These companies sell in dollars and report in rupees. The rupee fell last year. How much did that add?
Research
You don’t have to estimate. Two disclosures nobody reads give you the exact answer.
- Every Board’s Report must state “foreign exchange earned in terms of actual inflows.” It sits in an annexure next to the energy-saving paragraphs.
- Every set of financials states the average USD rate used for the year, in the currency-risk note.
Pulled both from the FY26 annual reports of 16 CDMO and specialty chemical companies. Fifteen disclose the figure.
Facts
The rupee, from Syngene’s currency note: ₹88.71 per dollar in FY26, ₹84.63 in FY25. A fall of 4.8%.
Foreign exchange earned in FY26, ₹ crore:
- Divi’s 9,058 · Aarti 5,057 · PI Industries 4,981 · SRF 4,973 · Laurus 4,347
- Gland 3,998 · Syngene 3,641 · Piramal 3,535 · Sai Life 2,085 · Anthem 1,750
- Neuland 1,475 · Navin Fluorine 1,203 · Deepak Nitrite 969 · Blue Jet 810 · Aether 240
Together, ₹48,122 crore of dollar inflows.
Insight
Convert that same dollar amount at last year’s rate instead. It comes to ₹45,909 crore.
Same dollars. Same shipments. Different rupee.
The falling rupee handed these 15 companies ₹2,213 crore in FY26. Nothing was sold to earn it.
What it was worth to each, in ₹ crore:
- Divi’s 417 · Aarti 233 · PI 229 · SRF 229 · Laurus 200
- Gland 184 · Syngene 167 · Piramal 163 · Sai Life 96 · Anthem 80
- Neuland 68 · Navin 55 · Deepak 45 · Blue Jet 37 · Aether 11
And because it costs nothing to produce, nearly all of it drops to the operating line.
Therefore
- Every company here reported roughly 4.8 percentage points of export growth it did not earn. Divi’s reported 11.1% growth in rupee inflows; about 6% was real. Aarti reported 15.8%; about 10% was real.
- It works in reverse too. PI’s inflows fell 20% in rupees — but 24% in dollars. The currency softened a decline as easily as it flatters growth.
- None of the 15 reports constant-currency growth anywhere. IT companies do it as standard. Here it’s absent across the board, so no reader can separate volume from currency without doing this by hand.
- This only repeats if the rupee keeps falling.
Some figures are standalone, some consolidated.
The sectors that heavily export have just reported windfall earnings because of the drop in the rupee. They deserve a closer look — IT services, pharma and CDMO, specialty chemicals, textiles and apparel, auto components, gems and jewellery, marine and agri exports, and engineering goods.