Ami Organics Ltd Q1 FY27 Results

Q1 delivered ₹329.7 Cr, +59.1% YoY confirmed; but QoQ revenue fell 23.8%

Gross margin expanded 466 bps to 57.9%. EBITDA ₹113.1 Cr vs EBITDA margin reported 34.3% aligns. PAT ₹74.9 Cr with 22.7% margin verified.

Q1 achieved +59.1%; for full-year 25% to be achieved, Q2-Q4 must average ~10%, implying sharp deceleration. No acknowledgment of this divergence.

Trial completed, supply started. But revenue impact in Q1 not quantified; management evasive when asked. Likely immaterial contribution to Q1 ₹329.7 Cr.

Claim made and not disputed; this segment drove growth as battery and commodity chemicals offsetting is controlled

No revenue expected until FY28 or later; capex completion claimed but business development still early stage. R&D facility commissioned but commercial scale 3-4 years out.

Trial run completed Q1; supply started. Contract in place with multiple customers (NA, Korea). Revenue not yet quantified.

Commodity chemical revenue declining (phasing out intentionally); offset by BFC recovery and new specialty products. Spec Chem segment -10.6% YoY to ₹37 Cr.

Capex completion expected Q2 FY27; third product has signed contract. No change to prior commentary.

CDMO + core Pharma Intermediates grew 76.5% YoY to ₹292.7 Cr. Confirms strong underlying momentum vs 25% FY guidance.

Trial validation completed, supply started. Revenue will ramp Q2-Q4. Confident on fast ramp with signed customer contracts. No specific number given.

Capex expected to complete by end of Q1 FY27, ahead of schedule. Revenue expected FY28 onwards. No quantified capex amount provided.

Not providing CDMO/non-CDMO split due to guidance given. Margins: Spec Chem 24%, Pharma 36%.

R&D facility already commissioned. Will reduce timelines to commercialize. No specific timeline given; expects commercial business from next FY onwards.

ARZ has been with company since product development; awarded equity share for business development and sales responsibility.

Annual increments and performance bonuses given Q1. Expect ~₹150 Cr employee cost for FY27.

On schedule. Capex completion expected by Q2 FY27. Trial runs to commission soon. Signed customer contract in place.

Expecting similar margins as full-year FY26. No upgrade.

Still very confident to deliver 25% revenue growth and similar margins as FY26. Geopolitical tensions persist but not deterring guidance.

FY27: ₹50 Cr electrolyte/pilot, ₹40-45 Cr maintenance = ₹90-95 Cr. Plus TBD R&D capex and land acquisition. FY28 TBD.

Sachin plant hitting capacity roof. Ankleshwar plant expected full by FY28. Need land for new Pharma Intermediate plant and future expansion.

Prior quarter had ₹10 Cr positive forex on euro. This quarter only ₹10 Lakhs forex gain. Explains the decline.

In line with prior quarters. Solar project savings and operational efficiencies ongoing. Expecting similar for rest of year.

25% figure refers to revenue growth. Margin guidance is similar to full-year FY26 (not 34.3% run-rate). Will be reflected in FY27.

No plans for electrolyte solutions or LiPF. Sticking to additive segment only. Core strength. Don't want to compete with customers.

Guided market for ₹1,000 Cr CDMO revenue based on confidence in product pipeline. Healthy pipeline of products in R&D and validation. Due to confidentiality, cannot share project details. Will beat the ₹1,000 Cr target.

Cannot share due to confidentiality agreements. But confident on pipeline and targeting ₹1,000 Cr. Mix of products, not just the anchor.

Difficult to comment on customer's pipeline. Confident on our guidance and business per customer purchase orders, not market expectations.

Guided by customer's purchase orders and revenue expectations, not market expectations or buyer guidance.

Multiple customers. Shared previously. Based in NA, Korea, other parts of world.

Yes. Guided 3 years to hit full capacity utilization. Confident to achieve.

Product 3 in final stage of signing long-term contract. Once done, will announce capex for product 4 based on customer requirements. Many other products developed by R&D in business development stage. Will announce as they progress.

Product development and business development underway with R&D facility commissioned. Slow start as new business. 3-4 years to fill capacity at Indichem.

Don't deal with Johnson & Johnson directly. Have a generic. Already qualified with customer. DMF filed. Waiting for product launch.

Product picking up. Have sufficient capacity to cater to demand.

Sachin: 83%. Ankleshwar Unit 2: 23%. Jhaghadia Unit 3: 55%.

Four products validated. With regulatory approval, expecting revenue H2 FY27 onwards. Each expected to generate ₹50-100 Cr annually at peak. Percentage of ₹1,000 Cr target not quantified.

Trial batches completed. Commercial revenue to begin soon. Revenue has already started.

Acutaas focused on different segments. CDMO vital. BD team doing excellent work. Continuously getting inquiries. Developing 30-40 molecules annually, submitting to customers at different investigation levels. Continuous process. Adding molecules every year.

Not demand-constrained, capacity-constrained. 4,000 MT capacity (2,000 VC + 2,000 FEC). Full capacity utilization by end of 3 years. Can calculate revenue from capacity and market pricing. Plus products 3 and 4 in pipeline.

Benchmark to BFC product margin, not API margin. Similar and potentially better product portfolio than BFC. Premature to give number.

FY26: Pharma 87%, Spec Chem 13%. With battery and semiconductor engines, Spec Chem will grow fast. But CDMO also growing faster. Net-net, Pharma will decline to ~80% in 3 years.

Margins function of product mix. CDMO increasing in pie. But battery has lower margin than Pharma/CDMO. Net-net, targeting similar overall EBITDA margin as last year even at higher revenue.

Will not guide on 5-year margins. Function of product mix between Pharma (CDMO) and battery/semiconductor ramp-up speed.

Working on multiple projects. Projects come in R&D pipeline annually. Slowly will derisk single-product concentration. Naturally diversified by product and customer. Fast ramp-up of current product moved concentration. Will dilute over years as new products added.

Many inquiries/requests from customers. But no plans to move upward in value chain. Don't compete with customers. That's the policy.

Q1 achieved 59.1% YoY; full-year 25% implies Q2-Q4 average ~10%, sharp deceleration. Supply chain headwinds acknowledged.

Q1 EBITDA margin 34.3% vs claimed FY26 full-year margin (not disclosed in call). Battery chemicals have lower margins; offset by CDMO/Pharma mix.

Plus TBD R&D capex and land acquisition; will be announced later. FY28 capex TBD.

Geopolitical tensions in Gulf persist. Management mitigated through Q1 but acknowledged as ongoing turbulent condition. Could impact cost inflation or delivery timeline.

Battery chemicals plant just completed trial Q1; revenue immaterial. Indichem capex completion Q1 claimed but commercial scale 3-4 years out. Timelines aggressive; vendor cycles and customer approvals could slip.

Majority of Pharma Intermediates revenue from few molecules (implied). Darolutamide (NUBEQA) is anchor product. Customer (Bayer) revenue outlook dependent on trial results. Management evasive on non-anchor pipeline contribution.

Q1 achieved 59.1% YoY growth. For full-year 25% to be achieved, Q2-Q4 must average ~10%, a sharp deceleration. Management did not reconcile this gap. Implies either Q4 FY26 was very weak (base effect) or Q2-Q4 FY27 will see material slowdown.

Battery chemicals business acknowledged to have lower margins than Pharma Intermediates/CDMO. As battery ramps over 3 years, EBITDA margin mix could compress unless CDMO growth is faster.