Anupam Rasayan Q2 profit rises 10% as revenue falls 32%

Anupam Rasayan India Limited reported standalone profit after tax of Rs 45.65 crore for the quarter ended September 30, 2026, up 10.3% from a year earlier, although revenue from operations fell 32.4% to Rs 397.187 crore. Lower material consumption and inventory-related expense offset the sales decline, while finance costs rose to Rs 47.971 crore.

What were Anupam Rasayan’s standalone Q2 results?

Anupam Rasayan reported total revenue of Rs 412.715 crore for the quarter ended September 30, 2026, down from Rs 595.626 crore in the corresponding quarter of 2025. Revenue from operations declined by Rs 190.739 crore to Rs 397.187 crore, while other income increased to Rs 15.528 crore from Rs 7.700 crore.

Profit before tax rose to Rs 60.734 crore from Rs 54.593 crore, and profit after tax increased to Rs 45.650 crore from Rs 41.399 crore. Basic and diluted earnings per share were Rs 4.01 for the September 2026 quarter, compared with Rs 3.67 a year earlier; the statement says quarterly earnings per share are not annualised.

The sequential result was higher than the quarter ended June 30, 2026. Revenue from operations rose from Rs 328.805 crore, total revenue rose from Rs 334.888 crore and profit after tax increased from Rs 32.006 crore. Profit before tax also rose from Rs 41.698 crore in the preceding quarter.

The standalone results were approved by the board on November 6, 2026, after review by its audit committee. The independent auditor’s limited review said nothing had come to its attention suggesting that the standalone statement had not disclosed the information required under the listing regulations or contained a material misstatement.

Why did Anupam Rasayan’s profit rise despite lower revenue?

Anupam Rasayan’s profit rose because total expenses fell by Rs 189.052 crore year on year, exceeding the Rs 182.911 crore reduction in total revenue. Total expenses were Rs 351.981 crore in the September 2026 quarter, compared with Rs 541.033 crore a year earlier, allowing profit before tax to increase by Rs 6.141 crore.

Cost of materials consumed fell to Rs 180.942 crore from Rs 323.384 crore, a reduction of Rs 142.442 crore. The change in inventories of finished goods, work-in-progress and stock-in-trade was an expense of Rs 9.358 crore, compared with Rs 72.544 crore in the September 2025 quarter, reducing that expense by Rs 63.186 crore.

Some costs moved higher. Employee benefits expense increased to Rs 11.939 crore from Rs 10.633 crore, while depreciation, amortisation and impairment expense rose to Rs 32.328 crore from Rs 27.643 crore. Other expenses declined to Rs 69.443 crore from Rs 72.076 crore.

Finance costs increased 38.0% to Rs 47.971 crore from Rs 34.752 crore and were also above Rs 42.093 crore in the June 2026 quarter. The higher finance charge reduced part of the benefit from lower material and inventory-related costs, but profit after tax still increased by Rs 4.251 crore from the year-earlier quarter.

How did Anupam Rasayan perform in the first half?

Anupam Rasayan’s revenue from operations for the half year ended September 30, 2026 declined 19.7% to Rs 725.992 crore from Rs 903.620 crore in the prior-year half. Profit after tax nevertheless increased 9.2% to Rs 77.655 crore from Rs 71.093 crore, while profit before tax rose to Rs 102.431 crore from Rs 93.514 crore.

Material consumption for the six months fell by Rs 205.738 crore to Rs 374.965 crore. The inventory-change line was negative Rs 46.036 crore, compared with negative Rs 43.626 crore in the prior-year period, while total expenses declined to Rs 645.172 crore from Rs 822.632 crore.

The half-year cost base included higher financing and depreciation charges. Finance costs rose to Rs 90.064 crore from Rs 68.473 crore, while depreciation, amortisation and impairment expense increased to Rs 64.034 crore from Rs 54.080 crore. Total revenue decreased by Rs 168.543 crore to Rs 747.603 crore.

Anupam Rasayan identifies custom synthesis and manufacturing of specialty chemicals as its sole business segment. Management and the chief operating decision maker consequently do not provide a segment-wise revenue or profit split, so the filing does not identify the product or customer categories behind the revenue change.

What do Anupam Rasayan’s balance sheet and cash flows show?

Anupam Rasayan’s total assets rose to Rs 6,369.858 crore at September 30, 2026, from Rs 5,897.581 crore at March 31, 2026. Property, plant and equipment increased to Rs 2,115.123 crore from Rs 2,097.025 crore, capital work-in-progress increased to Rs 114.275 crore from Rs 68.439 crore, and investments rose to Rs 576.219 crore from Rs 350.130 crore.

Current assets increased to Rs 2,902.319 crore from Rs 2,815.796 crore. Inventories rose to Rs 1,442.128 crore from Rs 1,398.020 crore, whereas trade receivables declined to Rs 841.658 crore from Rs 919.959 crore. Cash and cash equivalents were Rs 69.314 crore at September 30, compared with Rs 56.174 crore at the start of the financial year.

Borrowings increased across both maturity categories. Non-current borrowings rose to Rs 387.940 crore from Rs 317.325 crore, while current borrowings increased to Rs 1,533.663 crore from Rs 1,205.732 crore. Total liabilities increased to Rs 3,074.955 crore from Rs 2,662.630 crore, and total equity rose to Rs 3,294.903 crore from Rs 3,234.952 crore.

Net cash generated from operating activities was Rs 169.017 crore for the half year ended September 30, 2026, compared with Rs 36.544 crore in the prior-year half. Investing activities used Rs 448.999 crore, including Rs 226.088 crore for non-current investments and Rs 125.398 crore for property, plant and equipment; financing activities generated Rs 293.122 crore.

Conclusion

Anupam Rasayan’s September-quarter standalone result combined a 32.4% decline in operating revenue with a 10.3% increase in profit after tax. The Rs 142.442 crore reduction in material consumption and Rs 63.186 crore lower inventory-related expense outweighed the revenue decline, even as finance costs increased by Rs 13.219 crore year on year.

The unresolved issue in the filing is the source of the revenue movement because Anupam Rasayan reports one specialty-chemicals segment and gives no product or customer breakdown. The next financial disclosure can show whether revenue from operations improves from Rs 397.187 crore and whether finance costs, at Rs 90.064 crore for the first half, change alongside borrowings of Rs 1,921.603 crore at September 30, 2026.