FINE ORGANIC IND. LTD.

Manufactures specialty oleochemical-based additives that customers use at low inclusion rates (0.1-0.5%) in food, polymer, cosmetic and coating products. Sells to industrial buyers across India and overseas, with exports at 55% of FY26 revenue of ₹2,365.8 cr. Operates 7 manufacturing plants supported by 4 subsidiaries and 2 joint ventures, with all existing facilities running at near-full capacity and the Patalganga food additives plant ramping up to full utilisation in FY27. Raw materials, principally palm oil and vegetable oils, are the largest cost line at 60.9% of revenue, and prices have been pushed up by Indonesia and Malaysia biodiesel mandates; employee costs are 6.9% and other operating expenses 12.8% of revenue. Volume growth is constrained until the SEZ plant at JNPA commissions in H2 FY28 — a project with planned capex of ₹700-750 cr (₹192.5 cr spent to date). The international footprint is being widened through a proposed 80% acquisition of Oleofine Organics in Malaysia for ₹82.9 cr, a greenfield US plant on 160 acres in South Carolina, a Thailand JV and a new Dubai subsidiary. Management guides to a sustainable 18-20% EBITDA margin range.