Q4 25/26

May 25, 2026

Summary

FY26 revenue rose 65% to INR 2,384 crore, with INR 334 crore of operating cash flow and greater pharma and materials exposure. Growth plans center on acquisitions, pipeline commercialization and capacity utilization, while Bliss completion and integration remain key execution factors.

Ladies and gentlemen, good day and welcome to the Anupam Rasayan India Limited Q4 FY 2026 earnings conference call. As a reminder, all participant lines will be in the 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 and then zero on your touchtone phone. Please note that this conference is being recorded. From the management side, we have with us Mr. Anand Desai, Managing Director, Mr. Gopal Agarwal, Chief Executive Officer, Mr. Amit Khurana, Chief Financial Officer, and Mr. Vishal Thakkar, Deputy Chief Financial Officer. I now hand the conference over to Mr. Anand Desai. Thank you and over to you, sir. Thank you. Good evening, everyone, and thank you for joining us for our Q4 and FY 2026 earnings call. FY 2026 has been a landmark year for Anupam Rasayan as we delivered our highest ever revenue. I would like to sincerely thank our customers, employees, shareholders, and all stakeholders for their continued trust and support. We continue to strengthen our position as a globally integrated specialty chemicals company. Our performance during the year was a result of strong execution across key business verticals, increasing contribution from high-value chemistries and scale-up of commercial molecules. We have delivered operating cash flow of INR 334 crores during FY 2026 on the back of improved asset utilization, operational efficiency, and better working capital management. Anupam has evolved into a well-diversified global specialty chemicals platform with presence across agrochemicals, pharma, personal care, performance materials, semiconductors, and EV-related applications. Over the past few years, we have consciously diversified our portfolio and strengthened our capabilities in high-performance materials and pharmaceuticals. As a result, on a standalone basis, our revenue from high-performance materials increased threefold from INR 97 crores in FY 2022 to INR 305 crores in FY 2026. While pharma revenue has grown fifteenfold from INR 21 crores in FY 2022 to INR 339 crores in FY 2026. Consequently, our dependence on agrochemicals has reduced from 76% revenue contribution in FY 2022 to 55% in FY 2026. This diversified revenue mix provides us with a more balanced product portfolio, better demand visibility, and greater resilience across business cycles. A key pillar of our strategy has been strengthening integration around fluorination. Our investment in Tanfac Industries has significantly strengthened our fluorination platform by securing uninterrupted access to critical raw materials such as hydrofluoric acid and potassium fluoride. Further, with support of Anupam, Tanfac is in the process of introducing new products as well as new customers in this financial year, thus contributing to Make in India and Atmanirbhar Bharat campaign. This backward integration also improves our supply chain agility, cost competitiveness, and supports the development of differentiated fluorine-based intermediates for global customers. In addition, we have successfully completed the acquisition of Jayhawk Fine Chemicals, and this acquisition provides us with a strategic manufacturing footprint in the U.S., strengthens our advanced custom synthesis capabilities, and expands our access to innovation-led and highly regulated markets. Jayhawk will also help us deepen relationships with multinational customers while increasing our participation in high-growth sectors like defense and semiconductors, thus contributing to our Make in America campaign. We are pleased to also announce that we have entered into a definitive agreement to acquire 43.3%-48.2% equity stake, along with an open offer of up to 26% additional shares to public shareholders of Bliss GVS Pharma Limited. This marks another important milestone in Anupam Rasayan's vision of building an integrated global life science and specialty pharmaceutical platform. This acquisition will strategically strengthen our presence across the pharmaceutical value chain, from key starting materials to finished dosage formulations. The company brings well-established capabilities in niche dosage forms across therapeutic segments, supported by accreditations from U.S. FDA, EU GMP, WHO GMP, et cetera, and a strong international footprint. Looking ahead, we remain confident in our long-term growth outlook. With that, I would like to hand over the call to Mr. Gopal Agarwal to update you on the performance of the company for the year. Thank you, Anand. I will briefly touch upon key strategic synergies behind the proposed acquisition of Bliss GVS Pharma. Bliss GVS Pharma brings established capabilities in differentiated pharmaceutical formulations, along with a strong presence across emerging markets. While Anupam Rasayan will continue to focus on its core specialty chemical business, all new pharmaceutical products, customer engagement, and business development initiatives in this pharma segment will gradually integrate into this platform. Our vision is to create a dedicated pharmaceutical platform through Bliss GVS, which will serve as a primary vehicle for our future pharma CDMO and CMO opportunities. We are confident that this structure will allow us to offer a more robust, focused, scalable, and seamless pharmaceutical platform going forward. On the Jayhawk integration front, we are already witnessing encouraging synergies across customer engagement, product opportunities, and technical capabilities. The acquisition significantly increases our presence in the U.S. market and enhances