Deven Choksey's research report on Anupam Rasayan India
Revenue came in at INR 5,002 Mn., up 24.7% YoY (+28.2% QoQ), below our estimates (-5.5%), led by more gradual and phased commercialization of LOI’s with clients. EBITDA stood at INR 1,445 Mn., up 55.9% YoY (+16.2% QoQ), in-line with our estimates (+1.1%). Adjusted net profit stood at INR 446 Mn., up 44.2% YoY (+58.1% QoQ), sharply below our estimates (-29.6%), led by sharp increase in depreciation, lower other income and sequentially higher effective income tax rate. We have revised our FY26E/FY27E EPS estimates by -28.0%/-18.7%, respectively, as we factor in higher depreciation and ETR. We remain optimistic on long-term growth driven by strong volume momentum across segments, healthy product pipeline through new molecule launches and improved LOI execution.
Outlook
We value Anupam Rasayan at 43.0x FY27E EPS, implying a target price of INR 1,053. We upgrade our rating from “HOLD” to “ACCUMULATE” on the stock.
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