Jayhawk Acquisition Presentation

Dec 15, 2025

Summary

The acquisition adds Jayhawk’s U.S. manufacturing, advanced chemistries and customer base, with ~$150 million in consideration and expected day-one EPS accretion. Integration will initially preserve U.S. operations, then pursue selective expansion and a dual-site supply model.

Good evening, everyone. I am Anshuman Gupta from Investec. I cover pharma, healthcare, and chemicals here. Welcome you all for this update call on the U.S. acquisition done by Anupam Rasayan last week. First of all, I would like to congratulate the entire team at Anupam for the acquisition of Jayhawk Fine Chemicals, which is truly a strategic milestone in their journey, and this does strengthen their global specialty footprint. From the management side, we have with us today Mr. Anand Desai, MD; Mr. Gopal Agrawal, the CEO; Mr. Vishal Thakkar, the Deputy CFO; and Mr. Ravi Chaudhary, Senior Manager. We hope everybody has received the acquisition presentation released earlier. With this, I would like to hand over the call to Mr. Anand for his opening comments and just spell out the strategy rationale and anything further he wants to add. Post that, we will obviously open the call for Q&A. I have some of my own questions, which I will start with once Mr. Anand finishes with the opening comments, and then we can move on to the questions by the audience. Over to you, sir. Thank you, Anshuman. Good evening, everyone, and thank you for joining us today. We are pleased to announce a significant strategic milestone for Anupam Rasayan India Limited. On 9th December 2025, we signed a definitive agreement to acquire 100% equity in Jayhawk Fine Chemicals, a U.S.-based specialty chemicals company from the CABB Group. Jayhawk was founded decades ago and is headquartered in Kansas, U.S.A. It is a highly specialized manufacturer with strong capabilities in custom manufacturing, high purity processing, and complex chemical synthesis, serving long-standing global customers across multiple high-value applications. This acquisition is fully aligned with our long-term strategy of building a global integrated specialty and CDMO platform with strong customer relationships, differentiated chemistries, and multi-geographic execution capability. First, Jayhawk gives Anupam a direct onshore manufacturing presence in the United States, significantly enhancing our credibility and engagement with multinational customers who increasingly value geographic diversification and supply chain resilience. Second, the acquisition strengthens our platform depth across the value chain. Over the last few years, our investment in Tanfac has enabled backward integration and secured critical fluoro raw materials such as HF and KF. Jayhawk complements this by positioning us closer to the end applications with manufacturing of critical advanced intermediates and N-1 molecules for high-performance materials and life science customers. The acquired portfolio adds high-value dianhydrides and polyimide intermediates, positioning Anupam Rasayan as a strong integrated player in this rapidly growing segment. This move expands our access to fast-growing innovation-led end markets such as semiconductors, automotive, EV, aviation, and electronics. Third, the transaction enhances our chemistry capability and customer platform. Canpax cement chemistry, Jayhawk brings additional process capabilities and a strong global customer base, allowing us to scale faster and deepen customer relationships. Importantly, we are exceptionally well-positioned to capitalize on emerging geopolitical tailwinds, particularly those driven by recent changes like the recently approved U.S. BIOSECURE Act. By acquiring a U.S.-based CDMO platform, we now offer global pharma companies an essential alternative for leveraging their supply chains away from restricted geographies. This acquisition establishes a strategically valuable platform for us to expand our presence in the U.S. and build a global CDMO network, especially for advanced intermediates and API and AI intermediates within the life science sector. We aspire to leverage Jayhawk's global customer base for cross-sell potential and deepen our existing customers' relationships. Ultimately, this acquisition is about creating a diversified multi-geographic growth engine powered by specialty and high purity chemistries and establishing a U.S. innovation and CDMO hub. Lastly, this acquisition is fully aligned with our philosophy of disciplined capital allocation. The transaction is funded through a balanced mix of equity, debt, and intra-party loans, ensuring balanced sheets strength while providing Anupam full strategic and operational control. With Jayhawk's established revenue base in relatively less cyclical, higher-value segments, we expect the acquisition to be EPS accretive from day one. On a pro forma basis, the combined entity would have revenues of approximately USD 243 million and an EBITDA of approximately $61 million. With that, I will now hand over to Gopal to walk you through the operational strength and transaction details. Thank you, Anand. I will briefly cover Jayhawk's operational strength and how we see value creation post-integration. Jayhawk reported approximately USD 78 million revenue in CY 2024, with EBITDA margins of around 19%. About 65% of the revenue comes from performance material, with the balance from life and life-science-related molecules. This mix provides stability and strong growth visibility. The U.S. facility is a large multi-solution site spanning nearly 