Acutaas Chemicals Limited (ACUTAAS) share price
₹3168.50 on NSE as of 2026-09-04. -1.02% on the day. market cap ₹25,941 Cr. P/E 67.2. 52-week range ₹1317.80 to ₹3694.80. Healthcare.
Acutaas Chemicals Q1 FY27: Revenue Up 59%, and a Tax Department Visit in the Same Quarter
At a glance
Acutaas Chemicals — the company that spent two decades as Ami Organics before deciding it wanted a name that looked better on a South Korean signboard — reported Q1 FY27 revenue of ₹330 crore, up 59.1% year-on-year. Operating profit came in at ₹113 crore against ₹51 crore a year earlier, and net profit at ₹74.3 crore versus ₹44.3 crore. EPS for the quarter was ₹9.07.
Two things happened alongside the numbers. In the last week of June, the CGST and Central Excise Anti-Evasion Department carried out inspection and search proceedings at the registered office and the Surat manufacturing facility, beginning June 22 and concluding June 23. Management stated it does not expect any material impact on financial position, results, or cash flows. Separately, the company's electrolyte additives subsidiary saw the company's stake diluted from 100% to 90% following a preferential issue to A.R.Z Pharma, with control unchanged.
Within the mix, advanced intermediates grew 76.5% to ₹292.7 crore while specialty chemicals declined 10.6% to ₹37 crore — a decline management describes as intentional, as commodity products are phased out. Other income fell to ₹1.8 crore from ₹15.9 crore a year ago; the CFO attributed the gap to a ₹10 crore forex gain in the prior quarter against roughly ₹10 lakh this time.
Management reaffirmed FY27 guidance of 25% revenue growth with stable margins — a number that sits below what Q1 just delivered. The reason they gave for that gap is the more interesting part of this quarter.
Introduction
Incorporated in 2004 as a partnership firm, converted to private limited in 2007 and public limited in 2018, Acutaas listed on BSE and NSE in September 2021. Promoters Nareshkumar Patel (Executive Chairman and Managing Director) and Chetankumar Vaghasia (Wholetime Director) have, per CARE Ratings, over 25 years each in the chemicals industry.
The business is advanced pharmaceutical intermediates — molecules in clinical trial or already launched in patented and generic markets — plus specialty chemicals reaching cosmetics, food, personal care, dyes and polymers. In the last three years the company has bolted on two entirely new legs: battery electrolyte additives and semiconductor chemicals.
Recent corporate activity has been dense. In February 2025 the board approved a share sub-division and the corresponding capital clause amendment. In April 2025 the Ankleshwar Unit II received GMP certification from Japan's PMDA, and a 10.8 MW solar plant was commissioned. In June 2025 a subsidiary formed a South Korean joint venture with a KRW 30 billion commitment for semiconductor chemicals; in July 2025 the board approved investing up to ₹199.99 crore into wholly owned subsidiary AAML for that expansion; and in February 2026 the acquisition of 75% of Indichem Inc. (300,000 shares at KRW 500 each) was confirmed, with plant commissioning targeted by end-2026.
On the compliance side, an Additional Commissioner order dated January 20, 2026 dropped an ineligible ITC demand of ₹15.44 lakh along with an equal penalty. CARE Ratings reaffirmed CARE A+; Stable / CARE A1+ on ₹135 crore of bank facilities in December 2025, up from ₹125 crore, having upgraded the long-term rating to A+ in December 2024.
The September 2025 AGM reappointed the Managing Director and other directors for five-year terms running from 2026 to 2031, and appointed KSPS as secretarial auditors.
Business model
Acutaas makes the molecules that go into the molecules. Over 610 products, more than 600 customers, 55-plus countries — and almost none of it is a thing a human being has ever bought off a shelf. If a drug you take exists, someone made the step before the step before it, and that someone charges a lot for knowing how.
Advanced pharma intermediates ran 88% of revenue in FY26, up from 85% in FY25. Over 160 customers across 25-plus countries, 17-plus therapeutic areas, roughly 95% aimed at chronic therapy. Over 90% of products are backward integrated to basic chemicals, and several key intermediates hold a 50–90% global market share — a phrase that means somewhere on earth an entire generic supply chain quietly depends on one industrial estate in Gujarat. Synthesis capability extends to the N-1 stage, the chemistry equivalent of doing all the cooking and letting the customer sprinkle the garnish so they can call it theirs.
Specialty chemicals took 12% in FY26, down from 15%. Inside it, commodity chemicals — parabens, methyl salicylate, para-anisic acid — did 11%, and management is deliberately phasing them out for higher-margin replacements. This is the rare case of a segment shrinking on purpose, which is why the -10.6% print in Q1 arrived with an explanation attached rather than an apology.
Then the two new legs. Semiconductor chemicals, 1% of FY26, runs through Baba Fine Chemicals (55% owned, photoresist chemicals) and Indichem Inc., the Korean JV. The company is the only manufacturer of photoresist chemicals in India, with parts-per-billion purity capability — a specification where the impurity budget is roughly one grain of salt in an Olympic swimming pool. Battery chemicals contributed nil in FY26: Vinylene Carbonate and Fluoroethylene Carbonate are commercialised, a pipeline of 10-plus products exists, two are near commercialisation, and validation has come from 5-plus customers across 3 countries.
Five plants, 92,835 sq. m, 1,100 KL installed capacity, spread across Sachin, Ankleshwar, Jhagadia and Greater Noida. A 23,681 sq. ft. R&D lab, 130-plus researchers including 30-plus PhDs, and 26 process patents. The whole enterprise is essentially a very large chemistry department that discovered it could bill.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Acutaas Chemicals Limited.
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