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Dossier · ORIENTAL AROMATICS LTD · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fragrance & Flavors, Specialty Aroma Ingredients, Camphor & Terpene Chemicals. Cyclical, raw-material-intensive specialty chemicals across fragrance compounds, aroma ingredients and camphor.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
869
849
836
928
1,031
EBITDA (ex other income)
93
54
47
93
68
margin %
10.7
6.4
5.6
10.1
6.6
Owners' profit
53
20
9
0
0
EPS, as reported (₹)
15.84
5.87
2.71
10.20
0.98
ROE % · ROCE %
8.8 · 11.8
3.2 · 5.9
1.4 · 4.8
5.2 · 9.4
0.5 · 6.2
Debt / equity (x)
0.23
0.37
0.32
0.53
0.60
Cash from operations
(1)
(22)
145
(34)
2
Capex
(59)
(47)
(99)
(87)
(12)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ORIENTAL AROMATICS LTD · 29 October 2026Page 2 of 3
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
237
223
253
226
271
252
282
260
Profit before tax
19
10
4
3
3
(2)
7
5
Net profit
15
7
1
1
1
(2)
4
3
EPS (₹)
4.39
2.12
0.42
0.15
0.22
(0.57)
1.18
0.75
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
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
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
398.6
23.1
98 of 99
1%
P/B
3.2
2.8
61 of 99
39%
ROCE
1.4
10.1
92 of 106
13%
ROE
0.5
8.1
88 of 99
11%
Debt / Equity
0.6
0.2
81 of 99
18%
EBITDA margin
8.0
15.5
79 of 99
20%
Revenue growth
15.2
24.4
68 of 94
28%
Profit growth
398.9
55.1
10 of 92
90%
Market cap
2120
699
36 of 108
67%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ORIENTAL AROMATICS LTD · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
28 Oct 2026 · Board to approve September quarter and half-year results on November 4
results
low
—
—
16 Oct 2026 · Oriental Aromatics: No pending info behind unusual trading volume
compliance
minimal
—
—
15 Oct 2026 · NSE flags unusual trading volume; seeks clarification from Oriental Aromatics
regulatory legal
high
—
—
7 Oct 2026 · Routine SEBI Regulation 74(5) compliance certificate for Q2 FY27
compliance
minimal
—
—
24 Sept 2026 · Trading Window Closure from Oct 1 Ahead of Q2 FY27 Results
compliance
minimal
—
—
9 Sept 2026 · 4th newspaper ad on re-lodging physical share transfer requests
compliance
minimal
—
—
3 Sept 2026 · Crisil upgrades ESG rating to 56 from 51 for FY26
credit debt
medium
—
—
27 Aug 2026 · OAL receives GST show cause notice over vendor transactions
regulatory legal
high
—
—
27 Aug 2026 · Oriental Aromatics replies to NSE on unusual volume; no pending info
regulatory legal
low
—
—
26 Aug 2026 · NSE seeks clarification on unusual trading volume
general
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
