Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹15732 Cr.
Stock P/E
37.7
P/B
5.6
Current Price
₹5131
Book Value
₹ 914.7
Face Value
5
52W High
₹5405
52W Low
₹ 3856
Dividend Yield
0.21%

Fine Organic Inds. Overview

Business

Fine Organic Industries Ltd. is a leading Indian manufacturer of specialty additives for various industries, primarily focusing on oleochemical-based additives. The company develops, produces, and markets a wide range of additives derived from natural fats and oils. Its core business model involves leveraging its R&D capabilities to create specialized products that enhance the properties of end-user materials. Fine Organic makes money by selling these high-value specialty additives to global and domestic customers across food, plastics, cosmetics, textiles, and other industrial applications.

Revenue Mix

Fine Organic Industries operates largely as a single segment, specializing in oleochemical-based additives. However, its products cater to several distinct end-user industries:

Food Additives: Emulsifiers, anti-staling agents, release agents, and nutritional supplements for baked goods, confectionery, dairy, and processed foods.

Polymer Additives: Slip agents, anti-fogging agents, mold release agents, and antistatic agents for various plastic applications including packaging films, automotive parts, and consumer goods.

Cosmetic & Personal Care Additives: Emollients, thickening agents, and conditioning agents for skincare, haircare, and oral care products.

Other Industrial Applications: Additives for textiles, coatings, lubricants, and rubber processing.

While precise revenue contribution percentages for each segment are not typically disclosed, food and polymer additives generally form the largest portions of their revenue mix.

Industry

Fine Organic operates in the specialty chemicals industry, a sector characterized by high R&D intensity, application-specific products, technical support, and often requires specific certifications. The company is particularly positioned in the niche segment of oleochemical-based additives, which are derived from natural, renewable resources. Within India, Fine Organic is one of the largest manufacturers in this specific domain and holds a significant global presence, particularly for certain food and polymer additives. It competes with both domestic and international specialty chemical players, often differentiating itself through product quality, customization capabilities, and adherence to global regulatory standards.

MOAT

Niche Specialization & R&D: Deep expertise in oleochemical-based additives, supported by strong in-house R&D capabilities, allows for new product development and customization, creating technical barriers to entry.

Global Certifications & Approvals: Extensive range of products compliant with stringent global food safety (e.g., USFDA, EU) and environmental regulations provides a significant competitive edge and enables access to international markets.

Long-standing Customer Relationships: Decades-long relationships with major domestic and international customers, built on consistent quality, technical support, and reliability.

Backward Integration & Scale: Some degree of backward integration into raw materials and efficient large-scale manufacturing processes in certain product lines contribute to cost competitiveness and reliability of supply.

High Switching Costs: For critical additives, customers often face high costs and risks associated with switching suppliers due to product reformulation, re-certification, and extensive testing requirements.

Growth Drivers

Increasing Demand for Processed Foods: Growing global population, urbanization, and changing lifestyles drive demand for packaged and processed foods, increasing the need for food additives.

Growth in Polymer Industry: Expansion of the plastics industry (packaging, automotive, infrastructure) in both domestic and international markets fuels demand for polymer additives.

Import Substitution & "Make in India": Government initiatives and a focus on domestic manufacturing encourage local sourcing of specialty chemicals, benefiting Fine Organic.

New Product Development & Application Expansion: Continuous R&D efforts to develop new additives and find new applications for existing products can open up new revenue streams.

Capacity Expansion: Strategic capacity expansions to meet rising demand and capture market share.

Export Opportunities: Strong global demand for their niche products allows for continued growth in international markets.

Risks

Raw Material Price Volatility: Key raw materials (e.g., palm oil, castor oil, other agricultural commodities) are subject to price fluctuations influenced by weather, geopolitical events, and demand-supply dynamics, impacting margins.

Regulatory Changes: Stricter environmental, health, and safety regulations globally for chemicals can lead to increased compliance costs or product obsolescence.

Competition: Intense competition from domestic and international specialty chemical manufacturers, potentially leading to pricing pressure.

Economic Slowdown: A downturn in global or domestic economies can reduce demand from end-user industries (food, plastics, cosmetics).

Foreign Exchange Fluctuations: A significant portion of revenue comes from exports and raw materials are often imported, exposing the company to currency volatility.

Technological Obsolescence: While specialized, new technologies or alternative products could emerge that diminish the relevance of existing additive types.

Management & Ownership

Fine Organic Industries is a professionally managed company with a strong promoter group. The company was founded by the Gandhi and Mirani families, who continue to hold significant stakes and actively participate in its management. Mr. Prakash Kumar Gandhi and Mr. Mukesh Gandhi, along with Mr. Jayen Mirani, are key figures in the leadership team, bringing decades of experience in the specialty chemicals sector. The management team has a long track record in the industry, focusing on R&D, quality, and global expansion. As of the latest available information, the promoter and promoter group typically hold a substantial majority stake, indicating high promoter commitment.

