Anupam Rasayan India Ltd has reported its audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. For FY26, the company recorded a consolidated net profit of ₹2,222 million, a 39% increase from ₹1,600 million in the previous year. Total revenue from operations rose 65% year-on-year to ₹23,836 million, driven by robust execution and new product commercialization. The company delivered its highest-ever operating cash flow during the year, reflecting improved operational efficiency and stronger cash generation.

The board has recommended a final dividend of ₹1.5 per equity share, equivalent to 15% of the face value of ₹10 each, for FY26, subject to shareholder approval at the upcoming Annual General Meeting.

Financial Performance

For the quarter ended March 31, 2026 (Q4FY26), consolidated total revenue stood at ₹6,392 million, a 26% increase from ₹5,057 million in the same quarter last year. Profit After Tax (PAT) for the quarter was ₹560 million, while EBITDA came in at ₹1,407 million with a margin of 22%.

Strategic Developments

Managing Director Mr. Anand Desai highlighted that FY26 was a landmark year marked by the highest-ever annual sales and operating cash flow. A key strategic milestone was the successful acquisition of Jayhawk Fine Chemicals in the United States, which delivered a proforma revenue of US$ 95 million. Additionally, the company signed a definitive agreement to acquire Bliss GVS Pharma to strengthen its pharmaceutical value chain capabilities.

The board approved a proposal to raise funds through the issuance of 16,000 secured, rated, unlisted, redeemable non-convertible debentures (NCDs) on a private placement basis. The NCDs will have a face value of ₹1,00,000 each, aggregating to a total issue size of ₹160 crore.

Anupam Rasayan India Limited has agreed to acquire a 43.30% stake in Bliss GVS Pharma Limited for ₹1,369.51 crore, equating to ₹299 per equity share. The transaction, structured through a Share Purchase Agreement dated May 23, 2026, involves the purchase of 4,58,03,024 shares from promoter group members and public shareholders. This strategic move is designed to enhance Anupam Rasayan's footprint in the pharmaceutical value chain, leveraging Bliss GVS's niche dosage forms and international market reach. The acquisition triggers an open offer obligation under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, requiring an offer for up to 26% of the paid-up equity share capital at the same price, aggregating to ₹829.03 crore. The total proposed transaction value for up to 74.20% equity shares amounts to approximately ₹2,198.54 crore.

Transaction Details

The board of Anupam Rasayan approved the acquisition of up to 4,58,03,024 fully paid-up equity shares, representing 43.30% of the total paid-up share capital of Bliss GVS Pharma. The sellers include promoter group members and public shareholders. Upon completion, Anupam Rasayan will acquire control of Bliss GVS Pharma and be classified as a promoter. The purchaser also holds a call option to acquire an additional 51,81,571 equity shares (4.90%) at the SPA Price on the closing date. If not acquired then, the company may purchase these retained shares within 6 to 12 months at the prevailing market price or ₹299 per share, whichever is higher.

The open offer for up to 26% of the expanded share capital will be made to eligible public shareholders. The consideration will be funded through cash. The share acquisition is subject to customary conditions and is expected to be completed within 6 months.

Target Company Performance

Bliss GVS Pharma Limited, incorporated on December 11, 1984, manufactures branded formulations across various therapeutic segments, including anti-malarial, anti-fungal, and cardiovascular. The company holds EU-GMP certification and exports to over 60 countries, with its most dominant market being Sub-Saharan Africa. For the financial year 2025-2026, the company reported a consolidated turnover of ₹1,000.64 crore and a net worth of ₹1,231.76 crore as on March 31, 2026.

Strategic Synergies

The acquisition is expected to generate synergies through expansion into regulated markets and forward integration into end-to-end vertically integrated manufacturing. Bliss GVS boasts a robust pipeline of 62+ molecules, with 48+ catering to regulated markets. The company has also signed strategic agreements in the USA and Canada and received US FDA approval for its Palghar suppository unit. The acquisition is not a related party transaction, and no governmental approvals are required for the Share Purchase Agreement.