Goal: ₹800
CMP: ₹788.30
We visited Anupam Rasayan’s vegetation primarily based in Jhagadia and Surat, Gujarat, and likewise met Deputy CFO Vishal Thakkar. The plant at Jhagadia has models 4 & 5 and that in Surat has models 1, 2, 3, and 6. A lot of the firm’s vegetation 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 massive 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 properly, with agchem restoration in sight. Anupam has signed a few LoIs within the battery, aviation, and electronics sectors. The administration has reiterated its give attention to decreasing working capital to a perfect vary of 180-200 days. WC stands elevated at round 600 days, as of December 2024.
It targets 35-40 per cent income development 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.
