Strong M&A progress, organic growth disappoints

Delivered revenue 655 Cr (+34.8% YoY); total income 668 Cr (+36% YoY)

EBITDA 175 Cr, 26% margin (vs 129 Cr, 26% YoY); flat YoY

Q1 noted as seasonally tepid; Jayhawk 20-22% of revenue (~145 Cr), so standalone growth single digit

PAT 51.2 Cr (+5.7% YoY); depreciation spike confirmed as Jayhawk-driven

LoI signed, tech ready at pilot scale, expects H2 FY27 commercialization, 2-3 years for robust revenue

Q1 FY27 organic (ex-Jayhawk) single digit vs prior guidance 25% ± ; management cited seasonality, but signals Q1 momentum softer than expected.

Reaffirmed 24-26% standalone, 22-24% consolidated. Flat vs prior calls; no expansion expected despite higher contribution from higher-margin performance materials.

ETFA commercialized this Q (first globally). BASQUEVOLT USD 300M LoI signed, starting H2 FY27. Both are material new catalysts not quantified in prior calls.

Capex program complete. Guidance INR 70-80 Cr maintenance, no major expansion planned for standalone. Jayhawk unlevered, no incremental capex needed.

SEBI approval done, open offer concluded Aug 10, procedural closing Q1 Sep expected. Expected fully closed first half September.

20-22% of revenue (INR ~145 Cr), EBITDA margins 19-20% (INR ~30 Cr). PAT ~INR 9 Cr after depreciation.

Standalone 20-25% polymer target, consolidated 30-35%. Agro cycle is softer now but should stabilize; polymers growing faster.

USD 0.5B addressable for ETFA + related molecules. Cost lower, margins better than existing. Can capture 5-10% initially, scale to 15-30%. Margin profile upward biased due to value creation for CDMO customers.

Tech ready, pilot commissioned. Expect H2 FY27 commercialization start. Ramp 2-3 years to robust revenue; will contribute this year but small, ramping gradually.

Single digit. Q1 seasonally tepid for us. Expect to achieve 25% ± guidance going forward.

CDMO going forward. Post-consummation, both teams will work rigorously. Today Bliss on its own. Continuing prior hypothesis: improve utilization 30% → 60-70%, translates to expected numbers. Organic growth this Q.

Semicon growing very fast for us. Strong traction existing + new customers. Jayhawk accelerating (has validated products in semicon). Getting commercial validation. Revenue contribution outlook vague; LinkedIn has details.

Robust demand recovery; delivering on start-of-year forecast. Will remain stable but contribution declining (due to pharma/polymers growing faster, not agro slowing).

Jayhawk well capitalized, unlevered, can fund own capex. Anupam capex: major cycle complete, INR 70-80 Cr for maintenance/replacement only. No significant capex needed.

Q1 single digit due to seasonality; expect acceleration. Ex-Jayhawk, organic target 25%; Jayhawk adds 10-15% additional growth.

Reaffirmed from prior calls. Flat vs Q1 26%; managing mix headwinds from agro softness and polymer growth.

Major capex cycle complete. No significant expansion capex planned for Anupam standalone. Jayhawk self-funding.

Q1 organic (ex-Jayhawk) single digit vs 25% ± FY27 target. Agro softer, pharma/polymers growing faster but not enough to offset. Expansion acceleration must occur post-Q1.

Consolidated EBITDA 26% flat despite shift to higher-value performance materials and Jayhawk (19-20% margin). Polymer growth diluting standalone margin profile. Consolidated guidance 22-24%, tighter than standalone.

Bliss currently ~30% utilization. Management targeting 60-70% over 2-3 years. Integration unproven (acquisition closing only first-half Sep). CDMO synergies contingent on Anupam sales/marketing traction. Organic growth Q1 soft; Bliss revenue accretion needed but timing uncertain.

BASQUEVOLT LoI just signed; USD 300M over 10 years = ~INR 2400 Cr lifetime. 2-3 year ramp before meaningful revenue. ETFA just commercialized; management targeting 5-10% to 15-30% of USD 0.5B market, but market validation and customer adoption timelines unproven.

Order book INR 400+ Cr prior year now 25% of revenue. Expected to reach 30%. Multiple new products scheduled for commercialization FY27+. Timing and ramp of each product execution-dependent. No single large contract details shared.