Outlook

Fine Organic Industries holds a strong position in the niche oleochemical-based specialty additives market, benefiting from increasing demand across its diverse end-user industries like food, plastics, and personal care. Its focus on R&D, global certifications, and long-standing customer relationships provide a durable competitive advantage. The company is well-poised to capitalize on trends such as growth in processed foods, the expanding polymer industry, and global demand for high-quality, specialized additives. However, the business is susceptible to volatility in agricultural commodity prices, which can impact margins. Furthermore, intense competition and evolving regulatory landscapes in key markets present ongoing challenges. While the long-term outlook appears positive due to secular growth trends in its addressable markets and strong operational capabilities, managing raw material costs and navigating competitive pressures will be crucial for sustained performance.

Fine Organic Inds. Share Price

Live · BSE / NSE · Inception: 2002
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Fine Organic Inds. Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 547 550 596 517 607 588 597 555 625 694
Other Income 23 25 22 25 26 40 21 21 35 24
Total Income 570 574 618 542 633 628 618 576 660 718
Total Expenditure 403 410 445 414 487 465 462 460 495 518
Operating Profit 166 164 173 128 145 163 156 115 164 200
Interest 1 1 0 0 1 1 0 0 3 1
Depreciation 15 12 13 13 15 12 13 14 18 14
Exceptional Income / Expenses -1 0 0 0 0 7 0 0 0 0
Profit Before Tax 150 152 160 115 130 158 143 101 144 185
Provision for Tax 35 38 42 32 33 40 33 27 25 45
Profit After Tax 115 114 118 83 97 118 110 74 118 140
Adjustments -0 -0 -0 -0 0 -1 -1 -0 -1 -2
Profit After Adjustments 115 113 117 83 97 117 109 74 117 138
Adjusted Earnings Per Share 37.4 36.9 38.3 27 31.7 38.2 35.4 24.1 38.3 45.1

Fine Organic Inds. Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 660 779 856 1060 1038 1133 1876 3023 2123 2269 2366 2471
Other Income 9 4 16 24 23 17 33 64 72 98 117 101
Total Income 669 783 872 1084 1061 1150 1909 3087 2195 2367 2483 2572
Total Expenditure 514 634 697 827 798 934 1512 2192 1588 1756 1884 1935
Operating Profit 155 149 174 258 264 216 397 895 606 610 600 635
Interest 8 4 3 6 8 6 5 5 2 2 4 4
Depreciation 30 24 20 17 35 47 40 48 57 52 56 59
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -1 0 7 0
Profit Before Tax 117 121 151 234 216 162 352 841 544 555 543 573
Provision for Tax 41 43 56 95 51 42 92 223 132 145 126 130
Profit After Tax 76 78 95 140 165 120 260 618 412 410 417 442
Adjustments 0 0 0 -3 -0 -0 -0 0 0 0 0 -4
Profit After Adjustments 76 78 95 136 165 120 260 618 412 410 417 438
Adjusted Earnings Per Share 26.3 26.9 31.1 44.4 53.7 39.2 84.7 201.6 134.3 133.9 136 142.9

Fine Organic Inds. Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 254 328 396 500 619 731 959 1541 1921 2295 2665
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 52 0 0 93 91 57 25 0 0 0 45
Other Non-Current Liabilities -3 -4 -5 4 1 -4 -7 -10 -11 -14 -19
Total Current Liabilities 113 116 134 105 134 155 251 265 184 208 273
Total Liabilities 416 441 525 702 845 940 1228 1796 2094 2488 2964
Fixed Assets 125 97 88 78 217 196 229 214 268 363 388
Other Non-Current Assets 40 63 103 190 104 123 110 162 143 319 255
Total Current Assets 251 281 333 434 524 620 888 1420 1682 1806 2320
Total Assets 416 441 525 702 845 940 1228 1796 2094 2488 2964

Fine Organic Inds. Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 3 40 14 11 108 206 259 226 515 695 189
Cash Flow from Operating Activities 114 45 65 98 219 134 67 485 635 204 430
Cash Flow from Investing Activities -28 -16 -52 -93 -85 -40 -56 -85 -391 -668 -409
Cash Flow from Financing Activities -56 -55 -17 92 -37 -41 -68 -69 -59 -35 -0
Net Cash Inflow / Outflow 30 -26 -3 97 98 53 -58 332 185 -499 20
Closing Cash & Cash Equivalent 44 14 11 108 206 259 226 515 695 189 188

