Pharma segment growth (9M FY26)
85%
+85% YoY
Pharma revenue grew 85% year-on-year in 9M FY26, driven by ramp-up of commercialized molecules and new product additions.
ANUPAMRASAYANINDIA
Other
10 Feb 2026
Anupam Rasayan India Ltd — Q3 FY26
Anupam Rasayan delivered a strong Q3 FY26 with consolidated revenue of ₹512 crore (+31% YoY) and PAT of ₹61 crore (+12% YoY).
✓ Verified against BSE filing
2-Min Summary
Anupam Rasayan delivered a strong Q3 FY26 with consolidated revenue of ₹512 crore (+31% YoY) and PAT of ₹61 crore (+12% YoY). The 9-month revenue reached ₹1,730 crore (+84% YoY), driven by scale-up of commercial molecules, improved capacity utilization, and strong execution across agro, pharma, and performance materials. Pharma grew 85% YoY in 9M, contributing 19% of sales. The company announced the acquisition of J-Hawk Pine Chemicals (US), expected to be EPS-accretive from day one, providing direct US manufacturing presence and access to high-growth end markets like EV, aerospace, and electronics. Management guided for working capital days to improve from ~250 to below 200 by FY27. Risks include integration challenges with J-Hawk and potential volatility in agro demand recovery.
Key Numbers
Polymer & performance materials growth (9M FY26)
245%
+245% YoY
Polymer and performance materials segment grew 245% YoY in 9M FY26, supported by demand in advanced materials and electronic chemicals.
Export revenue share (9M FY26)
58%
flat
Exports contributed 58% of total revenue in 9M FY26, reaffirming strong global presence.
Japan revenue share (Q3 FY26)
17%
flat
Japan contributed 17% of quarterly revenue, supported by new customer additions and molecule expansion.
Management Guidance
Working capital days target below 200 by FY27
Management targets reducing working capital days from ~250 to below 200 by FY27, with near-term goal of ~220 days.
otherJ-Hawk acquisition to be EPS-accretive from day one
The acquisition of J-Hawk Pine Chemicals is expected to be earnings accretive immediately upon consolidation, expected in Q4 FY26.
growthGrowth momentum to continue into next fiscal year
Management remains optimistic about growth momentum continuing into FY27, supported by pipeline visibility and deeper customer relationships.
growthKey Risks
Integration risk from J-Hawk acquisition
The acquisition of J-Hawk Pine Chemicals involves integration of a US-based entity, which may pose operational and cultural challenges.
medium · analyst_questionAgro demand recovery sustainability
While agro demand has shown recovery, sustainability depends on global channel inventory normalization and end-market conditions.
medium · management_commentaryWorking capital intensity remains high
Working capital days at ~250 are elevated; any delay in improvement could pressure cash flows.
medium · data_observationNotable Quotes
We are also seeing strong traction in Japan where our revenue contributed was almost 17% this quarter.
With this acquisition, Anupam will get a direct onshore manufacturing presence in the US significantly enhancing engagement with multinational customers.
Our focus remains clearly on deepening relationship with global innovators, expand coordination chemistry capabilities, ramp up pharma and performance material portfolio and execute the J-Hawk integration smoothly.