Anupam Rasayan allots ₹160 crore NCDs, promoter pledges shares

Anupam Rasayan India Ltd has allotted 16,000 secured, rated, unlisted, redeemable non-convertible debentures (NCDs) aggregating to ₹160 crore on a private placement basis. The allotment was made to Aditya Birla Capital Limited at par, with the proceeds intended for the repayment of existing debt facilities, investment in group companies, and general corporate purposes. The issuance was approved by the board on May 23, 2026, and executed by the Executive Committee on May 26, 2026.

NCD Details

The debentures carry a coupon rate of 10.25% per annum and have a tenure of 13 months from the date of allotment. The issue is secured by a first ranking exclusive pledge over 31,50,000 equity shares held by promoter Mr. Anand Sureshbhai Desai and a first ranking exclusive charge by way of hypothecation over identified bank accounts maintained with Axis Bank Limited. Catalyst Trusteeship Limited has been appointed as the debenture trustee for the issue.

Particulars	Details
Total Allotted	16,000 NCDs
Issue Size	₹160 crore
Face Value	₹1,00,000 per NCD
Allotment Date	May 26, 2026
Maturity Date	June 26, 2027
Coupon Rate	10.25% p.a.

Redemption Schedule

The company will redeem the debentures in two tranches. On September 21, 2026, it will redeem ₹99,500 of the principal amount along with accrued interest for each NCD. The residual principal of ₹500 per NCD, along with accrued interest, will be paid upon final maturity on June 26, 2027. The security package includes a minimum security cover requirement of 250% to be maintained at all times.

Share Pledge Disclosure

Anand Sureshbhai Desai disclosed the creation of a pledge on 31,50,000 equity shares of the company under Regulation 31(1) of the SEBI Takeover Regulations. The shares were pledged in favor of Catalyst Trusteeship Limited, acting as the Debenture Trustee, for the benefit of Aditya Birla Capital Limited. The pledge was created to secure the debt arising from the issuance of the NCDs. Following the pledge, Desai's total encumbered holdings stand at 69,75,780 shares, representing 6.13% of the total share capital.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.82%	+1.56%	-6.22%	-3.85%	+12.06%	+72.20%

Anupam Rasayan India Limited delivered its highest-ever revenue of INR2,384 crores in FY26, marking a 65% year-on-year increase from INR1,448 crores in FY25. The company reported a profit after tax of INR222 crores for the financial year ended March 31, 2026, translating to a PAT margin of 9%. For the quarter ended March 31, 2026, total income stood at INR639 crores, up 26% from INR506 crores in Q4 FY25, with a profit after tax of INR56 crores.

Operational Performance

The company achieved an operating cash flow of INR334 crores during FY26, driven by improved asset utilization, operational efficiency, and better working capital management. Capital expenditure for the year was INR315 crores, completing the last leg of the capex program. Management stated that current capacity is sufficient for near-term growth, with no major capex envisaged in the immediate future.

Strategic Developments

Anupam Rasayan has entered into a definitive agreement to acquire a 43.3% to 48.2% equity stake in Bliss GVS Pharma Limited, along with an open offer for up to 26% of additional shares. The transaction, valued at approximately INR300 crores via non-convertible debentures and non-controlling equity instruments, aims to create an integrated global life science and specialty pharmaceutical platform. The company also completed the acquisition of Jayhawk Fine Chemicals, securing a strategic manufacturing footprint in the U.S.

Financial Highlights

Metric	Q4 FY26	Q4 FY25	FY26	FY25
Total Income (INR crores)	639	506	2,384	1,448
EBITDA (INR crores)	141	150	543	412
EBITDA Margin	22%	-	23%	-
Profit After Tax (INR crores)	56	63	222	160

On a standalone basis, the revenue mix for FY26 diversified, with Agrochemicals contributing 55%, Pharma 20%, Performance Materials 18%, and Personal Care 7%. The consolidated financials for the period include Tanfac Industries and one month and two days of Jayhawk Fine Chemicals.