Anupam Rasayan India Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 805.94 Cr (+10.19% YoY) and PAT growth of +13.68% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 06, 2026 |
|---|---|
| Revenue (Q2) | Rs. 805.94 Cr (+10.19% YoY) |
| PAT (Q2) | Rs. 64.97 Cr (+13.68% YoY) |
| EBITDA margin | 24.66% (+524 bps YoY) |
| EPS (Q2) | Rs. 6.81 (+73.28% YoY) |
Consolidated revenue hit a record Rs.805.94 Cr (+10.19% YoY) with EBITDA margin of 24.66% above the guided 22-24% band, but all growth was acquisition-driven — organic revenue fell 11.89% YoY against a 25% growth guide that now appears unreachable. Finance costs, working capital days (319.32), and net debt (Rs.1,693.77 Cr) all breached management's stated targets, while Jayhawk contributed negligible profit in its first full quarter. Margin delivery and cash conversion (CFO/PAT 2.61×) are the offsets, but guidance credibility on organic growth, leverage, and working capital is the key investor debate into the earnings call.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "likely ahead on consolidation, mixed organically, against a high base" | +10.19% YoY reported; −11.89% organic ex-acquisitions | Played out |
| Margins | "likely compressing YoY on mix" | EBITDA margin expanded to 24.66% from 19.42% YoY; below-EBITDA drag played out (dep +77.17%, finance +56.17%, ETR 27.38%) | Contradicted at EBITDA line; Partially below it |
| Finance cost | "similar run rate guide is strained by the post-close NCD complex" | Rs.56.18 Cr vs Rs.49.19 Cr Q1 | Played out |
| Working capital | "sub-200-day FY27 guide a credibility test this print" | 319.32 days, deteriorating | Played out |
| Net debt | "now testable against Rs.1,400–1,500 Cr" | Rs.1,693.77 Cr — above band | Played out |
| FX tailwind | "depreciating-currency quarter — a translation tailwind" | No FX split disclosed; other income +95.56% YoY; Rs.306.94 Mn H1 unrealised-FX add-back | Partially |
Read our full results preview.
| What management said | What happened | Verdict |
|---|---|---|
| FY27 organic revenue growth 25% ± ~2 pp (ex-Jayhawk) | −11.89% YoY organic in Q2 (−5.73% H1) | Off Track |
| Jayhawk adds 10–15% growth in FY27 | Q2 revenue Rs.153.00 Cr; YoY growth not derivable | Too Early |
| Consolidated EBITDA margin 22–24% (2–3 yr band) | 24.66% — above band | Met |
| Standalone EBITDA margin 24–26% (2–3 yr band) | 34.17% — above band | Met |
| Finance cost "similar run rate" (Rs.49.19 Cr Q1) | Rs.56.18 Cr (+14.13% QoQ) — drifting up | Missed |
| Working capital below 200 (~180) days by FY27 | 319.32 days vs 275.99 at Mar-26 | Off Track |
| Net debt Rs.1,400–1,500 Cr post-Bliss | Rs.1,693.77 Cr — above band | Missed |
| Standalone tax ~25% | 24.83% | Met |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.