VINATIORGA

Vinati Organics share price & financials

Price
₹1,320.8
Market cap
₹13.4k Cr
Sector
Chemicals
Calls analysed
6
Latest concall · Q4 FY26 · call held 27 May 2026

Vinati Organics Q4 FY26

Consolidated EBITDA ₹707 cr +13%Consolidated PAT ₹444 cr +10%

What went well

  • Consolidated EBITDA for FY26 grew by 13% to INR707 crores from INR625 crores in FY25.
  • Consolidated PAT for FY26 increased by 9% to INR444 crores from INR405 crores in FY25.
  • Q4 FY26 consolidated EBITDA grew 15% QoQ to INR191 crores, and PAT grew 23% QoQ to INR123 crores.

What to watch

  • IBB volume declined by approximately 20% in FY26 compared to FY25 due to raw material unavailability from the Iran war, though now resolved.
  • Antioxidants ADD application was initially rejected, and despite reapplying, a decision is expected to take another 6-9 months, impacting the ability to counter aggressive selling by Chinese competitors.
Read the full call →

What Vinati Organics Limited does

Vinati Organics manufactures specialty chemicals and organic intermediates — including ATBS, isobutyl benzene (IBB), butyl phenols and antioxidants — that serve as building-block inputs for pharmaceuticals, agrochemicals, personal care, water treatment, polymers and oilfield industries. It is the world's largest producer of ATBS and IBB and India's only producer of TBA, TB Amine and butyl phenols, selling to customers across 40+ countries. The company is backward-integrated into butyl phenols and isobutylene, its own key raw materials, giving it cost and process control over its supply chain. A wholly owned subsidiary, Veeral Organics (VOPL), is commercialising a new range of products including MEHQ, Guaiacol, anisole and 4-MAP.

Segments

  • ATBS (Acrylamido Tertiary Butyl Sulfonic Acid)
  • Butyl Phenols
  • Antioxidants
  • IB & HP-MTBE (Isobutylene / Isobutyl Benzene)
  • Customised / specialty products
Global market position
World's largest producer of ATBS and IBB
Manufacturing sites
4 (3 at Mahad, 1 at Lote, Maharashtra)
Product portfolio
30+ products across multiple end-use industries
Countries served
40+
India market position
India's largest manufacturing facilities for antioxidants; India's only producer of TBA, TB Amine and Butyl Phenols
Permanent employees
1,200+
Founded 1989 Company website

Guidance record · Q4 FY26

what the last two calls moved 17 tracked 2 delivered 7 missed 8 open
  • ATBS Capacity Expansion delivered said Q1 FY24 Promised: 60,000 metric tons by end of FY24 Q4 FY26: ATBS capacity expansion successfully completed. The promise is fulfilled, albeit with significant delays from the original FY24 target.
  • FY25 Sales Growth went quiet said Q1 FY24 Promised: 20-25% Q4 FY26: Promise related to FY25 performance. Final status was 'missed'. Not discussed in the current quarter.
  • 3-Year Revenue CAGR at risk said Q3 FY24 Promised: 15% to 20% Q4 FY26: FY26 consolidated revenue was flat YoY at ₹2,280 crores vs ₹2,292 crores in FY25. This performance puts the 20% CAGR target at significant risk.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 28.4%, net profit up 4.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue553 522 648 542 550 −1%531 +2%604 −7%696 +28%
EBITDA134 142 180 160 167 +25%157 +11%170 −6%170 +6%
Net profit104 94 123 104 115 +11%101 +7%124 +1%109 +5%
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 −24.5% 1Y

₹1.2k₹1.4k₹1.6k₹1.8kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 27 May 2026

1Y: ₹1,714.3 on 10 Sept 2025 → ₹1,294.3. High ₹1,787.1 (29 Sept 2025), low ₹1,209 (13 Apr 2026).

How the price took the results

close before → close after

Q4 FY26
−0.7%
27 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 grew 1.8% a year over 3 years, FY23 to FY26. Operating margin widened to 29.4%.

