Q1 26/27

Aug 14, 2026

Summary

Q1 FY27 total income rose 36% YoY and EBITDA grew 35%, while PAT increased 6% amid higher depreciation. Growth plans center on new product ramps, Jayhawk and the pending Bliss acquisition; full-year EBITDA margin guidance is 22%-24% consolidated.

Ladies and gentlemen, good day and welcome to Anupam Rasayan India Limited Q1 FY27 earnings conference call. Before we begin, a brief disclaimer. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. From the management side, we have with us today Mr. Anand Desai, Managing Director; Mr. Gopal Agrawal, Chief Executive Officer; Mr. Amit Khurana, Chief Financial Officer; and Mr. Vishal Thakker, Deputy Chief Financial Officer. As a reminder, all participants' lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. With this, I would now like to hand over the call to Mr. Anand Desai, Managing Director, for his opening comments. Thank you, and over to you, sir. Thank you. Good afternoon all, and thank you for joining us for our Q1 FY27 earnings call. We are pleased to begin FY27 on a strong note with consolidated total income growing by 36% year-on-year. This is a strong start to the year and reflects continued momentum across our businesses, supported by the commercialization of new products and heavy demand across our key segments. More importantly, we believe the quarter reinforces structural transformation at Anupam Rasayan. Over the last few years, we have been consciously building a more diversified and globally integrated specialty chemicals platform, moving beyond our traditional strengths into pharmaceuticals, performance materials, electronics, EV, and other high-value applications. The key milestone in the quarter was the commercialization of ethyl trifluoroacetate, or ETFA, using flow chemistry. We are proud to be the first company globally to commercialize ETFA through this technology. This achievement further strengthens our expertise in complex fluorination chemistry and, more importantly, demonstrates our ability to develop and commercialize differentiated products using advanced process technologies. We also signed a letter of intent with Basquevolt for the potential long-term supply of our specialty chemical product, demonstrating our ability to participate in emerging high-growth applications. This further underscores the strength of our customer relationships and our capability to develop products for the next generation technologies. On the strategic front, our Jayhawk acquisition is already strengthening our global platform. It gives us a strategic manufacturing base in the U.S., expands our capabilities in advanced and high purity chemistries, and provides a strong platform to participate in high-value markets such as semiconductors, automotive, EV, aviation, and performance materials. With only a limited period of consolidation in FY26, we now see FY27 as the first full year of Jayhawk's contribution and integration. At the same time, the proposed acquisition of Bliss GVS Pharma continues to progress as planned, following the signing of the definitive agreements. We see this as a transformational step in building a more complete pharmaceutical platform, taking us from key starting materials and intermediates towards formulations, regulated manufacturing, and global market access. The platform also provides significant headroom for capacity utilization and a robust pipeline of succeeding molecules over the next few years, including 48 plus molecules targeted at emerging markets. What is particularly exciting for us is that these initiatives are now standalone. Tanfac gives us critical raw material and fluorination integration. Anupam brings good chemistry and custom synthesis capabilities. Jayhawk gives us U.S. manufacturing and CDMO platform. Bliss adds a differentiated pharmaceutical and formulation platform. Together, these businesses give us the ability to participate across a much broader part of the value chain across segments. With a strong pipeline, deeper customer engagements, an expanded technology platform, and an increasingly diversified business mix, we believe Anupam Rasayan is entering an exciting phase of growth, and FY27 is an important year in translating the investments in strategic initiatives over the last few years into sustained business growth and value creation. With that, I will now hand over the call to Gopal bhai to take you through our business performance and key strategic developments in greater detail. Thank you. Thank you, Anand bhai. Good afternoon, everyone. Q1 FY27 has been an encouraging quarter for us, both from an operational and strategic perspective. We have started the year with strong momentum, and importantly, we are seeing increasing traction from initiatives, investment that we have been doing over the past few years. Our focus continues to remain on accelerating commercialization of molecule from our existing pipeline, including the contribution from high-value businesses and deepening our engagement with global customers. Let me begin with our technology and product development initiatives. The commercialization of ETFA using flow chemistry is an important milestone for Anupam. Flow chemistry enables us to effectively execute complex chemical reactions while improving process control, safety, scalability, and overall cost. Our successful commercialization of this product demonstrates the strength of our R&D and process engineering capabilities and reinforces our position in the differentiated fluorination