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Fine Organic Industries Limited (FINEORG)

₹5,461.50 +1.09% last close, 16 Oct

📊 NSE: FINEORG 🏢 Chemicals 📢 Latest filing: 16 Sep 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Fine Organic's revenue was ₹694 Cr (+18.0% year on year, +11.1% on the previous quarter), and net profit ₹138 Cr (+18.0% year on year); the operating margin was 25.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹694	+18.0%	+11.1%
Operating profit	₹176	+42.4%	+36.4%
Net profit	₹138	+18.0%	+18.1%
EPS (₹)	45.06	+18.0%	+17.6%
Operating margin	25.3%	—	—

Full quarterly financials → Results calendar →

FINEORG delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 40.59% of the FINEORG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.6%. That is lower than usual for this stock.

40.59%Delivery, 16 Oct

53.6%Own 20-session average

0.6×Volume vs its average

₹5,461.50NSE close · +1.09%

Delivery in the last 5 sessions: 35.7% · 38.4% · 46.7% · 58.7% · 40.6%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Fine Organic Invests ₹55 Cr in Wholly Owned SEZ Subsidiary via Preference Shares

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 16 Sep 2026, 06:07 PM

Fine Organic Industries Limited has subscribed to ₹55 crore worth of 1% Non-Convertible, Non-Cumulative, Non-Participating, Redeemable Preference Shares (NCCPRPS) of its wholly owned subsidiary, Fine Organic Industries (SEZ) Private Limited. The capital infusion is aimed at funding the setup of the subsidiary's new specialty chemicals manufacturing unit. The investment represents approximately 2.2% of Fine Organic's standalone net worth of ₹2,514 crore and supports its broader planned ₹700-750 crore domestic SEZ capex.

Subscribed to 5,50,00,000 preference shares of ₹10 each aggregating to ₹55,00,00,000
Target entity is 100% owned Fine Organic Industries (SEZ) Private Limited, incorporated on October 10, 2023
Proceeds deployed to support the subsidiary in setting up a new manufacturing unit
Target subsidiary had a net worth of ₹90.29 crore as of March 31, 2026, with operations yet to commence

💡 Track progress on the construction and commissioning timelines of the SEZ manufacturing plant, which forms part of the company's long-term export expansion strategy.

Fine Organic to Attend PL Capital Investor Conference on September 29, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Sep 2026, 04:58 PM

Fine Organic Industries Limited has informed the exchanges that company officials will attend an investor conference organized by PL Capital on September 29, 2026, from 2:00 pm to 5:00 pm. The interactions will involve one-on-one and group meetings conducted in-person. The company confirmed that discussions will rely strictly on publicly available information, specifically referencing the 'August 2026' investor presentation. No unpublished price-sensitive information (UPSI) will be discussed.

Investor conference scheduled for September 29, 2026, between 2:00 pm and 5:00 pm
Meeting format includes in-person one-on-one and group interactions organized by PL Capital
Discussions to be limited to publicly available information and the August 2026 investor presentation
No unpublished price-sensitive information (UPSI) will be shared

💡 Track if any post-meet presentation or management commentary transcripts are subsequently filed on the stock exchanges.

Fine Organic to Attend Anand Rathi Investor Conference on September 21, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Sep 2026, 01:20 PM

Fine Organic Industries Limited has informed the exchanges regarding its scheduled participation in an investor conference organized by Anand Rathi. The in-person meetings (one-on-one and group) are scheduled for September 21, 2026, from 10:00 am to 4:00 pm. The company stated that discussions will be based entirely on publicly available information, referring to the August 2026 Investor Presentation. No unpublished price-sensitive information is intended to be shared.

Investor conference scheduled for September 21, 2026, from 10:00 am to 4:00 pm
Format comprises in-person one-on-one and group meetings organised by Anand Rathi
Discussions will rely on publicly available data including the August 2026 Investor Presentation
Filing made under SEBI LODR Regulation 30(6)

💡 Track if any post-meet disclosures or updated investor presentations are filed following the September 21, 2026 conference.

