Anupam Rasayan To Acquire Bliss GVS Stake | Acquistion To Be Funded Through ₹300 Cr Of Debt, Says Co

追加: 2026-05-25

[00:00:00]Let's move on to the farmer and chemical space. Anupam Rasian is the company I'm talking about. Uh the management is with us now. Anupam reported what was a weak set of fourth quarter numbers. Revenues were up 27 but margins fell very sharply. Uh they've also announced that they're going to acquire a large stake in Bliss Gvs. So it's a uh it's structured in a three-part process. I mean there's a stake acquisition, there's an open offer and then there is a uh you know a right to buy an additional around 5% as well which if all completed will put them in uh the I mean it'll put them in the promoter position post the open offer but they'll have around a 74% stake. Vishal Tucker is deputy CFO at the company is with us uh to take some questions. Vishal, good morning. Great to have you with us here.

[00:00:46]Uh thank you for joining us. We'll get to the numbers. We'll flip it numbers later. Well, let's just talk about this Bliss G uh the GBS deal. Uh so just first up tell us the rationale because uh you know bliss is largely a formulations and branded uh sort of export pharma company whereas you are in custom synthesis uh you know specialty chemistry etc. So what's the what's the what's the synergy here? Why do it?

[00:01:15]>> Good morning. Thank you very much. And you mentioned about our performance.

[00:01:18]I'll take two things together. One is the performance and then the acquisition also. This year actually has been very good for us in terms of >> Sorry. Uh Vishal, I'm sorry. Can you start with the acquisition? I I promise I I'll give you a chance to respond to the numbers.

[00:01:32]>> No problems. So let's talk about Bliss.

[00:01:34]So yeah, you're right.

[00:01:36]Bliss has been in the far is is in the farmer indust farmer sector but if you look at Anupam also uh in last 3 to 5 years if you if you see we have been growing our PAMA portfolio uh basically it was few crores to now uh you know 20% of our revenue yes we are more in the KSM space and they are in the formulation so as we go we'll be able to offer a full platform to our customers uh also if you look at uh bliss today is having a capacity utilization of around about 30% they are hardly uh very very very very small in small way they are present in US and Europe and also limited in India and I think these are the geographies that we can really help them grow well that's that's the geographies that we have been traditionally very strong and as we go forward there will be a full uh you know integration approach that we will take like what we if you look at even with Tanfact what we did it was a a very very uh uh couple of products focused uh indust the company which over a period of time we've been able to help them with our technology with our marketing capabilities we've been able to deliver so I think we should be able to do that here as well >> okay okay so two two questions one uh in terms of how you are what will what are you aiming to do you see you yourself mentioned 30% capacity utilization right so is this a easy fix to ramp it up is this a hard fix does it need operational overhaul uh and and uh so that is Second of course is the transaction itself.

[00:03:07]What will Anupam look like once you're you're done with this? I mean the overall numbers top line margins bottom line just give us a sense. Sure. So see first if you look at it it is it is that they recently added capacity and they're in the process of adding a little bit more capacity as well. So it's not about only the opportunity but also you would also see that there is a strong growth opportunity left out in Europe, US and India and we believe that that's something which we can we can really help them grow well. So our our our thing is that yes in uh in a very very near to medium-term we should be able to to take them to full capacity is our understanding. I think similar is what we have done with tenac. I don't see it to be a very heavy lifting but yes there is an execution that we'll have to take uh look at >> and what will the total shape of things look like for Anupam once you do this once you are at where you want to be in bliss the numbers >> so bliss today is around about 1,000 crores of top line today uh with with a with a with a decent margin we believe that once we scale it up and take it to at least 70 80% of the top line that we capacity utilization you and do the math on the numbers. I'm not trying to do guided numbers because yet we have to get into the final conclusion and then probably it will be more appropriate for me to give you more detailed one. But I believe that the ITA margin should also have a have an upward uh bias to this.

[00:04:29]So maybe in the in the 20s is what we would uh want to bring them up uh along with a high growth that we we we've been mentioning here. and which and what's the timeline to both these happening by inher we're in Q1 of 27 >> uh so f first uh let us let us conclude this transaction but I'm talking near term I'm talking near near to midterm so let's say two to three years is the timeline that I would say >> okay so in two to three years uh target utilization goes up to 70 to 80% of bliss compared to 30% right now which push pushes your margins to 30% plus what about the funding of this if you add the open offer The total outgo will be close to 2200 cr rupes.