chemistry. We continue to see good momentum in our pharma and performance material pipeline. During the quarter, we commercialized one new product in pharma and two new products in performance material, further broadening our portfolio and strengthening our presence in high-value applications. The pipeline is equally encouraging. We have currently 65 plus pharma and polymer molecules in R&D and pilot and have commercialized more than 10 molecules in this segment over the last few years. This gives us strong pipeline of opportunity that can progressively move from development to commercialization over the coming years. The letter of intent signed with Basquevolt is another important milestone. The potential long-term opportunity of approximately US$300 million spread over a period of 10 years reflects the depth of our customer engagement and our ability to participate in emerging high growth applications. We expect commercialization to begin during FY 2027 and will gradually scale the opportunity based on customer requirement. With this, our cumulative signed LOI and contract highlighted in the presentation represents roughly INR 18,000 crores of potential business over their respective tenures, with several new products scheduled to come for commercialization in and from FY 2027 onwards. Coming to our acquisition, Jayhawk Fine Chemicals is an important strategic addition to Anupam Rasayan platform. It provides us with a manufacturing presence in U.S. while strengthening our advanced chemistry capability and our ability to serve global customers across life sciences and performance material. We believe the combination of Anupam Rasayan manufacturing and process chemistries of Jayhawk technology platform, customer relationship and U.S. presence creates a synergistic opportunity to deepen our engagement with existing customers and jointly pursue new business opportunities. On pharmaceutical side, the proposed acquisition of Bliss GVS Pharma is progressing as planned. Once completed, we intend to leverage Bliss GVS's regulated manufacturing capability, pharmaceutical portfolio and market presence to create an integrated pharmaceutical platform. Looking at our priorities remain clear, that is commercialized product from our existing pipeline, increase the contribution from performance material and pharmaceutical, deepen our customer relationship and continue investing in advanced technology and chemistries. With that, I will hand over the call to Amit bhai for his comments. Thank you, Gopal bhai, and good afternoon, everyone. Our Q1 FY 2027 performance reflects a healthy start to the year, supported by new product commercialization and continued demand across our businesses. Alongside growth, we continue to maintain a disciplined approach towards capital allocation and integration of our strategic investments. Let me first take you through the key financial highlights. Consolidated total income for Q1 FY 2027 stood at INR 668 crores, representing a growth of 36% year-on-year. Revenue from operations was INR 655 crores. Consolidated EBITDA increased 35% year-on-year to INR 175 crores, with EBITDA margins maintained at 26%. At the same time, PAT for the quarter stood at INR 51 crore compared to INR 49 crore in Q1 FY 2026, representing a 6% year-on-year growth. The movement below EBITDA largely on account of increase in depreciation expense due to increase in asset base and higher depreciation in Jayhawk. On the CapEx front, we have now completed the major CapEx cycles that we had undertaken over the last few years. All our major planned projects have been commissioned and are operational and therefore we do not foresee a significant CapEx requirement for the existing Anupam platform in near term. We will continue to be selective about incremental CapEx and evaluate any new investment based on customer visibility, strategic relevance and expected returns. Coming to cash generation and working capital, these remain important areas of focus for us. For Q1 FY 2027, consolidated cash profits stood at INR 64 crores, compared with INR 56 crores in Q1 FY 2026. Working capital remained largely stable during the quarter and we expect to see further improvement in FY 2027. As we have highlighted earlier, the business is becoming increasingly diversified towards pharma and performance materials alongside the recovery in agro business. We expect this changing mix together with tighter inventory and receivable management to support further improvement in working capital efficiency over time. With this, I will now hand over the call to Mr. Vishal Thakker to take you through the financial performance in detail for the quarter. Thank you, Amit bhai, and good evening, everyone. I will briefly take you through the consolidated financial performance of Q1 FY27. Consolidated total income for the quarter stood at INR 667.5 crores compared to INR 490.7 crores in corresponding quarter last year, registering a strong growth of 36% year-on-year. Consolidated EBITDA for the quarter stood at INR 174.9 crores compared to INR 129.2 crores in Q1 FY26, representing a growth of 35% year-on-year. Consolidated EBITDA margins for the quarter remained healthy at 26%, broadly stable on a year-on-year basis. Consolidated profit before tax stood at INR 69.7 crores compared to INR 62.9 crores in Q1 FY26. Consolidated profit after tax for the quarter was at INR 51.2 crores compared to INR 48.5 crores in the corresponding quarter last year, registering a growth of 6% year-on-year. Consolidated PAT margin for the quarter stood at approximately 8%. Our performance during the quarter reflects the increasing scale of business and continued contribution from new product commercialization. Going forward, we remain focused on sustaining the growth momentum, increasing the contribution from high value products, and delivering efficiencies across the platform. Thank you. Now we can open the floor for Q&A. