Anupam Rasayan India (ANURAS) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 consolidated revenue from operations was INR 3,901.40 million, up YoY; PAT was INR 542.10 million versus INR 260.21 million.

• Pharma, Polymer and Tanfac performance supported quarterly growth; FY26 standalone revenue growth target is 30%-35%.

Financial highlights

• Consolidated Q3 FY25 EBITDA was INR 1,208 million and PAT INR 542 million; EBITDA margin was 31%.

• 9M FY25 consolidated revenue from operations was INR 9,383.01 million versus INR 10,740.57 million; PAT was INR 970.43 million, down YoY.

• Standalone Q3 revenue from operations was INR 2,120.87 million versus INR 2,147.13 million; PAT rose to INR 191.36 million from INR 153.38 million.

• Standalone 9M revenue from operations was INR 5,667.10 million versus INR 8,202.45 million; PAT was INR 345.83 million versus INR 889.75 million.

Outlook and guidance

• FY26 standalone revenue growth target is 30%-35%; FY25 standalone revenue is expected to decline by mid-teens, while consolidated revenue is expected to be flattish.

• EBITDA margin guidance is 26%-28%, with new-plant overheads and efficiency curves affecting ramp-up.

• FY25 LOIs and contracts are expected to contribute 20%-25% of revenue; contribution should rise significantly in FY26 as more of the order book commercializes.

• Peak revenue from the LOI pipeline is expected by FY28, following commercialization in FY26-FY27 and subsequent ramp-up.

• U.S. contribution is expected to reach the high teens over 12-18 months; Japan is expected to contribute one-third of sales over 2-3 years.