[00:05:10]>> Uh how are you planning to I mean you've explained how you're planning to fund it but could you give us an indication of the net debt and how you're thinking about leverage thereafter to delever it?

[00:05:18]We know the funding.

[00:05:20]>> No. So first uh the debt on the on on my balance sheet will be only 30 300 crores. Uh balance is coming in as a as a as a as a quasi equity. So there is no no debt leverage that that that is happening there in that sense. Um uh so if you look at it totally on a console basis also I if I look at it 1100 plus 300 plus 300 so I'm I'm I'm not talking about a very significant debt being being brought up here and this company today is having anida for around about 180 odd crores and a pat of 130 140 40 crores so looks pretty comfortable for us in that sense >> okay so you don't see an overstretched balance sheet on the back of this now let's get to the numbers uh Vishal has promised So operating margins came in at 22%. It's a sharp fall compared to 30% that you had a prior year ago and even below the Q3 level of 25%. So what caused this deterioration and what is the guidance to improving margins in the near term say by the end of FI27 end. So if you look at my annual annual annual margins I'm in the 25% aida margin uh and and and historically I have guided that historically our numbers would be in the range of 25% plus or minus 2%age point is would be my bida margin and I believe that that's the kind of a number that I would uh guide further as well or suggest that we would be able to to go achieve quarter on quarter yes there will be some bit of a moment that will be there and uh I would say that last year's numbers were were were were were on the higher side and that's what I had even when I went when I met you Last time also I had mentioned that that uh the numbers of the last years are are are little on the on the higher side than what normally we would we would have seen.

[00:06:58]>> All right. Hi Mr. Takar. Good to see you in congratulations on this inorganic growth. You have been on the go the last few years. I think at least three is what I remember you have done in terms of inorganic growth. That said I just wanted some clarity on a couple of details. One is you're saying on the acquired asset it goes from 30% to around 70% utilization levels and the margins hold around 20%. So that would mean in the next 3 years bliss does a revenue of at least 2,100 crores. Would that be fair? With an IITA number of around 420 crores mathematically sir, >> I I that you you know that better than me. I would I would I would refrain from making that statement. I have not even acquired this company yet.

[00:07:36]>> So making any statement right now fully would be would be would would not be in my place today. At least today there is a management >> mathematically mathematically Mr. Dur it's doing around 930 crores approximately if the utilization level doubles it goes to close to around 2,000 crores and then margins they're doing around 18% you're saying say around you know 200 basis points improvement so approximately 400 crores of IITA with revenues of around 2,000 crores is mathematically not wrong that's the way I put it >> mathematically it is correct >> and that could be the aspiration that you have >> I would leave it for you now >> okay I think we're just Yeah, but you're right. You're right. You're right. I was not I'm not I'm not trying to get >> That's done. Super. Uh, next one. In terms of consolidated debt, you said not no big stretch, but just spell it out for us. Currently, what is the debt in the book? And post this acquisition, what does the debt go to? The consolidated net debt number.

[00:08:30]>> So, my debt was uh this year has been 1,500 crores on abross and on a net basis it will be on, 1100 crores and 300 is what I will add to that.

[00:08:40]>> Got it. Okay. All right. And final question sir h do you have some more ambitions in terms of inorganic growth because some part of the street is a little confused you know in terms of the aspiration the direction that you're heading in organic growth is good but do you have a bigger appetite or now you're done now you'll want to ramp up all these assets >> so uh see we have done two two acquisitions in this year calendar year if you look at it one is anupa we did jhawk in March February March and another one that we will be we looking to consummate it in another 2 to 3 months time depending upon the S's open offer and S's approvals and others. Uh I think there is there is enough that we have done. Um today there is nothing more that is on the horizon to make any statements here I would say.

[00:09:23]>> Okay. All right Mr. Tucker we appreciate you joining in and if you do we are at CNBC TV8 are happy to host you. All the best with this or inorganic growth and all the best for the remainder of this fiscal as well. We chat up brother.

[00:09:37]>> Thank you. Thank you.

[00:09:38]>> Okay. All right. Well, that is Anupam Rasian with perspective on the uh numbers and of course the acquisition as