Fine Organic Industries Ltd.
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ABOUT
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company has delivered good profit growth of 24.7% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 25.0%
- Latest quarter profit grew 45.9% YoY, showing strong momentum
- Company has delivered good sales growth of 15.2% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.06x)
CONS
- Operating margins have contracted to 17.9% from 27.9%
- Recurring exceptional / one-off items are inflating headline profit
- Growth is decelerating - 3Y profit CAGR (-16.3%) trails the 5Y trend (24.7%)
- Though reporting repeated profits, the company pays out little dividend (9.7%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 20550.00 | 93.38 | 185957.06 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1636.40 | 62.88 | 166565.83 | 1.31 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2597.00 | 35.61 | 76981.53 | 0.35 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4731.25 | 84.51 | 51972.78 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8538.25 | 55.47 | 43808.15 | 0.18 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1138.55 | 32.62 | 38352.18 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1733.65 | 30.19 | 23645.78 | 0.43 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1646.05 | 92.89 | 21847.67 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6484.40 | 24.00 | 19091.21 | 0.46 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 505.45 | 34.53 | 18334.02 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1417.10 | 18.24 | 17949.40 | 0.71 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| FINEORG | 5145.20 | 36.01 | 15775.17 | 0.21 | 138.14 | 17.96 | 694.17 | 17.98 | 21.86 | 25.07 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 532 | 472 | 426 | 522 | 508 | 595 | 525 | 576 | 559 | 572 | 529 | 616 | 668 | |
| 380 | 367 | 333 | 389 | 386 | 452 | 417 | 468 | 452 | 464 | 444 | 505 | 509 | |
| Operating Profit | 152 | 104 | 92 | 131 | 122 | 143 | 108 | 108 | 121 | 108 | 85 | 111 | 173 |
| OPM % | 28.54% | 22.12% | 21.70% | 25.16% | 23.98% | 24.02% | 20.56% | 18.78% | 21.68% | 18.93% | 16.00% | 18.06% | 25.91% |
| Other Income | 14 | 17 | 17 | 23 | 24 | 22 | 25 | 26 | 26 | 34 | 20 | 34 | 24 |
| Interest | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 2 | 1 |
| Depreciation | 12 | 14 | 15 | 15 | 12 | 13 | 13 | 14 | 11 | 12 | 13 | 17 | 13 |
| 154 | 106 | 95 | 139 | 134 | 152 | 120 | 119 | 128 | 130 | 91 | 127 | 183 | |
| Tax % | 25.81% | 25.42% | 26.37% | 24.69% | 26.02% | 25.50% | 25.64% | 25.79% | 27.68% | 26.38% | 25.53% | 28.88% | 26.02% |
| Net Profit | 114 | 79 | 70 | 104 | 99 | 113 | 89 | 89 | 93 | 95 | 68 | 90 | 136 |
| 37 | 35 | 23 | 34 | 32 | 37 | 29 | 29 | 30 | 31 | 22 | 29 | 4 | |
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 778 | 856 | 1,044 | 1,026 | 1,121 | 1,858 | 3,029 | 1,951 | 2,205 | 2,276 | 2,385 | |
| 631 | 692 | 822 | 790 | 929 | 1,510 | 2,248 | 1,470 | 1,724 | 1,865 | 1,921 | |
| Operating Profit | 151 | 180 | 247 | 260 | 209 | 382 | 845 | 553 | 578 | 525 | — |
| OPM % | 19 | 21 | 24 | 25 | 19 | 21 | 28 | 28 | 26 | 23 | — |
| Other Income | 4 | 16 | 24 | 24 | 17 | 33 | 64 | 72 | 97 | 115 | 112 |
| Interest | 4 | 3 | 6 | 8 | 6 | 5 | 4 | 2 | 2 | 3 | 3 |
