BSE: 531157
ORGANIC COATINGS LTD.
Manufactures printing inks and allied products, with a manufacturing plant in Vadodara, Gujarat and a registered office in Mumbai. The board has approved shifting the registered office from Maharashtra to Gujarat, subject to shareholder approval. FY26 revenue was Rs 2,809.33 lakh, down from Rs 2,895.79 lakh the prior year, with a net loss of Rs 325.88 lakh that widened from Rs 210.23 lakh. Raw materials dominate the cost base at 73.9% of revenue, followed by other operating expenses at 27.7% and employee costs at 6.3%. Depreciation stands at 3.2% of revenue and capital expenditure at 4.5%. Equity has been largely eroded - total equity is just Rs 2.27 lakh with other equity at negative Rs 995.19 lakh - and the firm took a working capital loan of Rs 33.60 lakh from Bank of Maharashtra. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Printing inks and allied products. Small, loss-making specialty chemicals (printing inks) manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 22 | 23 | 27 | 29 | 28 |
| EBITDA (ex other income) | 0 | 1 | 2 | (0) | (2) |
| margin % | 2.1 | 5.9 | 6.9 | (0.5) | (6.2) |
| Owners' profit | (2) | (1) | (0) | (2) | (3) |
| EPS, as reported (₹) | (2.61) | (1.24) | (0.62) | (2.11) | (3.27) |
| ROE % · ROCE % | (76.3) · (5.2) | (56.4) · 6.2 | (39.7) · 13.6 | (63.9) · (11.7) | (14355.9) · (56.7) |
| Debt / equity (x) | 4.65 | 7.11 | 9.10 | 2.35 | 447.55 |
| Cash from operations | 1 | 2 | 3 | 1 | 0 |
| Capex | (0) | (0) | (0) | (1) | (1) |
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 | 6 | 3 | 6 | 7 | 6 | 6 | 10 | 11 |
| Profit before tax | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (0) |
| Net profit | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (0) |
| EPS (₹) | (0.91) | (0.89) | (0.78) | (0.86) | (0.60) | (0.96) | (0.85) | (0.36) |
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 | 1,47,581 | 55.7 | 13.36 | 39.1 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,214 | 32.0 | 4.93 | 21.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 46,552 | 76.0 | 5.88 | 37.0 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 42,476 | 53.7 | 10.69 | 38.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,367 | 86.4 | 8.29 | 55.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 19,572 | 25.0 | 3.33 | 20.3 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 15,853 | 19.9 | 2.52 | 12.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 15,833 | 29.8 | 2.66 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 978.6 | 2.8 | 99 of 99 | 0% |
| ROCE | (72.6) | 10.1 | 106 of 106 | 0% |
| ROE | (14356.0) | 8.1 | 99 of 99 | 0% |
| Debt / Equity | 447.6 | 0.2 | 99 of 99 | 0% |
| EBITDA margin | 0.4 | 15.5 | 96 of 99 | 3% |
| Revenue growth | 58.7 | 24.4 | 13 of 94 | 87% |
| Profit growth | 57.7 | 55.1 | 46 of 92 | 51% |
| Market cap | 22 | 697 | 101 of 108 | 7% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine quarterly demat certificate filing with BSE | compliance | minimal | — | — |
| 2 Oct 2026 · Whole-time Director's reappointment rejected at AGM; ceases office | management changes | high | — | — |
| 2 Oct 2026 · Whole-time Director ceases after shareholders reject reappointment | management changes | high | — | — |
| 2 Oct 2026 · Shareholders reject reappointment of Whole-time Director | management changes | high | — | — |
| 1 Oct 2026 · AGM outcome: share capital hike, higher borrowing limit, office shift to Gujarat | board shareholder meetings | low | — | — |
| 1 Oct 2026 · AGM 2026 outcome: 12 resolutions including new directors and higher borrowing limits | board shareholder meetings | low | — | — |
| 1 Oct 2026 · AGM 2026 results: 12 of 14 resolutions passed, 2 defeated | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 61st AGM held via VC; 14 resolutions including borrowing limits and office shift | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading Window Closed Ahead of September Quarter Results | compliance | minimal | — | — |
| 9 Sept 2026 · Corrigendum to 61st AGM Notice - No Book Closure Period Fixed | compliance | minimal | — | — |
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.