Financial Performance Highlights

Consolidated Q1 FY27 Results:

  • Total Income: INR 667.5 crores, up 36% YoY from INR 490.7 crores in Q1 FY26
  • Revenue from Operations: INR 655 crores
  • EBITDA: INR 174.9 crores, up 35% YoY from INR 129.2 crores
  • EBITDA Margin: 26% (stable YoY)
  • Profit Before Tax: INR 69.7 crores vs INR 62.9 crores in Q1 FY26
  • Profit After Tax: INR 51.2 crores, up 6% YoY from INR 48.5 crores
  • PAT Margin: Approximately 8%
  • Cash Profit: INR 64 crores vs INR 56 crores in Q1 FY26

Segment Performance:

  • Polymer business contribution: 20-25% on standalone basis, 30-35% on consolidated basis
  • Jayhawk Fine Chemicals contribution: 20-22% of revenue (~INR 145 crores)
  • Jayhawk EBITDA Margin: 19-20% (~INR 30 crores)
  • Jayhawk PAT: ~INR 9 crores

Strategic Developments

Product Commercialization:

  • Successfully commercialized Ethyl Trifluoroacetate (ETFA) using flow chemistry technology
  • Commercialized 1 new product in pharma and 2 new products in performance materials during the quarter
  • Current pipeline: 65+ pharma and polymer molecules in R&D and pilot stage
  • Commercialized over 10 molecules in pharma/polymer segment over last 2 years

New Contracts:

  • Signed Letter of Intent with BASQUEVOLT for potential long-term supply of specialty chemical product
  • Potential opportunity: USD 300 million over 10 years
  • Expected commercialization to begin during FY27
  • Cumulative signed LOIs and contracts represent approximately INR 18,000 crores of potential business over respective tenures

Acquisition Updates:

Jayhawk Fine Chemicals:

  • Provides US manufacturing presence and advanced chemistry capabilities
  • Strengthens capabilities in life sciences and performance materials
  • Contributed 20-22% of Q1 revenue with 19-20% EBITDA margins
  • No significant capex requirement expected from Anupam for Jayhawk

Bliss GVS Pharma Acquisition:

  • Transaction progressing as planned with SEBI approval received
  • Open offer concluded on August 10, 2026
  • Expected transaction completion by first half of September 2026
  • Provides regulated manufacturing capabilities and pharmaceutical portfolio
  • 62 molecules pipeline over next 2 years, including 48+ targeted at regulated markets
  • Current capacity utilization around 30%, expected to increase to 60-70% over 2-3 years

Operational Highlights

Technology Achievement:

  • First company globally to commercialize ETFA using flow chemistry technology
  • Flow chemistry enables improved process control, safety, scalability, and cost efficiency
  • ETFA applications: pharma, agro, electronics, and semiconductor industries
  • Estimated market size: USD 0.5 billion for relevant molecules

Business Diversification:

  • Strategic focus on increasing contribution from pharma and performance materials
  • Moving beyond traditional strength in agrochemicals
  • Building integrated specialty chemicals platform across multiple segments

Capital Allocation

Capex:

  • Major capex cycle completed with all planned projects commissioned and operational
  • No significant capex requirement for existing Anupam platform in near term
  • Future selective capex based on customer visibility, strategic relevance, and expected returns
  • Expected annual capex: INR 70-80 crores for maintenance and repurposing

Working Capital:

  • Working capital remained stable during Q1 FY27
  • Expected improvement in working capital efficiency in FY27
  • Focus on tighter inventory and receivable management

Bliss Acquisition Funding:

  • Funding structure: INR 300 crores debt through fully-owned subsidiary
  • Balance through equity-linked instrument
  • Anupam has right to buy out equity-linked instrument
  • Bliss has strong balance sheet with over INR 200 crores cash flow and no debt

Guidance and Outlook

Revenue Guidance:

  • 25% ± couple of percentage points organic growth
  • Additional 10-15% growth from Jayhawk consolidation

Margin Guidance:

  • Standalone EBITDA margin: 24-26%
  • Consolidated EBITDA margin: 22-24%

Segment Expectations:

  • Agri business: Stable with robust demand recovery
  • Performance materials: Increasing contribution to portfolio
  • Semiconductor business: Strong traction with existing and new customers

Q&A Highlights

Bliss Integration:

  • Bliss management to remain independent post-acquisition
  • Anupam will provide support in product development and market exposure
  • Planning to explore API plant acquisition post-transaction completion
  • Bliss performance in Q1 was organic growth

Technology Advantages:

  • Flow chemistry provides better cost parameters and margin profile
  • Expected 5-30% market share in ETFA and related molecules
  • Demonstrates technical capabilities to existing and new customers

Synergy Realization:

  • Bain & Co working as PMO and IMO to assess joint capabilities
  • Joint offering of Anupam and Jayhawk products to customers
  • Complementary portfolios in semicon, defense, and performance materials