Anupam Rasayan India (ANURAS) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 was a record quarter, with consolidated revenue of INR 7,313.98 million, up 149% YoY and 51% QoQ, amid improving chemical-sector conditions.

• H1 revenue reached INR 12,172.25 million, up 122% YoY and exceeding FY25 revenue in six months; management expects growth and profitability momentum to continue.

Financial highlights

• Q2 consolidated EBITDA including other income was INR 144 crore vs INR 82 crore, up 74% YoY, with a 19.5% margin; PAT was INR 571.52 million vs INR 306.23 million, up 87%.

• H1 EBITDA including other income was INR 273 crore vs INR 142 crore, up 93%; PAT was INR 1,056.10 million vs INR 428.34 million, up 147%.

• Standalone Q2 revenue was INR 5,879.26 million and PAT INR 413.99 million; H1 revenue was INR 9,036.20 million and PAT INR 710.93 million.

Outlook and guidance

• FY26 revenue growth guidance is 50%+; expected drivers include agrochemical recovery and growth in polymer and pharma.

• Forward EBITDA margin guidance is 25% ±1 percentage point; older-inventory sales weighed on current-period margins.

• Orders under commercialization are expected to contribute ~INR 450 crore revenue in FY26; the order book is ~INR 4,646 crore over 5–7 years.

• Working capital days are targeted at 200 near term; management sees a path toward historical ROCE in the higher teens to above 20%, with more meaningful results over 18 months.