Crisil Ratings Updates Anupam Rasayan India Ltd; Assigns A+/Watch for Debentures

Crisil Ratings Updates Anupam Rasayan India Ltd; Assigns A+/Watch for Debentures​

Anupam Rasayan India Limited (ARIL) received a rating update from Crisil Ratings Limited concerning its corporate profile and debt instruments. The ratings reflect the company's established market position, diversification efforts, and ongoing operational challenges amid significant revenue growth in the chemicals sector.

Crisil Ratings assigned specific ratings for ARIL's long term and short term facilities, as well as for non-convertible debentures (NCD), after reviewing the company's financial stability and business risk profile. The agency also noted an enhancement to the total bank loan facilities under review.

The key rating metrics provided by Crisil Ratings are detailed below:


ARIL's Total Bank Loan Facilities rated have been enhanced to Rs 1620 Crore, up from the previously rated amount of Rs 1369.82 Crore. The NCD rating was assigned against an issue size of Rs 160 Crore.

Financial Performance and Operational Trends​

The ratings assessment included a review of ARIL's recent financial performance. Revenue for ARIL reached Rs 2,365 crore in fiscal 2026, showing a substantial increase from Rs 1,439 crore recorded in fiscal 2025.

However, the company saw its operating margin decline to 22.19% in fiscal 2026, compared to 27.67% in fiscal 2025, which was attributed to the limited ability to pass on higher costs. Despite this, key operational efficiencies improved, with inventory days falling from 510 days as of March 31, 2025, to 324 days as of March 31, 2026. Similarly, receivables decreased from 190 days to 148 days over the same period.

Strategic Drivers and Risk Analysis​

Crisil Ratings evaluated ARIL based on the operational strength and financial risk profile of the entire Anupam Rasayan group, which includes subsidiaries like Jainam Intermediates Pvt Ltd, Aril Transmodal Logistic Pvt Ltd, and Anupam Europe AG.

Key Strengths:
The company benefits from a strong market position in custom synthesis and specialty chemicals, supported by integrated operations and robust clientele across 31 multinationals and 75 clients. Furthermore, ARIL's diversification has increased the contribution of the pharma and polymer segments to over 30% of revenue in fiscal 2026.

A critical strategic move noted by Crisil Ratings was ARIL's acquisition of Tanfac Industries Ltd, a producer of hydrogen fluoride and potassium fluoride, which are vital raw materials for fluorinated molecules used in agrochemicals and polymers. This acquisition ensures an uninterrupted supply of these inputs. The company maintained healthy financial risk indicators, with the Total Outside Liabilities to Adjusted Net Worth (TOLANW) ratio standing at 0.78 time as on March 31, 2026.

Areas of Concern:
The ratings also highlighted operational challenges, including working capital intensive operations and susceptibility to global economic downturns or raw material price volatility. The company generates over 50% of its revenue from exports to European and North American markets.

Liquidity remains strong, supported by cash and equivalent holdings exceeding Rs 378 crore as on March 31, 2026.

Financial Indicators Summary​

ANURAS Stock Price Movement​

As of 1:47 PM, Anupam Rasayan India Limited's shares are slipping by 0.22% in live trading, currently priced at ₹1322.00. The stock saw a total traded volume of 145,518 shares during the session.