Anupam Rasayan India Limited has received positive news from CRISIL Ratings, which has removed the company from 'Rating Watch with Negative Implications' and reaffirmed its credit ratings following successful acquisition funding and improved operational performance.

Rating Action Details

CRISIL Ratings has reaffirmed the company's credit ratings across its bank loan facilities worth Rs 1369.82 crore. The rating action reflects the completion of funding arrangements for the company's strategic acquisition and demonstrated improvements in working capital management.

Acquisition Funding Success

The ratings were initially placed on 'Watch Negative' following the company's announcement to acquire 100% equity in Jayhawk Fine Chemicals LLC, a US-based specialty chemicals company, for $150 million. The resolution of the watch status was driven by the successful completion of funding arrangements.

The company structured the acquisition funding through a balanced approach:

• Debt component: $41 million raised through debt financing
• Equity component: $109 million of Class B non-voting equity infused by Altix XII Pte Ltd, a fund managed by Oaktree Capital Management LLP

Operational Performance Improvements

The company demonstrated significant operational improvements during the first nine months of fiscal 2026. Revenue performance showed substantial growth, reaching Rs 1,729 crore compared to Rs 938 crore in the corresponding period of the previous fiscal year.

This revenue improvement contributed to better working capital management:

Business Strengths and Market Position

CRISIL highlighted the company's strong business risk profile, backed by its established market position in custom synthesis and manufacturing of specialty chemicals. With nearly four decades of experience, the group serves 75 clients globally, including 31 multinational companies across agrochemicals, personal care, pharmaceuticals, and specialty segments.

The rating agency noted the company's diversified revenue streams, with pharmaceutical and polymer segments expected to contribute more than 30% of total revenue in fiscal 2026. The acquisition of Tanfac Industries provides backward integration benefits, securing supply of critical raw materials like hydrogen fluoride and potassium fluoride.

Financial Risk Profile

The company maintains a strong financial risk profile with healthy capital structure metrics. As of September 30, 2025, the networth stood at Rs 3,197.3 crore with a total outside liabilities to adjusted networth ratio of 0.6 times, compared to Rs 2,935.6 crore and 0.74 times as of March 31, 2025.

Outlook and Future Prospects

CRISIL assigned a 'Stable' outlook to the long-term rating, expecting the group's operating performance to continue benefiting from its established brand and comfortable financial risk profile. The rating agency anticipates further improvement in the working capital cycle with the commercialization of new products and expects the company to maintain its market position through expansion into high-value fluorination chemistry products and polymer applications.

Anupam Rasayan India Limited's promoter Anand Sureshbhai Desai has released pledge on 42,49,220 equity shares following loan repayment, as disclosed in a regulatory filing dated March 02, 2026. The release represents a significant reduction in the promoter's encumbered shareholding and demonstrates improved financial flexibility.

Pledge Release Details

The disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, provides comprehensive details of the pledge release transaction filed by Catalyst Trusteeship Limited:

Impact on Encumbered Holdings

The pledge release has substantially reduced the encumbered shareholding held by Catalyst Trusteeship Limited on behalf of lenders. The transaction shows a near-complete release of pledged shares:

Company Share Capital Structure

The regulatory filing reveals the current share capital structure of Anupam Rasayan India Limited:

Regulatory Compliance

The company has fulfilled its disclosure obligations by informing both BSE Limited and National Stock Exchange of India Limited about the pledge release. The filing was signed by Deesha Srikkanth, Senior Vice President at Catalyst Trusteeship Limited, demonstrating transparency in promoter shareholding changes and adherence to SEBI regulations governing substantial acquisition and takeover norms.

The pledge release indicates successful loan repayment and improved financial position, which could be viewed positively by market participants as it significantly reduces encumbrance on the shares from 3.73% to virtually zero.