3 million square meters, comprising two manufacturing units and a pilot plant. The presence of pilot-scale infrastructure is critical for development, scale-up, and commercialization of new CDMO projects. From a capability standpoint of view, Jayhawk adds complex chemistry such as Suzuki coupling, azo chemistry, Grignard reactions, and specialized high-temperature oxidation. They were highly complementary to Anupam's existing strength in halogenation, oxidation and nitration. On implementation, the plan revolves around creating a powerful dual site production model. This synergy combines Jayhawk's high purity technology and advanced operation with Anupam's cost-efficient, backward-integrated manufacturing base in India, offers our global customers the flexibility of localized U.S. production and a highly integrated supply chain. The enterprise value of the acquisition is approximately $134 million, implying a EV/EBITDA multiple of around nine times CY 2024 earnings. Total purchase consideration is approximately $150 million, including cash on Jayhawk's balance sheet, which is roughly around $16 million. The funding structure involves Anupam Rasayan investing $40 million through a combination of internal accruals and debt. The balance, which is roughly $110 million, is being invested by a leading global investment management firm in form of Class B non-voting shares, which will enable Anupam Rasayan to consolidate Jayhawk fully. Finally, we recognize that quality and experience of the team is fundamental to any CDMO business. We look forward to working with Jayhawk's existing management and team, whose technical strength and long-standing customer relationship aligns well with the integration model we followed even at Tanfac. With this, I will hand it over to Anshuman to take this forward. Vishwanathan, thanks for a good brief starting point on the acquisition. I think what I will do is that I have some set of questions that I need to ask, and then obviously we will open the lines for Q&A as well. But anybody, if they have a question, they can actually join the Q&A straightaway, right? My first question is why you did mention a little bit about the strategic rationale, right? I mean, if you have to put it in four or five points, right, and detail it out, what are the key strategic rationale for the acquisition? I mean, I would love to hear that. Anshuman, happy to take that. I mean, we had covered this in our presentation as well as in the initial remark. But if I have to talk about four or five, one of the biggest one is basically it helps us strengthen our presence in U.S. This acquisition marks Anupam entering into onshore manufacturing in the United States, which perfectly aligns with our global expansion strategy to be a global CDMO player for our customers. Jayhawk has established operations and customer base both which provide Anupam immediate access to the key end market, leading multinational customers, significantly enhancing our global reach and footprint. So that's one. The second point is it helps us expand our performance material portfolio, especially into high-value dianhydrides and polyimide intermediates. These products have critical application, as you would know, across semicon, aviation, electricals. This will help us, Anupam and Jayhawk, put together more as integrated player in this fast-growing performance material segment. The third benefit which I can talk about is the forward integration. As you would know, when we did the acquisition of Tanfac, it was clearly idea to secure our material sourcing, and this was more of a backward integration, and particularly in the fluorination chemistry. Now with Jayhawk, basically what we are trying to do is that go forward, which is go closer to our customer. An idea would be to manufacture more of a key end manufacture molecules for our customers. So this whole combination, I would say, of Tanfac, Jayhawk, and Anupam would allow us provide an integrated, what you call supply chain solutions to our customer, and this will help us enhance our, what you call, relationship with the customer. And we would more act as a one-stop solution for some of the critical needs of customers. Third or rather the fourth one would be also combining somewhere the cost efficiency and technology of, what you call superiority of Jayhawk. So basically, the synergy between Jayhawk and Anupam. I would say Anupam would more probably act as a cost-efficient backward integrated manufacturing base, and Jayhawk obviously would be more on the technology advancement. In that net our idea would be to basically provide localized solution to our customers in U.S. Lastly, again along with Jayhawk, we also get a pretty experienced team and R&D kind of, let's say, capabilities. Idea would be to combine the two and look at, I would say, offering innovative solutions to our customers. So I would say these are the five, six synergies which I can think of to begin with. Of course, as and when we more and more integrate our operations, there will be lot more which will come our way. Oh, sure, Deepak. Sir, I think one of the statements in the opening remark was about China Plus One, right? It's a buzzword and across the globe there is this thought about China Plus One. So if you can throw some light from this acquisition perspective, how do you think this China Plus One factor will actually play out in your favor because of that? Anshuman, I mean, as a company, we have always focused on our own strength. I don't think so we have kind of designed our thought process or