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Fine Organic Industries

FINEORG NSE
₹5,135.00 +46.00 (+0.90%)
P/E
35.94
View as Markdown
MCP
Close 4 Nov 2026 ₹5,135.00 +747.80 +17.0% 1Y
Start ₹4,387.20

Key Fundamentals

SmallcapChemicals & PetrochemicalsChemicals

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
21.50%
Debt to Equity
0.03
EPS (TTM)
₹142.89
Book Value
₹955.74
Market Cap
—
P/E (TTM)
35.94
P/B
5.37
ROE
16.50%
Dividend Yield
0.22%
EBITDA
₹600 Cr
52W High
₹5,666.00
52W Low
₹3,856.00
Day Range
₹5,020.00 – ₹5,150.00
Volume
12,140

Peer Comparison

Commodities › Chemicals › Specialty Chemicals

Fine Organic Industries peer comparison
Pidilite Industries
₹1,510.2058.04₹1,54,107 Cr13.721.42%23.90%31.00%₹15,399 Cr₹2,677 Cr
Gujarat Fluorochemicals
₹4,613.3083.76₹49,073 Cr6.040.07%7.82%9.64%₹5,303 Cr₹600 Cr
Navin Fluorine International
₹8,785.0057.03₹44,060 Cr10.100.09%19.60%21.00%₹3,634 Cr₹789 Cr
Deepak Nitrite
₹1,578.4027.48₹20,919 Cr3.320.49%9.82%11.40%₹8,575 Cr₹784 Cr
Aether Industries
₹1,540.7086.90₹20,030 Cr7.880.00%9.66%11.90%₹1,231 Cr₹235 Cr
Aarti Industries
₹447.5530.57₹15,838 Cr2.590.23%7.13%6.86%₹9,010 Cr₹531 Cr
Fine Organic Industries (this company)
₹5,135.0035.94₹15,730 Cr5.370.22%16.50%21.50%₹2,472 Cr₹438 Cr
Atul
₹5,156.5019.67₹14,827 Cr2.310.59%11.50%14.90%₹6,969 Cr₹788 Cr
Median 8 companies₹3,095.8546.49₹20,474 Cr5.710.23%10.66%13.40%₹6,136 Cr₹692 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

54 Average

Data confidence 100/100

Category scores

Quality
72
Strong
Returns, margins, earnings quality 22% weight
Valuation
34
Poor
Cheap vs sector & own history 24% weight
Growth
31
Poor
Sales & profit trajectory 9% weight
Financial Health
90
Strong
Solvency, leverage, coverage 9% weight
Momentum
63
Good
Trend strength, vol-adjusted 12% weight
Ownership
48
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 19.5%

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish775
OscillatorsBearish270
Moving AveragesNeutral505

Key readings

RSI (14)
47.22
Neutral
MACD (12,26,9)
−37.41
Bearish
SMA (50)
5,215.23
Bearish
SMA (200)
4,807.49
Bullish

As of

Analyst Rating

Based on 12 analysts
BUY83%

10 of 12 analysts rate Buy, 0 Hold, 2 Sell.

As of

BUY
10
83%
HOLD
0
0%
SELL
2
17%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+13.62%
5Y+15.87%
3Y−7.84%
1Y+4.28%
TTM+7.06%

Net profit

Net profit growth by window
10Y+18.56%
5Y+28.29%
3Y−12.29%
1Y+1.71%
TTM+5.80%

Operating cash flow

Operating cash flow growth by window
10Y—
5Y+26.26%
3Y−3.93%
1Y+110.78%
TTM—

10Y: The statements do not go back far enough for this window.

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−1.83 pp
5Y+2.81 pp
3Y−7.13 pp
1Y−2.28 pp
TTM0.00 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹778 Cr
Mar 2018₹856 Cr
Mar 2019₹1,060 Cr
Mar 2020₹1,038 Cr
Mar 2021₹1,133 Cr
Mar 2022₹1,876 Cr
Mar 2023₹3,023 Cr
Mar 2024₹2,123 Cr
Mar 2025₹2,269 Cr
Mar 2026₹2,366 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹78.00 Cr
Mar 2018₹95.00 Cr
Mar 2019₹136 Cr
Mar 2020₹165 Cr
Mar 2021₹120 Cr
Mar 2022₹260 Cr
Mar 2023₹618 Cr
Mar 2024₹412 Cr
Mar 2025₹410 Cr
Mar 2026₹417 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹117 Cr −45.2% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 28 Oct 2026
AI opinion · based on fundamentals
Risk medium

Fine Organic Industries Ltd trades at ₹5,102 as of 2026-10-28 with a market cap of ₹15,642.72 Cr and a PE of 35.71x. The company is virtually debt-free (debt-to-equity of 0.03) with a strong long-term ROE track record of 25% over 5 and 10 years, though recent growth in sales and profits has decelerated meaningfully from historical rates.

