ANURAS
Large CapAnupam Rasayan India Limited
Industrials
Anupam Rasayan India Limited is acquiring Bliss GVS Pharma, a pharmaceutical formulations company incorporated in 1984. Bliss GVS Pharma manufactures branded formulations across 50+ therapeutic segments, has 6 manufacturing facilities in Maharashtra, and is known for its WHO-endorsed anti-malarial brand Lonart.
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.
Weak fundamentals, management trust is a red flag, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 4/14 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
Bad · 2/100PAT -11% YoY · margin compression · Rev +27% YoY · +24% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹636 Cr | +27.2% | +24.2% |
| EBITDA | ₹137 Cr | -4.9% | +7.9% |
| Operating margin | 22.0% | -700 bps | -300 bps |
| PAT | ₹56 Cr | -11.1% | -8.2% |
| PAT margin | 8.8% | -379 bps | -310 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
Anupam Rasayan India Limited announces the acquisition of Bliss GVS Pharma Limited, a pharmaceutical formulations company, through a controlling stake and open offer.
The acquisition of Bliss GVS Pharma expands ANURAS's presence into pharmaceutical formulations, leveraging Bliss GVS's established brands, global accreditations, and manufacturing facilities. It offers synergies in therapeutic areas and potential for CDMO business expansion, with significant headroom for capacity utilization improvement.
Capacity Utilization Ramp Up
Significant headroom available to improve capacity utilization (current 30%), supported by customer engagements and increasing demand.
Expansion into CDMO Business
Expanding into regulated markets through the Vevoor facility.
Expanding USA Footprint
Leveraging Anupam's expertise in North America and European markets to expand in regulated markets.
Synergies with Therapeutic Areas
Expansion into Cardiovascular, Antidiabetic, Antibiotics, Analgesic & Anti-inflammatory, Anti-Retrovirals, Antifungals, Anti-depressant and Anti-malarial segments.
Installed Capacity (Bliss GVS Pharma)
4,822 mn units across Ambernath (758 mn), Vevoor (3,974 mn), Palghar (90 mn).
Ongoing Capex - Halol Facility
Capex of Rs. 250 crore for Halol Facility.
Executed Capex Projects
Vevoor Plant Capex: Rs. 260 crore; Palghar Suppositories Plant Capex: Rs. 50 crore; Vevoor Ointment Facility Plant Capex: Rs. 40 crore (awaiting plant approval).
Global Accreditations
Bliss GVS Pharma has US FDA, EU GMP, FDA Russia, Health Canada, TGA Australia, WHO GMP approvals.
Strategic Agreements & Approvals
Signed strategic agreements in USA and Canada, received US FDA approval for Palghar suppository unit.
Robust Product Pipeline
Robust pipeline of 62+ molecules, with 48+ molecules catering to regulated markets, strengthening presence in high-entry-barrier segments.
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 Bliss GVS Pharma's financial performance (Revenue, EBITDA, PAT) over multiple fiscal years (FY23-FY26), indicating a focus on annual trends and growth trajectory for the acquired entity.
Revenue (Bliss GVS Pharma)
FY26 Revenue was Rs. 927 crore (FY25: Rs. 810 crore, FY24: Rs. 770 crore, FY23: Rs. 752 crore).
EBITDA (Bliss GVS Pharma)
FY26 EBITDA was Rs. 164 crore (FY25: Rs. 127 crore, FY24: Rs. 151 crore, FY23: Rs. 117 crore).
PAT (Bliss GVS Pharma)
FY26 PAT was Rs. 135 crore (FY25: Rs. 90 crore, FY24: Rs. 82 crore, FY23: Rs. 77 crore).
Cash & Cash Equivalents (Bliss GVS Pharma)
Rs. 167 Crores as on 31st March 2026.
Revenue Growth Contribution
US FDA approval for Palghar suppository unit is expected to significantly contribute to revenue growth.
Post Capex Execution Outcomes
Expects entry into regulated market, diversified dosage capabilities, and enhanced manufacturing footprint post capex execution.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capacity Utilization (Bliss GVS Pharma) | 30% | Ramp-up supported by customer engagements and increasing demand across key business segments. |
| Halol Facility Capex | Rs. 250 crore ongoing | Commissioning timelines and the facility's contribution to regulated market entry and diversified dosage capabilities. |
| Revenue Contribution from Palghar Suppository Unit | Implied minimal/zero post US FDA approval | Significant contribution to overall revenue growth as stated by management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Anupam Rasayan will invest a maximum of around $40 million through a combination of internal accruals and debt for the acquisition.
EBITDA growth of 20% to 25% for Jayhawk should be achieved over a three to four year period.
Outcome check: OPM moved from 25.0% to average 22.0% (-3.0 pp).
Management expects the Jayhawk acquisition to be EPS-accretive from day one.
Outcome check: OPM moved from 25.0% to average 22.0% (-3.0 pp).
Management believes there will be no effective margin dilution from the acquisition over the next two to three years.
Outcome check: OPM moved from 25.0% to average 22.0% (-3.0 pp).
The closing of the Jayhawk acquisition transaction is expected to occur in the second half of January 2026.
Management expects a significant increase in revenue from a specific active ingredient (AI) molecule in FY27 in terms of both volume and growth.
Outcome check: Revenue YoY averaged 27.2% across 1 later quarter(s).
Trend score and candlestick chart
56NeutralSMA20 +4.7% / mo
Technical chart
ANURASdaily · 3Y+17.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 34. Wait for confirmation.
- SMA20 rising (~1.1% over last month) — short-term momentum positive.
- RSI(14) at 34 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 20% 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
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 14/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -88.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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: +1 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.
Weak Trust: Management has 25% delivered/partly-delivered outcomes on 4 checked claims, with 3 adverse claim outcomes. It ranks around the 1st percentile of the scored universe and 1st percentile within Industrials. Main check: financial discipline is weak at 28/100.
Low Trust: 4/14 extracted management claims have outcome checks; 25% were fully delivered and 0 were partially delivered. 3 claim(s) were contradicted or failed. Key concern: 3/4 matched management claims were contradicted or failed.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Industrials: 1st pctile, median 68 · Large: 1st pctile, median 74
4/14 claims checked. Use as directional, not final.
4/14 claims checked · 3 contradicted/failed claims
How to read this Trust Score
Weak Trust · medium 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 holding is 59.1%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸3/4 matched management claims were contradicted or failed.
- ▸Promoter holding fell 2.1%.
- ▸Only 0 years of positive FCF.
- ▸ROCE is low at 7.4%.
Intrinsic value
Fundamentals
Valuation
- P/E
- 85.40
- P/B
- 4.32
- EV/EBITDA
- 24.65
- Market Cap
- 14523.00Cr
Profitability
- ROE
- 5.50%
- ROCE
- 7.36%
- ROA
- 2.77%
- Dividend Y
- 0.06%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 0.56
- Interest Coverage
- 3.52×
- Altman Z
- 3.08
- Book Value
- 293.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 334.00 Cr
- EPS TTM
- 14.94
Shareholding
- Promoter Hold
- 59.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 60%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — 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.