Vinati Organics Ltd logo

Vinati Organics Ltd

VINATIORGA NSE

Key Fundamentals

MicrocapSpecialty ChemicalsChemicals
Market Cap
₹14,034 Cr
Volatility
Moderate
P/E Ratio
27.84
EBITDA
₹654 Cr
Return on Equity
14.51%
Debt to Equity
0
Book Value
₹304.99
EPS
₹32.57
52W High
₹1,849.9
52W Low
₹1,203

Insights

Beta

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

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34 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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

Technical Indicators

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 19.8%

Growth Rate

Revenue Growth
-2.86% ↘
Net Income Growth
14.78% ↗
Cash Flow Change
38.09% ↗
ROE
10.59% ↗
ROCE
8.90% ↗
EBITDA Margin (Avg.)
5.17% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Vinati Organics is a ₹14,215 crore specialty chemicals company trading at a PE of 30.6x, below its 4-quarter average of ~39x. The company delivered 18% revenue growth and 25% PAT growth in FY25 with near-zero debt (debt-to-equity of 0.02), but its stock has declined 19% over the past year and sales CAGR over 3 years has moderated to just 3%.

Bull Case 8
  • Dominant global position in ATBS with 60-65% market share, providing strong pricing power and recurring demand from oil & gas and water treatment sectors
  • Near debt-free balance sheet with debt-to-equity of just 0.02, giving financial flexibility for capacity expansion without dilution
  • FY25 revenue grew 18% YoY to ₹2,292 crore and PAT rose 25% to ₹405 crore, showing strong recovery from FY24 slowdown
  • ATBS capacity expanded 50% to 60,000 MTPA with ₹300 crore capex, with the new 10,000-tonne line already fully booked upon commissioning
  • EBITDA margin improved to 27.3% in FY25 (up from ~24% in FY24), with management guiding sustainable blended margins of 26-27%
  • Management guidance of 20% revenue growth for the next three years driven by ATBS and Antioxidants volume ramp-up
  • Current PE of 30.6x is 22% below its recent 4-quarter average of 39.2x, suggesting valuation has de-rated from peak levels
  • Diversification into antioxidants showing traction with 70% volume surge in FY25, reducing single-product concentration risk
Bear Case 8
  • Stock has declined 19% over the past 1 year and delivered a negative 10% CAGR over 3 years, significantly underperforming broader markets
  • 3-year compounded sales CAGR of only 3% indicates prolonged revenue stagnation between FY22-FY25, despite FY25 recovery
  • FY26 full-year revenue declined 0.95% YoY to ₹22.27 billion, suggesting the FY25 recovery was short-lived
  • ROE has declined from 19% (10-year average) to 16% last year, indicating diminishing returns on equity capital over time
  • PE of 30.6x remains elevated for a company delivering only 5% TTM sales growth and 13% TTM profit growth
  • Heavy concentration in ATBS (40% of sales) exposes the company to cyclicality in oil & gas and oilfield chemicals demand
  • Q4 FY26 revenue fell 7% YoY to ₹604 crore and PAT in Q1 FY27 decreased 12% QoQ to ₹109 crore, indicating recent quarterly weakness
  • Dividend yield of just 0.57% with a 19.8% payout ratio offers limited income return relative to risk-free alternatives

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

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Positives 2
  • Q1FY27 revenue surges 28.4% Jul 30

    Consolidated net profit rose 4.5% YoY to ₹108.86 crore in Q1FY27, driven by a strong 28.4% revenue surge to ₹695.91 crore.

  • Q1FY26 profit up 9.5% YoY Jul 29

    Standalone net profit grew 9.5% YoY to ₹123.56 crore for Q1FY26 on revenue of ₹697.75 crore, reflecting a 28.7% top-line jump.

Neutral 2
  • EBITDA margin guidance 26-27% FY27 Jul 30

    Management guided EBITDA margin of 26-27% for FY27 with H2 expected to be stronger than H1, signaling a back-ended margin recovery trajectory.