our ability to work more closely with global innovators across advanced specialty chemicals and pharmaceutical applications. Jayhawk reported a pro forma annual revenue of approximately US dollars $76 million, reflecting the strong scale and capabilities of the platform. I would also like to highlight that in the current financial, we have consolidated only one month and two days of Jayhawk's performance, and therefore the full synergy benefits and financial contribution will be more visible going forward in FY 2027. Coming back to Anupam Rasayan's overall performance for FY 2026, our focus continues to remain on commercialization of molecules from our pipeline in pharma, performance material segment, improving the working capital cycle and strengthening the supply chain. During the year, we added multiple multinational customers, expanded our product portfolio with three new product additions, further strengthening our presence across high-value specialty chemical segments. Going forward, we will continue to focus on unlocking synergies across Tanfac, Jayhawk, and Bliss GVS Pharma, creating a platform for pharma as well as specialty chemicals for global innovators across multiple geographies. With that, I'd like to hand over the call to Amit to discuss the financial performance of the panel. Amit? Thank you, Gopal, and good evening, everyone. I will first briefly touch upon the transaction details of Bliss GVS Pharma. Anupam Rasayan has entered into a definitive agreement to acquire an aggregate equity stake of approximately 43.3%-48.5% in Bliss GVS Pharma, along with an open offer in accordance with regulatory requirements. The transaction will be funded through a combination of approximately INR 300 crores via non-convertible debentures and non-controlling, non-voting equity instruments for the balance consideration. Coming to Anupam's operational performance, our working capital and inventory levels improved over the year, due to which we have achieved operating cash flow of INR 334 crores. This improvement is in line with our guidance of working capital improvement, and we further expect it to improve in FY 2027. During the year, we did CapEx of INR 315 crores towards the last leg of the CapEx program, and with that, all our plans are commercialized. We are not envisaging any major CapEx in near future, as current capacity is enough to take care of the near-term growth. Looking ahead, we remain positive on our growth trajectory, supported by strong execution of existing LOIs and contracts, commercialization of new molecules, and the synergy expected from our recent acquisitions and strategic initiatives. With that, I would like to hand over the call to Vishal to discuss the financial performance of the company in detail. Thank you, Amit, and good evening, everyone. I would like to share some key financial performance highlights for the quarter and full year. The consolidated financial highlights include Tanfac and one month and two days of Jayhawk's Q4 FY 2026. Total income was at INR 639 crores as compared to INR 506 crores in Q4 FY 2025, up 26% YOY. EBITDA, including other income, was at INR 141 crores as compared to INR 150 crores in Q4 FY 2025, translating to an EBITDA margin of 22% for this quarter. Profit after tax was INR 56 crores as compared to INR 63 crores in Q4 FY 2025, translating to a 9% profit margin in this quarter. Consolidated financial highlights include Tanfac and one month and two days of Jayhawk for FY 2026 as well. Revenue from operation was at INR 2,384 crores as compared to INR 1,448 crores in FY 2025, up 65% YOY. EBITDA, including other income, was at INR 543 crores as compared to INR 412 crores in FY 2025. This translates to an EBITDA margin of 23% for FY 2026. Profit after tax was at INR 222 crores as compared to INR 160 crores in FY 2025, translating to a PAT margin of 9% in FY 2026. Our business vertical wide revenue on standalone basis for FY 2026 is as follows: agrochemical segment contributed 55% of our revenue, pharma segment contributed 20% of our revenue, performance material contributed 18% of our revenue, and balance was 7% contributed by personal care. Thank you. Now we open the floor for the questions. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Harsh Shah with Emkay Global. Please go ahead. Thank you, sir, for the opportunity. Two questions from my side. What was the rationale behind the acquisition and would the current management of Bliss GVS Pharma continue on? Thank you. Yes, Harsh. First, yes, the current management shall continue, and as we have done in Tanfac, we will continue to work with the same team that is there and support and expand the team as required going forward. That is the approach that we have taken with Tanfac, Jayhawk, and so will we take it for Bliss as well. The strategic rationale, as we have suggested in our presentation as well, the way we were looking at it is that Anupam has been focusing on pharmaceutical industry as an end market, and as Anand and Gopal also mentioned in their opening remarks, our contribution from pharma has gone from practically 0% of our revenue, or 2% of our revenue, to 20% of our revenue. This is more in the KSM segments, largely. We believe that this acquisition of Bliss should help us in terms of offering a larger full pharma platform to our customers, as well as Bliss's customers. Also, if you look at this company is today having an operating capacity utilization of only 30%, and we believe that can be very quickly enhanced to 60%-70% in the near to medium-term. That's something which we would be looking at leveraging. Also, this company, they have a limited business coming from U.S., Europe, where Anupam has a strong presence and capabilities which we can leverage to help them grow there. Also, India is