ANURAS / Q4-FY26 / claim-ledger

Audit the questions that mattered.

Anupam Rasayan India · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ4-FY26 · 2026-05-15Back to quarter ↗

Questions audited

Answered directly

92%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Sha · MK Global

direct

Rationale for Bliss acquisition and whether current management will continue.

Yes the current management shall continue... The strategic rational... Anupam has been focusing on pharmaceutical industry... contribution from pharma has gone from practically 0% to 20%...

Tanya Chadri · Invest

direct

Pro forma revenue post consolidation and plans for merger/delisting of Bliss.

No... we would like to keep them independent... pro forma basis... Anupam should be around 1,676 crores, Standpack 711, Jhawk 722, Bliss 927... total over 4,000 crores revenue and EBITDA of around 834 crores.

Tanya Chadri · Invest

direct

Key synergies, timeline, funding structure, and EPS accretion from Bliss.

Synergies will start playing out over near to medium term... 6 to 18 months... we will be raising debt/NCD of around 300 crores... balance as non-dilutive equity... yes it will be EPS accretive from day one.

Tanya Chadri · Invest

direct

Underlying revenue trajectory of base business excluding J-Hawk and business mix.

Standalone business has seen over 60 to 70% growth rate in annual revenues... growth of 20 to 30% over next 3 to 5 years on a core basis... pharma and polymer should deliver higher growth compared to agro.

Tanya Chadri · Invest

partial

Debt repayment schedule and interest cost post acquisitions.

Balance sheet carries around 1,500 crores of debt on a consolidated gross level... net basis around 1,100... adding 300 crores, net debt around 1,400 to 1,500 crores... EBITDA over 650 crores... comfortable position.

Uncle Peru · Access Capital

direct

Potential peak revenue from standalone gross block and maintenance capex.

We should be looking at about 3,500 kind of a number from this block... maintenance capex of 50 to 75 crores over next 2-3 years.

Uncle Peru · Access Capital

direct

Visibility on revenue growth from order book and synergies from J-Hawk/Bliss.

Order book itself is around 14,000 crores... taking a 6-7 year average, we are talking about 1,700-1,800 crores of additional incremental revenue per year... synergies from J-Hawk and Bliss are on top of that.

Uncle Peru · Access Capital

partial

Margin profile of pharma/polymer vs agro and working capital trajectory.

On a blended basis we should be able to look at those kind of numbers in the range that even this year's numbers represent... working capital should be in the range of 220-250 days... there will be upward bias to margins.

Uncle Peru · Access Capital

direct

Tax rate guidance and common customers across Bliss/J-Hawk.

We are envisaging a lower tax rate going forward... around about 25% as a tax rate... on J-Hawk yes there are common customers... on Bliss as well there are few customers where there will be overlap.

Meet Gara · Individual Investor

direct

How to see Anupam over 3-5 years given acquisition spree and LOI revenue flow.

The whole idea is supply chain or a platform to offer the larger value chain... Tanfac for backward integration, J-Hawk for performance materials, Bliss for pharma platform... synergies will take time but cross-leverage exists.

Meet Gara · Individual Investor

direct

Why Bliss promoters sold and why they chose Anupam.

Succession planning... selling promoter is a senior citizen with two daughters... they believe in our vision, ethics, and what we did with Tanfac... they had other competing offers but honored commitment to us.

Drew Paj · Growth Sphere Ventures

direct

Structure of transaction and whether previous promoters also sold stake.

Any strategic acquirer would want as large a shareholding as possible... Mr. Asher also offered to sell along... they would love to keep about 5% shareholding because they believe in this growth.