Anupam Rasayan India Limited (ANURAS)
Large CapChemicals stocks · Large cap · NSE
Anupam Rasayan India Limited is undertaking the acquisition of Bliss GVS Pharma Limited, a pharmaceutical formulations company. ANURAS intends to leverage its expertise in North American and European markets to expand into regulated markets through this acquisition.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is a red flag, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 4/14 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +35% YoY · PAT +6% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹655 Cr | +34.8% | +3.0% |
| EBITDA | ₹162 Cr | +30.6% | +18.2% |
| Operating margin | 25.0% | -100 bps | +300 bps |
| PAT | ₹51 Cr | +6.3% | -8.9% |
| PAT margin | 7.8% | -209 bps | -102 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Anupam Rasayan announces the acquisition of Bliss GVS Pharma, aiming for strategic expansion into regulated markets and therapeutic segments, supported by significant capacity utilization headroom.
The acquisition of Bliss GVS Pharma provides ANURAS with an established formulations business, access to new therapeutic areas, and a platform for CDMO expansion into regulated markets. The low current capacity utilization of Bliss GVS offers significant operational leverage potential.
Expansion into New Therapeutic Areas
Expansion into Cardiovascular, Antidiabetic, Antibiotics, Analgesic & Anti-inflammatory, Anti-Retrovirals, Antifungals, Anti-depressant and Anti-malarial segments.
CDMO Business Expansion
Expanding into regulated markets through Vevoor facility for CDMO business.
Capacity Utilization Ramp Up
Significant headroom available to improve capacity utilization (current capacity utilization is only 30%).
Expanding USA Footprint
Leveraging expertise of Anupam in North America and European markets to expand in regulated markets.
Ongoing Halol Facility Capex
Ongoing Capex for Halol Facility with an investment of Rs. 250 crore.
Vevoor Plant Capex
Executed Capex Projects include Vevoor Plant Capex of Rs. 260 crore.
Palghar Suppositories Plant Capex
Executed Capex Projects include Palghar Suppositories Plant Capex of Rs. 50 crore.
Vevoor Ointment Facility Capex
Executed Capex Projects include Vevoor Ointment Facility Plant Capex of Rs. 40 crore, awaiting plant approval.
US FDA Approval
Received US FDA approval for Palghar suppository unit, expected to significantly contribute to revenue growth.
Strategic Agreements
Signed Strategic agreements in USA and Canada.
Increasing Demand
Capacity utilization ramp-up supported by customer engagements, and increasing demand across key business segments.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The financial performance data for Bliss GVS Pharma is presented annually across multiple fiscal years (FY23-FY26), making year-over-year comparison appropriate to assess trends and growth.
Revenue (Bliss GVS Pharma)
Bliss GVS Pharma's revenue grew from Rs 752 crore in FY23 to Rs 927 crore in FY26.
EBITDA (Bliss GVS Pharma)
Bliss GVS Pharma's EBITDA increased from Rs 117 crore in FY23 to Rs 164 crore in FY26.
PAT (Bliss GVS Pharma)
Bliss GVS Pharma's PAT increased from Rs 77 crore in FY23 to Rs 135 crore in FY26.
Capacity Utilization (Bliss GVS Pharma)
Current capacity utilization of Bliss GVS Pharma is only 30%, indicating significant headroom.
Revenue Contribution from Palghar Unit
US FDA approved Palghar suppository unit is expected to significantly contribute to revenue growth.
Post-Capex Strategic Outcomes
Post Capex Execution will lead to entry into regulated market, diversified dosage capabilities, and enhanced manufacturing footprint.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Bliss GVS Pharma Capacity Utilization | Only 30% | Ramp-up supported by customer engagements and increasing demand. |
| Revenue Contribution from Palghar Suppository Unit | US FDA approved | Significant contribution to revenue growth. |
| Halol Facility Capex Progress | Ongoing Capex of Rs. 250 crore | Timely execution and commissioning for enhanced manufacturing footprint. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Anupam Rasayan will invest a maximum of around $40 million through a combination of internal accruals and debt for the acquisition.
EBITDA growth of 20% to 25% for Jayhawk should be achieved over a three to four year period.
Outcome check: OPM moved from 25.0% to average 22.0% (-3.0 pp).
Management expects the Jayhawk acquisition to be EPS-accretive from day one.
Outcome check: OPM moved from 25.0% to average 22.0% (-3.0 pp).
Management believes there will be no effective margin dilution from the acquisition over the next two to three years.
Outcome check: OPM moved from 25.0% to average 22.0% (-3.0 pp).
The closing of the Jayhawk acquisition transaction is expected to occur in the second half of January 2026.
Management expects a significant increase in revenue from a specific active ingredient (AI) molecule in FY27 in terms of both volume and growth.
Outcome check: Revenue YoY averaged 27.2% across 1 later quarter(s).
Trend score and candlestick chart
49NeutralMACD +
Technical chart
ANURASdaily · 1Y · AUTO-0.5%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 48.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 48 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 12% off 52W high · 19% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 3.2% of the 30-week proxy.
- The 30-week proxy changed -0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 14/25 to the score.
- Balance sheet contributes 6/15 to the score.
Main drags
- Fair-value margin of safety is negative at -79.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Management has 25% delivered/partly-delivered outcomes on 4 checked claims, with 3 adverse claim outcomes. It ranks around the 2nd percentile of the scored universe and 4th percentile within Chemicals. Main check: financial discipline is weak at 28/100.
Low Trust: 4/14 extracted management claims have outcome checks; 25% were fully delivered and 0 were partially delivered. 3 claim(s) were contradicted or failed. Key concern: 3/4 matched management claims were contradicted or failed.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Chemicals: 4th pctile, median 73 · Large: 1st pctile, median 73
4/14 claims checked. Use as directional, not final.
4/14 claims checked · 3 contradicted/failed claims
How to read this Trust Score
Weak Trust · medium confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 59.1%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸3/4 matched management claims were contradicted or failed.
- ▸Only 0 years of positive FCF.
- ▸ROCE is low at 7.4%.
- ▸ROE is low at 5.5%.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 80.70
- P/B
- 4.23
- EV/EBITDA
- 21.94
- Market Cap
- 14103.00Cr
Profitability
- ROE
- 5.50%
- ROCE
- 7.36%
- ROA
- 2.81%
- Dividend Y
- 0.06%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 0.56
- Interest Coverage
- 3.48×
- Altman Z
- 3.06
- Book Value
- 293.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 334.00 Cr
- EPS TTM
- 15.35
Shareholding
- Promoter Hold
- 59.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 52%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.