Fine Organic Industries
Fine Organic Industries
ChemicalsKey Fundamentals
SmallcapSpecialty ChemicalsChemicalsTapetide Score
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Key Insights
Strengths
2- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 19.5%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoFine Organic Industries Ltd is a nearly debt-free specialty oleochemicals company trading at a market cap of roughly ₹15,560 Cr with a PE of 36.1x. FY25 standalone revenue was ₹2,205 Cr with an EBITDA margin of 21.8% and PAT margin of 17.7%, while FY26 consolidated revenue grew 4.3% to ₹2,365 Cr. The company is in a capex phase with a ₹750 Cr SEZ expansion (FY25-28) and a new US plant, which may weigh on near-term returns but could unlock long-term growth.
- Virtually debt-free balance sheet provides financial flexibility, with a debt-to-equity ratio near zero, reducing interest burden and balance sheet risk.
- Strong long-term ROE track record of 25% over 5 and 10 years, with 3-year ROE at 19.5%, indicating efficient capital allocation historically.
- Compounded sales CAGR of 16% over 5 years and 14% over 10 years demonstrates a durable long-term revenue growth trajectory in specialty chemicals.
- Compounded profit CAGR of 28% over 5 years outpaced revenue growth, reflecting operating leverage and margin expansion during that period.
- FY25 standalone EBITDA margin of 21.8% and PAT margin of 17.7% indicate healthy profitability in a commodity-adjacent business. Management targets sustainable EBITDA margin of 18-20%.
- Capacity expansion via ₹750 Cr SEZ plant (commissioning H2 FY28) and new US manufacturing facility in South Carolina (Phase 1 online 18-24 months after construction) could meaningfully scale revenues and improve geographic diversification.
- Niche positioning in plant-derived oleochemical additives across food, plastics, cosmetics, and coatings provides diversified end-market demand and some pricing resilience.
- FY26 consolidated revenue of ₹2,365 Cr (+4.3% YoY) and Q2FY25 consolidated PAT up 14% YoY to ₹117.4 Cr show a return to positive growth after the FY24 downturn.
- PE of 36.1x is elevated for a company whose TTM revenue growth is only 7% and 3-year compounded sales CAGR is negative at -8%, suggesting the stock prices in significant future growth that is yet to materialize.
- 3-year compounded profit CAGR of -13% and 3-year sales CAGR of -8% reflect a meaningful earnings decline from the FY23 peak revenue of ₹3,023 Cr, which has not been recovered.
- ROE has declined from the 5-year average of 25% to 16% in the last year, and one brokerage estimates ROE could fall further to 13.3% by FY28 as heavy capex dilutes returns.
- Management has guided for flat revenue and profit growth until the SEZ and US plants are commissioned, implying limited earnings catalysts for the next 1-2 years.
- Heavy capex cycle of ₹750 Cr over FY25-28 for the SEZ expansion, plus US plant investment, will consume cash flow and may pressure free cash flow and return ratios during the build-out phase.
- Q3FY25 EBITDA margin dropped to 19.3%, down 492 bps YoY and the lowest in 12 quarters, signaling potential margin headwinds from raw material costs or competitive pricing.
- Dividend yield of just 0.21% offers negligible income return, meaning investors are almost entirely dependent on capital appreciation to generate returns at the current valuation.
- Stock CAGR of only 2% over 3 years and 6% over 1 year suggests the market has already de-rated the stock from its post-FY23 highs, and re-rating depends on successful execution of new capacities.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- 80% stake in Malaysian firm Sep 2
Fine Organic acquired 80% equity in Oleofine Organics SDN. BHD. for up to RM 3.42 crore, expanding its specialty chemicals footprint in Southeast Asia.
- ₹11 dividend, strong FY26 results Aug 18
Company reported ₹2,365 crore revenue and ₹417 crore PAT for FY26, declaring a final dividend of ₹11 per share alongside global expansion plans.
- Promoter stake via HUF partition Sep 8
Jayen Ramesh Shah acquired 3,06,978 shares from his HUF through an off-market partition transfer, raising his personal stake to 17.04% with no consideration paid. Aggregate promoter group holding remains unchanged.
TL;DR: Fine Organic is executing well on growth — solid FY26 financials (₹2,365 cr revenue, ₹417 cr PAT) paired with an overseas acquisition signal management's intent to scale globally. No material headwinds are visible in recent news. The promoter reshuffling is cosmetic with no change in aggregate holding. The trend is constructive, with international expansion and healthy profitability providing a positive outlook.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 547 | 540 | 488 | 547 | 550 | 596 | 517 | 607 | 588 | 597 | 555 | 625 | 694 |
| Expenses | 407 | 410 | 371 | 403 | 410 | 446 | 414 | 487 | 466 | 463 | 461 | 496 | 520 |
| 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 | 24 | 22 | 25 | 26 | 47 | 21 | 21 | 35 | 24 |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | 0 | 3 | 1 |
| Depreciation | 12 | 14 | 15 | 15 | 12 | 13 | 13 | 15 | 12 | 13 | 14 | 18 | 14 |
| PBT | 143 | 132 | 119 | 150 | 151 | 159 | 115 | 130 | 157 | 142 | 101 | 143 | 184 |
| Tax % | 30% | 22% | 21% | 24% | 25% | 26% | 28% | 25% | 26% | 24% | 27% | 18% | 25% |
| Net Profit | 100 | 103 | 94 | 115 | 113 | 117 | 83 | 97 | 117 | 109 | 74 | 117 | 138 |
| EPS in Rs | 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 |
Profit & Loss
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 555 | 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 in Rs | 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
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY15–FY26.
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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.
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