Jefferies has maintained its underperform rating on Anupam Rasayan while raising the target price to ₹625 after the company delivered first-quarter results that were ahead of expectations across revenue, EBITDA, and profit after tax. Management has guided for 30% growth in FY26, driven by export momentum and strong performance in the pharma and polymer segments.
The company’s order book stood at ₹14,600 crore, providing healthy visibility, and management expects execution to improve from the second quarter onwards, which should help reduce working capital intensity. While acknowledging the strong performance and growth guidance, Jefferies reiterated its cautious stance, citing valuation concerns and execution risks in sustaining high growth levels over the medium term.
Disclaimer: The views and recommendations made in this article are those of Jefferies. This article does not constitute investment advice. Investors should consult their financial advisors before making any investment decisions.