a market where we believe that the growth can be further enhanced for Bliss as well. I think overall, it is only strengthening the pharma portfolio and the platform that we are creating, which should be value-adding to Bliss and Anupam. Along with, if you look at the whole value chain, starting from Tanfac to Anupam, Jayhawk and Bliss, all will be able to contribute to this platform as we go further. I hope I have answered. Yes, that explains it well, sir. Thank you, sir. Thank you. The next question comes from the line of Tanya Choudhry with Investec. Please go ahead. Hello, sir. Thank you for the opportunity. What could the expected pro forma revenue contribution be post consolidation of all entities? And whether there are any long-term plans around the merger or delisting of Bliss GVS Pharma? Okay. The first one, let me answer the second question first, then I go to the first question. The answer is no. What we have worked with Tanfac as well, that we would like to keep them independent and run as an independent entity, though leveraging each other's strength is what we have done. Here also, the whole idea is to keep them as a separate entity and run business separately. However, leveraging each other's capabilities and strength that we will create together. Coming to the top line on a pro forma basis, if I were to look at the pro forma basis business across the four companies, Anupam today is around INR 1,676 crores, Tanfac 711, Jayhawk is roughly 722, depending on the exchange rate that you take, and Bliss is 927. Total, if I look at as of today delivered business on a pro forma basis, we should be looking at over INR 1,000 crores of revenue and an EBITDA of around INR 834 crores on a consolidated basis, I would say. Understood. Got it, sir. Could you also elaborate on the key synergies expected from the Bliss acquisition, the likely timeline for benefits to reflect in financial? What could the funding structure of the transaction be? Is it expected to be EPS accretive going forward? See, the synergies and the cross-leverage of the strengths will start playing out over near to medium-term. We believe that in terms of expansion of the business, be it in terms of CDMO projects that they are looking at, expansion in U.S., Europe and India should start giving results in 6 to 18 months time, or 6 to 12 months time more nearly, but 18 months further we will be able to see a larger one. Second, if I were to look at in terms of the structure, the whole idea will be that we will be raising a debt through NCD of around INR 300 crores to fund this project. The balance, which will be in our wholly-owned subsidiary, which would be the entity which will acquire this shareholding. Further, also balance one will come in as a quasi equity, which will be non-consolidating, non-dilutive, non-participative equity for us, which would allow us to have full control and full consolidation as we said. Also, yes, it will be EPS accretive from day one. Further, if I were to say about the synergies, if you see how we have delivered Tanfac over the period, the synergies start kicking in. If you see the real value created for, let's say, Tanfac and Tanfac shareholder, as well as if you look at for Anupam and Anupam's growth, we believe that the similar kind of a business and the value creation we should be able to deliver for Bliss as well as Anupam and its shareholders. We believe that with the kind of a scale and levels that we have, Anupam took us four years to reach where we are today in terms of Tanfac. We believe and we endeavor that we can do it faster than what we did for Tanfac. Let's see if we do. Understood. I understood, sir. Could you help us understand the underlying growth trajectory of the base business excluding Jayhawk? How should we think about the evolving business mix going forward, particularly with increasing contribution from the pharma and polymer segments? Okay. See the standalone business has seen a very significant growth. If you see this year, we have been able to deliver over 60%-70% growth rate in our annual revenues. We believe that this growth trajectory shall continue, not in this pace because it's also recouping of the last two years of business that we had lost. But a growth of 20%-25% or 30% growth rate over the next three to five years on a CAGR basis is something that we should be striving for and we should be looking at, and we feel reasonably confident on that performance. Yes, the performance of the levers, as we have said, we have order book and pharma and polymer should be able to deliver a higher growth compared to agro. But agro will continue to recoup and grow further. Yeah. And then if you look at the EV and the Elementum contract and the other contract that we are looking at, that should drive a significant growth. We believe that the growth trajectory here in standalone business continues to grow across all the three verticals. And then, in fact, then Jayhawk and then this. All three put together should be able to give a further filling to the company's performance. I hope I've answered your question. Yes. Got it. Last question. How is the debt repayment schedule likely to shape up now post the recent acquisitions? And what would the broad interest cost look like over the medium term? Okay. Look at it this way, that today my balance sheet carries around about INR 1,500 crores of debt on a consolidated basis, on a gross level basis. On a net basis, that number will be around INR 1,100 and something. So that's the number we are talking. Largely, it is more working capital loan and part. Over two-thirds will be working capital loan out of the INR 1,500 and the balance is term loan. If I add on top of it, let's say INR 300 crores of this loan, we are talking about on a net basis, around about INR 1,300-INR 1,500 crores of debt. And as I was mentioning, if I add all the EBITDA, we are talking about INR 800. Even on an allocation basis, I should be over INR 650 crores of EBITDA. And I think that should be very comfortable position to be in to really look at this kind of debt levels. And of that, most of the debt is classically the working capital debt. All right. Got it, sir. Thank you so much. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. The next question comes from the line of Ankur Periwal with Axis Capital. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. A few questions on the standalone business first. So we have a gross block of around 2,500, 2,600 odd crores on the standalone side against current revenue of, I am rounding off numbers, let us say INR 17 billion there. What is the potential peak revenue that we can do here with the current gross block? Ankur, we should be looking at about 3,500 kind of a number from this revenue. Sorry, from this block, at least. And then we will look at further optimizing and value optimizing those assets. Sure. Vishal, which is where your comment that there is no incremental CapEx required on the standalone side. What would be our maintenance CapEx here? The number that we can look at over the next, let's say, 2-3 years? I would say around 50 odd crores of maintenance CapEx, and then if there are some operational efficiency program that we do, then that will be in similar or less number than I mentioned. I think 50-75 crores is what you can look at the CapEx where it will be maintenance. Then plus a bit of an efficiency program that we continue to do if we have to. But that's the kind of a number we are looking at here. Sure. Just a follow-up on the revenue bit. This almost doubling of revenue that we are looking at over the next, whatever, 3-5 years. You earlier mentioned pharma and polymers to be one of the key areas where the growth will be led by. How much of this delta do we have a visibility on right now? How much of it is a function of the synergies coming from either Jayhawk or Bliss? If you look at my order book, order book itself is around about 14,000 crores. If I just even take a 6-year average or 7-year average. 6-year average only if I take, we are talking about 2,200 crores of additional, of which part of it is comes to let us say 1,700-1,800 crores of additional incremental revenue can come on an annual basis from this pipeline, which would have a part of agro and part of polymer business. Over and above that, polymer business, there are other new projects which are coming in which should also feed good growth. Pharma will, as we discussed in the opening remarks by Anand and Gopal, that business has been continuously growing, and we believe that that organic growth coming from Indian market should be sufficient on a standalone basis. Any synergies coming from, let us say, Jayhawk and Bliss is on top of it that I would suggest as of now. You rightly said that would be there, and that itself will also help us and both the entities also grow faster. That definitely is there. Sure, Vishal. From a margin profile perspective, right now more than 50% of the revenues are coming from agro. If I look at FY 2026 EBITDA margin, EBITDA is the right number to look at, right? There is a very significant variation. Absolutely in the gross margins here, so some cost elements up and down maybe. Yeah. I agree. Yeah. Sorry, just to complete that bit. If I look at the EBITDA margin profile for the company, and given that large part of the growth will be coming from pharma, first clarification, whether pharma polymer will be margin accretive versus agro or versus the current business? Secondly, how do you see the working capital playing out, given that pharma, to my mind, will be lower on working capital versus agro, and how should one look at this playing in the next, let's say, 3 years? Perfect. Ankur, first, you are spot on. We should be looking at Anupam from an EBITDA perspective. Two, if you look at agro, pharma or polymer, the business, the way we have constructed and way we have developed the business model, the whole focus is to have a particular targeted margin that we would want to have. The numbers that we have been guiding historically, I think on a blended basis, we should be able to look at those kind of numbers in the range that even this year's numbers represent. I believe that is the kind of a number I would really go with for now, and I think that is the number that going forward on an outlook basis also, I am more comfortable with. That is built on this. On the working capital side, if you see the trajectory has been very encouraging. We have been able to improve our working capital significantly, and we believe that we shall continue it. If I look at on a pro forma basis, because the Jayhawk's assets and all the balance sheet has been consolidated line by line 100%, but the revenue and the margins have been only for the 1 month and 2 days. If I just do it on a pro forma basis, I think the number should be on a consolidated basis, the working capital number should be in the range of 214-220 odd days kind of a number on a pro forma basis is how it is. But even on a standalone basis, excluding Jayhawk also, we have got the numbers to number 240-250 days of working capital. So I see that this trajectory is there, and I believe the trajectory should continue as we go. Ankur, I hope that is it. Sure, Vishal. Just one clarification. My working capital comment was more standalone, which is there. With the business mix changing, as in pharma and polymer going up, if I got you right, you said broadly we will be continuing with our FY 2026 margin, the broad range, 24% or EBITDA margin there. Shouldn't a higher share from pharma or polymer be, one, accretive