NSE: FINEORG · BSE: 541557
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. 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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. ◆ | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.6 | 23.1 | 71 of 99 | 29% |
| P/B | 5.9 | 2.8 | 79 of 99 | 20% |
| ROCE | 20.0 | 10.1 | 17 of 106 | 85% |
| ROE | 15.7 | 8.1 | 18 of 99 | 83% |
| Debt / Equity | 0.0 | 0.2 | 23 of 99 | 78% |
| 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 | 15604 | 699 | 8 of 108 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board meeting on Nov 2 to consider Q2 FY26 results | results | low | — | — |
| 28 Sept 2026 · Trading window closed for Q2 FY27 results | compliance | minimal | — | — |
| 22 Sept 2026 · Fine Organic: Promoter inter-se transfer of 1% shares via HUF partition | ownership changes | medium | — | — |
| 16 Sept 2026 · Fine Organic invests Rs 55 cr in SEZ subsidiary for manufacturing unit setup | capex operations | medium | — | — |
| 16 Sept 2026 · Analyst/investor meetings scheduled for Sept 29, 2026 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Fine Organics to attend Anand Rathi investor conference on September 21 | board shareholder meetings | low | — | — |
| 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 | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 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 |
Sources, method and disclosures
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.