Key Quantitative Figures - Standalone (Amount in INR million except EPS)

Quarter Ended September 30, 2026 (Q2 FY27)

  • Revenue from Operations: ₹3,971.87 (vs. ₹5,879.26 in Q2 FY26, -32.4% YoY)
  • Other Income: ₹155.28
  • Total Revenue: ₹4,127.15
  • Total Expenses: ₹3,519.81
  • Profit Before Tax: ₹607.34 (vs. ₹545.93 in Q2 FY26, +11.2% YoY)
  • Tax Expense: ₹150.84 (Current: ₹105.07, Deferred: ₹45.77)
  • Profit After Tax: ₹456.50 (vs. ₹413.99 in Q2 FY26, +10.3% YoY)
  • Other Comprehensive Income: -₹19.28
  • Total Comprehensive Income: ₹437.22
  • Basic & Diluted EPS: ₹4.01 (not annualized)

Half Year Ended September 30, 2026 (H1 FY27)

  • Revenue from Operations: ₹7,259.92 (vs. ₹9,036.20 in H1 FY26, -19.7% YoY)
  • Other Income: ₹216.11
  • Total Revenue: ₹7,476.03
  • Profit Before Tax: ₹1,024.31 (vs. ₹935.14 in H1 FY26, +9.5% YoY)
  • Profit After Tax: ₹776.55 (vs. ₹710.93 in H1 FY26, +9.2% YoY)
  • Total Comprehensive Income: ₹769.93
  • Basic & Diluted EPS: ₹6.82 (not annualized)

Standalone Balance Sheet (as of September 30, 2026)

  • Total Assets: ₹63,698.58 million (vs. ₹58,975.81 million as of March 31, 2026)
  • Total Equity: ₹32,949.03 million (Equity Share Capital: ₹1,138.50 million, Other Equity: ₹31,810.53 million)
  • Total Liabilities: ₹30,749.55 million
  • Non-Current Borrowings: ₹3,879.40 million
  • Current Borrowings: ₹15,336.63 million

Key Quantitative Figures - Consolidated (Amount in INR million except EPS)

Quarter Ended September 30, 2026 (Q2 FY27)

  • Revenue from Operations: ₹8,059.35 (vs. ₹7,313.98 in Q2 FY26, +10.2% YoY)
  • Other Income: ₹152.38
  • Total Revenue: ₹8,211.73
  • Profit Before Tax: ₹894.63 (vs. ₹755.36 in Q2 FY26, +18.4% YoY)
  • Tax Expense: ₹244.94 (Current: ₹158.00, Deferred: ₹86.94)
  • Profit After Tax: ₹649.69 (vs. ₹571.52 in Q2 FY26, +13.7% YoY)
  • Other Comprehensive Income: ₹121.61
  • Total Comprehensive Income: ₹771.30
  • Net Profit Attributable to Owners: ₹500.34
  • Basic & Diluted EPS: ₹6.81 (not annualized)

Half Year Ended September 30, 2026 (H1 FY27)

  • Revenue from Operations: ₹14,609.15 (vs. ₹12,172.25 in H1 FY26, +20.0% YoY)
  • Other Income: ₹278.03
  • Total Revenue: ₹14,887.17
  • Profit Before Tax: ₹1,591.43 (vs. ₹1,383.86 in H1 FY26, +15.0% YoY)
  • Profit After Tax: ₹1,161.83 (vs. ₹1,056.09 in H1 FY26, +10.0% YoY)
  • Total Comprehensive Income: ₹1,286.23
  • Net Profit Attributable to Owners: ₹886.72
  • Basic & Diluted EPS: ₹10.21 (not annualized)

Consolidated Balance Sheet (as of September 30, 2026)

  • Total Assets: ₹113,948.90 million (vs. ₹80,126.04 million as of March 31, 2026)
  • Total Equity: ₹50,479.09 million (Equity Share Capital: ₹1,138.50 million, Other Equity: ₹49,340.59 million)
  • Non-Controlling Interest: ₹21,483.91 million
  • Total Liabilities: ₹41,985.90 million
  • Non-Current Borrowings: ₹8,529.99 million
  • Current Borrowings: ₹16,049.49 million

