Anupam Rasayan India Limited (ANURAS) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Anupam Rasayan is a custom-synthesis specialty chemicals company spanning life-sciences related chemicals and performance materials through its Anupam Rasayan, Tanfac, Jayhawk Fine Chemicals and newly acquired Bliss GVS Pharma platforms. This quarter's print will speak to the first full quarter of Jayhawk consolidation plus the first days of Bliss GVS, and whether organic momentum inflects toward the 25% FY27 growth guide after a tepid Q1.

Anupam Rasayan India Limited Q2 Results Date and Time

Per the November 3 board intimation, the Board is scheduled to meet on Friday, Nov 6, 2026, to approve unaudited standalone & consolidated results for Q2 and H1 FY27 (period ended Sept 30, 2026). The trading window closed Oct 1, 2026 and reopens Nov 8, 2026 (48 hours after results declaration).

The Q2 & H1 FY27 earnings call is scheduled for Nov 6, 2026, at 5:00 PM IST. Management participants include MD Anand Desai, CEO Gopal Agrawal, CFO Amit Khurana and Deputy CFO Hetvi Vyas.

What to expect from Anupam Rasayan India Limited's Q2 FY27 results

The Q2 FY27 print is a consolidation-and-credibility quarter: Jayhawk contributes its first full quarter (20-22% of Q1 revenue at 19-20% EBITDA margins), Bliss GVS adds roughly 3 days after its Sept 28, 2026 completion, and organic growth must inflect toward the 25% plus-or-minus ~2 pp FY27 guide after Q1 grew only single-digit ex-Jayhawk.

The comparison base is demanding — Q2 FY26 revenue was Rs. 7,314 Mn at a 19.5-20% EBITDA margin, with 25-30% of that revenue from liquidating older inventory — while the rupee's in-quarter depreciation (August 2026 average Rs. 95.47/USD, roughly 28% below the January 2022 average of Rs. 74.44) is a translation tailwind to reported consolidated revenue.

Below the EBITDA line, the depreciation step-up (Rs. 561 Mn in Q1 FY27 vs Rs. 307 Mn in Q1 FY26, pending the Jayhawk depreciation-schedule review) and finance cost (Rs. 492 Mn, guided at a 'similar run rate') continue to cap PAT conversion — Q1 PAT grew 5.7% against 34.8% revenue growth. The order book of ~Rs. 14,646 Cr over 5-7 years, expected to contribute ~25% of FY27 revenue, underpins visibility, though the new six-year US specialty-metal contract only begins dispatches in the latter half of Q3 FY27.

Management has also flagged agro demand recovery 'supported by improving channel inventory levels', with the sub-200-day working-capital guide (around 180 days by FY27) a stated focus after ~250 consolidated days at Q3 FY26. The call will likely also be pressed on the promoter pledge level of 17.07% of capital as of Oct 7, 2026 and the CRISIL 'Watch with Developing Implications' status.

Key Things To Watch

Guidance scorecard — FY27 targets vs Q2 delivery: Key guidance rows management will be tested against this quarter:

• FY27 organic revenue growth 25% ± ~2 pp — Q1 grew single-digit ex-Jayhawk (seasonally tepid); watch whether Q2 organic momentum inflects toward the full-year guide
• Standalone EBITDA margin 24-26% / consolidated 22-24% over next 2-3 years — Q1 FY27 printed 34% standalone and 26% consolidated, above the band; probe sustainability with Jayhawk (19-20%) and Bliss (~30% utilization) in the mix
• Working capital below 200 days (~180) by FY27 — Q1 was 'largely stable'; verify Q2 progression and any Bliss/Jayhawk distortion; net debt guide of ~Rs. 1,400-1,500 Cr post-Bliss is now testable

Bliss GVS and Jayhawk integration specifics: First updates since the Bliss acquisition completed Sept 28, 2026:

• How many days of Bliss appear in Q2/H1 FY27 consolidated numbers, integration milestones, and the 30% to 60-70% capacity utilization ramp
• Jayhawk first full year — synergy quantification from the Bain & Co-led integration; Jayhawk was 20-22% of Q1 revenue at 19-20% EBITDA margins
• Interest-cost guide of a 'similar run rate' tested against ~Rs. 445-460 Cr of new NCDs at 10.25% (Rs. 145 Cr allotted plus up to Rs. 300 Cr at MVCPL)

Strategic pipeline updates: Commercialization milestones management may quantify:

• BASQUEVOLT commercialization expected in H2 FY27 with ~25% of revenue stated for this year and ramp over 2-3 years; check pilot-to-commercial transition
• ETFA ramp — market-capture progress vs the 5-10% (up to 15-30%) ambition of an estimated ~US$0.5 Bn two-molecule market
• US metal contract dispatches begin latter half of Q3 FY27; polymer share ambition of 20-25% standalone / 30-35% consolidated

Risk follow-ups — encumbrance, rating and asset quality of earnings: Overhangs analysts are expected to press on:

• Promoter encumbrance: trustee-held pledges at 17.07% of capital as of Oct 7, 2026; any de-levering or pledge releases since
• CRISIL A+/A1 ratings on 'Watch with Developing Implications' for Rs. 1,620 Cr bank facilities and Rs. 160 Cr NCDs — resolution status
• Depreciation run-rate pending the Jayhawk depreciation-schedule review; customer concentration at ~81% top-10 of Q2 FY26 revenue

Potential narrative shifts: With Bliss completed, the commentary may move from transaction progress to integration detail:

• Management may address questions it previously declined — Bliss capacity utilization and customer-conflict/Bliss management plans