| Depreciation | 24 | 20 | 17 | 35 | 47 | 40 | 48 | 57 | 51 | 53 | 55 |
| 123 | 157 | 223 | 217 | 156 | 337 | 793 | 493 | 525 | 476 | 531 | |
| Tax % | 35 | 36 | 42 | 23 | 26 | 26 | 26 | 26 | 26 | 27 | 27 |
| Net Profit | 80 | 101 | 129 | 167 | 115 | 251 | 591 | 368 | 390 | 346 | 389 |
| EPS | 26 | 33 | 42 | 54 | 37 | 82 | 193 | 120 | 127 | 113 | — |
| Dividend Payout % | 27 | 21 | 17 | 13 | 29 | 11 | 5 | 8 | 9 | 10 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 28 | 33 | 42 | 54 | 37 | 82 | 193 | 120 | 127 | 113 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 15%
- 3 Years:
- -9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 16%
- 5 Years:
- 25%
- 3 Years:
- -16%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 11%
- 3 Years:
- 2%
- 1 Year:
- 6%
RETURN ON EQUITY
- 10 Years:
- 26%
- 5 Years:
- 27%
- 3 Years:
- 18%
- Last Year:
- 15%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 5 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| 330 | 393 | 493 | 615 | 724 | 943 | 1,507 | 1,846 | 2,203 | 2,499 | |
| 40 | 54 | 35 | 33 | 32 | 33 | 27 | 0 | 0 | 0 | |
| Trade Payables | 68 | 69 | 52 | 84 | 99 | 151 | 171 | 132 | 151 | 168 |
| 8 | 6 | 113 | 108 | 78 | 77 | 42 | 38 | 33 | 89 | |
| Total Liabilities | 451 | 537 | 709 | 856 | 949 | 1,220 | 1,762 | 2,031 | 2,402 | 2,772 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 97 | 88 | 78 | 217 | 196 | 229 | 214 | 268 | 254 | 267 | |
| Capital Work in Progress | 3 | 32 | 106 | 6 | 26 | 14 | 40 | 30 | 26 | 46 |
| 14 | 14 | 17 | 44 | 44 | 43 | 53 | 116 | 181 | 262 | |
| 88 | 83 | 79 | 119 | 109 | 202 | 299 | 195 | 275 | 274 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 348 | 368 | 402 | |
| Cash & Bank | 14 | 7 | 103 | 206 | 261 | 216 | 497 | 961 | 891 | 1,306 |
| 234 | 312 | 326 | 264 | 313 | 516 | 659 | 113 | 408 | 214 | |
| Total Assets | 451 | 537 | 709 | 856 | 949 | 1,220 | 1,762 | 2,031 | 2,402 | 2,772 |
| Total Debt | 40 | 54 | 128 | 125 | 89 | 59 | 27 | 0 | 0 | 0 |
| Net Working Capital | 163 | 203 | 325 | 387 | 458 | 625 | 1,122 | 1,382 | 1,493 | 1,830 |
| Contingent Liabilities | 5 | 8 | 11 | 10 | 14 | 14 | 19 | 23 | 9 | 9 |
| Book Value per Share | 692.90 | 133.22 | 165.83 | 205.73 | 240.98 | 312.62 | 496.46 | 607.07 | 723.40 | 820.13 |
| Face Value | 10.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 49 | 64 | 97 | 218 | 135 | 74 | 434 | 606 | 196 | 372 | |
| Cash from Investing | -16 | -52 | -93 | -84 | -40 | -56 | -85 | -429 | -639 | -412 |
| Cash from Financing | -59 | -17 | 93 | -35 | -39 | -65 | -69 | -58 | -34 | -44 |
| -26 | -5 | 97 | 99 | 56 | -48 | 280 | 118 | -477 | -83 | |
| Free Cash Flow | 49 | 25 | 15 | 146 | 90 | 14 | 376 | 505 | 165 | 287 |
| OCF / Net Profit | 0.61 | 0.64 | 0.75 | 1.31 | 1.18 | 0.30 | 0.73 | 1.65 | 0.50 | 1.08 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 326 | 291 | 642 | 1,132 | 1,150 | 1,347 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 165.58 | 33.05 | 42.08 | 54.31 | 37.49 | 81.76 | 192.63 | 119.88 | 127.09 | 112.97 |
| Book Value (₹) | 692.90 | 133.22 | 165.83 | 205.73 | 240.98 | 312.62 | 496.46 | 607.07 | 723.40 | 820.13 |
| Dividend per Share (₹) | 45.00 | 7.00 | 7.00 | 7.00 | 11.00 | 9.00 | 9.00 | 10.00 | 11.00 | 11.00 |