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Sujal from Growmore PMS. Please proceed with your question. Hello, am I audible? Yes, you are audible. First of all, congratulations on the good set of numbers. My first question is regarding, in the last call, management has guided that we may acquire an API plant. I want to know what is the status of that. We continue to explore that, and right now there is nothing specifically that is there that we need to share. But we continue to explore and, once the Bliss acquisition is also consummated, we will be working with the Bliss management to explore any acquisitions together. Right now it is just on the exploratory stage for now. Okay. On the follow-up on your answers, I want to know that will the management of Bliss remain independent like Tanfac and others, or will you appoint your own team? Anupam's approach towards any acquisition that we have done till date, it will be that we will continue to keep them as independent as they can be. The whole approach will be that the investment that we have done is primarily with a view that they have a strong management team and an existing business and relationships, which we would like to be benefiting out of. Further, like Tanfac, we will also continue to support them in terms of product development, market exposure or any other support that they would need and we can offer. Yes, it will be independent to that extent of running their business as they plan for and with the support from Anupam as we have been offering in Tanfac and also in Jayhawk. Okay. Thank you, sir. Thank you. Thank you. The next question is from the line of Tanya Chaudhary from Investec. Please proceed with your question. Hello, sir. Thank you for the opportunity. Sir, could you provide an update on the Bliss GVS acquisition timeline and the key approvals that are still pending? If you see, the Bliss acquisition has been going in the manner it was we had anticipated. We have got the SEBI approval. Also, the open offer that was to be coming in has come in and August 10 was the last date for any shareholder to offer their shares, which has been successfully concluded. Now we are in the process of closing where we will have to do few procedural steps to comply and deliver the process. We expect that by the first half of September we should be able to conclude this transaction fully. All right, sir. Also, what was the contribution from Jayhawk this quarter and the EBITDA margins that it has posted? Jayhawk has been contributing around about 20%-22% of our revenue for this quarter, and the margins have been very robust at around about 19-20 percentage points. All right. And sir, the share of polymers has gone up significantly this quarter. Is this sustainable? So, see, there has been a little lesser contribution from the agrochemical because of the way the demand cycle is over the year. But I believe that on a standalone, we should be able to get a polymer business to be in the range of 20%-25%, and on a consolidated basis, it should be in the range of 30%-35%. Understood. I think the consolidated EBITDA margins have remained flat at around 26%, despite a much higher share of performance material. How should we look at EBITDA margins over the next 2-3 years? So, typically, as I have been always guiding that on a standalone, we should be looking at anything between 24%-26% on a standalone basis. On a console basis, we should be looking at anything between 22%-24% EBITDA margin is what I would really guide at, because there are multiple companies, multiple segments, multiple end markets. All in all, I would really suggest to guide at that kind of numbers. Got it, sir. Thank you so much. Thank you, Tanya. Thank you. The next question is from the line of Meet Vora from JM Financial. Please proceed with your question. Hi, sir. Thanks for the opportunity. My first question was on commercializing ETFA in flow chemistry. Can you throw some light to what other players are using and how significant is this achievement for us? And if we compare other players, what are the applications this ETFA is being used and how big can this business be for us? Okay. See, Amit, you are also very expert on this, so I will just share it for everyone also. That flow chemistry in per se is a very cutting edge technology which very limited number of people across the globe would have been using it on a commercial basis. A. B, what it does, as we can say, is that it improves the safety, it improves the product quality because there is no back reaction. It is very small volume that gets reacted every time. So safety is high. There is a very high quality improvement. There is lesser environmental footprint because there are lesser number of solvents that are used or side reaction happening. Hence, that also improves the environmental footprint, lowers the environmental footprint. You are able to do at a higher scale with a lesser land requirement or a plant requirement because these reactors are classically a tabletop reactors, kind of a size of reactors. To that extent, this is very unique that