NSE: FCL · BSE: 533333
FINEOTEX CHEMICAL LIMITED
Manufactures specialty chemicals sold into more than 70 countries across textile, oil & gas, water treatment, cleaning, construction, paints and performance-chemical applications. The product mix shifted sharply in late FY27 after the December 2025 acquisition of a 53.33% stake in US-based CrudeChem Technologies (CCT), whose oilfield chemistry business now drives consolidated numbers. In Q1 FY27, oil & gas specialty chemicals contributed roughly 65% of consolidated revenue, while the legacy textile specialty chemicals business was described as stable but seasonally soft. The Texas manufacturing facility was expanded from 80,000 to 148,000 MTPA and is currently running at 63% utilisation on a single shift, leaving headroom to scale. Materials are the dominant input cost, accounting for 66.3% of revenue in FY26, with employee costs at 5.2% and other operating expenses at 10.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Oil & Gas Specialty Chemicals (CrudeChem / CCT) (65%), Textile Specialty Chemicals, Other Specialty Chemicals. Diversified specialty chemicals platform with a recently acquired, US-anchored oilfield chemicals business sitting alongside a longer-running textile and industrial specialty chemicals franchise.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 368 | 517 | 569 | 533 | 772 |
| EBITDA (ex other income) | 71 | 113 | 148 | 127 | 135 |
| margin % | 19.3 | 21.8 | 26.1 | 23.9 | 17.4 |
| Owners' profit | 55 | 88 | 120 | 108 | 109 |
| EPS, as reported (₹) | 4.97 | 7.97 | 10.82 | 9.53 | 1.09 |
| ROE % · ROCE % | 21.1 · 27.3 | 25.2 · 32.2 | 26.7 · 34.6 | 14.8 · 19.0 | 13.3 · 16.2 |
| Debt / equity (x) | 0.01 | 0.02 | 0.01 | 0.00 | 0.01 |
| Cash from operations | 13 | 108 | 97 | 69 | (24) |
| Capex | (23) | (19) | (48) | (68) | (25) |
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 | 146 | 126 | 120 | 137 | 138 | 184 | 314 | 377 |
| Profit before tax | 41 | 36 | 26 | 31 | 35 | 38 | 48 | 65 |
| Net profit | 32 | 28 | 20 | 25 | 26 | 30 | 44 | 48 |
| EPS (₹) | 2.80 | 2.43 | 1.76 | 2.18 | 2.27 | 0.26 | 0.38 | 0.41 |
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) | 15.1 | 23.1 | 27 of 99 | 74% |
| P/B | 6.2 | 2.8 | 84 of 99 | 15% |
| ROCE | 16.0 | 10.1 | 29 of 106 | 73% |
| ROE | 13.3 | 8.1 | 27 of 99 | 74% |
| Debt / Equity | 0.0 | 0.2 | 20 of 99 | 81% |
| EBITDA margin | 18.4 | 15.5 | 41 of 99 | 59% |
| Revenue growth | 174.8 | 24.4 | 3 of 94 | 98% |
| Profit growth | 92.6 | 55.1 | 31 of 92 | 67% |
| Market cap | 5824 | 699 | 22 of 108 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Quarterly RTA certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 24 Sept 2026 · Fineotex Chemical sets up US step-down arm for data center water treatment | strategic transactions | medium | — | — |
| 24 Sept 2026 · Fineotex Chemical sets up US step-down subsidiary Fineotex America Inc | strategic transactions | medium | — | — |
| 23 Sept 2026 · Fineotex Chemical to attend Arihant Bharat Connect Virtual Conference on Sept 28 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Fineotex Chemical AGM: All 6 resolutions passed; dividend and fund raise cleared | board shareholder meetings | medium | — | — |
| 11 Sept 2026 · Fineotex Chemical 23rd AGM: 6 resolutions tabled, dividend declared | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Fineotex Chemical to attend Anand Rathi G-200 Summit 2026 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Fineotex Chemical to host 14 investor and analyst firms at Ambernath plant on Sep 11 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Fineotex Chemical incorporates US step-down subsidiary | strategic transactions | medium | — | — |
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.