Anupam Rasayan India Ltd (ANURAS) Q2 FY27 Earnings Call: Order Book At Rs. 17,496 Cr, Bliss GVS Acquisition Completed

Anupam Rasayan India Ltd held its Q2 FY27 earnings call on November 06, 2026. Here's a quick read of what management said — performance, strategy, and the outlook ahead.

Double-digit growth with sharp margin expansion

• Q2 FY 2026-2027 total income of Rs.821 crore — up 11% YoY vs Rs.739 crore in Q2 FY 2025-2026; EBITDA of Rs.202 crore, up 41% YoY, with margin at ~25% vs 19%.
• Q2 PAT of Rs.65 crore — up 14% YoY vs Rs.57 crore; PAT margin ~8%. H1 FY 2026-2027 total income of Rs.1,489 crore (+21% YoY), EBITDA Rs.377 crore (+38% YoY, 25.5% margin), PAT Rs.116 crore (+10% YoY, ~7.9% margin).
• Q2 revenue mix — life science related specialty chemicals 42%, performance materials 28%, other fluorinated products 29% (H1 mix: 41% / 29% / 28%).
• Standalone revenue declined YoY — primarily attributable to a one-time sale of ~Rs.180 crore in Q2 FY 2025-2026; management indicated underlying performance should be viewed in context of the normalized run rate.
• Working capital improved — cycle narrowed from 276 to 271 days in Q2 FY 2026-2027 excluding the Bliss GVS balance sheet; H1 operating cash flow of Rs.328 crore vs Rs.334 crore for full FY 2025-2026.

Formulations layer completes the value chain

• Bliss GVS Pharma acquisition completed 28 September 2026 — Anupam Rasayan now holds ~50.07% of Bliss GVS equity; brings finished dosage capabilities, 150+ brands, manufacturing infrastructure and an international distribution network.
• Funded via Rs.300 crore term loan plus Rs.1,450 crore — raised through non-controlling, non-voting instruments from financial investors led by Bain Capital (including Trust Group and Investec); the Rs.300 crore subsidiary debt is priced in single digits; M&A financing structured so no debt is loaded onto acquired targets' balance sheets.
• Bliss GVS consolidated only from 28 September 2026 — balance sheet consolidated as of September 2026, but revenue/operating contribution to Q2 FY 2026-2027 limited to 3 days.
• CDMO momentum post-deal — customer discussions gained "higher agility and urgency"; management sees strong growth potential but declined to quantify, with advanced discussions not yet at a shareable stage.
• API assets being evaluated — CEO Gopal Agrawal said the company is actively evaluating API-side acquisitions to complement Bliss's formulations focus, but has nothing to announce publicly yet.
• Leadership continuity model — same approach as TANFAC applied at Bliss: existing team retained with new CEO Rahul Kumar, an industry veteran with experience at DRL and Bharat Serums; management said H1 FY 2026-2027 Bliss results show its confidence in new leadership is "proven right and only strengthened further."

Rs.17,496 Cr book underpins multi-year visibility

• Cumulative LOIs and long-term contracts of ~Rs.17,496 crore as of Q2 FY27; standalone order book of ~Rs.17,000 crore with average annual revenue potential of ~Rs.2,200-2,500 crore over the book's ~6-7 year life, versus ~Rs.350 crore contributed in FY 2025-2026.
• Six-year US metal supply contract signed in Q2 FY27 — entry into a new segment within the geological resources sector with a leading US global specialty metal manufacturer; commercialized within ~4 months of inquiry, supplies starting November 2026 (Q3 FY 2026-2027).
• Rs.100-150 crore expected from the US metal contract in FY 2026-2027 — plus/minus a few tens of crores; run rate expected to double over the next year to year and a half (FY 2027-2028 onward).
• ETFA commercialization via continuous flow chemistry — cited as a key milestone demonstrating translation of complex chemistry into commercial-scale manufacturing; encouraging traction across polymers, electronic chemicals and other fluorinated products.
• Demand signal from a Japanese customer — evaluating ~1,000 tons, indicated it could roughly triple volumes following the Jayhawk announcement, and go one step further (polymer output) if supplied from the US (period unspecified).