Fine Organics Completes 80% Stake Acquisition in Malaysia's OFM for ₹80.17 Cr

🟢 POSITIVE ⭐ 6/10

M&A 📅 09 Sep 2026, 07:38 PM

Fine Organic Industries has completed the acquisition of an 80% equity stake in Malaysia-based Oleofine Organics SDN. BHD. (OFM) for RM 34.21 million (approx. ₹80.17 crore) on September 9, 2026. The acquisition includes a 50% stake bought from promoter-group entity Smoothex Chemicals as a related party transaction. Following this deal, OFM has become a subsidiary, which also grants Fine Organics majority control (approx. 53% direct and indirect) over Thailand-based JV Fine Organic Industries (Thailand) Co., Ltd. (FOIT), making FOIT a subsidiary as well. OFM and FOIT reported FY26/FY25 revenues of ₹54.17 crore and ₹28.87 crore respectively, which represent around 3.4% of Fine Organics' TTM revenue of ₹2,471 crore.

Acquired 80% equity stake in Oleofine Organics SDN. BHD. (OFM), Malaysia, for RM 34,208,000 (approx. ₹80.17 crore) in cash.
OFM reported turnover of RM 23,287,742 (₹54.17 crore) and net worth of RM 34,245,075 (₹79.65 crore) for the year ended January 31, 2026.
50% of OFM acquired from promoter group entity Smoothex Chemicals Pvt Ltd on an arm's length basis, and 30% from unrelated shareholders.
With OFM acquired, Fine Organics' direct and indirect voting control in Thai joint venture FOIT rises to ~53%, making FOIT a subsidiary.
FOIT registered revenue of THB 101,172,263 (₹28.87 crore) and net worth of THB 122,386,736 (₹34.92 crore) for FY25.

💡 Monitor upcoming quarterly results for the consolidation of OFM and FOIT financials and watch for any commentary on operational synergies across the Southeast Asian facilities.

Fine Organic to Acquire 80% Stake in Malaysia's Oleofine Organics for ~₹80.28 Cr

🟢 POSITIVE ⭐ 6/10

M&A 📅 02 Sep 2026, 07:15 PM

Fine Organic Industries has executed Share Transfer Agreements to acquire an 80% equity stake in Malaysia-based specialty chemicals player Oleofine Organics SDN. BHD. (OFM). The total cash consideration is up to RM 3.42 crore (~₹80.28 crore). The acquisition involves buying 50% from promoter group entity Smoothex Chemicals Private Limited and 30% from unrelated shareholders. For the fiscal year ended January 31, 2026, OFM posted a turnover of ₹54.17 crore (RM 2.33 crore) and held a net worth of ₹79.65 crore.

Acquiring 80% equity stake in Oleofine Organics SDN. BHD. (OFM), Malaysia
Aggregate acquisition cost of up to RM 3,42,08,000 (~₹80.28 crore) in cash
50% stake acquired from related-party Smoothex Chemicals and 30% from unrelated existing shareholders
OFM reported FY26 turnover of RM 23,287,742 (~₹54.17 crore) and net worth of RM 34,245,075 (~₹79.65 crore)

💡 Track the completion of conditions precedent for deal closing and subsequent consolidation of OFM's financials in upcoming quarters.

Fine Organic Shareholders Approve Rs 11/Share Final Dividend and AGM Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Aug 2026, 08:53 PM

Fine Organic Industries Limited has submitted the voting results and Scrutinizer's report for its 24th Annual General Meeting held on August 18, 2026. Shareholders approved all agenda items, including the adoption of FY26 standalone and consolidated financial statements, declaration of a final dividend of Rs 11 per equity share (face value Rs 5), and revisions in the remuneration of Whole Time Directors Mr. Bimal Shah and Mr. Nikhil Kamat. Overall voter turnout stood at 89.58% across 2,74,64,142 polled shares out of 83,832 total shareholders on record.

