Credit Rating

ANUPAM RASAYAN INDIA LTD. ARILSLDSTX20260831047 Date: August 31, 2026 To, T o , BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, ‘Exchange Plaza’, C-1, Block-G, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai-400001, India Mumbai-400051, India SCRIP CODE: 543275 SYMBOL: ANURAS Dear Sir/Madam, Subject: Intimation of Credit Rating under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”). Pursuant to the provisions of Regulation 30 of the SEBI Listing Regulations, we wish to inform the Exchanges that the credit rating agency Crisil Ratings Limited, has continued its ratings on the bank facilities and non-convertible debentures of Anupam Rasayan India Limited. The rating action is as below: Total Bank Loan Facilities Rated Rs. 1620 Crore Long Term Rating Crisil A+/Watch Developing (Continues on ‘Rating Watch with Developing Implications’) Short Term Rating Crisil A1/Watch Developing (Continues on ‘Rating Watch with Developing Implications’) Rs. 160 Crore Non-Convertible Crisil A+/Watch Developing (Continues on Debentures ‘Rating Watch with Developing Implications’) The Rating Rationale dated August 31, 2026, is enclosed herewith. We request you to kindly take note of the same and take into your records. This intimation is also being disclosed on the website of the Company at www.anupamrasayan.com. Thanking you, Yours Faithfully, For Anupam Rasayan India Limited Ashish Gupta Company Secretary & Compliance Officer Encl.: As above Registered Office: Tel. : +91-261-2398991-95 Office Nos. 1101 to 1107, 11th Floor, Icon Rio, Fax : +91-261-2398996 Behind Icon Business Centre, Dumas Road, E-mail : office@anupamrasayan.com Surat-395007, Gujarat, India. Website : www.anupamrasayan.com CIN - L24231GJ2003PLC042988 31/08/2026, 19:14 Rating Rationale Rating Rationale August 31, 2026 | Mumbai Anupam Rasayan India Limited Ratings continues on 'Watch Developing' Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.1620 Crore Instrument Crisil A+/Watch Developing (Continues on 'Rating Long Term Rating RBI Watch with Developing Implications') Crisil A1/Watch Developing (Continues on 'Rating Short Term Rating RBI Watch with Developing Implications') Rs.160 Crore Non Convertible Crisil A+/Watch Developing (Continues on 'Rating Debentures Watch with Developing Implications') Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed rationale Crisil Ratings has continued its ratings on the bank facilities and non-convertible debentures of Anupam Rasayan India Limited (ARIL; part of the Anupam Rasayan group) on ‘Rating Watch with Developing Implications' The ratings have been placed on Watch Developing after ARIL announced the acquisition of 43.3–48.2% equity stake in Bliss GVS Pharma Ltd, a pharmaceutical (pharma) formulation company based in India, which may be funded through debt, equity or internal accrual. The capital allocation to fund the acquisition will be critical; ARIL is likely to fund the transaction through debt and equity. As per the latest announcement, the acquisition process remains underway and is expected to be completed during September 2026. Crisil Ratings will continue to engage with the company’s management and resolve the watch once it obtains clarity about the funding and approvals. Crisil Ratings notes that ARIL will undertake debt of Rs 300 crore and the balance will be funded by global investment management fund in the form of non-controlling non-voting equity investment, and hence, expects the rating to not move more than a notch. That said, Crisil Ratings will continue to monitor developments regarding the acquisition. The business risk profile was stable with improvement in the agrochemical segment and ramp-up of pharma and polymer divisions in fiscal 2026, which led to increase in revenue to Rs 2,365 crore from Rs 1,439 crore in fiscal 2025. The operating margin declined to 22.19% in fiscal 2026 from 27.67% in fiscal 2025 owing to limited ability to pass on higher cost. The working capital cycle improved as reflected in decline in inventory to 324 days as on March 31, 2026, from 510 days a year earlier, and fall in receivables to 148 days from 190 days during the same period. The working capital cycle is expected to improve with the full consolidation of Jayhawk Fine Chemicals LLC (JFCL) in fiscal 2027. The ratings continue to reflect the group’s strong business risk profile, backed by the established market position and diversified revenue streams, and healthy financial risk profile. These strengths are partially offset by large working capital requirement, modest operating efficiency and susceptibility of operating margin to volatility in raw material prices and foreign exchange (forex) rates. Analytical approach Crisil Ratings has combined the business and financial risk profiles of ARIL and its wholly owned subsidiaries―JFCL, Jainam Intermediates Pvt Ltd, ARIL Transmodal Logistic Pvt Ltd, ARIL Fluorospeciality Pvt Ltd, Anupam Japan GK, Anupam Europe AG and Anupam USA, LLC; and subsidiary, Tanfac Industries Ltd (Tanfac). This is because these entities, collectively referred to as the Anupam Rasayan group, are in similar businesses and have operational linkages. Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation. Key rating drivers - Strengths Established market position and healthy operating efficiency The group has a strong market position in custom synthesis and specialty chemicals because of integrated operations and robust clientele. Backed by presence of around four decades, it has expertise in complex multi-step synthesis and innovative manufacturing processes. The group caters to chemical and agrochemical companies, including 31 multinationals and 75 clients. Customer-centric solutions have positioned ARIL as a preferred partner for clients across various industries, including agrochemicals, personal care, pharmaceuticals and other specialty segments (polymers and https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/AnupamRasayanIndiaLimited_August 31_ 2026_RR_404199.html 1/8 31/08/2026, 19:14 Rating Rationale electronic chemicals). Expansion into high-value fluorination chemistry products and polymer applications is likely to strengthen the market position. Diversified revenue streams and backward integration The pharma and polymer segments contributed more than 30% to revenue in fiscal 2026. These segments are positioned as growth drivers, reducing dependence on agrochemicals. The company is commercialising new molecules launched in fiscal 2024 and in the first half of fiscal 2025 and is focusing on growing contribution from Japanese customers in the fluoropolymer segment, new product introductions in the US market and applications in engineering fluids and polymers in the polymer segment. ARIL has acquired Tanfac, which is a leading producer of hydrogen fluoride and potassium fluoride in India. These materials are critical inputs for fluorinated molecules used in pharma, polymers and agrochemicals. By acquiring Tanfac, ARIL has secured an uninterrupted supply of these raw materials. Strong financial risk profile The capital structure will be supported by reduction in debt and absence of large, debt-funded capital expenditure (capex). Networth and total outside liabilities to adjusted networth (TOLANW) ratio were healthy at Rs 3,334 crore and 0.78 time, respectively, as on March 31, 2026. The TOLANW ratio is expected at less than 0.80 time over the medium term. Debt protection metrics wer [Showing first 8,000 characters — download PDF for full document]