Goal: ₹800
CMP: ₹788.30
We visited Anupam Rasayan’s crops based mostly in Jhagadia and Surat, Gujarat, and likewise met Deputy CFO Vishal Thakkar. The plant at Jhagadia has items 4 & 5 and that in Surat has items 1, 2, 3, and 6. A lot of the firm’s crops are multi-purpose in nature with respect to response capabilities required for any software phase. A big a part of the capex has been accomplished, with unit 4 set to fee in a few months and no giant capex deliberate for FY26-27.
The administration expects peak income potential of ₹3,000 crore from the present gross block of about ₹2,000 crore. The pharma and polymer segments proceed to fare effectively, with agchem restoration in sight. Anupam has signed a few LoIs within the battery, aviation, and electronics sectors. The administration has reiterated its deal with decreasing working capital to a really perfect vary of 180-200 days. WC stands elevated at round 600 days, as of December 2024.
It targets 35-40 per cent income progress in FY26, with EBITDA margin stabilising at about 26-28 per cent. We preserve Add on Anupam and revise up our SoTP-based TP by about 7 per cent to ₹800, to issue within the Tanfac valuation.
