Oriental Aromatics Limited (OAL)
₹629.55 +8.70% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Oriental Aromatics' revenue was ₹260 Cr (+15.2% year on year, -8.0% on the previous quarter), and net profit ₹2.5 Cr (+398.9% year on year); the operating margin was 7.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹260 | +15.2% | -8.0% |
| Operating profit | ₹19.8 | +9.6% | +1.8% |
| Net profit | ₹2.5 | +398.9% | -37.0% |
| EPS (₹) | 0.75 | +400.0% | -37.0% |
| Operating margin | 7.6% | — | — |
OAL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 13.7% of the OAL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.22%. The price rose 8.70% on unusually low delivery, so more of the move than usual was intraday trading. It traded 7.0 times its average daily volume. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 41.9% · 43.6% · 45.7% · 7.5% · 13.7%
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
Oriental Aromatics Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms the processing, cancellation, and mutilation of dematerialised share certificates within statutory timelines. This is a recurring administrative filing with zero impact on operational or financial metrics.
- Compliance certificate filed under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Pertains to the quarter ended 30th September 2026
- Issued by RTA MUFG Intime India Private Limited (formerly Link Intime India Pvt Ltd) on 07-10-2026
- Confirms mutilation and cancellation of dematerialised physical share certificates per prescribed norms
Oriental Aromatics Limited has received an updated ESG rating of 'Crisil ESG 56' from Crisil ESG Ratings & Analytics Limited for FY 2025-26, an improvement from its previous rating of 'Crisil ESG 51'. The evaluation was independently assigned by CRISIL based on publicly available data and disclosures without formal engagement by the company. The notification was received on September 02, 2026. This reflects incremental progress in environmental, social, and governance standards but has no direct financial or operational impact.
- CRISIL assigned revised ESG rating of 'Crisil ESG 56', up from 'Crisil ESG 51' for FY 2025-26
- Rating was assigned independently by CRISIL using public disclosures without direct engagement by OAL
- Formal communication received via email on September 02, 2026 at 08:58 p.m.
Oriental Aromatics Limited received a Show Cause-cum-Demand Notice from the Central GST and Central Excise authority, Vadodara-I, on August 26, 2026. The notice proposes the recovery of Input Tax Credit (ITC) amounting to ₹95,68,533 along with applicable interest and penalties under Section 74 of the CGST Act for transactions during FY 2020-21 to FY 2024-25. The inquiry relates to transactions with a vendor whose GST registration was suspended and is viewed by the department as a non-existent supplier. The company stated no liability has crystallized yet and it will submit an appropriate response within the prescribed timelines.
- Received SCN proposing recovery of ₹95,68,533 in IGST Input Tax Credit plus interest and penalties
- Additional penalty proposed under Section 122(i) regarding ITC of ₹15,962
- Investigation spans 5 financial years from April 1, 2020 to March 31, 2025
- Notice issued by Office of the Principal Commissioner, Central GST & Central Excise, Vadodara-I on August 25, 2026
Oriental Aromatics Limited responded to a clarification sought by the National Stock Exchange regarding a significant increase in trading volume and price movement. The company confirmed that there is no undisclosed pending information or announcement having a bearing on its operations or performance. The management stated that the observed trading volume behavior is purely market-driven.
- NSE sought clarification regarding a significant increase in trading volume in the scrip.
- Company confirmed compliance under Regulation 30 of SEBI LODR Regulations, 2015 on 27th August, 2026.
- Management clarified there is no pending price-sensitive information or material development affecting performance.
- Price movement and volume behavior declared to be purely market-driven.
Oriental Aromatics Limited (OAL) submitted its corporate investor presentation for August 2026 under Regulation 30. For FY26, the company reported consolidated operational revenue of INR 10,308 Mn (₹1,030.8 Cr), an EBITDA margin of 6.60%, and PAT of INR 32 Mn (₹3.2 Cr). In Q1 FY27, revenue stood at INR 2,598 Mn (₹259.8 Cr) with EBITDA margins improving slightly to 7.62% and PAT at INR 25 Mn (₹2.5 Cr). The company maintains manufacturing sites across Bareilly, Vadodara, Mahad, and Ambernath, serving domestic (67%) and international (33%) markets.
