Anupam Rasayan India Limited – Credit Rating Update (NSE: ANURAS | BSE: 543275)

Anupam Rasayan India Limited (NSE: ANURAS | BSE: 543275) keeps its A+ (Long‑Term) / A1 (Short‑Term) credit rating, but both are tagged “Watch Developing” as CRISIL Ratings Limited monitors the pending 43.3 %–48.2 % stake acquisition in Bliss GVS Pharma.

The company’s balance sheet stays solid: net‑worth of ₹ 3,334 Cr, cash & cash equivalents of ₹ 378 Cr, and a Total‑Outside‑Liabilities‑to‑Adjusted‑Net‑Worth ratio of 0.78× (Mar‑31‑2026). Bank loans total ₹ 1,620 Cr and NCDs ₹ 160 Cr.

Profitability softened: operating margin fell to 22.19 % in FY 2026 (down from 27.67 %), and PAT margin slipped to 9.39 % from 11.11 %, despite operating income jumping to ₹ 2,365.46 Cr (up from ₹ 1,438.72 Cr).

Working‑capital remains tight, with a gross current‑assets cycle of 504 days (improved from 646 days) and exposure to forex and raw‑material price swings, as >50 % of revenue is export‑derived.

CRISIL will lift the watch if the Bliss GVS Pharma deal closes (expected Sep 2026) and financing is confirmed; any delay, higher debt, or operating margin dropping below 18 % could trigger a downgrade.