Advanced Pharma Intermediates Revenue
392.4 cr
+43.9% YoY
Driven by CDMO business and portfolio reshuffling; sequential growth after first nine months.
ACUTAASCHEMICALS
Manufacturing
13 May 2026
Acutaas Chemicals Ltd — Q4 FY26
Acutaas Chemicals delivered a stellar Q4 FY26 with revenue of 432.8 cr (+40.3% YoY) and EBITDA of 183.5 cr (margin 42.4%, +1487 bps YoY), driven by strong CDMO ramp-up, portfolio reshuffling, and operating leverage.
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2-Min Summary
Acutaas Chemicals delivered a stellar Q4 FY26 with revenue of 432.8 cr (+40.3% YoY) and EBITDA of 183.5 cr (margin 42.4%, +1487 bps YoY), driven by strong CDMO ramp-up, portfolio reshuffling, and operating leverage. PAT more than doubled to 134.3 cr. Management guided for 25% revenue growth in FY27 and stable EBITDA margins, supported by battery electrolyte additive commercialization, four new CDMO products in validation, and recovery in semiconductor chemicals (BFC). The South Korea JV (Indicam) is on track for H2 CY26 commissioning. Key risk: global supply chain disruptions from Gulf conflict could pressure raw material costs and margins.
Key Numbers
Specialty Chemicals Revenue
40.3 cr
+12.3% YoY
Commodity decline offset by strong BFC recovery; includes battery chemicals.
CDMO Pipeline Validation
4 products
flat
Four new CDMO products validated; each with peak revenue potential of 50-200 cr.
Battery Electrolyte Additive Capacity
2,000 MTPA
flat
Fully contracted for next 3 years; production started, meaningful contribution expected in FY27.
Management Guidance
25% revenue growth in FY27
Management guided for 25% year-on-year revenue growth in FY27, consistent with historical performance.
revenueEBITDA margin similar to FY26 level
Management expects EBITDA margin to remain at similar levels as FY26 (around 35-36%), driven by product mix.
marginsCDMO revenue target of ₹1,000 cr by FY28
The CDMO business is expected to reach ₹1,000 cr in revenue by FY28, backed by long-term contracts and pipeline.
revenueCapex of ~₹90 cr in FY27 (spillover + maintenance)
FY27 capex includes ~₹50 cr spillover from FY26 (electrolyte additive and pilot plant) and ~₹40 cr maintenance capex.
capexKey Risks
Global supply chain disruptions from Gulf conflict
Ongoing conflict in the Gulf region has disrupted feedstock supply chains and pushed raw material prices higher, potentially impacting margins.
high · management_commentaryGoodwill recoverability from Indicam JV
Analyst raised concern about ₹48 cr goodwill added for Indicam JV, which has no revenue yet. Management expressed confidence but provided no specific recovery timeline.
medium · analyst_questionSeasonality and Q1 weakness
Q1 is historically the weakest quarter (H1 ~40% of revenue). Despite CDMO ramp-up, management expects similar seasonality in FY27.
low · management_commentaryTechnology shift to sodium-ion batteries
Analyst asked about risk from sodium-ion battery adoption. Management downplayed near-term impact but acknowledged potential long-term shift.
low · analyst_questionNotable Quotes
We are guiding 25% revenue growth in FY27.
We are expecting similar kind of margin in FY27 also for us the margin is a function of product mix and we expect similar kind of product mix in FY27.
We have already got customer contract in place and already signed.