Anupam Rasayan
Anupam Rasayan
ChemicalsKey Fundamentals
MicrocapSpecialty ChemicalsChemicalsTapetide Score
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Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 4.20 times its book value
- Tax rate seems low
- Company has a low return on equity of 4.61% over last 3 years.
- Dividend payout has been low at 9.85% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 17d agoAnupam Rasayan India Ltd is a specialty chemicals company with a market cap of ₹14,453 Cr trading at a PE of 64.2x. The company has delivered strong TTM sales growth of 52% and profit growth of 42%, but carries a low 3-year average ROE of approximately 4.6% and trades at 4.37x book value.
- TTM revenue growth of 52% indicates strong demand momentum and order book execution
- TTM profit growth of 42% shows significant operating leverage kicking in
- 5-year compounded sales CAGR of 24% reflects sustained long-term revenue expansion
- 5-year compounded profit CAGR of 19% demonstrates consistent earnings growth over a longer horizon
- Company is expected to deliver a good upcoming quarter based on management guidance and order visibility
- Stock CAGR of 11% over 5 years suggests steady wealth creation for long-term holders
- 3-year sales CAGR of 14% even through challenging macro periods shows business resilience
- PE of 64.2x is significantly elevated relative to specialty chemical peers, leaving little margin of safety
- 3-year average ROE of only 4.6% indicates poor capital efficiency despite high valuations
- Price-to-book of 4.37x is expensive for a company generating single-digit ROE
- 3-year compounded profit CAGR of -2% shows earnings actually declined over the medium term before recent recovery
- Dividend payout of only 9.85% of profits over 3 years offers minimal shareholder returns
- Dividend yield of just 0.06% provides almost no income cushion for investors
- Low tax rate raises questions about sustainability of reported earnings and potential future tax normalization
- Last year ROE of 6% and 5-year average of 6% remain well below cost of equity for a capital-intensive business
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 12d ago- Net profit drops 11% YoY Aug 14
Net profit attributable to owners fell 11% YoY to ₹386.39 million in Q1FY27 despite strong topline growth, signaling margin pressure.
- Promoter pledges 2L shares for NCDs Aug 17
Promoter Anand Sureshbhai Desai pledged 2,00,000 shares on August 6, 2026 to meet security cover for NCDs, indicating ongoing debt obligations.
- New product minimal near-term impact Aug 17
Ethyl Fluoroacetate has $0.5 billion market potential but its contribution to revenues is expected to remain minimal in FY27.
- Revenue growth guidance raised to 30%+ Aug 17
Anupam Rasayan raised its revenue growth forecast to over 30%, up from previous guidance of 20-25%, reflecting strong order visibility.
- Q1FY27 revenue surges 35% YoY Aug 14
Consolidated revenue rose 35% YoY to ₹6,549.80 million in Q1FY27, already tracking ahead of upgraded guidance.
- Basquevolt long-term supply LOI signed Aug 14
Company signed a Letter of Intent with Spain-based Basquevolt S.A. for long-term specialty chemical supply, though financial terms were not disclosed.
- Ravi Desai appointed as COO Aug 14
Ravi Desai, a 20+ year specialty chemicals veteran and former Sales Head, was appointed COO effective August 14, 2026, strengthening operational leadership.
- Q1FY27 earnings call held Aug 14 Aug 11
Anupam Rasayan hosted its Q1FY27 earnings call on August 14, 2026 to discuss unaudited standalone and consolidated financial results.