Year endingFY23FY24FY25FY26
Revenue₹2.1k Cr₹1.9k Cr₹2.2k Cr₹2.2k Cr
Operating profit₹574 Cr₹470 Cr₹580 Cr₹654 Cr
Operating margin27.2%24.7%25.8%29.4%
Interest₹1 Cr₹4 Cr₹0 Cr₹0 Cr
Depreciation₹60 Cr₹73 Cr₹88 Cr₹111 Cr
Net profit₹429 Cr₹322 Cr₹405 Cr₹444 Cr
Net margin20.4%16.9%18.0%19.9%
Cash from operations₹515 Cr₹332 Cr₹458 Cr₹558 Cr
Free cash flow₹200 Cr₹-65 Cr₹-39 Cr₹288 Cr
ROCE28.0%19.0%20.0%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₹10 Cr₹10 Cr₹10 Cr₹10 Cr₹10 Cr₹10 Cr
Reserves₹1.5k Cr₹1.8k Cr₹2.2k Cr₹2.5k Cr₹3.0k Cr₹3.2k Cr
Borrowings₹2 Cr₹18 Cr₹35 Cr₹5 Cr₹0 Cr₹0 Cr
Other liabilities₹188 Cr₹243 Cr₹335 Cr₹374 Cr₹350 Cr₹417 Cr
Total liabilities₹1.7k Cr₹2.1k Cr₹2.6k Cr₹2.8k Cr₹3.3k Cr₹3.6k Cr
Fixed assets₹757 Cr₹873 Cr₹1.2k Cr₹1.5k Cr₹1.3k Cr₹2.1k Cr
Capital work in progress₹56 Cr₹51 Cr₹242 Cr₹249 Cr₹372 Cr₹214 Cr
Investments₹289 Cr₹94 Cr₹227 Cr₹64 Cr₹776 Cr₹190 Cr
Other assets₹632 Cr₹1.1k Cr₹955 Cr₹1.0k Cr₹831 Cr₹1.1k Cr
Total assets₹1.7k Cr₹2.1k Cr₹2.6k Cr₹2.8k Cr₹3.3k Cr₹3.6k 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 +0.26 pp while FIIs trimmed −0.21 pp. The shareholder count shrank 3% to 83,430.

Promoters
74.3%
FIIs
3.6%
DIIs
9.2%
Public
12.9%

Since Jun 2025

  • Public +0.26 pp
  • FIIs −0.21 pp
  • DIIs −0.05 pp

How it drifted, 12 quarters

Over this window DIIs went from 8.2% to 9.2% — +1.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 74.1%, FIIs 4.6%, DIIs 8.2%, Public 13.1%.Dec '23: Promoters 74.1%, FIIs 4.7%, DIIs 7.5%, Public 13.7%.Mar '24: Promoters 74.3%, FIIs 4.9%, DIIs 7.3%, Public 13.5%.Jun '24: Promoters 74.3%, FIIs 5.3%, DIIs 6.7%, Public 13.6%.Sep '24: Promoters 74.3%, FIIs 5.5%, DIIs 7.3%, Public 13.0%.Dec '24: Promoters 74.3%, FIIs 5.3%, DIIs 7.6%, Public 12.8%.Mar '25: Promoters 74.3%, FIIs 3.8%, DIIs 9.2%, Public 12.7%.Jun '25: Promoters 74.3%, FIIs 3.9%, DIIs 9.3%, Public 12.6%.Sep '25: Promoters 74.3%, FIIs 3.8%, DIIs 9.6%, Public 12.4%.Dec '25: Promoters 74.3%, FIIs 3.8%, DIIs 9.8%, Public 12.1%.Mar '26: Promoters 74.3%, FIIs 3.7%, DIIs 9.9%, Public 12.1%.Jun '26: Promoters 74.3%, FIIs 3.6%, DIIs 9.2%, Public 12.9%.

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 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
Suchir Chemicals Private Limited 45.87%unchanged
Vinod Saraf Family Trust (Trustee Vinod Saraf) 13.41%unchanged
Kavita Vinod Saraf Family Trust (Trustee Kavita Vinod Saraf) 11.97%unchanged
Canara Robeco Mutual Fund A/C Canara Robeco Large And Mid Cap Fund Mutual fund2.99%unchanged
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Retirement Fund The 50S Plan Mutual fund2.84%unchanged
ICICI Prudential Value Fund Mutual fund1.32%newly disclosed
Vinati Saraf Mutreja 1.17%unchanged
Viral Saraf Mittal 1.01%unchanged
Viral Alkalis Limited 0.44%unchanged
Vinod Saraf 0.41%unchanged
Kavita Saraf 0.00%unchanged
ICICI Prudential Quality Fund Mutual fund—off the list

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 VINATIORGA

Filings to Aug 2026

0 new, 1 added, 0 trimmed, 0 sold out — net +3.31 L shares (+175.5%).

Held by funds
₹69 Cr
1 schemes
Biggest holder
Nippon India Small Cap Fund
₹69 Cr · 0.1% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹69 Cr+3.31 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

1 added, 0 trimmed — net +3.31 L shares (+175.5%)

Funds are sitting on
+0%
vs est. average cost
Held by funds
₹69 Cr
1 schemes · ≈ 0.51% of the company

Shares held by these funds +911%

Dec '22 1.89 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1294, this stock must grow earnings at 20% every year for 7 years. Our analysis caps realistic growth at ~1%. At that growth it is worth ₹462 — downside of 64%.

Growth the price implies
20.2% a year
for 7 years, fading to 4%
It has actually compounded at
1.2% a year
net profit, FY23–FY26 · EPS 0.9%
The gap
0.2 pp
-64% downside if it only repeats history
Price today ₹1,294.3 Value at the reference growth ₹462.14

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse Vinati Organics Limited

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