Fine Organic Industries logo

Fine Organic Industries

FINEORG NSE

Key Fundamentals

SmallcapSpecialty ChemicalsChemicals
Market Cap
₹15,819 Cr
Volatility
Moderate
P/E Ratio
35.91
EBITDA
₹600 Cr
Return on Equity
15.65%
Debt to Equity
0.03
Book Value
₹869.06
EPS
₹138.88
52W High
₹5,407
52W Low
₹3,856

Tapetide Score

Data-driven rating, 0–100. How it works →

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

Revenue Growth
4.89% higher than 3Y
Net Income Growth
1.61% higher than 3Y
Cash Flow Change
111% higher than 3Y
ROE
-12.47% lower than 3Y
ROCE
-17.31% higher than 3Y
EBITDA Margin (Avg.)
-6.36% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Fine Organic Industries has a market cap of about ₹15,578 crore and trades at a P/E of 35.5x and a P/B of 5.83x. It has a strong long-term record, with 5-year compounded sales growth of 16%, profit growth of 28% and an average ROE of 25%. More recently, 3-year sales fell at an 8% annual rate and profit at 13%, and ROE dropped to 16% last year, though TTM sales and profit are both up 7%.

Bull Case 7
  • The company is almost debt-free, and its 3-year average ROE of about 19.5% was achieved without meaningful leverage.
  • Returns have held up over the long run: 5-year and 10-year average ROE are both 25%, which suggests a durable competitive position in specialty additives.
  • Profit compounded at 28% a year over 5 years and 18% a year over 10 years, showing strong earnings growth across multiple cycles.
  • Sales compounded at 14% a year over 10 years and 16% over 5 years, which points to steady long-term demand for its products.
  • Growth has turned positive again, with TTM sales and profit each up 7%, after both fell over the 3-year period (-8% and -13%).
  • With a P/B of 5.83x, implied book value is about ₹2,672 crore. A clean, low-debt balance sheet gives room to fund capacity expansion from internal resources.
  • The stock is up 10% over 1 year, compared with a 1% CAGR over 3 years, which may reflect improving sentiment as earnings recover.
Bear Case 7
  • Over 3 years, sales fell at an 8% annual rate and profit at 13%, a sharp reversal from the 5-year growth rates of 16% and 28%.
  • ROE fell to 16% last year, down from a 25% 5-year average and 19% 3-year average, so returns on capital are shrinking.
  • A P/E of 35.5x gives an earnings yield of only about 2.8%. That is a premium multiple for a business whose TTM profit growth is just 7%.
  • A P/B of 5.83x combined with a 16% ROE means investors are paying a high price for each rupee of book value while returns are falling.
  • The stock has returned only a 1% CAGR over 3 years, which reflects the valuation de-rating that came with the earnings decline.
  • The dividend yield is only 0.22%, which implies a payout ratio of roughly 8% at a P/E of 35.5x. That offers little income support if growth disappoints.
  • The profit decline over 3 years (-13% CAGR) was steeper than the sales decline (-8% CAGR), which suggests margins are sensitive to raw material costs and pricing.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Positives 2
  • 80% stake in Malaysian Oleofine Sep 2

    Fine Organic signed share transfer agreements to buy an 80% equity stake in Oleofine Organics SDN. BHD for up to RM 3.42 crore in cash. The deal expands its specialty chemicals presence overseas.

  • ₹55 Cr into SEZ subsidiary Sep 16

    The company subscribed to ₹55 crore of preference shares in its wholly owned subsidiary, Fine Organic Industries (SEZ) Pvt Ltd, to fund a new manufacturing setup. This points to capacity expansion ahead.

Neutral 2
  • Promoter stake via HUF partition Sep 22

    Promoter Jayen Ramesh Shah received 3,06,978 shares from Jayen R Shah HUF through an inter-se, off-market transfer with no consideration, which takes his stake to 17.04%. Disclosures on Sep 8 and Sep 22 cover the same transaction, and total promoter group holding stays the same.

  • Investor conferences on Sep 21, 29 Sep 16

    Management will attend in-person investor conferences on Sep 21, 2026 (Anand Rathi) and Sep 29, 2026 (PL Capital). It has also uploaded its August 2026 investor presentation.

TL;DR: Fine Organic is putting money into growth: it is buying 80% of Malaysia's Oleofine Organics for up to RM 3.42 crore and investing ₹55 crore in its SEZ manufacturing subsidiary. These news items show no clear headwinds, and the promoter share transfer is an internal HUF partition that leaves group ownership unchanged. The main risks are carrying out the capex and integrating the overseas acquisition, and these articles say nothing about demand or margins. The trend looks steady to improving, and the Sep 21 and Sep 29 investor meetings could give more detail on when the new capacity and Malaysian operations will start adding to earnings.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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63 extracted metrics + investor summaries across FY15–FY27.

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Shareholding Pattern

Others1.42%Promot.75.00%FIIs4.28%Public7.58%DIIs11.72%As ofJun 2026

Documents

Frequently Asked Questions about Fine Organic Industries

What does Fine Organic Industries Ltd do?
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.
Where is Fine Organic Industries Ltd (FINEORG) listed?
Fine Organic Industries Ltd trades as FINEORG on the NSE and under code 541557 on the BSE.
Which sector does Fine Organic Industries Ltd belong to?
Fine Organic Industries Ltd is classified under the Chemicals sector, in the Specialty Chemicals industry.
What is the market capitalisation of Fine Organic Industries Ltd?
Fine Organic Industries Ltd has a market capitalisation of ₹15,819 Cr, which places it in the Mid Cap band.
What is the PE ratio of Fine Organic Industries Ltd?
Fine Organic Industries Ltd trades at a PE ratio of 35.91, on earnings per share of ₹138.88, against a book value of ₹869.06 per share.
What is the 52-week high and low of Fine Organic Industries Ltd?
Over the last 52 weeks Fine Organic Industries Ltd has traded between ₹3,856 and ₹5,407.
Does Fine Organic Industries Ltd pay dividends?
Fine Organic Industries Ltd has a dividend yield of 0.21%.
What is the Return on Equity (ROE) of Fine Organic Industries Ltd?
Fine Organic Industries Ltd reported a return on equity of 15.65%. Its debt-to-equity ratio is 0.03.

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.

Website fineorganics.com
CEO Mr. Mukesh Maganlal Shah
Employees 869
Listed 2018-07-02
Face Value ₹ 5
Issued Size 3,06,59,976

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