Anupam Rasayan India (ANURAS) Q4 24/25 earnings summary

Executive summary

• Q4 consolidated revenue rose 22% YoY and 31% QoQ to ₹5,057 Mn; FY25 consolidated revenue declined 4% YoY to ₹14,485 Mn.

• Audited revenue from operations was ₹5,001.58 Mn in Q4 and ₹14,369.74 Mn for FY25; FY25 net profit was ₹1,599.72 Mn.

• Recovery in H2, particularly Q4, was led by pharma, polymer and Tanfac, with early signs of an agrochemical recovery.

Financial highlights

• Q4 consolidated EBITDA was ₹1,500 Mn at a 30% margin; PAT was ₹629.28 Mn versus ₹404.69 Mn in Q4FY24.

• FY25 consolidated EBITDA including other revenue was ₹4,123 Mn at a 28% margin; PAT was ₹1,599.72 Mn versus ₹1,674.34 Mn in FY24.

• Standalone FY25 revenue from operations was ₹8,958.99 Mn versus ₹11,287.00 Mn; net profit was ₹726.74 Mn versus ₹1,172.93 Mn.

• Standalone Q4 revenue from operations was ₹3,306.73 Mn versus ₹3,084.56 Mn; net profit was ₹380.91 Mn versus ₹283.18 Mn.

• FY25 consolidated basic and diluted EPS were ₹8.50 each, compared with ₹11.89 and ₹11.87, respectively, in FY24.

Outlook and guidance

• Management expects a return to historical growth rates from FY26, with revenue growth of 25%-30%+ and CSM EBITDA margins of 26%-28%.

• Growth priorities include pharma and polymer products, LOI and contract execution, geographic expansion and fluorination chemistry.

• Most LOIs are expected to commercialize in FY26, with some in FY27-FY28; most potential revenue is expected to ramp over 2-3 years after commercialization.

• FY26 revenue mix is expected to include 20%-25% pharma, 25%+ performance chemicals and 8%-10% personal care, with the balance from agro.

• FY26 revenue is expected to be weighted to H2, at 55%-60% of the year, versus 40%-45% in H1.