strategy, which is going to be based more on China Plus One kind of stuff. Our idea is to basically do and strategize basis whatever strength we have. As you said, given the overall, I would say kind of a combination of Tanfac at the back end and Anupam more at the intermediate and Jayhawk now on the front end side, our strategy would be to basically more of look at locating our own strength which we can offer to the customer and then thereby offering more of an integrated supply chain solution to our customer and being of a value which would be long-lasting than trying to focus our strength on certain geographies or otherwise. But yeah, Anand or Vishal, if you wish to add anything. Hello? Okay. Anshuman sir- I think- Yes. Yeah. Anand, please go ahead. Anshuman sir, this is the operator. Should I open the floor for questions? You have any further questions? No. I'm going to ask further questions. I think Bhupal was asking Mr. Anand or Vishal if they want to add something to the answer. That's why I stopped. Should we have questions, you can always open the Q&A queue if you want, but I have a few questions which I want to still ask the management. Is that okay? Sure. Yeah. So again, on the acquisition structure and the debt to be taken by Anupam, what does it really cost the company? To add to that, how would Anupam be able to consolidate the full financials of Jayhawk? I don't know. Vishal, answer that. Vishal Rai. Yeah. So Anshuman, I think first thing is that Anupam is going to set up a wholly-owned subsidiary, which will eventually acquire Monitchem Kansas S.à r.l., which effectively holds 100% of Jayhawk Fine Chemicals, which is the entity which we are talking about, which is the operating entity. Monitchem Kansas S.à r.l. is a holding company which is having an effective 100% holding. So that is the first from a holding structure point of view. In this, Anupam will invest around about $40 odd million, from a combination of debt and internal accruals. So which will act as a equity investment of Anupam in its wholly owned subsidiary equity or a shareholder loan structure of Anupam. So which is where we will be holding 100% of the Anupam. Anupam will hold 100% of the Monitchem S.à r.l., which effectively holds 100% of Jayhawk Fine Chem. Now, on the balance amount of approximately $110 million is going to be invested in the form of a Class B share by one of the large global investment management firm, which has over AUM of $100 million through an investment vehicle. Unfortunately, today I am not in a position to share the name because we are under confidentiality as of now. As we consummate this transaction, we will be able to share the name and more details on that as well. Basically that will translate to total $150 million, which shall be paid as a consideration to the selling shareholders for the company and the target. Coming to the question that, let me first take it. How does it look like? It will be a Class B share. It will effectively act as a non-controlling interest in the Anupam's balance sheet to that extent. Today, we intend that eventually we have a right to buy them out at any given point in time. That is a pure quasi-equity that we see it. From our perspective, I see it more as a bridge to a larger equity round to settle this amount that is there. Coming to the consolidation, because it is a non-controlling interest and I have 100% share of the equity of the company, of a common shares. Based on the auditor's opinion, we will be able to fully consolidate this company's EBITDA and P&L without having any dilution to that extent. That is what it is. If you Sure. Perfect. Also, in terms of just drilling down into what Jayhawk's business capabilities are, right? What according to you it brings as a unique value proposition and also the core chemistries that it has, right? Subsequently, if you can also answer that because you have evaluated Jayhawk quite well and currently EBITDA is about 19% EBITDA margin. What is your sort of growth outlook? I am not necessarily looking for numbers, but just broadly if you can add that. So one is on the capabilities and value proposition, and then if you talk about the overall growth potential and margin profile of Jayhawk. Bhupal, would you like to take that? Yep. So I think, Anshuman, as we kind of spoke, from a business perspective, this is a complete kind of a synergy which is there between Anupam and Jayhawk. Just to give you some sense, which we have spoken in the presentation as well. Currently for Anupam, the performance material is roughly around 10%-12% of our overall revenue. While as in case of Jayhawk, it's almost 65%. Maybe if I was to kind of fast-forward on a consult basis, the way the overall Jayhawk plus Anupam entity will look like would be around 40%, 45% would be agrochem, 35% would be performance material. And another 20% would be a mix of personal care and pharma for us. So based on this, we get, I would say, a portfolio which would be pretty comprehensive and we'll be able to offer needs of our customer across all these segments. So one is from a segment perspective, we'll be able to offer them product across, let's say, agro performance material and pharma and personal care. Similarly, in terms of performance material, where you would appreciate that the application is more in high-end segment like aviation, electricals, and silicon. These are some of the segments which are growing at a very, very fast pace globally which would allow us basically again offer a more integrated supply chain solution to our customers. And