Fine Organic Inds. Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 26.29 26.87 31.09 44.43 53.74 39.24 84.67 201.6 134.34 133.89 136.03
CEPS(Rs) 36.58 35.05 37.63 51.23 65.05 54.5 97.72 217.22 152.8 150.94 154.43
DPS(Rs) 22.5 22.5 7 7 7 11 9 9 10 11 11
Book NAV/Share(Rs) 87.7 113.2 129.02 163.16 201.86 238.55 312.85 502.69 625.99 748.61 869.06
Core EBITDA Margin(%) 21.04 17.76 18.25 21.98 23.08 17.55 19.27 27.45 25.09 22.58 20.28
EBIT Margin(%) 18.05 15.34 17.78 22.6 21.51 14.82 18.84 27.93 25.66 24.53 23.01
Pre Tax Margin(%) 16.85 14.81 17.41 22.03 20.74 14.28 18.58 27.78 25.54 24.44 22.83
PAT Margin (%) 10.99 9.54 10.98 13.14 15.82 10.6 13.73 20.42 19.34 18.07 17.54
Cash Profit Margin (%) 15.29 12.45 13.29 14.78 19.14 14.72 15.84 22 21.99 20.37 19.91
ROA(%) 19.28 18.18 19.74 22.75 21.3 13.48 23.96 40.88 21.17 17.91 15.3
ROE(%) 34.03 26.75 26.35 31.17 29.45 17.82 30.72 49.44 23.81 19.48 16.82
ROCE(%) 38.33 34.53 37.75 44.57 32.67 21.52 38.78 65.39 31.34 26.45 21.86
Receivable days 46.84 44.54 54 51.88 50.43 47.24 44.67 39.3 56.71 51.8 52.55
Inventory Days 37.02 37.66 38.11 30.64 38.7 41.44 34.9 41.03 60.47 50.11 58.75
Payable days 51.77 44.21 45.19 35.82 43.41 47.86 39.94 34.62 48.24 41.45 43.77
PER(x) 0 0 0 27.83 35.39 58.17 47.41 21.36 30 29.83 29.02
Price/Book(x) 0 0 0 7.58 9.42 9.57 12.83 8.57 6.44 5.34 4.54
Dividend Yield(%) 0 0 0 0.57 0.37 0.48 0.22 0.21 0.25 0.28 0.28
EV/Net Sales(x) 0.1 0.03 0.07 3.59 5.53 6.02 6.47 4.2 5.33 4.98 4.52
EV/Core EBITDA(x) 0.41 0.18 0.32 14.79 21.78 31.54 30.54 14.2 18.65 18.51 17.84
Net Sales Growth(%) 7.32 18.1 9.84 23.9 -2.1 9.16 65.57 61.12 -29.78 6.89 4.26
EBIT Growth(%) 34.09 0.04 23.29 55.62 -6.7 -24.91 111.83 137.2 -35.36 1.98 -1.85
PAT Growth(%) 33.49 2.21 22.41 46.45 18.05 -26.98 115.81 138 -33.36 -0.34 1.6
EPS Growth(%) 33.49 2.21 15.71 42.9 20.96 -26.98 115.76 138.09 -33.36 -0.34 1.6
Debt/Equity(x) 0.4 0.12 0.14 0.26 0.2 0.12 0.06 0.02 0 0 0.02
Current Ratio(x) 2.22 2.41 2.48 4.12 3.91 4 3.54 5.37 9.13 8.71 8.49
Quick Ratio(x) 1.55 1.62 1.82 3.27 2.93 3.19 2.6 3.69 7.71 6.96 7.02
Interest Cover(x) 15.06 28.52 48.93 39.62 28.08 27.45 72.14 185.11 224.64 253.85 132.66
Total Debt/Mcap(x) 0 0 0 0.03 0.02 0.01 0 0 0 0 0

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +4% -8% +16% +14%
Operating Profit CAGR -2% -12% +23% +14%
PAT CAGR +2% -12% +28% +19%
Share Price CAGR +13% +2% +9% —
ROE Average +17% +20% +28% +28%
ROCE Average +22% +27% +37% +36%

Fine Organic Inds. Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 75 %
FII 4.28 %
DII (MF + Insurance) 11.72 %
Public (retail) 9 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 75757575757575757575
FII 4.474.944.895.224.664.814.574.434.44.28
DII 10.7611.1311.5711.5212.0411.9412.0211.811.6511.72
Public 9.778.938.558.268.318.268.418.778.959
Others 0000000000
Total 100100100100100100100100100100

Fine Organic Inds. Peer Comparison

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Fine Organic Inds. Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Fine Organic Inds. Pros & Cons

Pros

  • Company has delivered good profit growth of 28% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 20%
  • Company is almost debt free.

Cons

  • Debtor days have increased from 41.45 to 43.77days.
  • Stock is trading at 5.6 times its book value.
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