Fine Organic Industries
Current Price
₹4,588.65
As of 20 May 2026
Market Cap
₹13.89K Cr
As of 20 May 2026
50-year oleochemicals specialist at 25-year capex inflection (US + UAE + JNPA SEZ)
Report updated: 2026-05-20
Fine Organic Industries
50-year oleochemicals specialist at a 25-year capex inflection — Rs.700-750 Cr JNPA SEZ greenfield + first overseas plant on 159.9 acres in Jonesville, South Carolina + UAE sales hub all running in parallel. Shah family promoter holding at the SEBI 75% ceiling. Pioneer of food emulsifiers in India; 600+ products; 80+ countries; 890+ direct customers. FY25 Consol Revenue Rs.2,269 Cr; EBITDA Rs.513 Cr (22.6%); PAT Rs.410 Cr. 9M FY26 margin compressed to 20.3% on RM upcycle, Q3FY26 EBITDA at 17.0% — the lowest since Q4FY24. ICRA AA (Stable) / A1+. Net cash Rs.1,196 Cr (Sep-25 consol); net debt to equity -0.47x. Statutory auditor changed FY26 (B Y & Associates retired; CNK & Associates LLP appointed FY26-FY30). CMP Rs.4,770 / Market cap Rs.14,625 Cr.
Rs.4,770
Share price (20 May 2026)
Rs.14,625 Cr
Market cap (Mid Cap)
35.5
P/E (premium multiple)
Rs.2,269 Cr
FY25 Revenue (consol)
Rs.410 Cr
FY25 PAT (consol)
75.00%
Promoter holding (SEBI ceiling)
Stock Funda Summary
- Fine Organic Industries Limited (NSE: FINEORG / BSE: 541557) is India's largest oleochemical-based specialty additives manufacturer — slip additives, anti-static agents, emulsifiers, plasticizers, food/feed nutritionals, pharma excipients, coatings additives.
- Founded 1970+ as a Shah family business; promoter holding 75% at the SEBI ceiling (Mukesh / Jayen / Tushar / Bimal jointly 48.66%).
- FY25 consol: Revenue Rs.2,269 Cr / PAT Rs.410 Cr / EBITDA margin 22.6% — 9M FY26 has compressed to 20.3%, Q3FY26 just 17.0% (lowest since Q4FY24).
- CFO is explicit: 20-22% is sustainable EBITDA
- FY23's 27.5% is non-repeatable.
- The company is at a 25-year capex inflection — Rs.700-750 Cr JNPA SEZ (Mumbai port) + US plant (Jun-2025, 159.9-acre Jonesville SC land + USD 1.12M equity) + UAE WOS (Fine Organics FZE Q3FY26) — three new geographies simultaneously after 50 years of single-country manufacturing.
- Volume growth capped 5-6% for 2 years until JNPA commissions: 'all our plants except E-73 are running almost full' (Mukesh Shah).
- Cash war chest Rs.1,196 Cr (Sep-25 consol), net cash to equity -0.47x
- CFO confirms 'we will be taking certain debt' to fund projects without exhausting M&A optionality.
- ICRA AA (Stable) / A1+ per AR FY25 p.94.
- Statutory auditor changed FY26: B Y & Associates retired (FY20-FY25), CNK & Associates LLP appointed FY26-FY30.
- Three SAST Reg 10 disclosures Mar-Apr 2026 by Mukesh M.