coupled with, let's say, a bit of a cost-efficient model of Anupam which you spoke about initially in our commentary and advanced capability as far as the chemistries are concerned of Jayhawk. We do believe, I think we offer a model to our customers where the customer would be able to more partner with us in their supply chain. Our idea and philosophy has never been to be a competitive supplier to a customer because maybe today a competitor, somebody else tomorrow could become competitive. Our idea is to more offer an integrated supply chain solution and partner with our customers from a long-term perspective. So our belief is that with the segment expansion as well as, I would say now the geography as well because another thing which Jayhawk brings to us is that almost 70% of their business is U.S., while as for us U.S. was, I would say, fairly low. We had fairly more business in Europe as well as in Japan. So I would say this whole combination has a capability to help us expand margin going forward. We may not be able to give you specific in terms of what kind of, let's say, growth one is looking at whether it is sales or EBITDA margin but we do believe that one should be able to go closer to the kind of margin, I would say and growth Anupam has been enjoying even as a combined operations. Okay. All right. Hello, I am Tanya from Investec from Anshuman's team. Just one question. How is Anupam planning to do the integration of this acquisition considering this is a relatively larger acquisition compared to Tanfac? Tanya, I think it is a good question and the only thing, at least we can say that we have had experience of integrating Tanfac. As you would know, we acquired Tanfac three and a half years back. I mean, just for everyone's benefit, I am happy to just share what we have been able to achieve in that last three and a half years. We have been able to double the capacity at Tanfac. Revenue have grown three times. We have been able to increase, I would say margin or EBITDA margin by anywhere between 50% to 75%. If market cap is any indication, the market cap has gone up almost seven times from the time we have done the acquisition. All one is trying to say that yes, we have now what you call experience of Tanfac. Of course, one can argue this is domestic and this is international, but I would say business remains same. Thought process remains same. Idea and strategy remains the same. We feel fairly confident that we will be able to do this integration also pretty well. Like in Tanfac, we also have a global firm, a consulting firm who has been assisting us more as a PMO to ensure that we get the whole process and system integration right. We will have similar kind of, let us say, agencies also helping us out. But yeah, I would say as far as Jayhawk is concerned the team there is pretty independent. As you would have seen in our presentation while the ownership at the top has changed at Jayhawk, we have a pretty capable team or I would say a pretty capable as well as full team which is there who will be able to run operations pretty independently. Our idea would be, I would say more to act as a catalyst wherever there is a need to look at expanding, let us say the product offering and otherwise to our customers. As far as this whole, what you call acquisition is concerned, we are fairly confident that we should be able to manage this pretty well, having done Tanfac successfully. Sure. That is great, sir. What are the growth plans for Jayhawk including the anticipated CapEx and new product initiatives? I was telling you Tanya, what we would be doing is that we do have, let us say certain kind of a, what you call thought process in our mind. To begin with, we will primarily more focus on scaling the existing product of Jayhawk. Then we will look at selectively taking some capacity expansion. Idea would be to more sit with the Jayhawk management, talk about what we can bring on the table and what do they have and then look at selecting some of the kind of molecules across segment where we can go together and broadly offer something which as I said is a more of a integrated solutions to our customer. As far as the markets are concerned, as I said in the segment whether it is aviation, semicon, electricals, EV for example, I mean the addressable market is billions and millions of USD so I think as far as the demand is concerned there is no end to it. What we would be doing is that work with the team to see what are our strength and this is that look at selective capacity expansion is what we will do. If I have more talk about the current, let us say asset base there is I would say as is a decent amount of headroom which will support our near-term growth. So yeah, we will look at additional investment on a more of a case-to-case basis as we progress further. All right, sir. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then one on their touch-tone phone. If you wish to remove yourself from the question queue, you may press star and then 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. Again, to ask a question, please press star and then one. I have a couple of questions before the queue sets up. I think one of the key here is from a customer standpoint, right? Both Anupam and Jayhawk have customers. From a response from the customer side, what are you currently seeing? What is happening now? How are both Anupam and Jayhawk customers actually reacting to this transaction? The way to look at it is that there are few customers which are common between, let us say, Anupam and Jayhawk which have been currently being served by Anupam as well as by Jayhawk as well. Yes. Then there are definitely a decent amount of new set of customers which Jayhawk brings on the table. What we are happy to share is that when we announced this transaction, we have had, I would say, decent bit of a positive, what you call, inquiries by a lot of existing customers of Jayhawk as well as of Anupam. Wherein they said that, "We saw this news. We are very happy having done this forward integration." We do believe that this combined business definitely provides a greater supply chain stability and flexibility. Hence, I would say the customers are pretty excited, and we are, let us say, engaging with some of them one by one. Of course, we will do more of those once the closing happens, which probably would be maybe another four to six weeks away. But yeah, to begin with, I think the customers are pretty excited. They are very keen to look at this integrated offering from us. So yeah, idea would be to, let us say, bring the best of the both world, both, I would say, from Anupam and Jayhawk combined. But yes, net we are seeing enough and more of them approaching us as we speak wherein they are having a discussion or wanting to have discussion with us or with our sales team, and I am sure similar would be the case with Jayhawk as well. Sure. Sir, I think specifically wanted to focus on the manufacturing side of this transaction and if you can elaborate from a manufacturing strategy perspective, what does this combined entity will do from a manufacturing perspective? So let me answer this in two way. One, piece which I covered, which is more of a let's say, integrated solution, which is a combination of Tanfac, Anupam and Jayhawk. Two is that the current site has roughly 3 million square meter in size and what the existing let's say, manufacturing setup occupies is hardly around, I would say, 15%-20%. So there is another 80% of land which is available clearly for us to expand going forward. So as I said we will look at initially to expand the existing particular product offering to our customers, then selectively look at some of the CapEx for which the land is available. So idea would be to look at some of this manufacturing or rather building some of the manufacturing asset in Jayhawk. This is our offering or ask by the customer where we are able to take benefit of integrated, I would say, solution which would combine Tanfac offering, Anupam and Jayhawk together, especially on the fluorination side of it. Thank you very much. We'll take the next question coming from the line of Meet Vora from Emkay Global. Please go ahead. Yeah. Hi. Thanks for the opportunity. Sir, if I were to put the growth plans of Jayhawk under context with a revenue around $78 million and EBITDA of around $15 million, would a 20%-25% growth on top line in EBITDA be a fair number to work with? An extension to that, also on margin front, Anupam standalone entity is having a margin of around 25%, whereas Jayhawk is having a margin of around 19%. So would it dilute some margin on a consolidated level, or do we expect Jayhawk's margin to rebound to, say, 24%-25%? Meet, I think as I said in our commentary we definitely are looking to more integrate the offering. Given the integrated offering and the synergies which we have, we do believe that the combined Anupam and Jayhawk should basically be able to achieve the growth which we have been emphasizing for Anupam in the past, and similarly, the margin as well. As far as in terms of timing or otherwise, we will not be able to guide specifically, but yeah, Vishal, if you wish to add anything, please. Meet, I think what Anand Bhai also indicated in the call and what even Gopal Bhai has said, I think the way I would see it is that there is a strong growth opportunity coming for this company on a standalone basis itself. We believe that along with that, if we add the synergies that Gopal Bhai has said and the opportunities that we can combinedly target, I guess the number that you are speaking on an EBITDA basis, yes, that should be there over the three to four-year period. Two parts to it. The growth of EBITDA should be around about what we said, what numbers you had highlighted. To my mind, with the kind of a scale, growth and the synergies that we see, I believe that effective margin dilution would not be there going forward over the next two to three years time period. Let us just get you more specific numbers as we try and close this transaction and have a better visibility on the business plan, along with Jayhawk's management's view as well, more integrated in this position. Today, it is only coming from our vantage and our initial understanding. Sure, sir. Just one question I had on the existing standalone business. How have you seen the existing business across agro and polymer segments? I think we had commissioned a few large AIs last year, which were seeing decent traction at least last few quarters. Are we seeing any revised interest in those from the customer end? Or in general, how is the base business looking like? Meet, I would say, agro is performing well. The volumes are coming back for sure, and we do believe that it should start contributing significantly. We did lose out in, let's say, FY 2024 and 2025, but we do expect agro to come back. As far as the particular AI you're talking about, I think we are getting a decent amount of forecast from our customer. And we, in fact, expect a significant increase as far as the revenue is concerned from that in FY 2027. Both in terms