- FY26 consolidated operational income reached INR 10,308 Mn with an EBITDA margin of 6.60% and PAT of INR 32 Mn
- Q1 FY27 revenue reported at INR 2,598 Mn with EBITDA margin of 7.62% and PAT of INR 25 Mn
- Sales mix for FY26 stood at 67% domestic and 33% international across specialty aroma chemicals, camphor, and flavors & fragrances
- Promoter shareholding remained steady at 74.17% as of June 30, 2026
Oriental Aromatics Limited has released the voting results and scrutinizer's report for its 54th Annual General Meeting held on August 18, 2026. Shareholders approved all five resolutions with near-100% majorities across 2,53,78,412 total polled votes (75.41% voter turnout). Key approved agenda items include the adoption of FY26 financial statements, declaration of a dividend of ₹0.50 per share (10%), and the appointment of Mr. John Fitzgibbon Gloster as an Independent Director.
- All 5 ordinary and special resolutions approved with nearly 100% voting in favour
- Dividend of ₹0.50 (10%) per equity share of face value ₹5 approved
- Total voter turnout recorded at 75.4107% (2,53,78,412 votes polled out of 3,36,53,576 shares)
- Appointment of Mr. John Fitzgibbon Gloster (DIN: 02421071) as an Independent Director confirmed
- Total of 23,828 shareholders on record date as of August 11, 2026
Oriental Aromatics Limited conducted its 54th Annual General Meeting on August 18, 2026, with 52 shareholders attending via video conferencing. The company put forward ordinary and special resolutions, including the adoption of FY26 financial statements and a final dividend declaration of ₹0.50 per share (10%). Management highlighted crossing ₹1,000 crore in consolidated revenue during FY26 (₹1,030.8 Cr) and the commercial ramp-up of the Mahad greenfield facility. Formal voting results scrutinized by CS Shreyans Jain will be submitted separately.
- Concluded 54th AGM on August 18, 2026, with 52 shareholders attending out of 23,828 eligible members.
- Proposed a final dividend of ₹0.50 per equity share (10%) for FY 2025-26.
- Management noted consolidated revenue crossing the ₹1,000 crore mark in FY26 despite global headwinds.
- Tabled appointment of Mr. John Fitzgibbon Gloster as Independent Director as a special resolution.
- Highlighted commercialisation and ongoing ramp-up of the greenfield capacity at Mahad across >35 export countries.
Oriental Aromatics Limited (OAL) reported a 15% YoY increase in consolidated revenue to approximately Rs. 260 cr for Q1 FY27, supported by a strong 22% growth in sales volumes. EBITDA margins showed a sequential recovery, rising 71 bps to 7.62% from 6.89% in Q4 FY26, though they remain pressured by elevated raw material costs and competitive pricing from Asian imports. The newly commissioned Mahad facility is in a slow commercialization phase, contributing only ~Rs. 3 cr to the quarterly top line as it undergoes technical validation. Management is focusing on process re-engineering to restore margins to a target range of 8% to 10%.
- Revenue from operations grew 15% YoY to approximately Rs. 260 cr in Q1 FY27
- Total sales volume increased by 22% YoY, while production volumes grew by 18% YoY
- EBITDA margin improved by 71 basis points sequentially to 7.62%
- Mahad facility Phase-1 currently contributes a run rate of only Rs. 3 cr per quarter
- Management cited a 500 to 1,000 day cycle for new specialty aroma products to reach full commercial scale
Oriental Aromatics Limited (OAL) has released the audio recording of its institutional investor and analyst call held on July 31, 2026. The call focused on the unaudited financial results for the quarter ended June 30, 2026. This comes at a time when the company is navigating thin margins, with a TTM PAT of only ‡3 Cr against a revenue of ‡1031 Cr. Investors can use this recording to gauge management's progress on stabilizing the new Mahad facility and managing raw material price volatility.
- Analyst call held on July 31, 2026, to discuss Q1 FY26-27 performance
- Company reported TTM revenue of ‡1031 Cr with a low operating margin of 6.6%
- TTM PAT stands at ‡3 Cr, resulting in a high P/E ratio of 402.5
- Promoter holding remains stable at 74.17% as of June 2026
Oriental Aromatics Limited (OAL) reported Q1 FY27 revenue of ₹259.8 Cr, a 15.2% YoY increase driven by a 22% growth in sales volumes. EBITDA grew 9.4% YoY to ₹19.8 Cr, with margins improving 71 basis points sequentially to 7.62%, though they remain lower than the 8.03% recorded in Q1 FY26 due to high raw material costs. Profit After Tax (PAT) stood at ₹2.5 Cr, a significant recovery from ₹0.5 Cr YoY, but a 37.5% decline from the previous quarter. The company's leverage improved with a Net Debt-to-Equity ratio of 0.56x.
- Revenue from operations increased 15.2% YoY to ₹259.8 Cr, representing approximately 25.2% of TTM revenue.
- Sales volumes grew 22% YoY, supported by sustained demand, though volumes dipped 4% sequentially.