on margin as well as on a faster reduction in working capital? I agree. When I am saying on a standalone or a console, yes, you are right, that the working capital would change significantly, and we will have a far better working capital management. The reflection today itself, if you look at it, today, we have generated a console of INR 330 and console standalone of about INR 250, INR 78 crores of operating cash flow compared to console PAT of INR 222 and a relevant number in terms of my standalone numbers as well. So that conversion from working capital into cash is happening. You are right, pharma and polymer will continue to give us that additional improved working capital. Margins, see, yes, there will be upward bias. I accept and agree with you. The only thing is, right now, I do not want to guide because these are all ramping up products, and once they fully ramp up, they will have a far different margin profile. But yeah, there will be upward bias to that. I agree with you. Great, sir. Just last bit, on the tax rate, at least at the standalone side. We have seen a sharp reduction in the last couple of years. If you can guide what should we take that going ahead. Just second, a clarification. In Bliss as well as in Jayhawk, are there any common customers across the business segments, pharma, performance, et cetera, which are there across Bliss or Jayhawk and our standalone operations? Thanks. Okay. First on Jayhawk, yes, there are common customers which are there, and there are common significant customers as well, and there are complementary customers also. There are few new customers that Jayhawk will offer to us where we can showcase our products and our services and offerings. Same way for us also, we will be able to offer to Jayhawk new customers that we have, which they can leverage on. Yes, there will be. Also, if you look at it in terms of Bliss as well, there are few customers, especially on the CDMO side that they are working with, and also we have few customers where we are working with. Yes, there will be overlap and cross-pollination, both will happen there. There is a fair bit of synergy that we will see in terms of that. Also one more thing that I want to guide or want to emphasize on, Ankur. When you go to any customer, I standalone going or Jayhawk standalone going or a Bliss standalone going, or even Tanfac for that matter standalone going, versus we going as a platform will really add a lot of value and probability to success, especially if you look at the recent Tanfac's addition of customers, there would be a significant value that we would have offered to Tanfac and its customers to really attract them. That continues that way. Yes, we are envisaging a lower tax rate going forward. I think going forward, we should be looking at around about 25% as a tax rate going forward. This is on the standalone side, right? This is on the standalone side. Yes, sir. Great, sir. Thank you for answering all my questions. Congratulations once again and all the best. Thank you. Thank you. Thank you, Ankur. Always a pleasure to interact with you. Thank you. The next question comes from the line of Meet Gada, an individual investor. Please go ahead. Congratulations team on the Bliss acquisition. Over the last one year, we have seen the company moving from LOI spree to now acquisition spree. Just wanted to get an understanding from you that how should one see Anupam over the next three to five years, considering this multiverse kind of acquisitions and of the LOI revenue will be flowing. Meet, if I take a step back and answer, if I were to connect all the dots and say. Today if you look at it, any serious player and especially a manufacturer, if they want to participate in a multinational or a transnational businesses with large customers, I think the whole idea is supply chain or a platform to offer. The larger the value chain that I can cover and offer to my customer and the better probability and better traction that I can see with my customer, better is the kind of engagement that I can have. So if you look at it, the first acquisition of Tanfac was for the backward integration and offering a supply secured offering to our customer. If you look at Jayhawk added further to that platform, especially in terms of the performance material, EV, semiconductor, and the high-end defense and other products. Especially in a very highly valuable market like America, where Make in America makes a lot of traction for the end customers. That's the platform that we are talking. Then again, if you look at from a Bliss acquisition, the same thought is there that can we offer a full platform base where we start from a KSM and offer up to a finished dosage, and yes, synergies will take its own time to deliver, but there is always a cross leverage that we are able to offer. Even today, if you look at Tanfac, they have done well. We have been able to help them in terms of product portfolio and otherwise, and same is that supply security has helped us in terms of getting lot many more contracts and LOIs from our customer. So I think it is synergistic for each of us. The whole idea is offering a full solution or a larger solution than a narrow solutions. Got it, sir. That was very well explained. One more question over here. So wanted to just check why did the Bliss promoters sell the company and why did they choose Anupam as a buyer? So see, first let me talk about there was a succession planning there, which was the reason that they had to sell. But the selling promoter is a very senior citizen, and he has two daughters, and hence the whole idea was for him to really liquidate his shareholding in the company and offer cash and succession to their family and let them decide what to do with their money. Also why Anupam and why