CRISIL Ratings removed Anupam Rasayan India from 'Rating Watch Negative' and reaffirmed A+/Stable ratings on Rs 1369.82 crore facilities. The positive action follows successful $150 million acquisition funding through $41 million debt and $109 million equity from Oaktree Capital. The company showed strong operational improvement with revenue rising to Rs 1,729 crore in 9M FY26 from Rs 938 crore previously, reducing inventory days from 500 to 310 days.

Anupam Rasayan India Gets CRISIL A+/Stable Rating Reaffirmation After Successful Acquisition Funding

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.

Rating Category: Rating Details Total Bank Loan Facilities: Rs 1369.82 crore Long Term Rating: CRISIL A+/Stable (Removed from Rating Watch Negative) Short Term Rating: CRISIL A1 (Removed from Rating Watch Negative)

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:

Working Capital Metric: Previous Period Current Period Inventory Days: 500 days 310 days Revenue (9M FY26): Rs 938 crore Rs 1,729 crore

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.

Financial Metric: March 31, 2025 March 31, 2024 Operating Income: Rs 1,438.72 crore Rs 1,476.29 crore Reported PAT: Rs 159.85 crore Rs 167.42 crore PAT Margin: 11.11% 11.34% Debt/Networth: 0.45 times 0.37 times Interest Coverage: 3.55 times 4.34 times

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:

Parameter: Details Shares Released: 42,49,220 equity shares Release Date: February 26, 2026 Filing Date: March 02, 2026 Encumbrance Type: Pledge Security Trustee: Catalyst Trusteeship Limited Reason: Loan repayment completion

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:

Shareholding Status: Before Release After Release Total Encumbered Shares: 42,50,000 780 Encumbered Percentage: 3.73% 0.00% Shares Released: - 42,49,220 Percentage Released: - 3.73%

Company Share Capital Structure

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

Capital Details: Amount/Number Paid-up Equity Share Capital: ₹1,13,84,83,100 Number of Equity Shares: 11,38,48,310 shares Face Value per Share: ₹10.00 Total Diluted Share Capital: ₹1,13,85,03,980 Diluted Equity Shares: 11,38,50,398 shares

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.

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