Anupam Rasayan targets 30-35% FY26 revenue growth as agrochem demand rebounds

Anupam Rasayan expects a 30-35% revenue increase in the financial year ending in March 2026 (FY26), driven by rising demand across pharmaceuticals, polymers, and a recovering agrochemical segment.

Deputy CFO Vishal Thakur said demand conditions have significantly improved, particularly in agrochemicals, where volumes are picking up. ″The revenue uptake is largely on the base of volume, and we expect growth to continue in Q4 and into FY26 as well,″ he said.

For the nine months ended December 2024, agrochemicals accounted for 49% of total revenue, followed by pharma at 23%, personal care at 17%, and performance materials at 11%.

Margins are expected to remain stable in the 26-28% range.

The company delivered a strong third quarter performance, with revenues rising 32% year-on-year (YoY) to ₹390 crore and earnings before interest, tax, depreciation, and amortisation (EBITDA) up 57% YoY to ₹124 crore. Margins expanded by 500 basis points (bps) to 31.8%, supported by a favorable product mix and steady demand.

However, for the first nine months of the current financial year, the revenue was down 13% from the same period last year, with margin at 27.5% and profit down 24%.

Anupam Rasayan’s order book is around ₹9,000 crore, with new contracts expected to start contributing from calendar 2025.

The company is commercialising projects signed in 2022, and more recent agreements will begin ramping up over the next two years.

″Typically, an LOI takes 18 to 24 months to convert into commercialisation, and another two to three years to reach full volume,″ he explained.

Anupam Rasayan is also keeping a close watch on its working capital cycle, which had seen some elevation earlier in the year. The target remains 180-200 days over the medium term, Thakur said.