OAL
Oriental Aromatics share price & financials
- Price
- ₹343.3
- Market cap
- ₹1.3k Cr
- Sector
- Chemicals
- Calls analysed
- 6
Oriental Aromatics Limited Q1 FY27
What went well
- Consolidated revenue from operations stood at Rs. 260 crores, representing a healthy 15% year-on-year growth.
- Total sales volume increased by 22% year-on-year, while production volumes grew by 18% year-on-year.
- EBITDA margins improved sequentially by 71 basis points to 7.62% from 6.89% in Q4 FY26.
What to watch
- EBITDA margins were marginally lower than the corresponding quarter last year (8.01%) primarily due to higher raw material costs.
- Mahad facility is currently at 50-60% utilization and not yet EBITDA positive, impacting consolidated profitability.
What Oriental Aromatics Limited does
Oriental Aromatics makes specialty aroma chemicals (from pine, alpha-pinene and petrochemical feedstocks), synthetic camphor, and fragrance/flavour compounds used in incense sticks, fine fragrances, personal and home care, detergents, and food and beverage applications. It runs its own value chain from R&D through manufacturing, giving it control over ingredients that feed its fragrance and flavour business. Camphor is sold both to industrial/pharmaceutical buyers and directly to consumers under its own legacy brands, Saraswati and 3 Pine, for the spiritual/religious market.
Segments
- Flavours & Fragrances
- Specialty Aroma Chemicals
- Camphor & Terpene Chemicals
- Manufacturing plants
- 4 (Ambernath & Mahad, Maharashtra; Vadodara, Gujarat; Bareilly, Uttar Pradesh)
- R&D facilities
- 2 (Chandivali, Mumbai; Vadodara, Gujarat) with a ~40-member team
- Aroma ingredient portfolio
- 100+ aroma ingredients across 26 chemistries
- Export markets
- 30+ countries across Africa, Asia, Europe, South & North America
- Vadodara plant export share
- 75% of annual production exported
- Camphor brand production share
- Saraswati and 3 Pine account for 60%+ of internal camphor usage/production
Guidance record · Q1 FY27
what the last two calls moved 12 tracked 2 delivered 2 missed 8 open- Volume Growth (Aroma & F&F) delivered said Q4 FY25 Promised: Double-digit volume growth Q1 FY27: Achieved. Total sales volume increased by 22% YoY.
- EBITDA Margin missed said Q4 FY25 Promised: 10% to 12% Q1 FY27: Actual 7.62%. Sequential improvement but still below the revised 8-10% target.
- Mahad Plant EBITDA delayed said Q4 FY25 Promised: Break-even in coming quarters Q1 FY27: Management confirms the plant is not yet EBITDA positive and continues to impact consolidated profitability. The goal remains tied to achieving higher utilization.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 15.2%, net profit up 402.0% 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 | 237 | 223 | 253 | 226 | 271 +15% | 252 +13% | 282 +12% | 260 +15% |
| EBITDA | 29 | 23 | 19 | 18 | 17 −40% | 13 −41% | 19 +1% | 20 +10% |
| Net profit | 15 | 7 | 1 | 1 | 1 −95% | -2 −127% | 4 +181% | 3 +402% |
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 +58.5% 1Y
1Y: ₹335.7 on 10 Sept 2025 → ₹532.1. High ₹540.3 (9 Sept 2026), low ₹235.4 (27 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −4.3%
- 31 Jul
- Q4 FY26
- −0.5%
- 21 May
- Q3 FY26
- −8.7%
- 13 Feb
- Q2 FY26
- −0.3%
- 11 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 grew 6.7% a year over 3 years, FY23 to FY26. Operating margin held at 6.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹849 Cr | ₹836 Cr | ₹928 Cr | ₹1.0k Cr |
| Operating profit | ₹54 Cr | ₹47 Cr | ₹93 Cr | ₹68 Cr |
| Operating margin | 6.4% | 5.6% | 10.0% | 6.6% |
| Interest | ₹13 Cr | ₹20 Cr | ₹25 Cr | ₹36 Cr |
| Depreciation | ₹19 Cr | ₹20 Cr | ₹24 Cr | ₹31 Cr |
| Net profit | ₹20 Cr | ₹9 Cr | ₹34 Cr | ₹3 Cr |
| Net margin | 2.3% | 1.1% | 3.7% | 0.3% |
| Cash from operations | ₹-22 Cr | ₹142 Cr | ₹-34 Cr | ₹2 Cr |
| Free cash flow | ₹-69 Cr | ₹43 Cr | ₹-121 Cr | ₹-9 Cr |
| ROCE | 5.0% | 4.0% | 8.0% | 4.0% |
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 | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr |
| Reserves | ₹540 Cr | ₹588 Cr | ₹608 Cr | ₹616 Cr | ₹645 Cr | ₹648 Cr |
| Borrowings | ₹78 Cr | ₹140 Cr | ₹231 Cr | ₹206 Cr | ₹398 Cr | ₹403 Cr |
| Other liabilities | ₹110 Cr | ₹120 Cr | ₹130 Cr | ₹157 Cr | ₹133 Cr | ₹127 Cr |
| Total liabilities | ₹745 Cr | ₹865 Cr | ₹986 Cr | ₹995 Cr | ₹1.2k Cr | ₹1.2k Cr |
| Fixed assets | ₹236 Cr | ₹265 Cr | ₹273 Cr | ₹270 Cr | ₹467 Cr | ₹460 Cr |
| Capital work in progress | ₹13 Cr | ₹25 Cr | ₹53 Cr | ₹173 Cr | ₹7 Cr | ₹5 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹496 Cr | ₹574 Cr | ₹661 Cr | ₹551 Cr | ₹720 Cr | ₹730 Cr |
| Total assets | ₹745 Cr | ₹865 Cr | ₹986 Cr | ₹995 Cr | ₹1.2k Cr | ₹1.2k 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.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Oriental Aromatics Limited
Guides on how to read this kind of business and the numbers that matter.