Anupam Rasayan India (ANURAS) Q3 25/26 earnings summary

Executive summary

• 9M FY26 consolidated revenue from operations rose 84% YoY to INR 17,296.72m; EBITDA increased 53% to INR 4,024m and PAT rose 71% to INR 1,662.03m.

• Q3 FY26 consolidated revenue was INR 5,124.47m and PAT was INR 605.93m; EBITDA rose 7% YoY to INR 1,296m.

• Growth was supported by commercial molecule ramp-ups and traction in life sciences and performance materials; the Jayhawk agreement expands U.S. reach and custom synthesis capabilities.

Financial highlights

• Standalone 9M revenue from operations rose 130% YoY to INR 13,050m; EBITDA increased 92% to INR 3,217m and PAT grew 244% to INR 1,190m.

• Standalone Q3 revenue from operations rose 89% YoY to INR 4,013.67m; EBITDA increased 52% to INR 1,056m and PAT grew 150% to INR 479.19m.

• LOIs and contracts contributed over INR 250 crore of 9M FY26 revenue; exports accounted for 58% of total revenue.

• Signed LOIs and contracts total INR 14,646 crore, with selected programs scheduled for commercialization in FY26 and FY28.

Outlook and guidance

• Management expects growth to continue, supported by the R&D pipeline, expanding customer engagements and recently commercialized molecule execution.

• Growth drivers include pharma and polymer portfolio expansion, execution of signed LOIs and contracts, and expansion in fluorination chemistry.

• More than 65 pharma and polymer molecules were in R&D and pilot stages; 10+ were commercialized in the prior 18 months.

• Working capital intensity was ~250 days; targets are ~220–200 days near term and below 200 days, ~180 days or less, in FY27.