  • 15% volume growth, Veeral ramp-up Jul 30

    Company guided ~15% volume growth for FY27 and expects Veeral Organics to contribute ₹400-500 crore revenue, commencing operations in March 2027 at ~₹150 crore run-rate.

TL;DR: Vinati Organics is delivering strong top-line growth with revenue up ~28% YoY, though profit growth is more modest at 4.5-9.5% indicating some margin compression. The company has clear volume growth visibility at ~15% for FY27 and a new revenue stream from Veeral Organics starting March 2027. No material headwinds are visible; the trend is improving with management expecting stronger H2 performance and margins expanding toward 26-27%.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
439
463
448
550
525
553
522
648
542
546
529
611
698
Expenses
338
358
333
400
400
419
379
465
376
368
368
427
516
Operating Profit
100
105
115
150
125
134
143
184
166
179
161
183
181
OPM %
23%
23%
26%
27%
24%
24%
27%
28%
31%
33%
30%
30%
26%
Other Income
10
11
9
10
9
22
7
6
7
16
9
20
9
Interest
1
1
1
1
0
0
0
0
0
0
0
0
0
Depreciation
17
17
19
19
20
21
20
20
21
22
24
25
25
PBT
93
97
103
140
114
136
129
169
151
173
145
179
165
Tax %
25%
25%
25%
25%
25%
22%
26%
25%
26%
25%
25%
23%
25%
Net Profit
69
72
77
104
86
106
96
128
113
129
108
138
124
EPS in Rs
6.75
7.05
7.49
10.08
8.3
10.24
9.22
12.31
10.88
12.45
10.46
13.26
11.92
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
772
631
641
730
1,128
1,029
954
1,616
2,066
1,900
2,248
2,228
2,384
Expenses
580
424
423
531
703
614
601
1,180
1,493
1,429
1,662
1,540
1,680
Operating Profit
192
207
218
198
425
415
353
435
573
471
587
688
704
OPM %
25%
33%
34%
27%
38%
40%
37%
27%
28%
25%
26%
31%
30%
Other Income
9
6
12
31
30
45
26
61
52
39
44
53
54
Interest
10
8
3
2
2
2
1
2
3
5
2
0
0
Depreciation
18
19
22
23
27
33
43
45
59
73
81
92
96
PBT
174
187
206
203
425
425
335
449
563
432
548
649
662
Tax %
33%
29%
32%
29%
34%
21%
20%
23%
26%
25%
24%
25%
—
Net Profit
116
132
140
144
282
334
269
347
419
323
415
488
499
EPS in Rs
11.22
12.75
13.59
14
27.48
32.48
26.2
33.73
40.78
31.19
40.05
47.05
48.09
Div. Payout %
16%
16%
2%
16%
13%
17%
23%
19%
17%
22%
19%
18%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
10
10
10
10
10
10
10
10
10
10
10
10
Reserves
424
530
670
786
1,041
1,269
1,533
1,851
2,203
2,454
2,796
3,206
Borrowings
65
42
2
15
4
0
2
28
35
5
63
0
Other Liabilities
100
104
139
168
173
163
188
260
335
358
394
405
Total Liabilities
599
687
821
980
1,228
1,443
1,734
2,150
2,584
2,827
3,263
3,621
Fixed Assets
327
382
468
457
475
751
757
874
1,159
1,330
1,382
1,612
CWIP
20
25
7
35
191
31
55
306
229
246
298
126
Investments
3
3
62
132
96
227
289
98
256
237
523
937
Other Assets
249
278
284
356
465
434
633
872
940
1,014
1,059
946
Total Assets
599
687
821
980
1,228
1,443
1,734
2,150
2,584
2,827
3,263
3,621
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
113
167
130
138
200
416
219
127
516
338
494
628
Investing
-53
-72
-27
-39
-243
-197
-198
-256
-333
-353
-480
-485
Financing
-75
-50
-45
-30
-40
-109
-3
-46
-61
-106
-15
-141
Net Cash Flow
-16
45
59
70
-83
109
18
-175
121
-122
0
2
Free Cash Flow
56
91
32
92
-6
279
137
-40
216
109
308
491
CFO/OP
86
103
84
95
77
124
79
54
113
90
100
111
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
61
66
80
89
79
72
106
102
82
102
96
87
Inventory Days
44
55
79
79
64
79
115
85
79
72
66
99
Days Payable
17
28
40
61
37
47
62
52
41
36
43
40
Cash Conversion Cycle
87
94
119
107
106
104
158
136
120
137
119
146
Working Capital Days
58
60
118
113
111
97
138
144
109
140
107
146
ROCE %
38%
36%
33%
28%
46%
37%
24%
26%
27%
19%
21%
21%