is there and especially ETFA, one of the products which gets application across pharma, agro, and electronics and semiconductor industry. I think it demonstrates a very strong technical capability of a player like us to deliver a product of such wide application in flow. To our knowledge, we are the only ones who are able to do it in flow today. As you said, in terms of size of the market, we estimate that it should be in the half a billion dollar kind of a revenue that this two molecule will have. So that's the large volume market that we can go after and look at. A, it improves our right to win in this market. Also, it demonstrates the technical capabilities to my existing and new customers also that we are able to demonstrate that we are able to do lot of new products in a very new age technologies. So that's what I would say, Meet. Also on manufacturing cost parameters, we would be lower than the comparable chemistries. Particularly then we will be making similar kind of margins as we are making the overall business or the margins will be slightly better than the existing business margins. Secondly, of this half a billion dollar, any broad ballpark idea how much we can cater to? I would love to look at least to start with, it is 5%-10% and going up to 15%-30% is what I would say. I don't want to guide a particular number right now, but, yes, that's the kind of a market that we would want to look for and what we are right now working on. That's one. Two, you're right that the cost parameters will be better for us and hence the margin profiles should be better. As you know that we are a CDMO guy, we have our CSM play. We would share our value creation with our customers. However, yes, it would have an upper bias in terms of our margin profiles for these products where you are actually creating value for our customers. Understood, sir. Thanks for this. Secondly, on this Jayhawk, what is the CapEx that we plan to do for FY 2027 and 2028? Will Anupam need to fund any part of this CapEx? Today there is a reasonable level of capacity that Jayhawk also has, and they will continue to grow their portfolio there and continue to expand their business. There may be some requirements of CapEx that may be there for repurposing or for replacement or for some additional new products that are introduced. But they are fairly well-capitalized in terms of cash and in terms of they're completely unlevered. We don't see that we would have any requirement that we will need to support Jayhawk for their any CapEx going forward, for now at least. We can see that. Okay. For now our CapEx will be largely for the standalone only business only. Any number that you can guide for 2027, 2028? So see today also if you see now as Amit bhai also mentioned in his opening remarks that large part of our CapEx program has been completed and there will be very little CapEx that will be required going forward. Maybe basically for our raw material purchase, sorry, repair and maintenance side or it may be for a little bit of repurposing. To my mind, in the range of INR 70 crores to INR 80 crores may be the number that I would look at from a CapEx point of view for now. Okay. Thank you for answering my questions, and all the best for the coming quarters. Thank you. Thank you. The next question is from the line of Harvit from ICICI Securities. Please proceed with your question. Thanks for the opportunity, sir. Sir, just want to check on the Jayhawk. As you mentioned that in the percentage of revenue, is it correct because the differential is coming around INR 139 for revenue and EBITDA is around INR 24.4 crore. Is that the correct number for Jayhawk for the quarter? Jayhawk's revenue will be around INR 145 odd crores. From a revenue point of view, EBITDA point of view, as I said, 19%-20% will be the EBITDA for Jayhawk. It should be in the range of INR 30 odd crores. What about tax, sir? Tax, as I think Amit bhai also mentioned, there is a large part of a depreciation in their one. The tax will be in the range of around INR 10 crores, INR 8-9 odd crores. Okay. And sir, as you mentioned on the Bliss acquisition, it's progressing well. Sir, on the open offer, are we able to get any share in this open offer? Because the prices are, let me check, way lower than the current market price. So the investment would be the one which we committed during the open offer. Is it? Or it's going to increase? No. You are right. The numbers that we have got an update for is a very small number. It is to that extent of an insignificant number that has been provided or offered to us to buy under the open offer. We saw a similar experience in the impact open offer also. Probably, at least as a management, I would love to read that the shareholders have a fairly high confidence on us in terms of our ability to take the company forward. And yes, there is limited that is left out here. Sir, if I may, excuse me, one more question. Sir, if standalone is looked at, our gross margin is broadly 58% for the quarter, and I think it has increased drastically as compared on year-on-year basis as well. Just want to understand, it's majorly driven by the performance material where the share is higher or is there any other component in that release? The gross margin, as I always try and say that, yes, it is largely based on the performance materials, but I would always guide to see us more on the EBITDA level, as I have always been suggesting, because gross margins move across, depending on the product portfolio, which