ORIENTAL AROMATICS LTD

Manufactures fragrance and flavor compounds, specialty aroma ingredients, and camphor and terpene chemicals through three divisions — Fragrance & Flavors, Specialty Aroma Ingredients, and Camphor & Terpene Chemicals. The Fragrance & Flavors division makes compounded fragrances for personal care, home care, fine fragrances, air care, agarbatti and industrial applications; the Specialty Aroma Ingredients division produces aroma chemicals derived from alpha-pinene and similar inputs; the Camphor & Terpene Chemicals division manufactures synthetic camphor and terpene-based products. FY26 was the first year crossing ₹1,000 crore in revenue at ₹1,030.8 crore, up 11% YoY from ₹928 crore, but EBITDA margins compressed to 6.6% from 10.06% in FY25 on a triple shock of gum turpentine, CST and alpha-pinene prices at all-time highs, crude volatility and rupee depreciation. Q1 FY27 revenue grew 15% YoY to ~₹260 crore on 22% sales volume growth and 18% production volume growth, with EBITDA margin improving 71 bps sequentially to 7.62%; management has set an internal target to return toward 10% margins. Materials account for 62.9% of revenue and R&D is at 2-2.5% of sales; exports contributed 35% of Q1 FY27 revenue versus 33% in FY26. Near-term sales growth is guided at 10-15%, while the new Mahad facility (~₹90 crore project, ₹70-75 crore plant) is in customer qualification phase.