of volume as well as in terms of good pricing. I would say net-net, we are definitely seeing agro business reviving pretty well. And particularly this molecule is doing very well for us. Okay. Do we expect to put any further CapEx for this molecule or do you think that the existing capacity will be enough to suffice that requirement of the customer? Currently, we don't envision anything at this stage for sure. Okay. Thanks. That is all from my side, and best of luck for the acquisition. Thank you. Thank you very much. Thank you. A reminder to all the participants, if you wish to register for a question, please press star and then one. Yeah. Hi, this is Tanya from Investec. Sir, how do you envision allocating your products and processes between India and U.S. sites to optimize your cost and customer proximity? Tanya, I think as we said in our commentary, currently we are very clear. Whatever is being done in U.S. would continue to be done there. We will only look to enhance the product offering or scaling some of that in U.S. What we would do is that, from a more of a backward integration perspective, there are certain solutions which we can offer from Anupam or from Tanfac or combine, is what we would look to do. And thereby, as you said, more act as a catalyst to overall, I would say, Jayhawk's capability. And look at then increasing our offering to the customer. Both, I would say, existing customers of Jayhawk and even some of the customers which, as I said, post once they heard the news, they do believe that there are certain products which they would like to offer given the combined getting. We will evaluate each of these, I would say, sitting with the management of Jayhawk, go through it case by case and then look at it. But yeah, in the short run, our idea is very clear that we will continue things as is. And then from a midterm and a long-term perspective, look at integrating more like a dual site model, wherein we at Anupam India become more of a cost-efficient partner to Jayhawk. And Jayhawk basically would be more someone who will be close to the customer. And then look at combining the strength of the two and offer solutions to the customer. Understood, sir. Are these polymer molecules sticky high-value molecules with multiyear lock-ins, or are these mostly annual supply agreements? There are long-term contracts which are there with the existing customers and all of those will continue. Our idea would be, as I said again, to look at augmenting some of these going forward. But yes, there are what you call long-term contracts which are there currently, which are existing with the customer, and they would continue. Of course, as I said, idea would be to meet those customers and understand what more can be done with them while the existing product continues as it is. All right. Just the last question, what is the expected gearing post-acquisition, considering Anupam already has INR 730 crores of net debt as of second quarter? Vishal Bhai? Yeah. As I said, at max, we are looking at around $40 million of investment. To that extent, you may want to count it in the net debt, because either we will use some of our cash or we will use the debt that has been made available by a large bank, which is our existing lender also. I think you can take it $40 million on it. All right. Thank you so much for answering my question, sir. Thank you so much. Thank you. Our next follow-up question comes from the line of Meet Vora from Emkay Global. Please go ahead. Sir, I just had one follow-up. In your initial remarks, you mentioned that we are planning to serve the semicon and performance materials industry put together. What was this thought? Is it coming from the Jayhawk acquisition or is it from Anupam standalone? How do you view these sectors going forward? Meet, I think from our strategy perspective, our idea was always to target some of these high-end segments. Some of it we have been, let's say, supplying this directly to some of our customer. But yes, from a future perspective, now that we have Jayhawk who has capability on some of these high-purity chemistries which have application, as I said, in some of the segments which are going to grow, I would say significantly. Idea would be to combine the two, which is both Anupam and Jayhawk, and then look at penetrating, I would say, our entry. I wouldn't say entry, but yeah, our strengthening our positioning with the customer. People appreciate some of the sector, as you would know, whether it's silicon, aviation and others. For a player to even get into, the process could be anywhere between 5 to 7 years. I mean, if everything goes your way. For your ability to get the approval from the customer and be part of their supply chain. With Jayhawk combining with Anupam, all we are saying is that our journey, as far as some of the segment is concerned, it's advanced by 5 to 7 years, if not more. So yeah, the way I would look at it or I would expect you guys to look at it is the combined entity now has advanced, let's say, Anupam's overall vertical strategy as far as the performance material is concerned by anywhere between 5 to 7 years, where we already have a decent bit of customers who are approved by Jayhawk, who have been, let's say, with Jayhawk for decades together. So from that perspective, I think we will be, I would say, probably a decent combined force in performance material globally. Okay. Would we be creating a separate segment for performance materials like what we have for agro, pharma and polymers today? Say two, three years out? No. I