TL;DR: Anupam Rasayan is delivering strong topline momentum with 35% YoY revenue growth in Q1FY27 and upgraded full-year guidance above 30%. However, net profit declined 11% despite the revenue surge, pointing to margin compression that needs monitoring. The Basquevolt LOI and new product pipeline ($0.5B addressable market for Ethyl Fluoroacetate) offer medium-term optionality. The trend is improving on revenue but investors should watch whether profitability catches up in coming quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 386 | 392 | 296 | 401 | 254 | 294 | 390 | 500 | 486 | 731 | 512 | 636 | 655 |
| Expenses | 285 | 285 | 216 | 308 | 201 | 214 | 266 | 356 | 362 | 596 | 385 | 498 | 493 |
| Operating Profit | 101 | 107 | 79 | 93 | 53 | 80 | 124 | 144 | 124 | 136 | 127 | 137 | 162 |
| OPM % | 26% | 27% | 27% | 23% | 21% | 27% | 32% | 29% | 26% | 19% | 25% | 22% | 25% |
| Other Income | 12 | 3 | 2 | 12 | 6 | 2 | -4 | 6 | 5 | 8 | 2 | 3 | 13 |
| Interest | 18 | 20 | 25 | 26 | 22 | 27 | 32 | 31 | 36 | 36 | 35 | 42 | 49 |
| Depreciation | 19 | 20 | 20 | 21 | 21 | 22 | 29 | 31 | 31 | 32 | 34 | 43 | 56 |
| PBT | 77 | 71 | 36 | 58 | 16 | 34 | 59 | 88 | 63 | 76 | 60 | 56 | 70 |
| Tax % | 32% | 31% | 28% | 30% | 25% | 10% | 9% | 29% | 23% | 24% | -1% | 0% | 27% |
| Net Profit | 52 | 49 | 26 | 40 | 12 | 31 | 54 | 63 | 48 | 57 | 61 | 56 | 51 |
| EPS in Rs | 3.59 | 3.78 | 1.68 | 2.82 | 0.36 | 1.52 | 2.56 | 4.05 | 3.1 | 3.9 | 4.31 | 3.75 | 3.39 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 502 | 529 | 811 | 1,074 | 1,602 | 1,475 | 1,437 | 2,365 | 2,535 |
| Expenses | 408 | 394 | 617 | 769 | 1,171 | 1,094 | 1,036 | 1,840 | 1,972 |
| Operating Profit | 93 | 135 | 194 | 305 | 431 | 381 | 401 | 526 | 563 |
| OPM % | 19% | 25% | 24% | 28% | 27% | 26% | 28% | 22% | 22% |
| Other Income | 19 | 11 | 26 | 8 | 10 | 30 | 11 | 17 | 26 |
| Interest | 24 | 45 | 69 | 31 | 63 | 89 | 112 | 149 | 162 |
| Depreciation | 23 | 29 | 52 | 60 | 71 | 80 | 102 | 140 | 165 |
| PBT | 66 | 72 | 100 | 222 | 308 | 242 | 198 | 254 | 261 |
| Tax % | 24% | 26% | 30% | 31% | 30% | 31% | 19% | 13% | — |
| Net Profit | 49 | 53 | 70 | 152 | 217 | 167 | 160 | 222 | 225 |
| EPS in Rs | 9.85 | 10.64 | 7.04 | 15.18 | 16.83 | 11.71 | 8.49 | 14.94 | 15.35 |
| Div. Payout % | 0% | 0% | 7% | 7% | 15% | 11% | 9% | 10% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 50 | 50 | 100 | 100 | 107 | 110 | 110 | 114 |
| Reserves | 432 | 515 | 1,473 | 1,627 | 2,265 | 2,651 | 2,740 | 3,188 |
| Borrowings | 694 | 847 | 423 | 836 | 822 | 1,069 | 1,373 | 1,867 |
| Other Liabilities | 146 | 252 | 301 | 327 | 584 | 772 | 1,045 | 2,843 |
| Total Liabilities | 1,323 | 1,664 | 2,298 | 2,891 | 3,778 | 4,602 | 5,269 | 8,013 |
| Fixed Assets | 681 | 977 | 1,115 | 1,202 | 1,417 | 1,501 | 2,185 | 3,713 |
| CWIP | 191 | 101 | 43 | 44 | 120 | 609 | 216 | 114 |
| Investments | 0 | 0 | 0 | 149 | 67 | 67 | 9 | 19 |
| Other Assets | 451 | 586 | 1,140 | 1,496 | 2,173 | 2,424 | 2,860 | 4,167 |
| Total Assets | 1,323 | 1,664 | 2,298 | 2,891 | 3,778 | 4,602 | 5,269 | 8,013 |
Cash Flow
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | 39 | 95 | 1 | -171 | 292 | 59 | -30 | 334 |
| Investing | -250 | -178 | -193 | -412 | -523 | -392 | -330 | -820 |
| Financing | 206 | 102 | 416 | 384 | 371 | 395 | 223 | 621 |
| Net Cash Flow | -6 | 19 | 224 | -199 | 140 | 62 | -137 | 135 |
| Free Cash Flow | -209 | -85 | -144 | -318 | 232 | -644 | -440 | -220 |
| CFO/OP | 55 | 77 | 10 | -44 | 84 | 28 | 3 | 72 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 88 | 89 | 92 | 95 | 95 | 143 | 186 | 148 |
| Inventory Days | 277 | 515 | 530 | 852 | 483 | 627 | 876 | 490 |
| Days Payable | 105 | 226 | 215 | 225 | 167 | 247 | 348 | 261 |
| Cash Conversion Cycle | 260 | 379 | 408 | 722 | 410 | 524 | 715 | 377 |
| Working Capital Days | 56 | 21 | 168 | 218 | 153 | 138 | 160 | 108 |
| ROCE % | — | 9% | 10% | 11% | 13% | 9% | 7% | 7% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY14–FY26.
Documents
Frequently Asked Questions about Anupam Rasayan
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Company Information
Anupam Rasayan India Ltd is engaged in manufacturing of specialty chemicals, which are sold in local as well as exported to other countries.[1]
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