Approval of final dividend of Rs 11 per equity share of face value Rs 5 for FY26
Total voter participation reached 89.58% with 2,74,64,142 valid votes polled
Special resolutions approved for revising remuneration of Whole Time Directors Bimal Shah and Nikhil Kamat
Total registered shareholder count stood at 83,832 as of the record date

💡 Track the dividend payment timeline as per statutory guidelines and watch execution progress on the planned Rs 700-750 Cr SEZ expansion in upcoming quarterly updates.

FINEORG AGM: Updates on ₹342.5 Cr SEZ Infusion, 160-Acre US Land & ₹11 Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Aug 2026, 08:32 PM

Fine Organic Industries conducted its 24th Annual General Meeting on August 18, 2026, putting key resolutions to vote, including a final dividend of ₹11 per equity share for FY26. In the Chairman's address, the company highlighted that ₹342.5 crore has been infused to date into its JNPA SEZ subsidiary, with commercial production targeted for FY28. For its North American expansion, the company infused USD 1.12 million, acquired 160 acres of land in South Carolina, and received necessary project approvals. For FY26, the company reiterated net revenue of ₹2,365 crore, EBITDA of ₹483 crore (20% margin), and PAT of ₹417 crore.

Shareholder vote conducted for FY26 final dividend of ₹11 per equity share (FV ₹5)
₹342.5 crore infused till date (equity and debt) in JNPA SEZ subsidiary, targeting FY28 production
Acquired ~160 acres of land in Jonesville, South Carolina for US manufacturing facility post USD 1.12 million equity infusion
Reiterated FY26 financials: Net Revenue of ₹2,365 crore, EBITDA of ₹483 crore (20% margin), and PAT of ₹417 crore

💡 Track scrutinizer voting results on stock exchanges and monitor execution milestones for the JNPA SEZ unit (FY28 timeline) and US plant contractor appointments.

FINEORG Extends 80% Malaysia Acquisition Timeline by 3 Months Due to Procedural Needs

🟡 NEUTRAL ⭐ 4/10

M&A 📅 18 Aug 2026, 08:25 PM

Fine Organic Industries Limited has extended the timeline to complete its acquisition of an 80% stake in Oleofine Organics SDN. BHD., Malaysia, by an additional 3 months. The acquisition was originally announced on May 19, 2026, with an estimated closing period of 3 months. The company stated the delay is due to procedural requirements, while all other terms and conditions remain unchanged.

Acquisition involves 80% of the paid-up capital of Oleofine Organics SDN. BHD. (Malaysia)
Completion timeline extended by an additional 3 months from August 18, 2026
Original acquisition intimation submitted on May 19, 2026 with a 3-month target window
All other transaction terms and conditions remain unchanged

💡 Track final closing announcements and regulatory clearance updates expected by mid-November 2026, along with financial details upon consolidation.

Fine Organic Q1 FY27: 18% Revenue Growth and 42% EBITDA Surge to ₹176 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 10:34 AM

Fine Organic Industries reported a strong Q1 FY27 with consolidated revenue growing 18% YoY to ₹694.2 Cr. EBITDA saw a significant jump of 42.4% YoY to ₹176 Cr, with margins expanding to 25.3% from 21.0% in the previous year. PAT increased 18% YoY to ₹138.1 Cr. The company maintains a robust net cash position with a debt-to-equity ratio of -0.41x, supporting its planned ₹700-750 Cr SEZ expansion.

Consolidated Revenue for Q1 FY27 grew 18% YoY to ₹694.2 Cr
EBITDA margins expanded significantly to 25.3% in Q1 FY27 from 21.0% in Q1 FY26
Planned domestic SEZ expansion involves a capital outlay of ₹700-750 Cr
Net Debt to Equity remains negative at -0.41x as of FY26, indicating a strong cash-rich balance sheet
Consolidated PAT for the quarter stood at ₹138.1 Cr, an 18% increase over the same period last year

💡 Monitor the execution timeline of the ₹700-750 Cr SEZ expansion and the progress of the USA manufacturing plant, as these are key long-term growth drivers.