product goes in which quarter, and also in terms of what segment is contributing, how much more. But if you look at from an EBITDA point of view, is that I would really try and see. And there I think we have been fairly stable in terms of our numbers. Okay. Thank you. Thank you. Thank you. The next question is from the line of Harsh Shah from Axis Capital. Please proceed with your question. Yeah. Hi, sir. Thank you for the opportunity. Sir, my first question was on the Basquevolt LOI. Just wanted to understand where are we. So how is the ramp of the product in terms of the tech? Do we already have the tech for the product development or is it to be jointly developed with the customer? This technology is fairly with us. We have also done it in the plant in terms of lab and the pilot plants as well. To that extent, it is fairly well-developed for us. Yes, we will be working with our customers in terms of what they need, in terms of the purity and others. That is where we have said that we have been able to get to a very strong level and hence the LOI. Otherwise, we would have not gone to the LOI stage as well. We expect it to be commercialized by the second half of the year or the later half of the year. To that extent, that capacity and capability is very much there. Okay. How should we see that ramp? When do we see meaningful revenue start kicking in from this contract? As we say, in 2 to 3 years, you would see a larger revenue ramping up as we go, because that is how any new product will take, and that is what you will see. In 2 to 3 years, you should see a fairly robust, stable revenue coming from this. Okay. Sir, for the balance- There will be revenue this next year as well. It will be, but it will keep ramping up as I said. Okay. And sir, for the balance order book, where are we in terms of execution? What portion of the order book has been executed, and what portion are you expecting in next couple of years? In the order book, as I said earlier also that we have been continuously growing our revenue, roughly around about INR 400 odd crores plus was the revenue for the last year. This year, we are expecting it to be significantly higher, contributing around about 35% of our revenue. And going forward, it should contribute around about 30 odd percent of our revenue with the higher base volume that we have. So this is a very strong ramp-up that is happening. And if you see, most of our products have been commercialized or should be commercialized by next year. This year Okay. And sir, my last question was on the standalone working capital side. So where are we in terms of working capital improvement, and where do you think we should end it by this year-end and then next year as well? So on the working capital side, our working capital has been remaining stable, as Amit bhai also mentioned in his opening remarks, that working capital has been stable and we are on the trajectory that we have been guiding there. There is improvement that we see coming in the next coming quarters. So by the year-end, we should be in the range that we have been guiding in the past years. Got it. Okay. That's all from my side. Thank you so much for the answers. Thank you. Thank you. Thank you. The next question is from the line of Probal Sen from ICICI Securities. Please proceed with your question. Thank you for the opportunity. Good afternoon, sir. First up- Just on the capitalization bit, you obviously mentioned that most of the CapEx has already been completed. Just wanted to understand, because if I look at EBITDA growth of 30%+ what has flowed through to the profit level is 1% growth, presumably because obviously depreciation and interest costs have gone up. Is this the kind of run rate we should be built in for the rest of the year or is there some more capitalization that is remaining, in which case, obviously, interest cost, of course, is a function of how much cash flow will be there, but can depreciation increase in terms of run rate over the next few quarters? There is no major capitalization that we are seeing going forward. Largely that depreciation was largely on account of Jayhawk coming into our portfolio. Historically, Jayhawk under the old management had different depreciation periods that they had, and we are reviewing it and seeing that. But principally, it is not because of the additional CapEx that is coming in or the capitalization that is happening to the balance sheet. In terms of interest cost, how should we be looking at this number? My sense is that this interest cost should be similar numbers. I don't see it going anything further. This is a fairly representative run rate for the interest cost. Got it. The second question I have, sir, was with respect to the agri business. Obviously, we are focusing on performance materials and the newer bits and pieces, newer blocks that we've added. But in terms of agri, how are we looking at it in terms of outlook? How does the environment look, and what are the prospects that we see for the next 9 to 12 months? Probal, I think your line was weak or somehow my line was weak. I don't know. But I couldn't hear your question. If you can repeat, it will be very helpful, please. Am I audible right now? Yes, you are well audible to me now. Okay. I was just asking, sir, about the agri business. We have been focusing on performance materials and pharma and all of that, but agri still remains significant. Just your thoughts in terms of what that market looks like for the next 12 to 18 months. What is the