mean, as I said, from our perspective it is more of the offering to the customer. I did not understand when you say a separate segment. I mean, of course, what one would do is that whatever, let us say, products in terms of intermediate or otherwise which we can supply to Jayhawk from here, we will do that. Obviously, would have some further processing done by Jayhawk at U.S. depending upon the customer need. Then, as I said, more look at supplying the integrated solution to our customers. So I did not really understand when you say a separate segment means what. Because from our perspective, it would be more like a combined Anupam and Jayhawk which would be offering solutions across these segments. Yeah, I understood. So it was more from end application point of view. Understood, sir. Yeah. That is all from my side. Thank you, Meet. Thank you. Thank you. Our next question comes from the line of Rohit Nagaraj from 360 ONE Capital. Please go ahead. Yeah. Thanks for the opportunity and congrats on the acquisition. So first question is in terms of customer overlap between Anupam and Jayhawk. Then a live question to that in terms of, say, product concentration risk on Jayhawk. Are there any challenges on these two fronts? In terms of customer concentration again, is there heavy customer concentration on Jayhawk? If it is there, how are we going to tackle it incrementally? Thank you. As we said in our initial commentary, Ravish, there are a few common customers. But would that lead to concentrated, let's say, what you call, distinct as far as the combined Anupam and Jayhawk is concerned? The answer to that is no. Because as I said, there are only very few common customers. Jayhawk has, I would say, a decent set of customers which they have built over decades with them. And if you look at their overall revenue, we don't feel that there is, let's say, concentration of a single customer or product which should be cause of a concern or should be worrying any of us for that matter. I would say neither as an individual Jayhawk nor as a combined Anupam and Jayhawk we see any kind of, let's say, tilt or risk of customer concentration of any single customer or a single product is concerned. I think I would rather only say that with both the entities coming together, I would say the overall sales kind of going up or rather the revenue going up. Some of this, I would say, concentration can only reduce in overall scheme of things. Sure. All right. Got that. That's helpful. Second question is in terms of the promoters of Jayhawk monetizing. What could be the potential reasons that they want to monetize, given that the business is likely in growth phase as the performance material segment is improving, and plus the margins seem to be at relatively higher levels. If you can just throw some light in terms of what could be the working capital cycle or ROCE that Jayhawk was making over the last couple of years. That will be helpful. Thank you. I will have Vishal answer that and maybe I'll then add if there's something more which I feel like. Vishal. Rohit, first thing is that this is effectively owned. So Jayhawk is owned by CABB and CABB is eventually held by Permira, a large private equity fund. It is an $80 billion private equity fund, as you know. Basically, their objective was that they had practically invested for a long time now in CABB, and it is over 7 years that they have held this asset, and it is time for them to exit, and they have been trying to do that for the last year or more. It is more to do with the end of life or life of their investment that they are looking at this divestment. That is one part of it. And second, on working capital side, as per our understanding, the numbers will be in the range of 90 days odd network working capital would be. 90 to 100 days networking capital would be. The ROCE profile in the last maybe couple of years? It would be double digit, but mid-teens to high teens. Yeah, mid-teens, I would say. Sure. Fair enough. That is all from my side. Thanks a lot. The only thing I will add to what Vishal said is that, yeah, given a choice, they might have want to hold it, but as Vishal rightly said any private equity has to look at exiting some of their assets in five to seven years' time and from their perspective. Because more of that which drew the decision than anything else. Right. Got it. Thank you so much, sir. Thank you. A reminder to everyone, if you would like to ask a question, please press star and then one now. We have our next question coming from the line of Mahendra Parmar, an investor. Please go ahead. Anand Rai. I am Mahendra Parmar. Just a simple question. Vishal. Mahendra, the standalone call last quarter guidance. I understand. Combine revenue, combined revenue, combined revenue, Anupam Rasayan equity base growth EPS. If you see numbers here, consolidate. Okay. Okay. Thank you. Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Okay. This is Vishal. First of all, thank you very much everybody for joining on a busy Monday. In summary, the acquisition for Jayhawk Fine Chemicals LLC is a transformative step for us. It strengthens our U.S. presence, significantly diversifies our revenue across end markets, across geographies, and across customers as well. It helps us integrate into a very high growth end market like U.S. We look forward to realizing the synergies that we have discussed today and we will be in touch as we look for the closing of this transaction in January later half. Thank you, everyone. 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.