GEMAROMA
Gem Aromatics financials
- Market cap
- ₹918 Cr
- Sector
- Chemicals
- Calls analysed
- 4
Gem Aromatics Limited Q1 FY27
What went well
- Consolidated revenue grew 12.5% YoY to ₹99 crores in Q1 FY27, supported by improving business activity.
- Standalone revenue grew 9.2% YoY to ₹83 crores in Q1 FY27.
- Nearly ₹265 crores of the total ₹270 crores Dahej plant capex has been incurred and substantially capitalized, indicating readiness of new capacity.
What to watch
- Consolidated PAT reported a loss of ₹7.9 crores in Q1 FY27, impacted by higher depreciation of ₹9.1 crores.
- Consolidated EBITDA margin was significantly lower at 3.3%, primarily due to product mix, higher raw material costs in the clove business, and higher operating costs from the new facility.
What Gem Aromatics Limited does
Gem Aromatics manufactures essential oils, aroma chemicals and value-added derivatives across Mint & Mint Derivatives, Clove & Clove Derivatives, Phenol Derivatives, Citral Chemistry and other natural/synthetic ingredients such as Eucalyptus and Lemongrass oil. Products feed into Oral Care, Cosmetics, Nutraceuticals, Pharmaceuticals, Wellness & Pain Management and Personal Care applications. Manufacturing spans three facilities (Silvassa, Budaun and the newer Dahej greenfield site), with output sold to domestic and international customers across 20 countries.
Segments
- Mint & Mint Derivatives
- Clove & Clove Derivatives
- Phenol Derivatives
- Citral Chemistry
- Other Synthetic & Natural Ingredients
- Manufacturing facilities
- 3 (Silvassa, Budaun, Dahej)
- Total installed capacity
- 16,171 MTPA
- Product categories
- 80+
- Countries served
- 20
- Domestic customers
- 225
- Global customers
- 44
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 1 delivered 2 missed 12 open- Phase-II Dahej Plant Commissioning delivered, diluted said Q2 FY26 Promised: Commence on November 30th Q1 FY27: No new updates. The plant is operational as of Q4 FY26. The promise remains achieved with a slight delay.
- BHA Production Start went quiet said Q2 FY26 Promised: Fast-tracked to start in FY27 (from FY28) Q1 FY27: No mention of BHA production timelines for the third consecutive quarter.
- Company Level Revenue at risk said Q2 FY26 Promised: ₹1,050-1,100 crores by FY28 Q1 FY27: The accelerated FY27 target of ₹1,100 crores is now at significant risk. Q1 FY27 revenue was only ₹99 crores, and management narrative has shifted to framing FY27 as a 'ramp-up year', implicitly pushing significant growth to FY28.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 12.8%, net profit down 198.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 112 | 97 | 202 | 88 | 90 −20% | 79 −19% | 110 −45% | 99 +13% |
| EBITDA | 15 | 13 | 46 | 15 | 3 −80% | 7 −46% | 16 −66% | 3 −78% |
| Net profit | 10 | 7 | 28 | 8 | -3 −126% | -5 −167% | 1 −96% | -8 −199% |
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 −46.8% 1Y
1Y: ₹302.6 on 10 Sept 2025 → ₹160.87. High ₹302.6 (10 Sept 2025), low ₹134.63 (10 Dec 2025).
How the price took the results
close before → close after
- Q1 FY27
- −4.4%
- 14 Aug
- Q4 FY26
- −1.8%
- 22 May
- Q3 FY26
- +0.7%
- 27 Jan
- Q2 FY26
- −5.6%
- 14 Nov
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 27.3% a year over 1 year, FY25 to FY26. Operating margin narrowed to 11.1%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹504 Cr | ₹366 Cr |
| Operating profit | ₹88 Cr | ₹41 Cr |
| Operating margin | 17.6% | 11.1% |
| Interest | ₹8 Cr | ₹13 Cr |
| Depreciation | ₹7 Cr | ₹23 Cr |
| Net profit | ₹53 Cr | ₹1 Cr |
| Net margin | 10.6% | 0.4% |
| Cash from operations | ₹-25 Cr | ₹30 Cr |
| Free cash flow | ₹-130 Cr | ₹-65 Cr |
| ROCE | 19.0% | 3.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹9 Cr | ₹10 Cr | ₹10 Cr |
| Reserves | ₹108 Cr | ₹136 Cr | ₹178 Cr | ₹221 Cr | ₹445 Cr | ₹439 Cr |
| Borrowings | ₹55 Cr | ₹78 Cr | ₹90 Cr | ₹112 Cr | ₹144 Cr | ₹152 Cr |
| Other liabilities | ₹20 Cr | ₹23 Cr | ₹26 Cr | ₹26 Cr | ₹59 Cr | ₹40 Cr |
| Total liabilities | ₹186 Cr | ₹240 Cr | ₹296 Cr | ₹369 Cr | ₹658 Cr | ₹642 Cr |
| Fixed assets | ₹24 Cr | ₹36 Cr | ₹36 Cr | ₹50 Cr | ₹217 Cr | ₹253 Cr |
| Capital work in progress | ₹2 Cr | ₹1 Cr | ₹11 Cr | ₹30 Cr | ₹25 Cr | ₹6 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹160 Cr | ₹203 Cr | ₹249 Cr | ₹289 Cr | ₹416 Cr | ₹382 Cr |
| Total assets | ₹186 Cr | ₹240 Cr | ₹296 Cr | ₹369 Cr | ₹658 Cr | ₹642 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 Sep 2025, promoters added +2.38 pp while DIIs trimmed −1.75 pp. The shareholder count shrank 21% to 60,190.
- Promoters
- 57.4%
- FIIs
- 0.8%
- DIIs
- 4.8%
- Public
- 37.0%
Since Sep 2025
- Promoters +2.38 pp
- DIIs −1.75 pp
- FIIs −1.27 pp
How it drifted, 4 quarters
Over this window promoters went from 55.1% to 57.4% — +2.4 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 55.1%, FIIs 2.0%, DIIs 6.6%, Public 36.4%.Dec '25: Promoters 55.1%, FIIs 0.8%, DIIs 4.6%, Public 39.6%.Mar '26: Promoters 57.0%, FIIs 1.1%, DIIs 4.8%, Public 37.1%.Jun '26: Promoters 57.4%, FIIs 0.8%, DIIs 4.8%, Public 37.0%.
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.
- Sageone-Flagship Growth Oe Fund AIF newly disclosed 1.59% held
- Yash Vipul Parekh +0.44 pp 9.55% held
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 Gem Aromatics Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Parekh Family Trust | 20.29% | unchanged |
| Doterra Enterprises S.A.R.L. | 18.36% | unchanged |
| Vipul Nathalal Parekh | 18.22% | unchanged |
| Yash Vipul Parekh | 9.55% | +0.44 pp |
| Kaksha Vipul Parekh | 9.39% | unchanged |
| Nippon India Equity Opportunities AIF - Scheme 7 AIF | 1.80% | unchanged |
| Sageone-Flagship Growth Oe Fund AIF | 1.59% | newly disclosed |
| EastFort Mercantiles Limited | 0.00% | unchanged |
| Gem Aromatics Limited Employees GGCA Scheme | 0.00% | unchanged |
| Gem Aromatics Foundation | 0.00% | unchanged |
| H & G Clothing LLP | 0.00% | unchanged |
| In Design | 0.00% | 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.
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Gem Aromatics Limited
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