outlook and how do we see that business evolving for the agri segment? The agri segment, I think at least the products that we have been in, we see a fairly robust demand. We do not see that there will be any. The demand recovery is there. We see that whatever we have been forecasting at the start of the year, we are seeing it follow through. That's the reason also, if you see our guidance has been that the agri contribution will continue to be reasonable to our portfolio, but it will be dropping primarily not because of the agri business slowing down, but it is because of the other two businesses growing faster and having contribution coming higher from this. But the agri business should be stable to my mind, and it should continue to have its own growth path. The last question, sir, if I may. With respect to the Adani Transmission two quota, where are we in terms of actual paperwork and in terms of the actual quota being things are formally being approved for our Transpower business? This has been addressed by Tanfac management in their call. I can say from the shareholders' perspective and the team from Anupam, I can only say that we remain confident with what Tanfac management has guided and presented. We are very confident of Tanfac management estimates and their plans. This is what I would say because they are also a listed company, but from my perspective or from Anupam's perspective, I am saying they have guided well and we completely believe in their guidance. I understood, sir. Thank you very much. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Vedant from Mars Investment. Please proceed with your question. Thank you for the opportunity. I wanted to check on the Bliss. Was there any input or market development support that led to the Bliss performance during the last quarter? What was the capacity utilization, if you have that number? Because in the last call, you mentioned that they were operating around 30%, so any comment on it. So, it is a listed company, so I will be conscious of why I make that statement there. It is also today we are yet to consummate this transaction. So please be mindful of these two things. Whatever I say, please take it as my opinion or my view rather than the Bliss management's view. So please be mindful of these two things. However, they have been growing well. They have given a good set of numbers, and it is an organic growth that we are seeing in that company, is what I can say. But pardon me, probably next call, next quarter or the quarter after, when we have fully integrated the company or when we have fully had the control of the company is when it will be more appropriate for me to make a statement on their performances. Okay. So are we planning to do any company-specific calls because they have not been linked, so post the consummation of the transaction? Yes, we will work with the Bliss management to have a better investor or analyst outreach, and we will explore the same. Okay. Thank you, sir. Thank you so much. Thank you. Thank you. The next question is from the line of Ankur Kumar from Ankur Capital. Please proceed with your question. Hello, sir. Thank you for taking my question. Sir, on Bliss side, would you like to comment, after this completion of merger, what kind of growth or numbers we can expect? Because in earlier call as well as TV interviews, you said that it is a 30% utilization which we expect to go to 60-70% over next two to three years. So how should we look in terms of Bliss? I think we continue to have the same view. Our view is only strengthening, and if you look at their performance, their performance has also been demonstrating that what hypothesis we went in with is looking more robust. So we continue to believe that we should be able to improve the utilization of the company's assets to 60% to 70%, and that would translate to the kind of numbers that are there, that would be there. So I would say that, yes, we continue to be confident there. And sir, in terms of CDMO also, you also talked about that also for Bliss in the last call. How are things progressing on that front, sir, and how are we thinking on that? That is going forward and once that transaction is consummated, I think both the teams of Anupam as well as the Bliss team can work together to really go with more rigor and more confidence to the customers and attract that business. Today, Bliss will be doing it on their own and they will be there and as we go further, we will be supporting the process and we will go together. Like what we are doing today with Jayhawk. Jayhawk's sales marketing team and Anupam sales marketing team are working together and jointly offering the product portfolio and the services to our customers and their customers. The same approach we will take, but where we will be sitting along with the existing management and deciding how and which opportunities to work together on. Got it, sir. Sir, and in terms of Bliss, this quarter was quite good in terms of both growth as well as margin expansion. Is it like fully organic or we have started helping them with clients in the U.S. and Europe side? It is organic. Is all I can say. And any future color we should look on that front, sir? We both are listed entities. We have not yet consummated the transaction. I would really refrain from making any guidance or any statement there. We have talked about what we think about Bliss and how we can work about it. Give us a quarter or 2 once we have consummated this transaction, we have sat with