NSE: VINATIORGA · BSE: 524200
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. ATBS, Butyl phenols, IB and HP-MTBE, Antioxidants, VOPL (organic fine specialty chemicals). Niche, capacity-driven specialty chemicals manufacturer with formula-based pricing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,616 | 2,085 | 1,900 | 2,248 | 2,227 |
| EBITDA (ex other income) | 434 | 595 | 470 | 581 | 654 |
| margin % | 26.9 | 28.6 | 24.7 | 25.8 | 29.4 |
| Owners' profit | 347 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 33.72 | 44.56 | 31.15 | 39.09 | 42.80 |
| ROE % · ROCE % | 19.0 · 23.4 | 20.6 · 26.5 | 13.1 · 16.6 | 14.5 · 18.1 | 14.0 · 17.7 |
| Debt / equity (x) | 0.01 | 0.00 | 0.00 | 0.02 | 0.00 |
| Cash from operations | 127 | 577 | 332 | 458 | 558 |
| Capex | (174) | (278) | (398) | (500) | (270) |
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 | 553 | 522 | 648 | 542 | 550 | 531 | 604 | 696 |
| Profit before tax | 134 | 127 | 164 | 141 | 157 | 136 | 160 | 148 |
| Net profit | 104 | 94 | 123 | 104 | 115 | 101 | 124 | 109 |
| EPS (₹) | 10.06 | 9.04 | 11.87 | 10.05 | 11.08 | 9.73 | 11.95 | 10.50 |
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) | 24.9 | 23.1 | 55 of 99 | 45% |
| P/B | 3.5 | 2.8 | 67 of 99 | 33% |
| ROCE | 17.7 | 10.1 | 24 of 106 | 78% |
| ROE | 14.0 | 8.1 | 25 of 99 | 76% |
| Debt / Equity | 0.0 | 0.2 | 1 of 99 | 86% |
| EBITDA margin | 25.8 | 15.5 | 22 of 99 | 79% |
| Revenue growth | 28.4 | 24.4 | 36 of 94 | 62% |
| Profit growth | 4.5 | 55.1 | 70 of 92 | 24% |
| Market cap | 11184 | 699 | 14 of 108 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board meeting to approve September 2026 quarterly results | results | low | — | — |
| 16 Oct 2026 · Newspaper notice on special window for physical share dematerialisation | compliance | minimal | — | — |
| 8 Oct 2026 · CARE Reaffirms AA+ Stable Rating on Bank Facilities of Rs 237 Crore | credit debt | medium | — | — |
| 8 Oct 2026 · Compliance Certificate under Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · MD & CEO interview with CNBC-TV18 on business update | business updates | low | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Vinati Organics 37th AGM: All 5 resolutions passed, Rs 8.50 dividend declared | compliance | minimal | — | — |
| 23 Sept 2026 · Vinati Organics 37th AGM concludes; Rs 8.50 dividend, key resolutions passed | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Vinati Organics to meet Motilal Oswal on Sept 28, 2026 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Vinati Organics invests Rs 9.03 Cr in subsidiary Veeral Organics | 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.