I say we have been in touch with the Bliss promoter for the last two years, and they believe in our vision, the way we work, the way we operate, our ethics, and ethos. Also, they saw what we did with Tanfac. They saw what are our plans that we are doing with Jayhawk as well, and the trajectory that we have been able to offer to Tanfac. Retain their team, retain their manpower, and work with the existing management and help them wherever they need to grow. Have that very classic blend of independence versus support approach. And that's one of the strong reasons that the selling shareholder chose Anupam. They did have some other competing offers also as we went ahead, but they honored their commitment to us, and it is credit to their ethics as well as their belief in us. Got it, sir. That's it from my side, and all the best for your integration. Thank you. Thank you, Nish. Thank you. The next question comes from the line of Dhruv Bajaj with GrowthSphere Ventures. Please go ahead. Yeah, sir. Thank you so much for giving me this opportunity, sir. Sir, first I had a very basic question regarding the structuring of the transition. Was the structure in such a way that even the previous promoters, like the Ashra, who actually reclassified from a promoter group towards a public group, in 2020, also had to sell this stake in consortium? Because if we just look at your past track record of running around asset light transactions. Why would a promoter where the company hasn't done really well in the past 5-10 years, sell off the asset when a more aggressive promoter is coming on board? What was the nature of the transition? I was trying to understand whether I am missing something. Sorry, I couldn't understand, if you can, further. Yes, sir. Sure. Yes, sir. So what we observed in the transition was that Kamath's family held some 35% stake, but there was also another family, Ashra, who used to be the promoters of the company, but then they did their reclassify to the public category in 2020-2021. And they also ended up selling their stakes along with Kamath's family. So was this transition structured in such a way that Anupam wanted to acquire a certain stake so that it makes a lot of sense for you guys as well to turn around this asset? Or were Ashra themselves interested to also liquidate their stake in this particular block? So how did that overall structure went away? If you can provide some more detailing on that front. So, see, any strategic acquirer like us would want to have as large a shareholding as possible and the name that you are talking, Mr. Ashra and Mr. Kamath go long back. They work together and when Mr. Kamath decided to sell, Mr. Ashra also offered to sell along and that is why we have done it. We have done this transaction. However, they believe in us and that is the reason if you see there is a range between 43.3% to 48.2%, which is basically they would love to keep that 4.9% shareholding or approximately 5% shareholding because they believe in this growth. It is our choice if we want to have it more, otherwise they would love to keep it that way. Okay. So that is super helpful. And sir, again you mentioned that the erstwhile management will continue to handle the business. Did you mean the erstwhile promoters or erstwhile professional management team that will continue to lead the business? So, see, professional management shall continue and will continue. Got it. The promoter anyways has interest and they will continue to handhold us and they are always a well-wisher and a friend that they will continue to support as and when we require or as much as we require. Got it, sir. Because promoter's son-in-law who was also involved in the business, I think resigned in November and Kamath Yashal became the CEO in January. So I was trying to understand that particular transition and who will drive the capital allocation and treasury-led decisions going forward? Will it be Anupam or will the erstwhile promoters also have a say in that because they will be involved in the business. So if you can just provide some clarity on that front. Of course. The business on a standalone basis shall run from their management and be guided and supported by Anupam. Okay. The shareholder and the promoter are relinquishing their control and their shareholding. They will continue to support us as much as we require, as and when we require and they are friends for life for us also, and relation for life also. They will continue to be a non-participative, non-controlling shareholding, whatever that limited shares that we would prefer that way. So that's what the end of the transaction will be. Got it. And sir, what are the timelines for the Halol CapEx like because we are already operating at some 30% utilization. I just wanted to understand the rationale behind that particular CapEx, like whether it came after we became the promoter group or was it ongoing even before we onboarded the bus? And what kind of revenues can we expect from all these particular CapEx, like from our overall gross block in this? First, the timeline, if you look at it, is basically it will depend upon the SEBI approvals and the open offers results. Anything between 2 to 3 months of timeframe is what we estimate today. That's an estimation, and as we go, we'll get more clarity based on the SEBI's feedback. Further, today the capacity utilization, as we said, was in the range of 30%, and the top line is around INR 1,000 crores. We are looking at 60% to 70% in immediate near future or in the near to immediate term future. Proportionately, we expect the revenue to be there from that kind of an asset utilization. Sorry if I missed something but I was asking about the timelines for the Halol CapEx wherein we are doing some INR 250 crores kind of CapEx that was mentioned