Q1 FY27 Results: PAT up 18% to ₹138 Cr; EBITDA Margins expand to 25.3%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 10:33 AM

Fine Organic Industries reported a strong start to FY27 with revenue growing 18% YoY to ₹694.2 Cr, driven by stable demand and a 60% export contribution. EBITDA saw a significant jump of 42.4% YoY to ₹176 Cr, with margins expanding to 25.3% from 21.0% in the previous year, despite higher utility costs. PAT increased 18% YoY to ₹138.1 Cr, while the company also finalized a ₹4.35 Cr insurance settlement for its Badlapur plant in July 2026.

Revenue from operations grew 18% YoY to ₹694.2 Cr, representing ~29% of TTM revenue.
EBITDA margins expanded significantly to 25.3% in Q1 FY27 compared to 21.0% in Q1 FY26.
Exports remained a key driver, accounting for approximately 60% of total revenue during the quarter.
Final insurance settlement of ₹4.35 Cr for property damage and inventory losses was reached in July 2026.
EBITDA grew 42.4% YoY to ₹176.0 Cr, showcasing strong operational leverage.

💡 Investors should monitor the sustainability of the 25%+ EBITDA margins, which are significantly higher than the TTM average of 20.4%. Key execution milestones to watch include the progress of the ₹700-750 Cr domestic SEZ expansion and the USA manufacturing plant.

Fine Organic Q1 FY27 Results: Consolidated EPS Rises 18% YoY to ₹45.06

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 03:51 PM

Fine Organic Industries reported a strong performance for Q1 FY27, with standalone revenue growing 19.5% YoY to ₹668.07 Cr. Consolidated EPS improved to ₹45.06 from ₹38.19 in the year-ago period, indicating robust margin recovery. The company maintains a pristine balance sheet with zero financial indebtedness. Additionally, a long-standing insurance claim from a 2024 fire incident was finally settled for ₹4.35 Cr in July 2026.

Standalone revenue from operations increased 19.5% YoY to ₹668.07 Cr from ₹559.15 Cr
Standalone Net Profit surged 45.9% YoY to ₹135.50 Cr compared to ₹92.83 Cr in Jun 2025
Consolidated EPS for the quarter stood at ₹45.06, up from ₹38.19 YoY and ₹38.32 QoQ
Total financial indebtedness reported at ₹0 Cr as of the reporting date
Final insurance settlement of ₹4.35 Cr received for property damage and inventory losses from a 2024 fire incident

💡 Investors should monitor the execution timeline of the ₹700-750 Cr domestic SEZ expansion and the progress of the USA manufacturing plant, which are key to future volume growth.

Rs 11.34 Cr insurance claim settled for Badlapur plant fire incident

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Jul 2026, 07:15 PM

Fine Organic Industries has received a full and final settlement of Rs 11.34 Cr from Tata AIG General Insurance for a fire incident that occurred in January 2024. The claim covers property damage, inventory losses, and loss of profit at its Badlapur facility. The plant had already resumed operations in November 2024, and this settlement marks the administrative closure of the event. The payout is relatively small, representing approximately 2.7% of the company's TTM PAT.

Total settlement amount received is INR 11,33,77,477 (Rs 11.34 Cr)
Claim covers property damage, inventory, and loss of profit resulting from a fire at an adjoining plant
The incident originally occurred on January 18, 2024, with operations resuming by November 28, 2024
Settlement amount represents approximately 0.48% of TTM Revenue of Rs 2,365 Cr

💡 Investors should note this as a one-time non-operating gain in the upcoming quarterly results. No further operational impact is expected as the facility is already fully functional.

