Announcement
Announcement under Regulation 30 (LODR)-Allotment 21 Sep - Allotted 14,500 secured NCDs worth ₹145 crore at 10.25% for debt repayment and general corporate purposes.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result14 Aug, 10:10 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -5.5% / mo · MACD − · near 52W low · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 18
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ANURASD candles · FIT view-17.2%Latest close ₹1109.70 on 2026-10-19
Bar
-5.2%
RSI
38
MACD hist
-0.01
52W pos
16%
2026-10-19O ₹1170.00H ₹1170.30L ₹1096.50C ₹1109.70Vol 6.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ANURASNifty ChemicalsNifty 500
- ANURAS
- -12.5%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -6.9 pp
Chart stats
19 Oct 2026- From 52W high
- -21.6%
- 52W range position
- 17%
- ATR (14)
- 3.5%
- Volume vs 20D
- 1.04x
- Avg traded value
- ₹75.7 Cr
- 20D price channel
- ₹1,082.3 - ₹1,214.8
₹1,415
₹1,047.9 - ₹1,415
₹38.8
Latest completed session
20-session average
40.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust is a red flag, price trend argues for patience, and recent execution is consistent.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED25
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +34.8% · PAT +6.3% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model-60.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Weak Trust42
medium confidence · 4/14 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +35% YoY · PAT +6% YoY
Filed 14 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 77.40
- P/B
- 4.09
- EV/EBITDA
- 21.14
- Market Cap
- 13522.00Cr
Profitability
- ROE
- 5.55%
- ROCE
- 7.38%
- ROA
- 2.81%
- Dividend Y
- 0.13%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 0.57
- Interest Coverage
- 3.48×
- Altman Z
- 2.98
- Book Value
- 290.00
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
- 38%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 655+3.0% vs prev
Net Profit
₹ CrLatest: 51.0-8.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.9% over last month) — short-term momentum negative.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 22% off 52W high · 5% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
51
RS percentile
Stage 4 Downtrend
1M return
-8.1%
3M return
-12.5%
6M return
-17.4%
1Y return
+1.6%
RS 1D
-12
RS 20D
-1
Sector rank
#13
Industry rank
#15
Stage evidence
- Price is 12.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.9%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 106.48-4.66%
RS vs Nifty 500106
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth14/25
Quality0/20
Balance Sheet5/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
25
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
25/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 14/25 to the score.
- Balance sheet contributes 5/15 to the score.
Main drags
- Fair-value margin of safety is negative at -60.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
77.4
PB
4.1
EV/EBITDA
21.1
ROE
5.5%
ROCE
7.4%
FCF Yield
—
Debt/Equity
0.6
MoS
-60.6%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
25
Previous: 25
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-60.6%
Previous: -60.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
25
25
25
25
25
25
25
25
25
25
25
25
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹316.48
-250.6% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹690.75
-60.6% MoS
PEG
4.07
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ATUL
Large
Atul Limited
Specialty Chemicals
match 160
38
22.1
11.5%
-179%
WATCHLIST
JUBLINGREA
Large
Jubilant Ingrevia Limited
Specialty Chemicals
match 159
51
32.0
9.5%
+28%
FAIR VALUE
CLEAN
Large
Clean Science and Technology Limited
Specialty Chemicals
match 159
39
37.3
15.3%
-254%
WATCHLIST
DEEPAKNTR
Large
Deepak Nitrite Limited
Specialty Chemicals
match 157
27
28.3
9.8%
-496%
OVERVALUED
AARTIIND
Small
Aarti Industries Limited
Specialty Chemicals
match 154
19
35.0
7.1%
-538%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T07:40:15.692Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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
capex timelinenot yet verifiablequantified
Anupam Rasayan will invest a maximum of around $40 million through a combination of internal accruals and debt for the acquisition.
Timeframe: post-acquisitionDirection: stable
margin outlookfailedquantified
EBITDA growth of 20% to 25% for Jayhawk should be achieved over a three to four year period.
Timeframe: three to four year periodDirection: growth
Outcome check: OPM moved from 25.0% to average 22.0% (-3.0 pp).
margin outlookfailed
Management expects the Jayhawk acquisition to be EPS-accretive from day one.
Timeframe: from day one / post-closing in January 2026Direction: positive
Outcome check: OPM moved from 25.0% to average 22.0% (-3.0 pp).
margin outlookcontradicted
Management believes there will be no effective margin dilution from the acquisition over the next two to three years.
Timeframe: next two to three yearsDirection: stable
Outcome check: OPM moved from 25.0% to average 22.0% (-3.0 pp).
project executionnot yet verifiable
The closing of the Jayhawk acquisition transaction is expected to occur in the second half of January 2026.
Timeframe: second half of JanuaryDirection: completion
revenue outlookdelivered
Management expects a significant increase in revenue from a specific active ingredient (AI) molecule in FY27 in terms of both volume and growth.
Timeframe: FY27Direction: increase
Outcome check: Revenue YoY averaged 27.2% across 1 later quarter(s).
Trust Score
42Weak Trust · medium confidenceClaim-tested Trust
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 1st percentile of the scored universe and 2nd 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.
Computed 21 Oct 2026
management-trust-v1
43 extracted concalls · 4/14 claims matched
Score band
Weak Trust
Management or financial behaviour needs caution. Demand stronger valuation compensation.
Relative rank
1st percentile
overall median 67 · Chemicals: 2nd pctile, median 73 · Large: 1st pctile, median 73
Evidence depth
Early sample
4/14 claims checked. Use as directional, not final.
Claim delivery
25% delivered or partly delivered
4/14 claims checked · 3 contradicted/failed claims
How to read this Trust Score
Weak Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Do not rely on management narrative unless hard turnaround evidence is visible.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
28
weak · capital discipline
Results
79
strong · quarterly consistency
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 5.6%.
Continue researching Anupam Rasayan India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Sep - Submission of Newspaper Advertisement regarding 23rd Annual General Meeting of the members of the Company.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 9 Sep - Anupam Rasayan acquired 2,60,065 Tanfac shares for Rs 60.88 crore on preferential basis.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jul - Submission of copy of newspaper advertisement clippings pertaining to the Addendum to the Public Announcement, Detailed Public Statement and Draft Letter of Offer.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Jul - Signed non-binding LOI with BASQUEVOLT for potential $300 million specialty chemical supply over 10 years.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations - Draft Letter Of Offer 9 Jun - Draft Letter of Offer filed for mandatory open offer to buy 2.77 crore Bliss GVS shares at ₹299/share.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 3 Jun - Ind-Ra updated Anupam Rasayan ratings: AA-/A1+ on INR 7,275 crore loans, INR 8,880 crore loans and INR 1,600 crore NCDs.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 3 Jun - Crisil placed Anupam Rasayan's Rs 1,620 crore loans and Rs 160 crore NCDs on watch developing after Bliss GVS deal.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jun
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.