the management, understood their approach and worked together, then it will be more appropriate for me or Anupam to make any more guidance on this. I hope you appreciate. Apologies if I am not giving you more detailed color on this. Sure, sir. Thank you. We have done really well in terms of PanTech, and I hope we will continue same in Bliss also, sir. Thank you for that. Thank you for that wishes. Thank you. Thank you. Participants, a gentle reminder. Anyone who wishes to ask a question may press star and 1 at this time. I repeat, to ask a question, please press star and 1 now. The next question is from the line of Darshil Zaveri from Crown Capital. Please proceed with your question. Hello. Good afternoon, sir. Thank you so much for taking my question. Firstly, congratulations on a great set of results, sir. Sir, just wanted to know, in terms of the revenue that we can do this year from our existing three companies, Anupam, PanTech, and Jayhawk, what kind of revenue can we achieve in FY 2027, sir? Sorry, I couldn't hear you. If you can just please Yeah. Hi. I was saying that what kind of revenue can we see in FY27 from our existing companies, ex of Bliss, because whenever Bliss gets consummated, that's not completely in our hands, right. The three companies, what kind of revenue can we see? The first in queue speaking here. Yes, go ahead. If you see what we had also mentioned earlier in our call and this also, we believe that the number will continue to be in the range of 20%-25% plus or minus a couple of percentage points in terms of our revenue growth on an organic basis. With the addition of Jayhawk, that number will be added because Jayhawk was not counted in our last year's revenue, any significant revenue. So another 10%-15% of additional growth will come because of the addition of Jayhawk's revenue in line. That's the kind of a number that we should be seeing as we go further. Okay. Sir, I just wanted to know, this quarter, Jayhawk has contributed around INR 150 crores, INR 140 crores, right, sir? Last year it was not there, right? Then you would not have seen a huge growth this year, right? Like ex of Jayhawk contribution, right? Our growth would have been single digit? Yes, it has been single digit. As Anand and Gopal and Amit mentioned in their opening remarks that Q1 is typically a more rapid quarter for us seasonally, hence it is in this range. As we see going forward, we should be able to achieve the number that we have been suggesting. Okay. Fair enough. Sir, by when can the full transaction be will it be by the end of the year? Bliss has stated that the transaction should be consummated in the first half of September, then the integration would start where we will sit with the management and work with them in terms of what kind of support that they would need from us, what kind of integration that we want to do, all that conversation will start from September post consummation of the transaction. Very great. Thank you so much, sir. Thank you. Thank you. The next question is from the line of Meet Vora from JM Financial. Please proceed with your question. Hi, sir. Thanks for the follow-up. Sir, I remember we were talking about semicon in the last two calls. Just wanted to understand what is the progress there and what are we doing on the chemicals on the semiconductor side. Yes. Thanks, Meet, for asking that. Semiconductor is really growing very fast for us. There is a very strong traction that we are seeing across the customers that we've been talking and the new customers that are being added to our semiconductor portfolio. To that extent, yes, semiconductor is becoming a very interesting growth trajectory for us. With Jayhawk coming in it is only accelerating that process for us because Jayhawk has a very good validation and an existing portfolio of products which are going into the semiconductor industry. Put together with Anupam and Jayhawk, it is becoming a very strong growth factor for us as we go. Sir, any color on product approvals or commercialization or maybe revenue contribution that we are planning to scale up in next three, four years? Any broad idea you can give on that? Hello. Meet, I couldn't hear you. Can you just repeat, please? Yeah. I was just trying to ask the color on the numbers. So what stage of approval cycle are we in some of these products? Have we commercialized some of them? What kind of revenue contribution can we see in next couple of years? So see, there have been a lot of working together as well. But if you look at Jayhawk today, actually a fairly reasonable level of their revenue is coming from the semiconductor end market. And if you see their LinkedIn profile, they've given a lot of focus and details about their manufacturing products and their applications. It's pretty well application across defense and semiconductor. And Anupam also right now we are in the process of getting commercial validation process on the products. So that's all I can say for now, Meet. Sure, sir. Thanks for the follow-up. Thank you. Best of luck for the coming quarters. Thank you. Thank you. Thank you. The next question is from the line of Josh, an individual investor. Please proceed with your question. Yes. First of all, thank you for the opportunity. My question is regarding the Bliss acquisition. Are we raising any debt to fund the acquisition, and what will be the structure for it? Yes, thank you. What we have earlier also indicated, we continue that it will be in the similar veins where we are creating a