₹11 Final Dividend Proposed; Fine Organic Schedules 24th AGM for August 18, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 27 Jul 2026, 09:02 PM

Fine Organic Industries has scheduled its 24th Annual General Meeting (AGM) for August 18, 2026. The board has recommended a final dividend of ₹11 per share for FY26, representing a payout of approximately ₹33.7 crore (roughly 8.1% of TTM PAT). Key agenda items include the revision of remuneration for top management, with the Chairman's monthly salary proposed at ₹56.35 lakhs, and the appointment of Shailendra Nadkarni as an Independent Director for a five-year term.

Proposed final dividend of ₹11 per equity share (220% of face value ₹5) for FY 2025-26.
Revision of Chairman Mukesh Shah's monthly salary to ₹56,35,000, effective April 1, 2026.
Appointment of Shailendra Nadkarni as a Non-Executive Independent Director for a 5-year term until May 2031.
Ratification of ₹4,00,000 remuneration for Cost Auditors for the financial year 2026-27.
AGM to be conducted via Video Conferencing on August 18, 2026, at 11:00 a.m. IST.

💡 Investors should monitor the voting results of the AGM to confirm the approval of the dividend and the proposed management compensation structure.

Retirement of SVP - R&D and SVP - Quality Assurance on July 10, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 10 Jul 2026, 05:26 PM

Fine Organic Industries Limited has announced the retirement of two senior management personnel, Dr. Vijay Prabhu (SVP - Quality Assurance) and Dr. Mayukh Warawdekar (SVP - Research and Development), effective July 10, 2026. These departures are categorized as routine retirements rather than resignations. Given the company's technical moat involving 450+ specialized products, these roles are operationally significant. The company has not yet announced successors for these technical leadership positions.

Dr. Vijay Prabhu, Senior Vice President - Quality Assurance, retired effective July 10, 2026
Dr. Mayukh Warawdekar, Senior Vice President – Research and Development, retired effective July 10, 2026
The company manages a complex portfolio of 450+ specialized oleochemical-based additives
Fine Organic maintains a strong financial profile with TTM PAT of Rs 417 Cr and OPM of 20.4%

💡 Investors should monitor future filings for the appointment of new heads for R&D and Quality Assurance to ensure continuity in product innovation and quality standards.

Fine Organic Industries to Close Trading Window from July 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Jun 2026, 12:47 PM

Fine Organic Industries Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the announcement of the company's unaudited financial results for the quarter ending June 30, 2026. The restriction applies to all directors, promoters, and designated persons, preventing them from dealing in equity shares. The window will remain closed until 48 hours after the financial results are officially declared to the exchanges.

Trading window closure effective from July 1, 2026
Closure pertains to the financial results for the quarter ending June 30, 2026
Restriction applies to directors, promoters, and all connected persons
Window to reopen 48 hours after the declaration of financial results
Board meeting date for results announcement to be intimated later

💡 This is a routine regulatory filing ahead of quarterly results and requires no immediate action. Investors should wait for the announcement of the board meeting date to assess the upcoming Q1 financial performance.

View All FINEORG Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 6.89% YoY to INR 2,269.15 Cr in FY25 from INR 2,122.95 Cr in FY24. Standalone revenue grew 13.02% YoY to INR 2,205.19 Cr. H1FY26 standalone revenue showed a 2.5% YoY growth to INR 1,131.1 Cr.

Geographic Revenue Split

Exports accounted for 55% of total revenue in Q2FY26 and H1FY26, while domestic sales contributed the remaining 45%. This split highlights the company's significant reliance on global markets for its oleochemical additives.

Profitability Margins

Standalone Net Profit Margin dipped to 17.67% in FY25 from 18.49% in FY24. Standalone Operating Profit Margin stood at 19.41% in FY25, down from 21.62% in FY24, primarily due to changes in pricing and product mix. Standalone Gross Profit Margin for H1FY26 was 37.1%, down from 41.3% in H1FY25.