Bull Case 8
  • Near-zero leverage with a debt-to-equity ratio of just 0.03, providing significant financial flexibility and resilience through economic cycles
  • Strong long-term return on equity track record — 25% ROE over both 5-year and 10-year periods, indicating durable competitive advantages in oleochemical derivatives
  • ROCE of 20.07% reflects efficient capital deployment and pricing power in a specialty chemicals niche with limited organised competition
  • Compounded sales CAGR of 16% over 5 years and 14% over 10 years demonstrates a consistent long-term revenue growth trajectory
  • Compounded profit CAGR of 28% over 5 years indicates strong operating leverage and margin expansion during growth phases
  • Stock is trading roughly 10% below its 52-week high of ₹5,666 and about 32% above its 52-week low of ₹3,856, suggesting it has recovered well from recent lows
  • TTM sales and profit growth have turned positive at 7% each, signalling a potential recovery from the 3-year decline in both revenue and earnings
  • EPS TTM of ₹142.89 supports profitability even in what appears to be a trough phase relative to the company's historical growth rates
Bear Case 8
  • PE TTM of 35.71x is elevated for a specialty chemicals company whose TTM sales and profit growth are only 7%, implying the stock prices in significantly faster future growth
  • 3-year compounded sales CAGR of -8% and 3-year compounded profit CAGR of -13% indicate a prolonged period of revenue and earnings contraction
  • Last year ROE has declined sharply to 16% from the 3-year average of 19% and the 5-year average of 25%, suggesting diminishing returns on equity
  • Price-to-book ratio of 5.87x is rich, particularly when current ROE of 15.65% has compressed from historical levels, reducing the justification for a high PB multiple
  • Dividend yield of just 0.22% offers negligible income return, meaning investors are entirely dependent on capital appreciation to generate returns
  • 1-year stock CAGR of 18% has outpaced the underlying TTM earnings growth of 7%, suggesting the re-rating may have front-run the fundamental recovery
  • 3-year stock CAGR of only 4% compared to broader market returns highlights extended underperformance, reflecting the earnings decline over the same period
  • As a niche oleochemical player with a market cap of ₹15,642.72 Cr, the company faces concentration risk in a cyclical raw material environment tied to vegetable oil prices

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Fine Organic delivered a strong Q2FY27 with 42% profit growth, healthy margin expansion, and a dominant export mix. The ₹120 crore SEZ investment signals management confidence in medium-term demand. No material headwinds surfaced in recent coverage. The trend is clearly improving, though sustaining these margins amid global oleochemical price volatility will be worth monitoring.

Positives 4
  • Net profit surges 42% YoY Nov 3

    Standalone net profit rose 41.7% YoY to ₹135.14 crore in Q2FY27, signaling strong earnings momentum.

  • EBITDA margin expansion Nov 3

    Consolidated EBITDA margin improved to 25.4% in Q2FY27 from 22.6% in Q2FY26, a 280 bps expansion.

  • ₹120 crore SEZ investment Nov 3

    Board approved an additional ₹120 crore investment in its SEZ subsidiary, indicating confidence in future capacity needs.

Quarterly Results

₹ Cr
FINEORG quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
547
540
488
547
550
596
517
607
588
597
555
625
694
729
Expenses
407
410
371
403
410
446
414
487
466
463
461
496
520
544
Operating Profit
140
130
117
144
139
150
103
120
123
134
94
129
174
—
OPM %
26%
24%
24%
26%
25%
25%
20%
20%
21%
22%
17%
21%
25%
—
Other Income
14
17
17
22.83
24
22
25
26
47
21
21
35
24
—
Interest
1
1
1
1
1
0
0
1
1
0
0
3
1
2
Depreciation
12
14
15
15
12
12.41
13
15
12
13
14
18
14
14
PBT
143
133
119
150
152
160
115
130
157
143
101
144
184
197
Tax %
30%
22%
21%
24%
25%
26%
28%
25%
26%
24%
27%
18%
25%
23%
Net Profit
100
103
94
115
113
117
83
97
117
109
74
117
138
152
EPS (₹)
32.54
33.71
30.73
37.36
36.94
38.3
26.97
31.68
38.19
35.4
24.11
38.32
45.06
—