fully owned subsidiary of Anupam, which will acquire the stake that we are planning to acquire from the selling shareholders of Bliss. There we will be taking a debt of around 300 crores, and the balance consideration shall be raised through an equity-linked instrument which would be the total balance of the total consideration. That is how we are looking at funding it. This equity-linked instrument, Anupam will have a right to buy them out at any given point in time as and when they decide. That is the transaction structure that we are envisaging for this acquisition. Oh, okay, sir. Thank you so much. Thank you. Thank you. The next question is from the line of Saurabh Gupta from Financially Free. Please proceed with your question. Hi, sir. Thanks for the opportunity. I just have one question regarding Bliss, sir. So, sir, in Bliss, if we can see that Bliss is mainly formulation-oriented and Anupam is mainly intermediate-oriented when it comes to pharma side, sir. Is there any plan of acquiring an API company, sir? Yeah. So what we had mentioned earlier, that we will look at an access to an API facility to have an integrated platform. As I said, once we have consummated this transaction, we will sit with the management of Bliss and work with them to see what kind of an asset we should be acquiring, when should we acquire, where should we acquire, what kind of capabilities we should. We have our own plan for the same. However, we would like to sit with them and finalize those. That's how we would be looking at access to the API facility that we are researching. Got it, sir. And sir, currently, do we have any company in our pipeline, or we are just in exploring stage, or do we have any such opportunity in our pipeline? So as I said earlier also that what we will tend to do is we keep exploring opportunities. We'll continue to explore opportunities and approach. Once there is something meaningful and there is a need, which we will be sitting with the management first before I would like to say that, "Yes, this is the opportunity which we feel is ripe for us to acquire." Especially when we're talking about any pharma API assets, because the inputs from the existing management of Bliss will be that much more critical. Got it, sir. And sir, the funding will be from equity, or it will be a mix of equity and debt, or any other way, sir? So if you look at Bliss today, they are sitting on a cash of over INR 200 crores, of course, and they have a very healthy balance sheet with no debt on their balance sheet. So I do not see any requirement of large external capital for acquisition of any API asset that will be there. And if there is any further requirement, their balance sheet is pretty robust for them to leverage if they have to leverage a bit of it. But today I do not see it. They have very strong receivables also which can be a source of capital also for us. So I would leave it at they. It is well-funded for their own growth, including any assets they need to acquire or build. Means their cash flow is sufficient, means our internal accrual will be sufficient to do that acquisition. Is my understanding correct? Yes. And sir, the second question that I have on the Halol CDMO site, sir. So what will be the timeline for this, sir, if you provide some color on that, sir? Please appreciate they are a listed entity, I am a listed entity, and we have not consummated to this transaction. So I would not want to make a statement on their behalf. So if you can pardon me and wait for a quarter more, probably we will be able to give you a better approach to that. No problem. Thank you so much, sir. Thank you. Thank you. Before we take the next question, a gentle reminder to participants that you may press star and one to ask a question. The next question is from the line of Nishant Batra from Dholakia Ventures. Please proceed with your question. Yeah, hi. I wanted to understand what are the synergies that we're expecting from Jayhawk. Yeah. As we have mentioned, Jayhawk is very strong in terms of their semicon defense and performance material products. There were a lot of acquisitions and access to customers and validations. Anupam has a complementary portfolio of products which can be complemented with those products as well, and we will be working with them to get into this joint offering. Bain & Co., one of the large global consulting firms, is working with us to run the PMO and IMO for us, where we are able to assess and realize, assess those joint capabilities and synergies. That is what we are right now going to the customers and offering us. This will help us, Anupam, as well in terms of getting contributions from semicon and electronic portfolio for Anupam as well, which will be a very high value-added product for us as we go. Got it. No, I think that is it, sir. Thank you. Ladies and gentlemen, that was the last question for today from the participants. I would now like to hand over the conference to management for their closing comments. Thank you, and over to you, sir. Thank you. Thank you everyone for joining us today, especially on a Friday, to give us that time. I really appreciate you coming and actively participating. I hope we have been able to answer all your questions. If there are any further questions, please feel free to get connected with SGA, who will help you in getting the answers or communicating with us. Thank you and have a good weekend. Thank you. On behalf of Anupam Rasayan India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.