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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Food additives, Polymer additives, Cosmetic additives, Coatings additives. Specialty chemicals, capacity-constrained with elevated palm oil exposure
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,876 | 3,023 | 2,123 | 2,269 | 2,366 |
| EBITDA (ex other income) | 365 | 831 | 533 | 513 | 490 |
| margin % | 19.4 | 27.5 | 25.1 | 22.6 | 20.7 |
| Owners' profit | 260 | 0 | 412 | 410 | 417 |
| EPS, as reported (₹) | 84.71 | 201.60 | 134.34 | 133.89 | 136.03 |
| ROE % · ROCE % | 27.1 · 36.3 | 40.1 · 54.9 | 21.4 · 28.6 | 17.9 · 24.3 | 15.7 · 20.2 |
| Debt / equity (x) | 0.06 | 0.02 | 0.00 | 0.00 | 0.02 |
| Cash from operations | 68 | 485 | 635 | 204 | 430 |
| Capex | (61) | (81) | (86) | (128) | (142) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 596 | 513 | 607 | 588 | 597 | 555 | 625 | 694 |
| Profit before tax | 160 | 115 | 130 | 158 | 143 | 101 | 144 | 185 |
| Net profit | 117 | 83 | 97 | 117 | 109 | 74 | 117 | 138 |
| EPS (₹) | 38.30 | 26.97 | 31.68 | 38.19 | 35.40 | 24.11 | 38.32 | 45.06 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,59,479 | 60.2 | 14.43 | 42.3 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 73,583 | 34.0 | 5.24 | 22.7 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 52,514 | 85.7 | 6.64 | 41.5 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,836 | 55.4 | 11.03 | 39.5 | 16.7 | 16.4 | 23.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Fine Organic completes 80% acquisition of Malaysia's Oleofine Organics | strategic transactions | high | — | — |
| 8 Sept 2026 · Promoter Jayen Shah acquires 1% shares via HUF partition | ownership changes | medium | — | — |
| 2 Sept 2026 · Fine Organic acquires 80% stake in Malaysia's Oleofine Organics for INR 80.28 cr | strategic transactions | high | — | — |
| 27 Aug 2026 · Promoter Jayen Shah acquires 1 percent shares from HUF via partition, no cash consideration | strategic transactions | high | — | — |
| 18 Aug 2026 · Fine Organics AGM: All 11 resolutions passed, Rs 11 dividend approved | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Fine Organics 24th AGM: Rs 11 dividend, FY26 PAT Rs 417 cr | board shareholder meetings | medium | — | — |
| 18 Aug 2026 · Oleofine Organics Malaysia acquisition - timeline extended by 3 months | strategic transactions | high | — | — |
| 10 Aug 2026 · Fine Organic Q1 FY27 Results: PAT jumps 46% YoY to INR 135.5 Cr | compliance | minimal | — | — |
| 10 Aug 2026 · Fine Organic Q1 FY27 results: standalone profit up 46% YoY | compliance | minimal | — | — |
| 10 Aug 2026 · Fine Organics Q1FY27: Revenue up 19%, EBITDA jumps 61% YoY | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 37.5 |
| AETHER INDUSTRIES LIMITED | 22,229 | 94.3 | 9.05 | 60.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 21,769 | 27.8 | 3.71 | 22.4 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 18,401 | 23.1 | 2.92 | 14.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 17,846 | 33.6 | 3.00 | 18.8 | 7.0 | 4.4 | 13.0 | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.2 | 23.4 | 73 of 103 | 29% |
| P/B | 6.0 | 2.9 | 80 of 99 | 19% |
| ROCE | 20.0 | 10.3 | 18 of 108 | 84% |
| ROE | 15.7 | 8.1 | 18 of 101 | 83% |
| Debt / Equity | 0.0 | 0.2 | 25 of 101 | 76% |
| EBITDA margin | 28.8 | 15.5 | 12 of 99 | 89% |
| Revenue growth | 18.0 | 24.4 | 60 of 94 | 37% |
| Profit growth | 18.0 | 55.1 | 62 of 92 | 33% |
| Market cap | 15853 | 732 | 10 of 107 | 92% |
| A rating (BUY / ADD / REDUCE / SELL) |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
