How Anupam Rasayan plans to double Bliss GVS Pharma's rev in three years

Anupam Rasayan expects its acquisition of Bliss GVS Pharma to significantly expand its pharmaceutical business.

Vishal Thakkar, Deputy CFO of the Surat-based custom synthesis and speciality chemicals manufacturer, said the target for the new unit is ₹2,000 crore in revenue over the next two to three years. That's nearly double Bliss GVS' FY26 revenue of ₹927 crore.

Shares of Bliss GVS have more than tripled in the last six months, in anticipation of this acquisition. Anupam Rasayan shares have lost nearly 8% in the same period.

The acquisition would allow the $1.4-billion Anupam Rasayan to build an integrated pharmaceutical platform by combining its key starting materials business with Bliss GVS' finished dosage formulations.

Thakkar believes doubling plant utilisation to 60-70%, expanding into new markets outside Africa, and growing contract manufacturing will allow Bliss GVS to reach its goal.

For Anupam Rasayan, reaching the target would expand the topline by nearly as much as its ₹2,383 crore revenue in the financial year ended March 2026.

Business	FY26 Revenue	Strategic Role
Anupam Rasayan	₹1,676 crore	Custom synthesis and specialty chemicals
Tanfac	₹711 crore	A fluorochemicals chemical maker in which Anupam bought a 24.96% stake in 2022, and increased it further in 2026.
Jayhawk Fine Chemicals	₹722 cr crore	A US-based firm that offers advanced contract manufacturing. Anupam acquired it for about $150 million in Feb 2026.
Bliss GVS	₹927 crore	Finished formulations

Earlier, the company projected 20-25% organic revenue growth, 10-15% from consolidation of Jayhawk, and an EBITDA margin of 24-26% in the financial year ending March 2027.

EBITDA measures a company's core profitability. It stands for earnings before interest, tax, depreciation, and amortisation.

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