Source: Inve Guidance Tracker for Fine Organic Industries Limited · to Q4 FY26
A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.
10 of Fine Organic Industries Limited's 11 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 9 more targets are in the full ledger.
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Source: Inve’s analysis of Fine Organic Industries Limited’s Q4 FY26 call · the analysis’s own words, not the transcript
Supply chain
Cross-company call evidence
Named counterparties and similar headwinds disclosed on earnings calls.
Products, transactions and disclosed impact
Company disclosures with supporting evidence. Actual results, management expectations, and summary paraphrases remain qualified by source basis.
AcquisitionStage: Announced Call date: 2026-05-21
Proposed
Announced
Active
Completed / ended
Named counterparties & directional relationship
Fine Organic Industries Limited→ acquires →up to 80% stake in Oleofine Organics BHD, Malaysia (OFM)
Party roles: Acquirer / Transaction asset
· Announced · Effective: within the next 3 months
Counterparty named; listed-company identity not verified.
Smoothex Chemicals Private Limited→ divests to →Fine Organic Industries Limited
Party roles: Seller of target / Buyer
· Announced · Effective: within the next 3 months
Counterparty named; listed-company identity not verified.
other existing shareholders of OFM→ divests to →Fine Organic Industries Limited
Party roles: Seller of target / Buyer
· Announced · Effective: within the next 3 months
Counterparty named; listed-company identity not verified.
Products, services & business exposure Mentioned in this disclosure
up to 80% stake in Oleofine Organics BHD, Malaysia (OFM)· role: Transaction asset
· category: Business asset / Equity interest
food additives (OFM's current products)· role: Mention only
· category: not established
Disclosed financial & operational figures
stake in Oleofine Organics BHD, Malaysia to be acquired by Fine Organic Industries Limited: up to 80% · Stake transferred
· Entity
portion of the proposed 80% OFM stake to be acquired from Smoothex Chemicals Private Limited: 50% · Stake transferred
· Entity
remaining portion of the proposed 80% OFM stake to be acquired from other existing shareholders of OFM: 30% · Stake transferred
· Entity
expected aggregate transaction value of the acquisition (cash consideration): approximately MYR 34.2 million, which is approximately INR 82.9 crores · Transaction consideration
· Event
consideration amount per structured consideration field (cash): 82.9 crores INR · Transaction consideration
· Event
Oleofine Organics BHD, Malaysia (OFM) reported turnover: approximately MYR 23.3 million · Target historical revenue
· Entity · as of January 31, 2026
OFM turnover INR equivalent, as corrected in the source: INR 54 crores · Target historical revenue
· Entity · as of January 31, 2026
OFM revenue as stated by Mukesh Shah on the call ('as of now'): approximately INR 54 crores · Target historical revenue
· Entity
Financial & operational impact
Fine Organic Industries Limited:General business impact · Positive outcomeSummary paraphrase· Company-wide
Condition: Present-tense characterization that the acquisition strengthens the issuer's presence in the specialty additives space; no metric, magnitude or measured result is stated.
Fine Organic Industries Limited:Market access · IncreaseSummary paraphrase· Company-wide
Condition: Present-tense characterization that the acquisition further enhances the issuer's international footprint in the growing Asian region; no magnitude or measured result is stated.
Affected party not specified:Product & connectivity breadth · IncreaseManagement expectation· Scope not specified
Condition: Mukesh Shah said 'we' will expand into other lines going forward, after the investment is made, following a remark that OFM is currently mainly in food additives. Whether the broader range belongs to OFM, the issuer or the combined group is not stated, so the beneficiary is unresolved; the other lines, timing and amount are not stated.
Additional disclosure context
Board approval: The issuer's Board has approved the acquisition
Target alias: Oleofine Organics BHD, Malaysia is also referred to as OFM
Arms length: The transaction will be carried out on an arm's length basis
Completion status: Mukesh Shah said the acquisition has yet to happen and is expected within the next 3 months (an analyst had described OFM as acquired)
Stake reference: Management referred to 'this 80% share' when giving the reason for the acquisition
Target history: Mukesh Shah described OFM as a very old company, since 1988 ('I believe')
Target inputs: Products made there are completely based on palm-based raw materials
Target current lines: As of now, they are only in food additives (mainly)
Target exports: As of now there is no export from Malaysia to the U.S.; major exports are to Asian countries
Target export markets: Export destinations named as Indonesia, China, Vietnam and similar countries, mostly Asian markets
Post expansion markets: After expansion, some products will go to other markets also
Expansion scope: Management said there is a lot of scope of expansion there
Target business: OFM is engaged in manufacturing in sales of food additives (source wording)
Strategic rationale: Mukesh Shah called the acquisition a strategic decision
Strategic rationale: Location described as the right place for oleochemical derivatives, with palm oil the most important thing
Strategic rationale: Mukesh Shah said 'India does not have that' and that there are certain big advantages in Malaysia
Expansion intent: Management said 'We are definitely going to expand that in a sizable way'; referent, metric and timing not stated
Target land: It does not have a lot of land, but existing land is enough to start with at least something
Planned focus: Some high-value production based on palm kernel oil; focusing only on that as of now
Priority sequencing: Management said JNPA is the top priority, then the U.S. plant
Priority sequencing: Management said that when the SEZ team is free, they will focus (object of focus continues beyond this quoted span)
Priority sequencing: Malaysia is also in queue now
Management statement: Mukesh Shah said this Malaysian venture is also going to be with us
Expected post completion status: Post completion, OFM will become a subsidiary of Fine Organic Industries Limited
Consideration form: Cash consideration
Value qualifier: The expected aggregate transaction value is subject to transaction costs and exchange rate conversions
Source correction: The INR 44 crores turnover equivalent was stated in error and should be read as INR 54 crores
Rationale: Aligns with long-term growth strategy
Completion conditions: Expected to be completed within the next 3 months, subject to customary approvals and definitive agreements
Seller affiliation: Smoothex Chemicals Private Limited, the seller of 50%, is described as a promoter group entity
Evidence and remaining questions (Production-reviewed correction)
the Board has approved our acquisition of up to 80% stake in Oleofine Organics BHD, Malaysia
Transcript excerpt
“Of the proposed 80% stake, 50% will be acquired from Smoothex Chemicals Private Limited, a”
Transcript excerpt
“promoter group entity, while the remaining 30% will be acquired from other existing”
Summary paraphrase
up to 80% stake in Oleofine Organics BHD, Malaysia (OFM): the Board has approved our acquisition of up to 80% stake in Oleofine Organics BHD, Malaysia
Summary paraphrase
food additives (OFM's current products): OFM is engaged in manufacturing in sales of food additives
Summary paraphrase
up to 80%: up to 80% stake in Oleofine Organics BHD, Malaysia
Transcript excerpt
50%: “Of the proposed 80% stake, 50% will be acquired from Smoothex Chemicals Private Limited, a”
Transcript excerpt
30%: “promoter group entity, while the remaining 30% will be acquired from other existing”
Summary paraphrase
approximately MYR 34.2 million, which is approximately INR 82.9 crores: The acquisition will be undertaken through cash consideration with the aggregate transaction value expected to be approximately MYR 34.2 million, which is approximately INR 82.9 crores, subject to transaction costs and exchange rate conversions.
Summary paraphrase
approximately MYR 23.3 million: reported a turnover of approximately MYR 23.3 million
Summary paraphrase
INR 54 crores: it should be read as INR 54 crores
Transcript excerpt
approximately INR 54 crores: “The revenue is approximately INR 54 crores”
Summary paraphrase
General business impact: strengthens our presence in the specialty additives space
Summary paraphrase
Market access: further enhances our international footprint in the growing Asian region
Transcript excerpt
Product & connectivity breadth: “But going forward, after doing the investment, we will expand into other lines also.”
Summary paraphrase
the Board has approved our acquisition of up to 80% stake in Oleofine Organics BHD, Malaysia
Summary paraphrase
also referred to as OFM
Transcript excerpt
“shareholders of OFM. the transaction will be carried out on an arm's length basis.”
Transcript excerpt
“going to acquire within the next 3 months.”
Transcript excerpt
“and that is the reason we have required this 80% share.”
Transcript excerpt
“It is a very old company, which is since 1988, I believe.”
Transcript excerpt
“there are completely based on palm-based raw materials”
Transcript excerpt
“As of now, they are only in food additives,”
Transcript excerpt
“No, as of now from Malaysia, there is no export to U.S. but major exports is to Asian countries”
Transcript excerpt
“like Indonesia, China, Vietnam, those kind of countries, mostly Asian markets.”
Transcript excerpt
“but yes, after expansion, there will be some products going to other markets also.”
Transcript excerpt
“there is a lot of scope of expansion there”
Summary paraphrase
OFM is engaged in manufacturing in sales of food additives
Transcript excerpt
“But don't forget that this is a strategic decision because you are”
Transcript excerpt
“situated in the right place, which is basically for oleochemical derivatives, palm oil is the most”
Transcript excerpt
“important thing, India does not have that. So there are certain big advantages there in Malaysia,”
Transcript excerpt
“We are definitely going to expand that in a sizable way.”
Transcript excerpt
“It does not have a lot of land, but existing land is enough for us to start with at least something”
Transcript excerpt
“palm kernel oil. Some high-value production, all that. So we are focusing only on that as of now.”
Transcript excerpt
“Our priority is JNPA is the top priority. Then U.S. plant.”
Transcript excerpt
“So when SEZ team is free, they will focus”
Transcript excerpt
“And meanwhile, Malaysia is also in queue now.”
Transcript excerpt
“Now this Malaysian venture is also going to be with us”
Summary paraphrase
Post completion, OFM will become a subsidiary of Fine Organic Industries Limited.
Summary paraphrase
The acquisition will be undertaken through cash consideration
Summary paraphrase
subject to transaction costs and exchange rate conversions
Summary paraphrase
(Please note INR 44 crores mentioned erroneously, it should be read as INR 54 crores)
Summary paraphrase
This acquisition aligns with our long-term growth strategy
Transcript excerpt
“completed within the next 3 months, subject to customary approvals and definitive agreements.”
Transcript excerpt
“promoter group entity, while the remaining 30% will be acquired from other existing”
Not established by the available evidence
acquisition vehicle: The issuer is the acquirer per 'our acquisition', and OFM will become a subsidiary of Fine Organic Industries Limited; the legal entity that will hold the stake is not stated.
buyer role basis in seller edges: The 50%/30% sentences say only 'will be acquired from'; the issuer as buyer is inferred from 'our acquisition' in the same disclosure.
identities of other existing shareholders: The 30% sellers are described only as 'other existing shareholders of OFM' and are not named.
promoter group owner: Smoothex Chemicals Private Limited is called a 'promoter group entity'; whose promoter group is not stated.
definitive agreement: Completion is subject to customary approvals and definitive agreements; no signed definitive agreement is reported, so binding state is UNDETERMINED and lifecycle ANNOUNCED.
approvals required: Only 'customary approvals' are mentioned; specific approvals and approvers are not named.
completion date: 'Within the next 3 months' was said on the May 21, 2026 call; no exact completion date is given.
stake size and value allocation: Stake is 'up to 80%' / 'proposed 80%' split 50% and 30%; no final stake, stake before/after, or allocation of the aggregate value between sellers is given.
target turnover period: Narrative says 'as of January 31, 2026', the structured field says FY26 and the call says 'as of now'; the relationship between these labels is not given.
food additive product types: Only 'food additives' is stated; specific products and a supported category are not given, and the other lines OFM may expand into are not named.
financial effect on issuer: No quantified financial effect is stated; financial_impact_note is null. The qualitative presence/footprint clauses are kept as SUMMARY_CLAIM impacts without metric magnitude. The analyst's assumed 20% margin and INR 10 crores cash flow was not confirmed by management and is not recorded.
metric mapping for presence and footprint: 'Strengthens our presence in the specialty additives space' has no stated metric (kept UNDETERMINED, not market share); 'international footprint in the growing Asian region' is mapped to MARKET_ACCESS as geographic presence, without a stated magnitude.
beneficiary of product-line expansion and 'expand that' referent: 'We will expand into other lines' and 'expand that in a sizable way' do not say whether OFM, the issuer or the combined group is affected.
referent of 'India does not have that': The pronoun 'that' follows a mention of palm oil, but the source does not resolve it explicitly.
Counterparties named by Fine Organic Industries Limited
Fine Organic Industries Limited→ acquires or invests in →Oleofine Organics BHD, Malaysia.
Q3 FY26· Announced· Positive·Counterparty named; listed-company identity not verified.
Proposed
Announced
Active
Completed / ended
Aligns with long-term growth strategy, strengthens presence in specialty additives, enhances international footprint in growing Asian region.
Disclosed value: INR 82.9 crores
“I'm pleased to share that the Board has approved our acquisition of up to 80% stake in Oleofine Organics BHD, Malaysia, also referred to as OFM. OFM is engaged in manufacturing in sales of food additives and reported a turnover of approximately MYR 23.3 million, equivalent to approximately INR44 crores (Please note INR 44 crores mentioned erroneously, it should be read as INR 54 crores) as of January 31, 2026. This acquisition aligns with our long-term growth strategy, strengthens our presence in the specialty additives space and further enhances our international footprint in the growing Asian region. Post completion, OFM will become a subsidiary of Fine Organic Industries Limited. The acquisition will be undertaken through cash consideration with the aggregate transaction value expected to be approximately MYR 34.2 million, which is approximately INR 82.9 crores, subject to transaction costs and exchange rate conversions.”
Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.
Evidence drawer
Evidence type: Transcript excerpt
“I'm pleased to share that the Board has approved our acquisition of up to 80% stake in Oleofine Organics BHD, Malaysia, also referred to as OFM. OFM is engaged in manufacturing in sales of food additives and reported a turnover of approximately MYR 23.3 million, equivalent to approximately INR44 crores (Please note INR 44 crores mentioned erroneously, it should be read as INR 54 crores) as of January 31, 2026. This acquisition aligns with our long-term growth strategy, strengthens our presence in the specialty additives space and further enhances our international footprint in the growing Asian region. Post completion, OFM will become a subsidiary of Fine Organic Industries Limited. The acquisition will be undertaken through cash consideration with the aggregate transaction value expected to be approximately MYR 34.2 million, which is approximately INR 82.9 crores, subject to transaction costs and exchange rate conversions.”
Similar commentary provides sector context; it does not establish a business relationship with Fine Organic Industries Limited. Each comparison matches a headwind disclosed by Fine Organic Industries Limited in the same calendar reporting quarter.
Raw material prices are increasing due to crude oil and global demand for vegetable oils…
Topic: Raw material costs · Raw material cost · Q3 FY26
Fine Organic Industries Limited reported: Raw material prices are increasing due to crude oil and global demand for vegetable oils (palm oil for biodiesel), expected to remain high in FY27.
Reporting period ended 2025-12-31
27 other companies · Raw material cost
Coromandel International Limited (COROMANDEL) reported (period ended 2025-12-31): Sulphur prices moved up to $550 and Phos Acid from $1,250 to $1,290, putting pressure on margins, though management believes sulphur prices are not sustainable.
UPL Limited (UPL) reported (period ended 2025-12-31): Continued overcapacity in China contributes to low commodity prices for growers, impacting the market and leading to persistent pricing pressure in most molecules.
PI Industries Limited (PIIND) reported (period ended 2025-12-31): Prolonged down cycle driven by distributor destocking, adverse weather, soft commodity prices, and elevated interest rates.
Evidence drawer
Evidence type: Summary paraphrase
Raw material prices are increasing due to crude oil and global demand for vegetable oils (palm oil for biodiesel), expected to remain high in FY27.
Fine Organic Industries Limited reported: New product development is a long process requiring regulatory and customer approvals, which can be slower for products with headquarters in Europe/US.
Reporting period ended 2025-12-31
5 other companies · Regulatory policy
PCBL Chemical Limited (PCBL) reported (period ended 2025-12-31): Environmental clearance for the proposed AP project is expected to take 12 months, impacting project timelines.
Dhanuka Agritech Limited (DHANUKA) reported (period ended 2025-12-31): Regulatory changes led to a Rs. 15 crore sales impact in Q3 and Rs. 49 crore in 9M FY26, though management expects normalization by Q1 FY27.
Chemplast Sanmar Limited (CHEMPLASTS) reported (period ended 2025-12-31): Seasonal demand decline, weather disruptions, lower import prices due to non-implementation of ADD, and regulatory uncertainty impacted Q3 performance.
Styrenix Performance Materials Limited (STYRENIX) reported (period ended 2025-12-31): While China has overcapacity, management states it has not significantly impacted the Indian specialty ABS market, and BIS withdrawal has not led to increased dumping.
Evidence drawer
Evidence type: Summary paraphrase
New product development is a long process requiring regulatory and customer approvals, which can be slower for products with headquarters in Europe/US.
Fine Organic Industries Limited reported: Freight costs increased in Q4 FY26 due to disruptions from the West Asia conflict, though customers are cooperative.
Reporting period ended 2025-12-31
2 other companies · Logistics supply chain
Supreme Petrochem Limited (SPLPETRO) reported (period ended 2025-12-31): While BIS removal opens a window for Chinese ABS, management believes quality, freight, and inland location issues will limit their ability to replace Korean/Taiwanese supplies, with Chinese exports to India for ABS being practically nil.
DCW Limited (DCW) reported (period ended 2025-12-31): Lower freight costs and global oversupply resulted in materially higher imports, impacting domestic realizations.
Evidence drawer
Evidence type: Summary paraphrase
Freight costs increased in Q4 FY26 due to disruptions from the West Asia conflict, though customers are cooperative.
Based on the company's own presentations, annual report and earnings calls.
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
Moved an average of ±0.3% across the last 1 priced result release
Close before → close after
Quarter
Release
Revenue (₹ Cr)
Net profit (₹ Cr)
Rev YoY
Before → After
Reaction
Q4 FY26
21 May 26
616
90
+6.9%
₹4,594.1 → ₹4,607.3
+0.3%
The move from the last close before each results date to the first close on or after it — the
market's first read on the quarter alongside what was filed.
Guidance
What management said, and what became of it
1 of 1 judged target kept · 10 open · verdicts reflect calls analysed to Q4 FY26.
Fine Organic Industries Limited management guidance track record on Inve: 11 targets tracked across analysed earnings calls (1 achieved, 0 missed, 10 open).
Watch execution in Operations & Margins (1 delayed/missed).
Target
Original wording
Said
Latest call
Verdict
OperationsSustainable EBITDA Margin
20%-22%
Q4 FY24
Q4 FY26:FY26 EBITDA margin was 20.4%, within the original range. However, management revised long-term sustainable guidance down to '18% to 20%'.
Source: Inve Guidance Tracker for Fine Organic Industries Limited · to Q4 FY26
A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.
No analysed call after Q4 FY26, though results run to Sept 2026.
Call summaries
Q4 FY26 — 21 May 2026
Fine Organic Industries Limited Q4 & FY26
Fine Organic Industries Limited reported a 4.3% YoY revenue growth to INR 2,365 crores and a 1.6% YoY PAT increase to INR 417 crores for FY26, with an EBITDA margin of 20.4%. The company made significant strategic advancements, including the acquisition of Oleofine Organics in Malaysia, continued investment in the JNPA SEZ project, and land acquisition for a new US manufacturing unit, despite navigating a volatile global environment marked by rising raw material and freight costs.
Fine Organic delivered a steady performance in FY25 despite raw material and utility cost headwinds. The company is entering a significant expansion phase with a ₹750 crore SEZ project and its first overseas manufacturing plant in the US. While immediate volume growth is constrained by high capacity utilization, management is leveraging its strong cash position to secure long-term growth through strategic domestic and international investments.
Summaries of each call, in Inve’s own words; the transcript is not reproduced. Not investment advice.
Every analysed call
Fine Organic Industries Limited earnings calls (FINEORG)
Fundamentals
Valuation, return & balance-sheet ratios
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Trailing twelve months
20.08% TTM to Sept 2026
Fiscal year
21.47% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
21.48%
38.85%
65.38%
31.24%
26.38%
21.47%
How it is calculated. Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
Trailing twelve months
16.42% TTM to Sept 2026
Fiscal year
16.62% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
17.78%
30.77%
49.44%
23.80%
19.45%
16.62%
How it is calculated. Adjusted profit attributable to owners ÷ average owners’ equity.
Trailing twelve months
14.05% TTM to Sept 2026
Fiscal year
14.97% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
13.33%
23.81%
40.62%
21.05%
17.78%
14.97%
How it is calculated. Total profit excluding exceptional items after tax ÷ average total assets.
Trailing twelve months
22.24% TTM to Sept 2026
Fiscal year
20.29% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
17.48%
19.35%
27.42%
25.06%
22.57%
20.29%
How it is calculated. Operating profit ÷ revenue.
Trailing twelve months
18.48% TTM to Sept 2026
Fiscal year
17.41% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
10.59%
13.86%
20.44%
19.41%
18.07%
17.41%
How it is calculated. Total profit excluding exceptional items after tax ÷ revenue.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
7.77%
0.32%
13.36%
25.86%
3.35%
12.17%
How it is calculated. (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
111.67%
25.77%
78.48%
154.13%
49.76%
103.12%
How it is calculated. Operating cash flow ÷ reported total net profit.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
4.06%
3.25%
2.68%
4.05%
5.64%
6.00%
How it is calculated. Fixed-asset purchases ÷ revenue.
Trailing twelve months
12.73% TTM to Sept 2026
Fiscal year
4.28% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
9.15%
65.58%
61.14%
-29.77%
6.88%
4.28%
How it is calculated. Revenue change against the same period one year earlier.
Trailing twelve months
19.95% TTM to Sept 2026
Fiscal year
0.49% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
-27.27%
116.67%
137.69%
-33.33%
-0.49%
0.49%
How it is calculated. Adjusted profit attributable to owners vs the same period one year earlier.
Trailing twelve months
20.63% TTM to Sept 2026
Fiscal year
-6.25% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
-15.74%
83.33%
128.37%
-35.83%
-3.76%
-6.25%
How it is calculated. Operating profit vs the same period one year earlier.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
0.12×
0.06×
0.02×
0.00×
0.00×
0.03×
How it is calculated. Borrowings ÷ owners’ equity.
Trailing twelve months
105.17× TTM to Sept 2026
Fiscal year
135.00× FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
28.00×
71.40×
169.20×
273.00×
278.50×
135.00×
How it is calculated. Adjusted EBIT ÷ interest expense.
Trailing twelve months
0.76× TTM to Sept 2026
Fiscal year
0.86× FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
1.26×
1.72×
1.99×
1.08×
0.98×
0.86×
How it is calculated. Revenue ÷ average total assets.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
₹-175.00 Cr
₹-174.00 Cr
₹-494.00 Cr
₹-1,045.00 Cr
₹-947.00 Cr
₹-1,381.00 Cr
How it is calculated. Borrowings less cash equivalents.
Trailing twelve months
-1.96× TTM to Sept 2026
Fiscal year
-2.32× FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
-0.81×
-0.44×
-0.55×
-1.73×
-1.56×
-2.32×
How it is calculated. (Borrowings − cash equivalents) ÷ adjusted EBITDA.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
1.23×
1.14×
0.99×
1.02×
1.00×
1.03×
How it is calculated. Average total assets ÷ closing owners’ equity.
Trailing twelve months
33.87× TTM to Sept 2026
Fiscal year
39.55× FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
—
—
—
—
—
—
How it is calculated. Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
—
—
—
—
—
—
How it is calculated. Market cap ÷ owners’ equity from the balance sheet selected for the TTM inputs. Uses current market cap, not the share price at the period end.
Trailing twelve months
21.62× TTM to Sept 2026
Fiscal year
25.02× FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
—
—
—
—
—
—
How it is calculated. (Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.
Trailing twelve months
4.22% TTM to Sept 2026
Fiscal year
3.62% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
—
—
—
—
—
—
How it is calculated. Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
52.00 days
59.00 days
42.00 days
54.00 days
54.00 days
54.00 days
How it is calculated. Reported receivable days from the annual accounts.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
63.00 days
72.00 days
91.00 days
78.00 days
100.00 days
104.00 days
How it is calculated. Reported inventory days, using material cost / cost of goods sold.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
49.00 days
47.00 days
36.00 days
41.00 days
43.00 days
45.00 days
How it is calculated. Reported payable days, using material cost / cost of goods sold.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
66.00 days
84.00 days
97.00 days
91.00 days
111.00 days
113.00 days
How it is calculated. Reported debtor days plus inventory days less payable days.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
65.00 days
79.00 days
76.00 days
77.00 days
104.00 days
92.00 days
How it is calculated. Reported net working capital days from the annual accounts.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
28.00%
11.00%
4.00%
7.00%
8.00%
8.00%
How it is calculated. Reported dividend payout as a percentage of annual profit.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
—
—
—
—
—
—
How it is calculated. Market capitalisation from the current stock record.
A dash means inputs are missing or too old, the ratio does not apply, or the value is outside the supported range. FY uses the reported fiscal period; TTM the latest twelve months; valuations use the current market cap with the chosen earnings period. Screen Indian stocks on these ratios →
Financials
Quarterly & annual financial statements
Net profit, year on year: +42% (quarter to sept 2026 against sept 2025).
In ₹ crore. Oldest period first.
Click any row to plot
Line item
Dec 2024
Mar 2025
Jun 2025
Sept 2025
Dec 2025
Mar 2026
Jun 2026
Sept 2026
522
576
559
572
529
616
668
693
417
468
452
464
444
505
495
524
104
108
107
108
85
111
173
169
20.0%
19.0%
19.0%
19.0%
16.0%
18.0%
26.0%
24.0%
29
26
33
34
20
34
24
27
0
0
0
0
0
2
1
1
13
14
11
12
13
17
13
13
120
119
128
130
91
127
183
183
26.0%
26.0%
28.0%
26.0%
26.0%
29.0%
26.0%
26.0%
89
89
93
95
68
90
136
135
29.03
28.88
30.28
31.10
22.22
29.38
44.19
44.08
Source: Inve data · income statement, quarterly · to Sept 2026
In ₹ crore. Oldest period first.
Click any row to plot
Sales3Y CAGR −9.0%
Operating profit3Y CAGR −20.9%
Net profit3Y CAGR −17.6%
Line item
Mar 2023
Mar 2024
Mar 2025
Mar 2026
3,024
1,952
2,201
2,276
2,193
1,469
1,723
1,865
829
480
477
411
64
70
101
121
4
2
0
2
48
56
52
53
841
494
525
476
618
367
390
346
Source: Inve data · income statement, annual · to Mar 2026
In ₹ crore. Oldest period first.
Click any row to plot
Line item
Mar 2023
Mar 2024
Mar 2025
Sept 2025
Mar 2026
Sept 2026
15
15
15
15
15
15
1,507
1,846
2,203
2,462
2,499
2,747
29
4
3
16
23
20
222
179
197
167
253
242
1,772
2,044
2,418
2,660
2,791
3,025
214
268
254
373
268
259
40
30
27
36
47
60
53
116
181
34
262
397
1,465
1,631
1,956
2,218
2,214
2,309
1,772
2,044
2,418
2,660
2,791
3,025
Source: Inve data · balance sheet · to Sept 2026
In ₹ crore. Oldest period first.
Click any row to plot
Line item
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
135
74
434
606
196
372
-40
-56
-85
-429
-639
-412
-39
-65
-69
-58
-34
-44
56
-48
280
118
-477
-83
89
14
353
542
158
302
Source: Inve data · cash flow · to Mar 2026
In days and %. Oldest period first.
Click any row to plot
Line item
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
57
65
57
65
61
64
55
62
58
64
75
69
50
46
33
43
41
42
62
80
83
86
95
91
64
80
75
79
100
84
20.0%
37.0%
62.0%
29.0%
26.0%
20.0%
29.0%
11.0%
5.0%
8.0%
9.0%
10.0%
Source: Inve data · annual ratios · to Mar 2026
Reverse DCF: growth rate implied by today's share price
Growth trap
To justify its price of ₹5314, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~-18%. At that growth it is worth ₹500 — downside of 91%.
Growth the price implies
26.6% 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
0.4 pp
-91% downside if it only repeats history
Price today ₹5,314Value at the reference growth ₹500.2
Test your own growth assumption(7Y stage-1 growth at 12.0% discount rate)
Disclosed holders that added to a position or appeared on the register for the first
time, biggest addition first.
+1.00 pp17.04% held
The same filing shows 1
holder trimming and 2 off the list — both
are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Fine Organic Industries Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
Holder
Stake
Change
17.04%
+1.00 pp
16.60%
unchanged
10.44%
unchanged
7.49%
unchanged
6.59%
unchanged
6.49%
unchanged
Mutual fund
3.99%
−0.06 pp
Mutual fund
2.56%
unchanged
2.00%
unchanged
1.87%
unchanged
1.85%
unchanged
1.46%
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 Sep 2026
0 new, 0 added, 0 trimmed, 1 sold out
— net −0.88 L shares (−10.1%).
Held by funds
₹402 Cr
1 schemes
Biggest holder
Nippon India Small Cap Fund
₹402 Cr · 0.5% of that fund
Scheme
Holding
Last month
Held since
Nippon India Small Cap Fund Nippon India Mutual Fund
₹402 Cr
held
Jun '18
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 fundsSep 2026
0 added, 0 trimmed — net −87,830 shares (−10.1%)
Funds are sitting on
+188%
vs est. average cost
Held by funds
₹402 Cr
1 schemes · ≈ 2.6% of the company
Shares held by these funds−44%
Oct '237.85 L sharesSep '26
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Frequently asked questions on Fine Organic Industries Limited
Compiled directly from FINEORG's filed financial statements, earnings call transcripts, and ownership disclosures.
How did Fine Organic Industries Limited (FINEORG) perform in its latest reported quarter (Sept 2026)?
For the quarter ended Sept 2026, Fine Organic Industries Limited reported revenue of ₹693 Cr, net profit of ₹135 Cr, an operating margin of 24.0%. Diluted earnings per share stood at ₹44.08.
How is Fine Organic Industries Limited (FINEORG) valued today, and what growth does the stock price imply?
Fine Organic Industries Limited (FINEORG) trades at ₹5,314, with a market capitalization of ₹16.3k Cr. Reverse-DCF analysis shows the current stock price implies 26.6% annual earnings growth over the next 7 years compared with its historical net-profit CAGR of -17.6%.
Who owns Fine Organic Industries Limited (FINEORG) — promoters, FIIs, DIIs, and mutual funds?
As of Sept 2026, Promoters hold 75.0%, FIIs hold 4.6%, DIIs hold 10.3%, Public shareholders hold 10.2%.
Learn to analyse Fine Organic Industries Limited
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