EBITDA Margin

Standalone EBITDA margin for FY25 was 21.8%. For Q2FY26, the EBITDA margin was 18.9%, a significant decline from 24.0% in Q2FY25, reflecting a 24.3% YoY drop in EBITDA to INR 108.3 Cr due to rising raw material costs.

Capital Expenditure

The company has planned a capital outlay of INR 700 - 750 Cr between FY26 and FY28 for a new manufacturing facility under its subsidiary, Fine Organic Industries (SEZ) Private Limited. Additionally, it is finalizing plans for a manufacturing plant in the USA.

Credit Rating & Borrowing

The company maintains a strong credit profile and is currently debt-free with a debt-equity ratio of 0.00. Interest coverage ratio improved to 284.63 in FY25 from 207.20 in FY24, reflecting stable earnings and minimal finance charges of INR 2.20 Cr (consolidated).

⚙️ Operational Drivers

Raw Materials

Key raw materials include vegetable oil and its derivatives, which represent the bulk of the INR 1,331.8 Cr raw material cost in FY25 (approx. 60.4% of standalone revenue).

Import Sources

Approximately 70-75% of raw materials are procured from the domestic market (India), while 30-35% are imported from international markets.

Capacity Expansion

Current capacity is supported by facilities at Ambernath and Patalganga. Planned expansion includes a new plant in India (SEZ) with a INR 700-750 Cr outlay and a new manufacturing plant in the USA under Fine Organics Americas LLC.

Raw Material Costs

Raw material costs for H1FY26 rose to INR 711.2 Cr from INR 647.6 Cr in H1FY25, a 9.8% increase. Procurement strategies involve a mix of short and medium-term contracts to manage vegetable oil price volatility.

Logistics & Distribution

Freight costs remained stable throughout H1FY26, supporting export operations which comprise 55% of revenue.

📈 Strategic Growth

Growth Strategy

Growth will be achieved through a INR 700-750 Cr domestic SEZ expansion and the establishment of a manufacturing plant in the USA (Fine Organics Americas LLC). These moves aim to increase capacity and reduce lead times for the 55% export market.

Products & Services

The company sells over 450 specialized oleochemical-based additives used in multiple industries including food, plastics, cosmetics, and coatings.

Brand Portfolio

Fine Organics.

Market Expansion

Targeting the North American market through the incorporation of Fine Organics Americas LLC and expanding domestic export capacity via the SEZ unit by FY28.

Strategic Alliances

Joint ventures include Fine Zeelandia Private Limited and Fine Organic Industries (Thailand) Co., Ltd.

🌍 External Factors

Industry Trends

The industry is seeing stable demand for green, vegetable-based additives. Fine Organics is positioning itself by expanding manufacturing footprints in the USA and India to meet this global demand.

Competitive Moat

The moat is built on a vast portfolio of 450+ products and strong process innovation. This technical expertise and long-standing supplier relationships (70-75% domestic RM) provide a durable competitive advantage.

Macro Economic Sensitivity

Highly sensitive to global vegetable oil price fluctuations, which dictate product pricing and raw material costs (INR 1,331.8 Cr in FY25).

Consumer Behavior

Stable demand trends in H1FY26 with improving domestic demand in Q2FY26.

Geopolitical Risks

Export markets (55% of revenue) are subject to international trade regulations and economic conditions in overseas markets.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with Section 148 of the Companies Act for maintaining cost accounting records, with Y. R. Doshi & Associates appointed as Cost Auditors for FY26.

Environmental Compliance

The company operates Zero Liquid Discharge (ZLD) plants, demonstrating high manufacturing controls and compliance with environmental standards.

Legal Contingencies

No reported frauds under Section 143(12). Statutory and Secretarial Audit reports for FY25 contained no qualifications or adverse remarks.

⚠️ Risk Analysis

Key Uncertainties

Raw material price volatility is the primary uncertainty, evidenced by the H1FY26 gross margin compression to 37.1%. Project execution risk exists for the INR 700-750 Cr SEZ plant and the USA expansion.