Overview

Detailed Summary

Fine Organic Industries Limited is an Indian pioneer and the largest domestic manufacturer of oleochemical-derived specialty additives supplying food, polymer, cosmetics, feed nutrition, coatings and other industrial end-markets, with manufacturing sites at Ambernath, Badlapur, Patalganga and Dombivli and international subsidiaries and warehouses across the USA, Europe, Thailand and UAE.
Q3FY26 and 9MFY26 show stable revenue but margin compression: standalone revenue in Q3FY26 was Rs. 528.6 crore with PAT of Rs. 68.1 crore, nine-month EBITDA and PAT declined YoY largely because of higher raw material costs, a one-off actuarial labour-code provision and elevated employee costs despite other income cushioning overall profitability.
Management is actively globalising manufacturing footprint: recent actions include equity infusion into the Thailand JVC, incorporation of Fine Organics Americas LLC with a US land purchase, and formation of Fine Organics FZE in Dubai to strengthen GCC distribution and supply-chain efficiency while positioning the business for nearer-to-market production.
Fine Organics leverages differentiated entry barriers — proprietary oleochemistry, lengthy customer approvals, regulatory certifications and a broad product catalogue (600+ products) — which create durable customer stickiness, support premium positioning for green additives, and underpin an attractive, capital-efficient return profile despite near-term cyclical pressures.

Sector: Chemicals
Industry: Chemicals - Speciality - Large
Market Cap: 13,092 Cr
Volatility: Moderate Risk
P/E Ratio: 33.1
Industry P/E: 42.6
PEG Ratio: 2.0
P/B Ratio: 5.3
52W High: 5,490.00
52W Low: 3,355.05

Sales CAGR

1Y: 6.87%
3Y: 5.87%
5Y: 16.53%
10Y: 14.68%

Profit CAGR

1Y: -0.34%
3Y: 15.84%
5Y: 18.54%
10Y: 20.10%

ROE

TTM: 16.37%
3Y: 24.06%
5Y: 23.48%
10Y: 24.03%

ROCE

TTM: 21.90%
3Y: 32.46%
5Y: 31.44%
10Y: 32.58%

Technicals

Oscillators

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BASF	3510.00	15,113 Cr	41.53	3.99	0.57	9.90	13.43	4.93
AARTIIND	410.75	14,894 Cr	39.50	2.61	0.24	5.09	5.85	3.23
VINATIORGA	1376.30	14,268 Cr	32.21	4.86	0.55	14.85	19.95	13.41
ANURAS	1244.80	14,172 Cr	82.15	4.43	0.06	4.73	9.37	4.06
FINEORG	4284.00	13,092 Cr	33.11	5.28	0.26	16.37	21.90	14.91
AETHER	915.20	12,170 Cr	56.26	5.23	0.00	8.36	10.91	7.57
PRIVISCL	2840.35	11,130 Cr	36.94	8.98	0.18	21.52	19.32	9.69

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	540	488	547	550	596	513	607	588	597	555
Expenses	409	370	403	410	445	414	487	465	462	460
Operating Profit	131	118	143	140	151	99	120	124	135	94
OPM %	24.25	24.21	26.24	25.42	25.28	19.29	19.70	21.00	22.63	17.01
Other Income	16	16	22	24	21	29	26	46	20	21
Interest	0.72	0.51	0.53	0.63	0.42	0.42	0.72	0.53	0.43	0.46
Depreciation	14	15	15	12	12	13	15	12	13	14
Profit Before Tax	132	119	150	151	159	115	130	157	142	101
Tax %	21.85	21.14	23.55	25.20	26.24	27.86	25.25	25.58	23.56	26.64
Net Profit	103	94	115	113	117	83	97	117	109	74
EPS in Rs	33.71	30.73	37.36	36.94	38.30	26.97	31.68	38.19	35.40	24.11

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	816	865	1,060	1,038	1,133	1,876	3,023	2,123	2,269	2,304
Expenses	633	697	830	798	934	1,512	2,192	1,589	1,756	1,811
Operating Profit	182	167	230	240	199	365	831	534	513	493
OPM %	22.36	19.34	21.71	23.17	17.58	19.43	27.49	25.16	22.60	21.39
Other Income	4.00	16	20	15	16	32	62	69	97	122
Interest	4.39	3.15	1.84	4.82	6.13	4.94	4.57	2.43	2.20	2.09
Depreciation	24	20	17	35	47	40	48	56	52	52
Profit Before Tax	121	151	231	216	162	352	841	544	555	561
Tax %	35.53	36.95	40.96	23.75	25.78	26.12	26.50	24.30	26.06	26.16
Net Profit	78	95	136	165	120	260	618	412	410	414
EPS in Rs	—	—	45.13	53.75	39.25	84.71	201.60	134.34	133.89	129.38
Dividend Payout %	29.53	22.52	15.76	13.03	28.03	10.63	4.46	7.44	8.22	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.83	15	15	15	15	15	15	15	15
Reserves	323	380	485	604	716	944	1,526	1,906	2,280
Borrowings	40	54	113	91	89	59	29	4.23	2.80
Other Liabilities	76	81	89	142	127	219	237	182	213
Total Liabilities	445	530	702	852	948	1,236	1,807	2,108	2,511
Fixed Assets	97	88	78	217	196	229	214	233	363
CWIP	2.80	32	106	5.84	26	14	40	30	27
Investments	11	11	9.97	33	31	31	39	36	35
Other Assets	334	399	508	597	694	962	1,513	1,809	2,085
Total Assets	445	530	702	852	948	1,236	1,807	2,108	2,511

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	45	65	98	219	134	67	485	635	204
Cash from Investing Activity	-16	-52	-93	-85	-40	-56	-85	-391	-669
Cash from Financing Activity	-55	-17	92	-37	-41	-68	-69	-59	-34
Net Cash Flow	-26	-3.30	97	98	53	-58	332	185	-499

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
FIIs	4.83%	3.78%	3.78%	3.59%	4.47%	4.94%	4.89%	5.22%	4.66%	4.81%	4.57%	4.43%
DIIs	12.09%	12.24%	12.17%	11.85%	10.76%	11.13%	11.57%	11.52%	12.04%	11.94%	12.02%	11.80%
Public	8.08%	8.98%	9.05%	9.57%	9.77%	8.93%	8.55%	8.26%	8.31%	8.26%	8.41%	8.77%
Total Shareholders	1,16,910	1,34,261	1,35,252	1,41,370	1,46,686	1,31,494	1,22,482	1,15,433	1,12,554	1,05,097	97,992	93,942

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan