FINEORG

Fine Organic Industries share price & financials

Price
₹5,056
Market cap
₹15.8k Cr
Sector
Chemicals
Calls analysed
3
Latest concall · Q4 FY26 · call held 21 May 2026

Fine Organic Industries Limited Q4 & FY26

Revenue from Operations ₹2,365 cr +4%EBITDA Margin 20.4% PAT ₹417 cr +2%

What went well

  • Revenue from operations for FY26 increased by 4.3% to INR 2,365 crores from INR 2,269 crores in FY25.
  • Profit after tax for FY26 was up by 1.6% YoY to INR 417 crores from INR 410 crores in FY25.
  • The company maintained a healthy EBITDA margin of 20.4% for FY26.

What to watch

  • FY26 experienced elevated input cost pressures, with raw material prices marginally increasing in Q4 FY26 compared to Q3 FY26.
  • Freight costs increased in Q4 FY26 due to disruptions from the West Asia conflict.
Read the full call →

What Fine Organic Industries Limited does

Fine Organic Industries manufactures plant-based, oleochemistry-derived specialty additives that are used in small quantities as functional ingredients across food, polymer, personal care, coatings and animal feed products. It sells this additive portfolio through a mix of direct customers and distributors to end users spread across a large number of countries, earning a large share of revenue from exports. The company runs its own R&D centre to develop new specialty formulations and has been expanding its manufacturing base in India and starting new manufacturing/commercial entities overseas (US, Thailand JV, UAE).

Segments

  • Food Ingredients
  • Polymer Additives
  • Personal Care Ingredients
  • Specialty Additives (Coatings)
  • Feed Ingredients
Manufacturing facilities
7
Manufacturing locations (India)
Ambernath, Badlapur, Dombivli and Patalganga, Maharashtra
Product portfolio
600+ specialty additives
Countries served
110+
Direct customers
950+
Distributors
330+
Founded 1970Employees 930 (2026-03-31) Company website

Guidance record · Q4 FY26

what the last two calls moved 11 tracked 1 delivered 0 missed 10 open
  • Sustainable EBITDA Margin revised down said Q4 FY24 Promised: 20%-22% Q4 FY26: FY26 EBITDA margin was 20.4%, within the original range. However, management revised long-term sustainable guidance down to '18% to 20%'.
  • Patalganga Facility Full Utilization on track said Q4 FY24 Promised: 4 years (FY28) Q4 FY26: Management expects the plant to operate at full capacity during FY27, consistent with the previously accelerated timeline.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 19.5%, net profit up 46.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue595 522 576 559 572 −4%529 +1%616 +7%668 +19%
EBITDA143 104 108 107 108 −24%85 −18%111 +3%173 +62%
Net profit113 89 89 93 95 −16%68 −24%90 +1%136 +46%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +6.9% 1Y

₹4.0k₹4.5k₹5.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 21 May 2026

1Y: ₹4,834.2 on 10 Sept 2025 → ₹5,167.5. High ₹5,334.1 (29 Jun 2026), low ₹3,886.8 (23 Jan 2026).

How the price took the results

close before → close after

Q4 FY26
+0.3%
21 May

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 9.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 18.1%.

Year endingFY23FY24FY25FY26
Revenue₹3.0k Cr₹2.0k Cr₹2.2k Cr₹2.3k Cr
Operating profit₹829 Cr₹480 Cr₹477 Cr₹411 Cr
Operating margin27.4%24.6%21.7%18.1%
Interest₹4 Cr₹2 Cr₹0 Cr₹2 Cr
Depreciation₹48 Cr₹56 Cr₹52 Cr₹53 Cr
Net profit₹618 Cr₹367 Cr₹390 Cr₹346 Cr
Net margin20.4%18.8%17.7%15.2%
Cash from operations₹434 Cr₹606 Cr₹196 Cr₹372 Cr
Free cash flow₹353 Cr₹542 Cr₹158 Cr₹302 Cr
ROCE62.0%29.0%26.0%20.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹15 Cr₹15 Cr₹15 Cr₹15 Cr₹15 Cr₹15 Cr
Reserves₹724 Cr₹943 Cr₹1.5k Cr₹1.8k Cr₹2.5k Cr₹2.5k Cr
Borrowings₹89 Cr₹59 Cr₹29 Cr₹4 Cr₹16 Cr₹23 Cr
Other liabilities₹128 Cr₹211 Cr₹222 Cr₹179 Cr₹167 Cr₹253 Cr
Total liabilities₹956 Cr₹1.2k Cr₹1.8k Cr₹2.0k Cr₹2.7k Cr₹2.8k Cr
Fixed assets₹196 Cr₹229 Cr₹214 Cr₹268 Cr₹373 Cr₹268 Cr
Capital work in progress₹26 Cr₹14 Cr₹40 Cr₹30 Cr₹36 Cr₹47 Cr
Investments₹44 Cr₹43 Cr₹53 Cr₹116 Cr₹34 Cr₹262 Cr
Other assets₹690 Cr₹941 Cr₹1.5k Cr₹1.6k Cr₹2.2k Cr₹2.2k Cr
Total assets₹956 Cr₹1.2k Cr₹1.8k Cr₹2.0k Cr₹2.7k Cr₹2.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.75 pp while FIIs trimmed −0.53 pp. The shareholder count shrank 20% to 83,591.

Promoters
75.0%
FIIs
4.3%
DIIs
11.7%
Public
9.0%

Since Jun 2025

  • Public +0.75 pp
  • FIIs −0.53 pp
  • DIIs −0.22 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 3.8%, DIIs 12.2%, Public 9.1%.Dec '23: Promoters 75.0%, FIIs 3.6%, DIIs 11.8%, Public 9.6%.Mar '24: Promoters 75.0%, FIIs 4.5%, DIIs 10.8%, Public 9.8%.Jun '24: Promoters 75.0%, FIIs 4.9%, DIIs 11.1%, Public 8.9%.Sep '24: Promoters 75.0%, FIIs 4.9%, DIIs 11.6%, Public 8.6%.Dec '24: Promoters 75.0%, FIIs 5.2%, DIIs 11.5%, Public 8.3%.Mar '25: Promoters 75.0%, FIIs 4.7%, DIIs 12.0%, Public 8.3%.Jun '25: Promoters 75.0%, FIIs 4.8%, DIIs 11.9%, Public 8.3%.Sep '25: Promoters 75.0%, FIIs 4.6%, DIIs 12.0%, Public 8.4%.Dec '25: Promoters 75.0%, FIIs 4.4%, DIIs 11.8%, Public 8.8%.Mar '26: Promoters 75.0%, FIIs 4.4%, DIIs 11.7%, Public 9.0%.Jun '26: Promoters 75.0%, FIIs 4.3%, DIIs 11.7%, Public 9.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Fine Organic Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Tushar Ramesh Shah 16.60%unchanged
Jayen Ramesh Shah 16.04%unchanged
Bimal Mukesh Shah 10.44%unchanged
Archana Yatin Sankholkar 7.49%unchanged
Mukesh Maganlal Shah 6.59%unchanged
Anjali Kunal Patil 6.49%unchanged
Axis Mutual Fund Trustee Limited A/C Axis Mutual F Mutual fund4.05%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund2.56%unchanged
SBI Small Cap Fund Mutual fund2.17%unchanged
Neeta Jayen Shah 2.00%unchanged
Bina Tushar Shah 1.87%unchanged
Jayshree Mukesh Shah 1.85%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in FINEORG

Filings to Aug 2026

0 new, 0 added, 1 trimmed, 0 sold out — net −5.69 L shares (−39.5%).

Held by funds
₹461 Cr
2 schemes
Biggest holder
Nippon India Small Cap Fund
₹415 Cr · 0.5% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹415 Crheld
SBI Smallcap Fund SBI Mutual Fund₹46 Cr−5.69 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 1 trimmed — net −5.69 L shares (−39.5%)

Funds are sitting on
+160%
vs est. average cost
Held by funds
₹461 Cr
2 schemes · ≈ 2.8% of the company
Biggest holder
Nippon India Small Cap Fund
₹415 Cr · 0.5% of that fund

Shares held by these funds +2%

Aug '23 14.42 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹5168, this stock must grow earnings at 28% every year for 7 years. Our analysis caps realistic growth at ~-18%. At that growth it is worth ₹442 — downside of 91%.

Growth the price implies
28.5% a year
for 7 years, fading to 4%
It has actually compounded at
-17.6% a year
net profit, FY23–FY26 · EPS -17.6%
The gap
0.5 pp
-91% downside if it only repeats history
Price today ₹5,167.5 Value at the reference growth ₹442.4

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Fine Organic Industries Limited

Guides on how to read this kind of business and the numbers that matter.