ACUTAAS
Large CapAcutaas Chemicals Limited
Pharma
Acutaas Chemicals (formerly Ami Organics) manufactures advanced pharmaceutical intermediates and specialty chemicals for semiconductor, battery, and commodity industries. It holds 50-90% global market share in key intermediates, with 90%+ products backward integrated. The company focuses on chronic therapy segments and high-purity chemicals.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +41% YoY · PAT +113% YoY · margin expansion · +10% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹433 Cr | +40.6% | +10.2% |
| EBITDA | ₹184 Cr | +116.5% | +21.9% |
| Operating margin | 42.0% | +1400 bps | +400 bps |
| PAT | ₹134 Cr | +112.7% | +26.4% |
| PAT margin | 30.9% | +1050 bps | +398 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Acutaas Chemicals reports robust FY26 performance with 33% revenue growth, 120% PAT increase, and significant margin expansion, driven by strong demand in Advanced Intermediates.
The company delivered exceptional FY26 results, significantly outperforming previous years across all key financial metrics. Strategic investments in Pharma, Semiconductor, and Battery chemicals, coupled with R&D expansion, position it for continued growth. The substantial increase in CWIP indicates aggressive future capacity build-out.
Revenue by Business Vertical (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Advanced Pharmaceutical Intermediates
Strategy to expand Innovator Business with increased focus on CDMO opportunities and develop Off-Patent Products Early.
Semiconductor Chemicals
Plans to expand existing products to new geographies (Japan, South Korea, Taiwan) and grow Indichem JV with advanced chemicals.
Battery Chemicals
Strategy to expand existing products with new customers and introduce new products to widen the product basket.
R&D Capabilities
Drive innovation by developing differentiated products for global markets and expanding pilot plant capacity for higher project churnout.
Pharma Capacity Expansion
3x Capacity Expansion at Ankleshwar site by redevelopment of the site, with capex status completed.
Battery Chemicals Capacity
Phase 1 completed for 2,000 MTPA each of VC and FEC at Jhagadia. Phase 2 is under construction.
Semiconductor Chemicals Facility
~ ₹ 200 Cr. investment in Indichem (JV in South Korea) for a state-of-art facility, currently under construction.
R&D Pilot Plant
~ ₹ 25 Cr. investment in Pilot Plant (Ongoing) to expand capacity and include HP API chemicals, currently under construction.
Global Market Leadership
Company holds 50-90% global market share in key intermediates.
Backward Integration
90%+ of products are backward integrated to basic chemicals, enhancing supply chain control.
Pioneering Niche Industries
Only Indian manufacturer for photoresist chemicals and 1st electrolyte additives manufacturer in India.
New Market Entry Execution
Expansion into Japan, South Korea, and Taiwan markets for Semiconductor chemicals and growth of Indichem JV in South Korea carry execution risks.
Battery Chemicals Commercialization
Despite 10+ products in pipeline and 5+ customer validations, the Battery Chemicals segment reported no commercial revenue in FY26.
Commodity Product Margins
Strategy involves developing newer products to replace existing low margin products in Commodity Chemicals, indicating margin pressure on current offerings.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document presents annual financial data (FY20-FY26), making year-over-year comparison the most appropriate method to assess performance trends and growth.
EBITDA Margin
EBITDA Margin FY26: 35.9% vs FY25: 23.0%.
PAT Margin
PAT Margin FY26: 26.6% vs FY25: 15.9%.
R&D Investment
~ ₹ 25 Cr. Investment in Pilot Plant (Ongoing) to support higher projects churnout from R&D.
Regulatory Approvals
Unit 1 Sachin and Unit 2 Ankleshwar received GMP by PMDA Japan. Received second US FDA EIR for Sachin manufacturing unit.
Strategic Focus
Rebranded as Acutaas Chemicals Ltd. to reflect a sharper focus on specialty and custom chemical solutions.
Future Investment
Investing ₹ 1000+ Cr. for sustainable future growth from FY23 to FY30.
R&D Expansion
Expanding pilot plant capacity to support higher projects churnout from R&D, including capacity for HP API chemicals.
Sustainability Commitment
Majority of company’s present electricity requirements across its key facilities will be met through 16 MW of installed renewable energy sources.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Battery Chemicals Revenue | No Commercial Revenue FY26 | Commercialization and revenue contribution from the battery chemicals segment. |
| Semiconductor JV Progress | Indichem Inc. (JV in South Korea) facility construction is Under Construction. | Commissioning and ramp-up of the South Korea JV facility for advanced semiconductor chemicals. |
| R&D Pilot Plant Completion | ~ ₹ 25 Cr. Investment in Pilot Plant (Ongoing). | Completion of pilot plant expansion and its impact on new product churn and HP API capabilities. |
| Ankleshwar Capacity Utilization | 3x Capacity Expansion at Ankleshwar site completed. | Utilization levels and revenue contribution from the expanded Ankleshwar facility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +50.2% / mo · near 52W high
Technical chart
ACUTAASdaily · 3Y+82.2%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 64.
- SMA20 rising (~15.7% over last month) — short-term momentum positive.
- RSI(14) at 64 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 7% off 52W high · 104% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 19/20 to the score.
- Growth contributes 23/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -74.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: OPM spread across recent quarters is 25%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Pharma: 98th pctile, median 70 · Large: 95th pctile, median 74
94 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸4 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸OPM spread across recent quarters is 25%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 76.20
- P/B
- 16.42
- EV/EBITDA
- 52.68
- Market Cap
- 27149.00Cr
Profitability
- ROE
- 24.00%
- ROCE
- 31.60%
- ROA
- 22.98%
- Dividend Y
- 0.05%
Growth (CAGR)
- Revenue 5Y
- 32.00%
- EPS 5Y
- 46.00%
- Revenue 3Y
- 30.00%
- EPS 3Y
- 62.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 160.00×
- Altman Z
- 9.67
- Book Value
- 202.00
Cash Flow
- FCF Yield
- 0.10%
- FCF Positive Y
- 4/5
- OCF
- 292.00 Cr
- EPS TTM
- 43.51
Shareholding
- Promoter Hold
- 32.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 95%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.