in the investor PPT. If you can provide some timeline on that front, and does the 30% utilization also include the incoming CapEx of Halol or that doesn't include that part? Because that was a doubt that I had because our existing facilities are already underutilized, and we are doing an incremental CapEx of some INR 250 crores. Was it ongoing even before we came here? Yeah. That CapEx is basically for the CDMO business which is taking on a bought by a very large multinational pharma player. Existing customers of theirs. It's a separate CapEx for a separate objective and separate business vertical. That will be independently executed compared to the current CapExes that are done in the Vivo plant and the other plants. This is a fair assumption that that particular CapEx will have a larger gestation period or how will the scale of that kind of asset grow going forward? That has a very strong high CapEx, where the asset turnover should be in 4 to 5 times of the asset investment. Today, we are talking about Anupam right now. Let us get the control. We have just signed a definitive agreement. Give us a little bit more time, and then we can come back with you when we eventually consummate this transaction. I think that would be fair from my side because I do not want to speak on behalf of this entity. They are a listed entity. We have not yet consummated this transaction that we make statements on their behalf. Thank you so much. Whatever I have said is only from the public knowledge that we have right now. Please have that, and I hope that the safe harbor applies here. This is only our view about this business based on the public information that we have. Please be mindful of that. If I have made any statements, please have that caveat on this. I hope you appreciate the sensitivity. We are a listed entity. They are also a listed entity. Please take it in that context and light. Thank you, sir. The next question comes from the line of Varun Pinto with Axis Capital. Please go ahead. Hello. Hi, sir. Am I audible? Yes, you are audible very much. Please go ahead. Hi, sir. I apologize again. My questions are going to be around Bliss Pharma only. Sir, just one clarification in the beginning. Currently you are saying that the peak revenue with the current gross block in Bliss we can do is about INR 3,000 crores. Is my understanding correct? Technically, yes. If I do the arithmetic, the answer is yes. Understood, sir. I was actually looking for some clarity around how the synergies are going to play out between Anupam and Bliss, because my understanding currently is that Bliss does not actually manufacture its own API. They purchase their API, and neither does Anupam. Anupam also does not manufacture API. How is it going to work post the acquisition? Will Bliss have to purchase API from outside only, or is that something that Anupam can help them with? See, we are looking at one phase, facet of the synergy. That is, which is basically we are talking about vertical integration here. Right Which is on the API side. However, I will come to that in a minute. But look at it that they are, as we were talking about in the earlier question itself, that there is a large project that they are working with a very large multinational company for a CDMO-based project. That is something which Anupam coming in improves the probability and the quality and the value creation there that can be there. There is a potential that we can add to that, right? Right. That is one or couple of projects. There will be more projects that we can bring there. We can bring it into that platform. Even today, Anupam’s existing customers also are talking to us about these CDMO projects and CMO projects, which we can leverage both capacity and capabilities to really offer that solution to our customer. That is one that I am saying. Second, as we were saying that this asset is right now limitedly used right now, because it has just recently completed CapEx. This, we will be able to leverage our expertise in the regulated market like U.S. and Europe, where they have permissions and approvals Right to expand very quickly. That is something which we can add. Understood. We have our plan laid out on how we think about running it. Once we acquire, we will sit with the management, work with them, and create a joint plan and an integration plan for this to work. Understood, sir. Understood. This is exactly what we did with Tanfac. You see the kind of effort that we have made and the results we have created for Anupam. Its revenue has grown significantly. Its profitability has grown significantly. We believe there is room to deliver similar kind of results for here as well. Absolutely, sir. Sir, just one clarification. The CDMO that Bliss will be doing, that will be largely around finished formulations, right? Let us wait for that. I don't think I should be answering on behalf of the Bliss management today because that's their prerogative right now. Let us acquire, let us consolidate this business, and then I presume that this business at this first, and we will definitely answer that going forward. But apologies, it would be inappropriate for me to make that statement today. Okay, sir. No problem. Sir, lastly, one question that I have is, Anupam getting into the pharma business and entering the regulated markets, would that be looked at as a conflict from our customers' point of view? I think this market is a very large market. There are enough examples where you will be seeing that somebody is doing all the three sets, KSM, APIs, CDMO, as well as finished doses. It is only we need to be mindful. We need to be more selective, strategic about our choices and about our therapies where there are product profiles that we will work with. I think there is enough room. We are