Gem Aromatics 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 consistently been profitable over the last 5 years
- Company maintains a comfortable, low leverage position
CONS
- Recent results are weak - TTM profit is down 133.1% versus prior year
- Interest coverage is weak at 1.5x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.43x)
- Equity base is being diluted - shares outstanding up 485.3%
- Free cash flow has been persistently negative
- Working capital days have increased from 118 to 195 days
* 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 |
| GEMAROMA | 164.80 | 31.37 | 860.87 | 0.00 | -7.87 | -198.62 | 98.85 | 12.80 | 3.44 | 3.34 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 93 | 112 | 97 | 202 | 88 | 90 | 79 | 110 | 99 | |
| 78 | 97 | 84 | 156 | 73 | 86 | 72 | 95 | 108 | |
| Operating Profit | 14 | 15 | 13 | 46 | 15 | 3 | 7 | 16 | 3 |
| OPM % | 15.33% | 13.69% | 13.44% | 22.68% | 16.96% | 3.41% | 8.90% | 14.23% | 3.34% |
| Other Income | 1 | 1 | 0 | -0 | 1 | 1 | -2 | 0 | 0 |
| Interest | 1 | 1 | 2 | 3 | 4 | 4 | 3 | 3 | 3 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 3 | 9 | 9 | 9 |
| 12 | 13 | 9 | 40 | 11 | -3 | -6 | 4 | -9 | |
| Tax % | 30.22% | 24.61% | 20.83% | 31.11% | 25.95% | -2.38% | 15.85% | 74.94% | 7.83% |
| Net Profit | 0 | 0 | 0 | 0 | 8 | -3 | -5 | 1 | -8 |
| 2 | 2 | 2 | 6 | 2 | -0 | -1 | 0 | -0 | |
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 10 | 10 | 10 | 10 |
| Reserves | 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% |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| 314 | 425 | 452 | 504 | 366 | 378 | |
| 265 | 359 | 374 | 415 | 326 | 361 | |
| Operating Profit | 52 | 66 | 80 | 90 | 42 | — |
| OPM % | 16 | 16 | 18 | 18 | 11 | — |
| Other Income | 3 | 0 | 2 | 1 | 1 | -0 |
| Interest | 3 | 6 | 6 | 8 | 13 | 12 |
| Depreciation | 4 | 5 | 6 | 7 | 23 | 30 |
| 44 | 56 | 68 | 74 | 6 | -13 | |
| Tax % | 30 | 20 | 26 | 28 | 78 | -11 |
| Net Profit | 31 | 45 | 50 | 53 | 1 | -14 |
| EPS | 7 | 10 | 11 | 11 | 0 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 7 | 10 | 11 | 11 | 0 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -68%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -41%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 19%
- 3 Years:
- 15%
- Last Year:
- 0%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - |
| Equity Capital | 2 | 2 | 9 | 9 | 10 |
| 136 | 178 | 221 | 275 | 439 | |
| 77 | 89 | 84 | 144 | 123 | |
| Trade Payables | 17 | 21 | 19 | 17 | 19 |
| 7 | 5 | 34 | 90 | 41 | |
| Total Liabilities | 240 | 295 | 367 | 535 | 633 |
| ASSETS | - | - | - | - | - |
| 36 | 36 | 50 | 54 | 253 | |
| Capital Work in Progress | 1 | 11 | 30 | 126 | 6 |
| 134 | 143 | 174 | 166 | 234 | |
| 0 | 80 | 45 | 141 | 77 | |
| Cash & Bank | 6 | 11 | 16 | 4 | 16 |
| 62 | 16 | 51 | 43 | 48 | |
| Total Assets | 240 | 295 | 367 | 535 | 633 |
| Total Debt | 77 | 89 | 111 | 224 | 150 |
| Net Working Capital | 101 | 129 | 167 | 162 | 196 |
| Contingent Liabilities | 33 | 39 | 57 | 57 | 57 |
| Book Value per Share | 774.00 | 1005.78 | 49.20 | 60.61 | 86.14 |
| Face Value | 10.00 | 10.00 | 2.00 | 2.00 | 2.00 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| -5 | 15 | 40 | -25 | 30 | |
| Cash from Investing | -14 | -14 | -51 | -93 | -101 |
| Cash from Financing | 18 | 6 | 15 | 105 | 78 |
| -1 | 7 | 4 | -13 | 6 | |
| Free Cash Flow | -5 | 1 | 1 | -131 | -72 |
| OCF / Net Profit | -0.17 | 0.34 | 0.80 | -0.47 | 20.77 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| PER SHARE | |||||
| EPS (₹) | 174.71 | 250.26 | 10.69 | 11.39 | 0.27 |
| Book Value (₹) | 774.00 | 1005.78 | 49.20 | 60.61 | 86.14 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 7.58 | 10.55 | 12.03 | 12.96 | 4.60 |
| PROFITABILITY | |||||
| Operating Margin % | 16.48% | 15.58% | 17.32% | 17.55% | 11.12% |
| Net Margin % | 9.92% | 10.52% | 11.07% | 10.59% | 0.39% |
| ROE % | 22.57% | 28.12% | 24.44% | 20.75% | 0.39% |
| ROCE % | 22.07% | 25.51% | 24.20% | 19.41% | 3.44% |
| 13.01% | 16.71% | 15.13% | 11.84% | 0.24% | |
| EFFICIENCY | |||||
| Debtor Days | 46 | 51 | 50 | 67 | 108 |
| Inventory Days | 156 | 119 | 128 | 123 | 199 |
| Payable Days | 27 | 22 | 21 | 17 | 24 |
| 175 | 148 | 157 | 174 | 284 | |
| FINANCIAL HEALTH | |||||
| Debt to Equity (x) | 0.56x | 0.50x | 0.48x | 0.79x | 0.33x |
| Interest Coverage (x) | 15.26x | 10.94x | 11.78x | 10.20x | 1.50x |
| 2.01x | 2.12x | 2.47x | 1.89x | 2.16x | |
| GROWTH | |||||
| Revenue Growth % | 0.00% | 35.14% | 6.51% | 11.38% | -27.28% |
| Operating Profit Growth % | 0.00% | 28.33% | 20.52% | 12.09% | -53.63% |
| Net Profit Growth % | 0.00% | 43.24% | 12.16% | 6.55% | -97.33% |
| 0.00% | 43.24% | -95.73% | 6.55% | -97.61% | |
| VALUATION | |||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 505.68x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 1.60x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 1.21x | 1.30x | 2.56x | 20.52x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-20 - Gem Aromatics Limited has informed the Exchange about Transcript
2026-08-19 - Gem Aromatics Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 19, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-19 - Gem Aromatics Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 19, 2026
2026-08-14 - Gem Aromatics Limited has informed the Exchange about Link of Audio Recording
2026-08-14 - Gem Aromatics Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Gem Aromatics Limited has informed the Exchange about Investor Presentation
2026-08-13 - Gem Aromatics Limited has informed the Exchange regarding a press release dated August 13, 2026, titled "Submission of Press Release in respect of Unaudited (Standalone & Consolidated) Financial Results for the quarter ended June 30, 2026.".
2026-08-13 - Gem Aromatics Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-11 - Gem Aromatics Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for GEMAROMA
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