year onwards.
Declined
High priority
Sustainability of gross margins and outlook for FY27.
Asked by Ricken Sha, Boring AMC
Management explicitly declined to provide margin guidance.
no guidance givendeferred to later
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Question
in terms of sustainability of margins gross margins where you know what would be your outlook for that for at least if you can't say for a few years then maybe for FY27.
Abhishek (Management)
actually we are not guiding for any of a margin but we can discuss at 11 time for FY27.
Partial answer
High priority
Contribution of non-oncology products to CDMO revenue target of Rs 1000 crore by FY28.
Asked by Sudashan Padmanavan, ASK
Reiterated target but did not quantify non-oncology contribution.
no specific contribution splitqualitative only
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Question
if I look at three years and talking about the thousand cr target how is the contribution from non-oncology products going to be if you can give some color on the dependency of oncology and how are the other products in the pipeline.
Abhishek (Management)
we have already validated four more products... this gives us the confidence that we'll be able to cross thousand cr for the CDMO business by FY28. Apart from that early already going oncology product we have a good pipeline of CDMO products.
Answered
High priority
Strategy for expanding electrolyte product basket beyond VC and FEC.
Asked by Sudashan Padmanavan, ASK
Provided specific update on new products and capex timeline.
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Question
now we are looking at vanel carbonate and fluoethylene carbonate couple of products but if I take two three years down the line are we looking to expand this basket?
Abhishek (Management)
we have already commercialized two more products in this space. Capex phase 2 is already under implementation and expected to get completed by Q3 FY Q1 FY 27 and there are additional further more products which are already under development.
Evasive
High priority
New CDMO contracts for the four validated products.
Asked by Krishnan Pwani, JM Financial
Did not confirm if contracts are signed, only said they will be signed at relevant time.
no confirmation of signed contractsvague timing
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Question
have you signed or are looking to sign any new CDMO contract for the four products that you have that have been validated?
Abhishek (Management)
those are already with the originators and the relevant contact will be signed as relevant time.
Answered
High priority
Clarification on capex and investment cash outflow for FY26.
Asked by Krishnan Pwani, JM Financial
Confirmed the capex and investment numbers and total cash outflow.
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Question
you said 150 cr will be in F26 basically 370 cr outlook in FI26 correct? 220 the capex and 150 the investment.
Abhishek (Management)
We have invested 140 cr by this year with the completion of capex electrolyte it should be 220 and indic 130 cr for the full year. So that 350 to 370 cr is a cash outflow in f26. Correct? Yes.
Answered
Medium priority
Reason for reduction in other expenses this quarter.
Asked by Krishnan Pwani, JM Financial
Provided specific reasons for the reduction.
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Question
which cost overheads contribute to reduction in other expenses this quarter because other expenses declined quite a lot?
Abhishek (Management)
it was largely on account of savings on energy cost. Then there are few consumable and requests item and we have improved many of our internal processes.
Partial answer
Medium priority
New capacity addition and capex for two new battery chemical products.
Asked by Abijit Akila, Kotk Securities
Provided capex amount but not capacity addition.
no capacity number given
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Question
what the new capacity addition is from the two new products coming up and what is the capex that's being invested into those?
Abhishek (Management)
we have not given any capacity number for this capex the capex plan is 40 cr.
Answered
Medium priority
Number of commercial CDMO products and mix between pharma and agro.
Asked by Rohit Bagaraj, 361 Capital
Provided number of products and clarified no agro in CDMO.
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Question
during the first nine months how many total commercial products that we are servicing on the CDMO and what would be the mix between pharma and agro?
Abhishek (Management)
we have already five commercialized product as we mentioned... all CDMO is only from pharma. No agro business is there in CDMO.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gross material margin improvement: 1.2% to 2% | 1.2% | 1335% | Understated vs filing |
| Pharma business EBITDA margin: 41% | 41% | 38.3% | Overstated vs filing |
| Specialty business EBITDA margin: 12% | 12% | 38.3% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.