here talking about a INR 1,000 crore company today. Even if you let us go 5x also, we are talking about half a billion dollar of revenue. I think in the space of pharma industry, I think it is not anything very significant that really the conflicts can come up. That is my personal view. I will leave it here. Understood, sir. Okay, sir. I think that is it from my side. Thank you so much for answering all the questions. Pleasure. The next question comes from the line of Saket Saurabh with Sarkari Capital. Please go ahead. Hi, am I audible? Yes, please. Yeah. Thanks for the opportunity and congratulations on the deal, sir. My first question would be, if I consider the platform excluding Bliss, what would be our Africa exposure and what would be Bliss's Africa exposure? Because this is where I think geographically, do you think that Anupam and the rest of the platform excluding Bliss, is Africa a very attractive proposition? Because if I am not mistaken, Bliss had a fair exposure to Africa. That would be my first question, sir. First, Anupam right now has no exposure to that geography. I will leave that company's, Bliss's exposure. Just we understand they are largely there. That is one part of the synergy of the business that we were talking about, and that is what I was saying earlier. There are lot many more things. That management is capable of running that business in a manner. We are focusing on creating a platform. They have approvals in U.S., Europe, and India. We will leverage that. They have lot of molecules also approved there, which is what we will leverage. I think there is lot more opportunities beyond only geographical aspect of business strength that I would say. In fact, that is a complementary strength between the two companies which we will be able to leverage. Okay, sir. Now coming right to the second question, sir, you have talked about that it will continue to run independently. Unless and until, say, this platform merges and demerges so that you consolidate all the CDMO under one umbrella, there might be some duplication of effort or these companies continue to run independently. Any thoughts on that, sir? Because you have clearly articulated that these would remain independent companies like Tanfac and others, Bliss would also remain so. Let me use little bit of a humor, and pardon me on that, but look at what has happened to Tanfac and Anupam. Both of us have done well. Both of us been able to leverage each other's strength, and we both are doing well. So integration does not mean that I need to bring it into one corporate entity to really deliver the value or to deliver the synergy values. In the chemical manufacturing, there are multiple steps and processes. We can easily segregate the steps between who does what. Based on the capacity, capabilities, and the strengths of each of the organization, we will be able to leverage this one. I don't see that we need to bring it into a same corporate entity because the plants will be separate. Each plant is a separate plant. Now I house it in Anupam, or I house it in Bliss, or I house it in Tanfac, or I house it in Jayhawk, it doesn't matter because physically it will pass through those plants whichever are required to deliver this offering. Okay, sir. It's a fair point, sir. Next point will be, sir, now can we expect, say, the Bliss management to now regularly interact with the investors? Because that's what they have not been doing after COVID. Something that can you comment on their behalf that maybe Q1 onwards or- Let us consummate this transaction before I make any of these promises or even suggestions. Hold on. I've just signed the definitive agreement on the weekend. Give us little time. We will answer these questions, but I hope you appreciate that it is little too early for me to really promise on behalf of a company which today is not under my jurisdiction. No, appreciate that, and thanks once again for this deal. I appreciate you answering with such clarity and openness. I appreciate, sir, and best of luck for the day. Thank you. I promise you I will answer these questions, just give me a little time. No, sure, sir. I think we have waited for so long, so sure, a couple of months will not make much of a difference. That for sure. It is a long term deal that we are looking at. Look at Tanfac. Tanfac, at an appropriate time, has now started being more active with its shareholders and investors, and we promise you for the others as well. Sure, sir. Because, see, that has been one of the feedback. We are trying to reach out, again, funds and individuals, but that has been one of the focus areas. I thought, let me bring this to your attention and hopefully this get addressed. But I understand all your points, sir, that once the deal is consummated, then maybe we are better placed to take this forward. Yeah. Thank you. Thank you very much. Thank you, sir. Thank you. Best of luck. The next question comes from the line of Himesh Shah, an individual investor. Please go ahead. Himesh Shah, your line has been unmuted. Please go ahead with your question. There is no response from the current party, sir. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments. Thank you all for your active participation and interest in us. On behalf of the management of Anupam Rasayan India Limited, I thank you all for joining us on our post-earning call today. We hope we have been able to answer and address majority of your queries. Should you have any more queries, you may reach out to our investor relation partner, Strategic Growth Advisors, for any further queries that you may have, and they will connect with you offline. We now close the call. Thank you all. Thank you. On behalf of Anupam Rasayan India Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines. Thank you.