Sep 2026: from the results filed on 2 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
FINEORG profit and loss, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
660
778
856
1,060
1,038
1,133
1,876
3,023
2,123
2,269
2,366
2,472
Expenses
514
633
697
827
803
935
1,513
2,194
1,591
1,757
1,886
1,941
Operating Profit
146
145
158
234
235
198
363
829
532
512
480
531
OPM %
22%
19%
19%
22%
23%
17%
19%
27%
25%
23%
20%
21%
Other Income
8
4
16
20
20
17
33
64
71
98
124
101
Interest
7
4
3
2
5
6
5
5
2
2
4
4
Depreciation
30
24
20
17
35
47
40
48
57
52
56
58
PBT
117
121
151
234
216
162
352
841
544
556
543
569
Tax %
35%
36%
37%
40%
24%
26%
26%
26%
24%
26%
23%
—
Net Profit
76
78
95
136
165
120
260
618
412
410
417
438
EPS (₹)
158
161
31.09
44.43
53.74
39.24
84.67
202
134
134
136
143
Div. Payout %
29%
9%
23%
16%
13%
28%
11%
4%
7%
8%
8%
—

Balance Sheet

₹ Cr
FINEORG balance sheet, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
5
5
15
15
15
15
15
15
15
15
15
Reserves
249
323
380
485
604
716
944
1,526
1,906
2,280
2,649
Borrowings
102
40
54
128
125
89
59
29
4
3
68
Other Liabilities
63
76
81
74
108
127
219
237
182
206
266
Total Liabilities
419
445
530
702
852
948
1,236
1,807
2,108
2,504
2,999
Fixed Assets
125
97
88
78
217
196
229
214
268
363
388
CWIP
6
3
32
106
6
26
14
40
30
27
64
Investments
0
11
11
10
33
31
31
39
36
35
38
Other Assets
289
334
399
508
597
694
962
1,513
1,774
2,078
2,508
Total Assets
419
445
530
702
852
948
1,236
1,807
2,108
2,504
2,999

Cash Flow

₹ Cr
FINEORG cash flow, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
45
65
98
219
134
67
485
635
204
430
Investing
—
−16
−52
−93
−85
−40
−32
−128
−396
−675
−430
Financing
—
−55
−17
92
−37
−41
−68
−69
−59
−35
0
Net Cash Flow
—
−26
−3
97
98
53
−33
289
180
−506
−1
Free Cash Flow
—
34
13
5
146
88
6
405
549
77
288
CFO/OP
—
65
73
79
119
89
41
86
148
68
116

Ratios

FINEORG financial ratios, annual
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
49
52
62
54
47
52
59
42
54
54
54
Inventory Days
72
68
58
50
79
63
72
91
78
100
104
Days Payable
50
47
46
30
51
49
47
36
41
43
45
Cash Conversion Cycle
71
72
75
74
74
66
84
97
91
111
113
Working Capital Days
80
69
80
76
63
65
79
76
77
104
92
ROCE %
—
35%
38%
44%
32%
22%
39%
65%
31%
26%
21%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Fine Organic Industries insights

63 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 75.00%
  • DIIs 10.26%
  • Public 8.46%
  • FIIs 4.56%
  • Others 1.72%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Q1 FY27 concall · Aug 2026
    PPT
  • Concall · May 2026
    PPT
  • Concall · Mar 2026
    Transcript
  • Concall · Feb 2026
    PPT
  • Concall · Nov 2025
    PPT

Frequently Asked Questions about Fine Organic Industries

What does Fine Organic Industries Ltd do?
Fine Organic Industries is engaged in and outside India as manufacturers, processors, suppliers, distributors, dealers, importers, exporters of wide range of oleochemical-based additives used in foods, plastics, cosmetics, coatings and other specialty application in various industries.
Where is Fine Organic Industries Ltd (FINEORG) listed?
Fine Organic Industries Ltd trades as FINEORG on the NSE and under code 541557 on the BSE.
Which sector does Fine Organic Industries Ltd belong to?
Fine Organic Industries Ltd is classified under the Chemicals sector, in the Specialty Chemicals industry.
What is the PE ratio of Fine Organic Industries Ltd?
Fine Organic Industries Ltd trades at a PE ratio of 35.94 as of 4 Nov 2026, on earnings per share of ₹142.89, against a book value of ₹955.74 per share.
What is the 52-week high and low of Fine Organic Industries Ltd?
Over the last 52 weeks Fine Organic Industries Ltd has traded between ₹3,856 and ₹5,666 as of 4 Nov 2026.
Does Fine Organic Industries Ltd pay dividends?
Fine Organic Industries Ltd has a dividend yield of 0.22%.
What is the Return on Equity (ROE) of Fine Organic Industries Ltd?
Fine Organic Industries Ltd reported a return on equity of 16.50%. Its debt-to-equity ratio is 0.03.

Company Information

Fine Organic Industries is engaged in and outside India as manufacturers, processors, suppliers, distributors, dealers, importers, exporters of wide range of oleochemical-based additives used in foods, plastics, cosmetics, coatings and other specialty application in various industries.

Website fineorganics.com
CEO Mr. Mukesh Maganlal Shah
Employees 869
Listed 2 Jul 2018
Face Value ₹5

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