| Cash EPS (₹) | 35.78 | 39.59 | 47.77 | 65.61 | 52.74 | 94.77 | 208.25 | 138.34 | 143.85 | 130.36 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 18.54% | 20.76% | 23.58% | 25.22% | 18.61% | 20.36% | 27.87% | 24.58% | 21.79% | 17.95% |
| Net Margin % | 9.82% | 11.67% | 12.33% | 16.16% | 10.23% | 13.38% | 19.47% | 18.77% | 17.65% | 15.14% |
| ROE % | 26.98% | 27.27% | 28.14% | 29.23% | 16.78% | 29.54% | 47.62% | 21.73% | 19.10% | 14.64% |
| ROCE % | 34.59% | 38.30% | 41.73% | 32.34% | 20.50% | 37.04% | 62.15% | 29.07% | 25.81% | 20.25% |
| 18.38% | 20.52% | 20.70% | 21.27% | 12.74% | 23.12% | 39.61% | 19.38% | 17.58% | 13.39% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 48 | 59 | 57 | 55 | 52 | 49 | 49 | 77 | 59 | 61 |
| Inventory Days | 36 | 36 | 28 | 35 | 37 | 30 | 30 | 46 | 39 | 44 |
| Payable Days | 45 | 46 | 35 | 43 | 48 | 40 | 32 | 51 | 40 | 42 |
| 39 | 49 | 50 | 48 | 41 | 40 | 46 | 72 | 58 | 64 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.12x | 0.13x | 0.25x | 0.20x | 0.12x | 0.06x | 0.02x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | 29.20x | 51.34x | 38.12x | 28.35x | 26.66x | 69.89x | 178.78x | 213.70x | 311.40x | 157.48x |
| 2.37x | 2.52x | 4.14x | 3.92x | 3.93x | 3.57x | 5.50x | 8.66x | 8.51x | 7.96x | |
| GROWTH | ||||||||||
| Revenue Growth % | 18.10% | 10.11% | 21.92% | -1.70% | 9.26% | 65.74% | 63.00% | -35.59% | 13.02% | 3.21% |
| Operating Profit Growth % | -3.06% | 19.47% | 36.79% | 5.29% | -19.50% | 82.48% | 121.56% | -34.59% | 4.47% | -9.06% |
| Net Profit Growth % | 3.91% | 26.71% | 27.31% | 29.06% | -30.97% | 118.10% | 135.61% | -37.77% | 6.02% | -11.11% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -37.77% | 6.02% | -11.11% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 33.62x | 31.43x | 34.94x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 6.64x | 5.52x | 4.81x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.25% | 0.28% | 0.28% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 20.61x | 19.66x | 20.55x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Fine Organic Industries Limited has informed the Exchange regarding 'Execution of Share Transfer Agreement'.
2026-08-27 - Jayen Ramesh Shah has Submitted to the Exchange a copy of Disclosure under Regulation 10 (5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-08-18 - Fine Organic Industries Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 18, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-18 - Fine Organic Industries Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 18, 2026
2026-08-18 - Fine Organic Industries Limited has informed the Exchange about updates on Acquisitions
2026-08-10 - Fine Organic Industries Limited has informed the Exchange about Copy of Newspaper Publication on financial results for the quarter ended June 30, 2026
2026-08-10 - Fine Organic Industries Limited has informed the Exchange about Investor Presentation
2026-08-10 - Fine Organic Industries Limited has informed the Exchange regarding a press release dated August 10, 2026, titled "Investor release on the unaudited financial results of the Company for the quarter ended June 30, 2026.".
2026-08-07 - Fine Organic Industries Limited has submitted to the Exchange, the financial results for the period ended June 30, 2026.
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