Anupam Rasayan India Ltd At US Acquisition Update Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Anshuman Gupta - Investec Bank (UK) Plc - Analyst : So I have a couple of questions before the queue sets up right. So I think one of the key here is from a customer standpoint right and that both Anupam and Jayhawk have customers. So what are you, I mean from a response from the customer side? What are you currently seeing, what's happening? How is -- how are both Anupam and Jayhawk customers actually reacting to this transaction?

Question: Anshuman Gupta - Investec Bank (UK) Plc - Analyst : Sure. And I think specifically, wanted to focus on the manufacturing side of this transaction and if you can elaborate right from a manufacturing strategy perspective, what does the combined entity will do from a manufacturing perspective?

Question: Meet Gada - Emkay Global Company - Analyst : Yeah. Hi. Thanks for the opportunity. So just if I were to put the growth plans of Jayhawk under context with a revenue around $78 million and EBITDA around $15 million, should a 20%, 25% growth on top-line and EBITDA would have, would be a fair number to work with. And an extension to that also on margin front, standard entity is having a margin of around 25%, whereas Geo is having a margin of around 19%. So would we dilute some margin on a console level or do we expect Geo's margin to rebound to say 24%, 25%?

Question: Meet Gada - Emkay Global Company - Analyst : Just one question I had on the existing standard own business. So how have you seen the existing business across agro and polymer segments? I think we had commissioned a few large AIs last year, which was seeing decent traction at least in the last few quarters. Are we seeing any, revised interest in those from the customer's end, or in general, how is the big business looking like?

Question: Meet Gada - Emkay Global Company - Analyst : Okay. And do we expect to put any further CapEx for this molecule, or I think the -- or do you think that the existing capacity will be enough to suffice that requirement of the customer.

Question: Meet Gada - Emkay Global Company - Analyst : Okay.

Question: Meet Gada - Emkay Global Company - Analyst : Thanks. That's all from my side and best of luck for the acquisition. Thank you.

Question: Tanya dos Santos - Investec - Analyst : This is Tanya from Investec. So, how do you envision allocating your products and processes between India and US sites to optimize your cost and, customer proximity?

Question: Tanya dos Santos - Investec - Analyst : Understood, sir. And are these polymer molecules sticky, high-value molecules with multiyear lock-ins? Or are these mostly annual supply agreements?

Question: Tanya dos Santos - Investec - Analyst : All right. And just a last question. What is the expected gearing post-acquisition, considering Anupam already has INR 730 crores of net debt as of second quarter?

Question: Tanya dos Santos - Investec - Analyst : All right. Thank you so much for answering my question, sir. Thank you so much.

Question: Meet Gada - Emkay Global Company - Analyst : Sir, I just had one follow-up. In your initial remarks, you mentioned that we are planning to serve the semiconductor and performance materials industry put together. What was this thought? Is it coming from the Jayhawk acquisition? Or is it from Anupam stand-alone? And how do we view these sectors going forward?

Question: Meet Gada - Emkay Global Company - Analyst : Okay. So would we be creating a separate segment for performance materials like what we have for agro, pharma and polymers today, say, two, three years or out? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 15, 2025 / 11:00AM, ANUY.NS - Anupam Rasayan India Ltd At US Acquisition Update Call

Question: Meet Gada - Emkay Global Company - Analyst : Yeah, understood. So it was more from end application point of view. Understood, sir.

Question: Rohit Nagraj - Batlivala & Karani Securities India Pvt Ltd - Analyst : Congrats on the acquisition. Sir, first question is in terms of customer overlap between Anupam and Jayhawk. And an allied question to that in terms of the product concentration risk on Jayhawk, are there any challenges on these two fronts? And in terms of customer concentration, again, is there heavy customer concentration for Jayhawk? And if it is there, how are we going to tackle it incrementally? Thank you.

Question: Anshuman Gupta - Investec Bank (UK) Plc - Analyst : Sure. Got it. That's helpful. And second question is in terms of the promoters of Jayhawk monetizing. So what could be the potential reasons that they want to monetize given that the business is likely in growth phase as the performance materials segment is improving, plus the margins seem to be at relatively higher levels. And if you can just throw some light in terms of what could be the working capital cycle or ROCEs that Jayhawk was making over the last couple of years, that will be helpful.

Question: Anshuman Gupta - Investec Bank (UK) Plc - Analyst : And the ROCE profile in the last maybe couple of years?

Question: Anshuman Gupta - Investec Bank (UK) Plc - Analyst : Fair enough. That's all from my side. Thanks a lot. .

Question: Anshuman Gupta - Investec Bank (UK) Plc - Analyst : Right. Got that. Thank you so much.

Question: Anshuman Gupta - Investec Bank (UK) Plc - Analyst : Combined to mars.

Question: Anshuman Gupta - Investec Bank (UK) Plc - Analyst : I understand.

Question: Anshuman Gupta - Investec Bank (UK) Plc - Analyst : We understand. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 15, 2025 / 11:00AM, ANUY.NS - Anupam Rasayan India Ltd At US Acquisition Update Call

Question: Anshuman Gupta - Investec Bank (UK) Plc - Analyst : [spoken in Hindi]

Question: Anshuman Gupta - Investec Bank (UK) Plc - Analyst : Growth was of that EPS man just dot.

Question: Anshuman Gupta - Investec Bank (UK) Plc - Analyst : I see it.