Shareholding Pattern

As of Jun 2026
Promoters 74.28%
Public 10.31%
DIIs 9.20%
FIIs 3.65%
Others 2.55%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
74.06%
74.06%
74.06%
74.06%
74.06%
74.06%
74.06%
74.06%
74.06%
74.06%
74.06%
74.06%
74.28%
74.28%
74.28%
74.28%
74.28%
74.28%
74.28%
74.28%
74.28%
74.28%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
4.94%
5.33%
5.47%
5.31%
3.83%
3.86%
3.78%
3.77%
3.72%
3.65%
DIIs
7.27%
6.79%
6.85%
7.51%
7.81%
8.08%
7.95%
7.89%
7.91%
8.12%
8.18%
7.55%
7.32%
6.75%
7.28%
7.61%
9.21%
9.24%
9.55%
9.83%
9.91%
9.20%
Government
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%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
12.45%
12.01%
11.76%
11.30%
11.01%
10.74%
10.74%
10.83%
10.83%
10.97%
10.74%
11.31%
11.16%
11.04%
10.49%
10.37%
10.28%
10.05%
9.89%
9.67%
9.67%
10.31%
Others
6.22%
7.14%
7.34%
7.12%
7.12%
7.13%
7.25%
7.23%
7.21%
6.85%
7.02%
7.08%
2.31%
2.60%
2.47%
2.43%
2.40%
2.56%
2.50%
2.43%
2.42%
2.55%
No. of Shareholders
0
59,407
65,113
82,581
75,560
72,539
72,298
75,759
84,404
90,934
93,989
1,07,022
1,06,894
1,00,363
93,508
89,441
87,933
85,960
85,005
81,874
78,602
83,430

Documents

Frequently Asked Questions about Vinati Organics Ltd

What does Vinati Organics Ltd do?
Incorporated in 1989, Vinati Organics Ltd manufactures specialty organic intermediaries and Monomers[1]
Where is Vinati Organics Ltd (VINATIORGA) listed?
Vinati Organics Ltd is listed on the Indian stock exchanges. It is listed on NSE: VINATIORGA and BSE: 524200. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Vinati Organics Ltd belong to?
Vinati Organics Ltd operates in the Commodities sector within the Chemicals & Petrochemicals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Vinati Organics Ltd?
Vinati Organics Ltd has a market capitalisation of approximately ₹14034.25 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Vinati Organics Ltd?
The Price-to-Earnings (PE) ratio of Vinati Organics Ltd is 27.84. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Vinati Organics Ltd?
Over the past 52 weeks, Vinati Organics Ltd has traded between a low of ₹1,203 and a high of ₹1,849.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does Vinati Organics Ltd pay dividends?
Yes, Vinati Organics Ltd has a dividend yield of 0.56%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Vinati Organics Ltd?
Vinati Organics Ltd has a Return on Equity (ROE) of 14.51%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Vinati Organics Ltd on Tapetide?
On Tapetide, you can view Vinati Organics Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 1989, Vinati Organics Ltd manufactures specialty organic intermediaries and Monomers[1]

Website vinatiorganics.com
CEO Mr. Vinod Banwarilal Saraf
Employees 1,283
Listed 2009-07-28
Face Value ₹ 1
Issued Size 10,36,65,632

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