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

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.

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.