Anupam posts record Q2 revenue as EBITDA margin reaches 25% in FY27

Anupam Rasayan India Limited reported its highest-ever quarterly consolidated revenue of Rs 821 crore in Q2FY27 ended September 30, 2026, while EBITDA including other income rose 41% year-on-year to Rs 202 crore and the EBITDA margin increased to 25% from 19% in Q2FY26.

How did Anupam perform in Q2FY27?

Anupam delivered record quarterly consolidated revenue of Rs 821 crore in Q2FY27, up 11% from Rs 739 crore in Q2FY26. EBITDA increased by Rs 58 crore to Rs 202 crore from Rs 144 crore, while profit after tax increased 14% to Rs 65 crore from Rs 57 crore for the quarter ended September 30, 2026.

EBITDA, or earnings before interest, tax, depreciation and amortisation, grew faster than revenue in Q2FY27. Revenue rose 11% year-on-year, against EBITDA growth of 41%, lifting the reported EBITDA margin by 6 percentage points to 25% from 19%. Management described the Rs 821 crore result as Anupam's highest-ever quarterly consolidated revenue.

Why did Anupam's EBITDA margin rise to 25%?

Anupam's reported EBITDA margin rose to 25% in Q2FY27 from 19% in Q2FY26 because EBITDA growth of 41% exceeded revenue growth of 11%. The company reported Rs 202 crore of EBITDA including other income on Rs 821 crore of quarterly revenue, compared with Rs 144 crore on Rs 739 crore a year earlier.

The release does not attribute the 6-percentage-point margin increase to a particular product, customer, price movement or cost item. Management said the Rs 821 crore Q2FY27 revenue outcome reflected its diversified business and progress across key segments, while identifying Pharmaceuticals, Performance Materials and other specialised segments as areas for capability building and customer relationships.

What was Anupam's first-half FY27 financial performance?

Anupam reported H1FY27 consolidated revenue of Rs 1,489 crore, up 21% from Rs 1,230 crore in H1FY26, while EBITDA increased 38% to Rs 377 crore from Rs 273 crore. The first-half EBITDA margin was 25%, compared with 22% in the prior-year half, and profit after tax rose 10% to Rs 116 crore from Rs 106 crore.

The H1FY27 comparison shows the same pattern as the second quarter, although the margin expansion was smaller over the six-month period. Revenue increased by Rs 259 crore and EBITDA by Rs 104 crore, while the EBITDA margin increased by 3 percentage points to 25% from 22%. Q2FY27 revenue of Rs 821 crore accounted for more than half of the Rs 1,489 crore reported for H1FY27.

What strategic actions did Anupam disclose during Q2FY27?

Anupam signed a six-year long-term supply agreement during Q2FY27 with a US-based speciality metal manufacturer. Management said the agreement marks a step towards establishing a presence in the geological resources sector, diversifying the customer base and building a long-term strategic partnership with a global customer; the November 6, 2026 release did not disclose a contract value or expected revenue.

Anupam also completed the acquisition of a 50.07% stake in Bliss GVS Pharma during the quarter, securing controlling interest. Management said the acquisition adds finished dosage formulation capabilities and supports its plan to build a diversified pharmaceutical platform, with opportunities to pursue operational and commercial synergies across the pharmaceutical value chain.

What is the scale of Anupam's operating platform?

Anupam operated 14 manufacturing facilities as of September 30, 2026, serving more than 200 domestic and international customers. The company reported specialty chemicals installed capacity of more than 2,00,000 metric tonnes and pharmaceutical formulations capacity of more than 4,800 million units at that date.

The 14 facilities comprised six sites in Gujarat, six in Maharashtra, one in Tamil Nadu and one in the US. Anupam's two verticals are life science-related specialty chemicals, which include agrochemicals, personal care and pharmaceuticals, and performance materials, which include electronics and electric-vehicle chemicals as well as polymers.

How does Anupam's portfolio relate to its Q2FY27 plans?

Anupam said its Q2FY27 priorities include deepening relationships with existing customers, expanding into new applications and strengthening capabilities across Pharmaceuticals, Performance Materials and other specialised segments. These priorities sit alongside its 14 facilities and more than 200 customers as of September 30, 2026, but the release does not quantify revenue by these segments.

Management also said it intends to focus on disciplined execution, optimal utilisation of capital employed, integration of strategic investments, and enhancement of manufacturing and technological capabilities. The disclosed 50.07% Bliss GVS Pharma stake and six-year supply agreement are the specific Q2FY27 actions connected to those priorities, while no financial target or timetable was provided in the release.

Conclusion

Anupam's Q2FY27 outcome combined record consolidated revenue of Rs 821 crore with EBITDA growth of 41% and a 25% margin, compared with 19% a year earlier. In H1FY27, revenue increased 21% to Rs 1,489 crore and EBITDA rose 38% to Rs 377 crore, maintaining the pattern of EBITDA growth exceeding revenue growth.

The next disclosed matters to watch are execution of the six-year supply agreement with the US-based speciality metal manufacturer and integration of the 50.07% Bliss GVS Pharma stake. Management said it will focus on capital-employed utilisation, strategic-investment integration, and manufacturing and technology capabilities following the September 30, 2026 reporting period.