Anupam Rasayan India (ANURAS IN) – Visit Update – Inorganic acquisitions broaden growth opportunities – Not Rated

We recently visited Anupam Rasayan India, Jhagadia facility and interacted with the management team. Its diversified business portfolio spans across specialty chemicals platform catering to agrochemicals, pharmaceuticals, polymers, electronic chemicals and EV-related applications, supported by its long-standing relationships with global originators such as Syngenta and BASF. The management highlighted that the product pipeline is increasingly skewed toward high-growth segments, including polymers (35%), pharma (25%) and EV/semiconductor chemicals (15%), reducing dependence on traditional agrochemicals. Standalone utilization is at 50–55%, the company has significant growth headroom without major capex requirements. Further, signed LoIs/contracts worth INR146.5bn provide strong revenue visibility, with the management expecting LoI-linked revenue to increase from ~INR4bn in FY26 to INR6.5–7bn in FY27 and ~INR10bn by FY28. Jayhawk acquisition strengthens Anupam’s presence in specialty polymers and provides access to high-value end markets such as semiconductors, aerospace and defense, while Tanfac stake acquisition supports its backward integration in fluorination chemistry. The management remains confident of sustaining margins with pass-through mechanisms and increasing contribution from high-value specialty products, supported by a portfolio of 90+ molecules under development and multiple commercialization opportunities across FY27–28. Not rated.