Dates of Action

  • Board Meeting Date: November 06, 2026 (commenced at 02:33 p.m. IST, concluded at 03:22 p.m. IST)
  • Financial Period: Quarter and Half Year ended September 30, 2026
  • Acquisition Effective Date: September 28, 2026 (Bliss GVS Pharma Ltd)
  • Tanfac Preferential Allotment: September 9, 2026

Parties Involved

  • Statutory Auditor: Natvarlal Vepari & Co, Chartered Accountants
  • Subsidiaries Included in Consolidation: Jainam Intermediates Private Limited, ARIL Transmodal Logistic Private Limited, ARIL Fluorospeciality Private Limited, Anupam Japan GK, Anupam Europe AG, Anupam General Trading FZE, Anupam USA LLC, Doriath S.a.r.l and its step-down subsidiaries, Mates Visa Consultancy Pvt. Ltd. and its step-down subsidiaries (Bliss GVS Pharma Ltd), Tanfac Industries Limited
  • Associate: Tangent Science Private Limited
  • Acquired Entity: Bliss GVS Pharma Ltd (50.07% stake acquired)

Significant Developments and Rationale

Acquisition of Bliss GVS Pharma Ltd

Pursuant to a Share Purchase Agreement dated May 23, 2026, and an open offer under SEBI Takeover Regulations, the Company together with Mates Visa Consultancy Private Limited (Wholly Owned Subsidiary and PAC) acquired 50.07% of the paid-up equity share capital of Bliss GVS Pharma Ltd. The acquisition was effective from September 28, 2026 (date of control). The Company became the ultimate Parent Company and promoter of Bliss GVS Pharma Ltd.

Goodwill Recognition

The Group recognized provisional Goodwill of ₹10,223.94 million related to the acquisition of Bliss GVS Pharma Ltd and continues to recognize provisional Goodwill of ₹5,402.56 million related to the acquisition of Jayhawk Fine Chemicals Corporation (effective from February 27, 2026). The purchase price allocation for both acquisitions is under process and expected to be finalized within the measurement periods permitted under Ind AS 103.

Tanfac Industries Preferential Allotment

The Company was allotted 260,065 equity shares by Tanfac Industries Ltd (Subsidiary) under preferential allotment on September 9, 2026.

Optionally Convertible Debentures

Other Equity includes ₹13,799.02 million, representing the equity component of Optionally Convertible Debentures issued by one of the subsidiaries, as per Ind AS 109.

Segment Information

Based on Ind AS 108, the Chief Operating Decision Maker evaluates the company's performance as a single business segment engaged in custom synthesis and manufacturing of specialty chemicals. No segment-wise disclosure is provided.

Capital Structure Impact

  • Paid-up Equity Share Capital remained largely unchanged at ₹1,138.50 million (Face value ₹10 per share)
  • Significant increase in Other Equity (Standalone: ₹31,810.53 million; Consolidated: ₹49,340.59 million)
  • Increase in borrowings (Standalone: ₹19,216.03 million; Consolidated: ₹24,579.48 million)

Cash Flow Implications

Standalone Cash Flow (H1 FY27)

  • Net cash from operating activities: ₹1,690.17 million
  • Net cash used in investing activities: ₹4,489.99 million
  • Net cash from financing activities: ₹2,931.22 million
  • Net increase in cash: ₹131.40 million

Consolidated Cash Flow (H1 FY27)

  • Net cash from operating activities: ₹3,031.56 million
  • Net cash used in investing activities: ₹23,178.55 million
  • Net cash from financing activities: ₹22,282.92 million
  • Net increase in cash: ₹2,135.93 million

Notes and Qualifications

  • Figures for previous periods have been re-grouped/rearranged/recast where necessary
  • Monitchem Kansas S.a.r.l was liquidated effective June 30, 2026
  • The consolidated results include Bliss GVS Pharma Ltd from September 28, 2026 (acquisition date) to September 30, 2026
  • The financial results are unaudited but subject to limited review by the statutory auditors