VINATI ORGANICS LTD

Manufactures specialty chemicals including ATBS (used in oil and gas), butyl phenols, isobutylene derivatives (IB, HP-MTBE), antioxidants, and organic fine specialty chemicals through its wholly-owned subsidiary Veeral Organics Pvt Ltd (VOPL). ATBS is the lead product; its capacity expansion has been completed with Phase 2 coming on stream by October 2026, and management is targeting 15-20% volume growth in FY27 and 15% volume CAGR over the next three years. Antioxidants grew 15% in FY26 and, combined with butyl phenols, are guided to INR800-900 crore in two years. VOPL, which posted revenue of about INR21.94 crore in FY26, is undergoing process reengineering and is expected to contribute INR100-120 crore from Q3 FY27. A new product pipeline covers fragrance, food additives and plastic additives, with 2-3 launches planned for H2 FY27. Materials are the largest cost at 47.9% of revenue, followed by other operating expenses at 16.3% and employees at 7.9%, with depreciation at 5.0% and capex at 12.1%. FY27 capex is guided at INR200-250 crore and INR250-300 crore annually over the next 3-5 years; the company is debt-free with an INR190 crore treasury and guides to a 26-27% long-term EBITDA margin.