Standalone margins well above guidance; Jayhawk levers identified

• Standalone EBITDA margin at 34% in Q2 FY 2026-2027 — well above earlier guidance of 24-26% (period unspecified); CEO attributes the beat to quarter-specific product mix and maintains existing guidance rather than revising it post-Bliss.
• Bliss guided to 22-24% steady-state EBITDA margin (period unspecified) — versus the ~26.2% operating EBITDA margin an analyst cited for 1H FY 2026-2027; management attributed the above-guidance margin to higher-margin product sales and price pass-through, saying it wants to remain cautious when guiding the market on a sustained basis.
• Three Jayhawk margin levers — process optimization (solvent, acid and raw material usage), India-based sourcing, and effluent treatment cost reduction; no quantified margin target or timeline provided.
• Anupam Rasayan, Jayhawk's 100% shareholder — will use its size and scale in India to improve Jayhawk's sourcing and costing; Jayhawk's India sourcing has been limited to date.
• Inventory framed as "shock absorbers" — management said inventories ensure consistent delivery volumes and pricing through disruptions (COVID, Ukraine conflict), keeping EBITDA margins consistent over the last 4-5 cycles despite sulfuric acid (consumed at 250 MT/day) rising from Rs.7 to Rs.45/kg.

H2 consolidation tailwind; cyclicality to ease

• H2 FY 2026-2027 consolidated revenue guided at ~Rs.2,400-2,500 crore — with all four entities (Anupam, Jayhawk, TANFAC, Bliss) consolidated for the full half versus only 3 days for Bliss and 4 months for Jayhawk in H1; annualized run rate of ~Rs.4,800 crore; H2 is typically the seasonally stronger half.
• ~20-25% organic growth expected — from the FY 2026-2027 revenue base over a near-term 3-5 year time period (no specific end FY given).
• Revenue cyclicality expected to reduce over the next 4 to 8 quarters — as pharma and performance materials become a larger share of the group's revenue mix.
• Order book ramp-up — FY 2026-2027 guided at 1.8-2x the FY 2025-2026 level, with ramp-up to the ~Rs.2,200-2,500 crore annual average expected over the next 2-3 years (by around FY 2029-2030).
• Strategy seeds expected to reflect strongly over the next 2-3 years (from FY 2026-2027) — spanning chemistries, geographies (US, Europe, Japan, India, Africa) and end markets from HF/KF raw materials through to APIs, formulations and polymers.
• ~Rs.750 crore cash on the H1 FY 2026-2027 balance sheet — held across Jayhawk, Bliss, the US subsidiary and Transac; to be deployed mainly for working capital growth and minor capex with cushions maintained broadly similar.
• Elementium update — contract discussions ongoing and management believes it should be able to conclude them soon; supply to customers has already started on a monthly basis.

Integration workstreams active; ESG ratings improve

• Synergy benefits expected within 3-4 quarters of the Q2 FY 2026-2027 call — across CDMO conversations, input sourcing via Anupam's KSM/specialty-chemical base, and US/Europe regulated-market access; Bliss capacity utilization running in the 40s (%).
• Bliss's 62 molecules (48+ in regulated markets) — management refrains from detailing filings or guiding on Bliss's behalf as a separately listed entity; noted Bliss itself recently announced one more product approval from the European regulator.
• Bliss seasonality — CEO Gopal Agrawal stated there is "not much" seasonality in the Bliss business to his knowledge, but deferred detailed commentary to Bliss management as a listed entity; committed to urging Bliss management to begin hosting conference calls.
• CRISIL ESG rating of 62 and CRISIL Core ESG rating of 63 in H1 FY27 — versus an adequate rating of 54 in FY 2025-2026.
• M&A pipeline — no new acquisitions announced; management continues to evaluate multiple opportunities but has nothing further to disclose right now.