- EBITDA margins expanded 71 bps QoQ to 7.62%, aided by favorable product mix and operational efficiency.
- Production volumes increased 18% YoY, reflecting healthy capacity utilization across manufacturing units.
- Net Debt-to-Equity ratio improved to 0.56x as of June 30, 2026, from 0.58x in FY26.
Oriental Aromatics Limited (OAL) has appointed Mr. Nitin Budhavalekar as Vice President - Sales Fragrance, effective August 1, 2026. Mr. Budhavalekar brings over 16 years of experience in the fragrance and aroma chemicals industry, covering segments like Fine Fragrances and Personal Care. This leadership addition comes as OAL works to stabilize its newly commissioned Mahad facility and improve operating margins, which fell to 6.6% in FY26 from 9.97% in FY25. The appointment is aimed at driving strategic sales and business development in a core product segment.
- Appointment of Mr. Nitin Budhavalekar as VP - Sales Fragrance effective August 1, 2026
- Appointee brings 16+ years of experience in strategic sales and business development
- Expertise spans across Fine Fragrances, Personal Care, Air Care, and Industrial Fragrances
- Company reported TTM revenue of Rs 1,031 Cr and a low TTM PAT of Rs 3 Cr
- Management is targeting a return to 8% to 10% operating margins through process engineering and volume growth
Oriental Aromatics Limited (OAL) reported a 15.2% YoY increase in consolidated revenue to ₹259.81 Cr for Q1 FY27. Consolidated Net Profit rose significantly to ₹2.51 Cr compared to ₹0.50 Cr in the same quarter last year, though it declined sequentially from ₹3.99 Cr in Q4 FY26. A substantial gap remains between standalone profit (₹8.15 Cr) and consolidated profit (₹2.51 Cr), indicating continued losses in subsidiaries, likely related to the Mahad facility gestation. The company also strengthened its leadership by appointing a new VP of Sales for the Fragrance division.
- Consolidated Revenue from operations grew 15.2% YoY to ₹259.81 Cr from ₹225.52 Cr.
- Consolidated Net Profit increased 400% YoY to ₹2.51 Cr, up from ₹0.50 Cr in Q1 FY26.
- Standalone Net Profit was significantly higher at ₹8.15 Cr, implying a ₹5.64 Cr drag from subsidiaries.
- Finance costs remained elevated at ₹7.81 Cr for the quarter, impacting overall margins.
- Appointment of Nitin Budhavalekar as VP - Sales Fragrance effective August 1, 2026, to drive market penetration.
Oriental Aromatics Limited (OAL) has scheduled an earnings conference call for July 31, 2026, at 2:30 PM IST to discuss its Q1-FY27 financial results. The management team, including the CMD and CEO, will address institutional investors and analysts. This interaction follows a period of significant margin pressure, with the company reporting a TTM PAT of only Rs 3 Cr on a revenue base of Rs 1031 Cr. Investors will likely seek updates on the stabilization of the Mahad facility and the progress of cost-optimization initiatives.
- Conference call scheduled for July 31, 2026, at 2:30 PM IST to discuss Q1-FY27 performance.
- Management representation includes the Chairman & Managing Director, Executive Director, CEO, and CFO.
- Company currently operates with a thin TTM PAT of Rs 3 Cr against TTM revenue of Rs 1031 Cr.
- Focus remains on restoring margins to the target range of 8% to 10% from the current TTM OPM of 6.6%.
Oriental Aromatics Limited (OAL) has scheduled its 54th Annual General Meeting (AGM) for August 18, 2026. The company has declared a final dividend of Rs 0.50 per equity share for FY 2025-26, with the record date set for August 5, 2026. This announcement primarily serves as a communication to shareholders who have not yet registered their email addresses, providing them with links to the Annual Report and AGM notice. The dividend payout is expected to occur on or after August 25, 2026, subject to shareholder approval.
- Final dividend of Rs 0.50 per equity share announced for FY 2025-26
- 54th Annual General Meeting (AGM) to be held on August 18, 2026, via video conferencing
- Record date for dividend eligibility and TDS exemption forms is August 5, 2026
- E-voting period starts on August 14, 2026 (9:00 AM) and ends on August 17, 2026 (5:00 PM)
- Deadline for one-time email registration to receive electronic reports is August 11, 2026
Oriental Aromatics Limited (OAL) has scheduled its 54th Annual General Meeting (AGM) for August 18, 2026, to approve the FY26 financial results and a final dividend of ₹0.50 per share (10% of face value). The company is seeking shareholder approval for the appointment of Mr. John Fitzgibbon Gloster as an Independent Director for a five-year term and the re-appointment of Mr. Satish Kumar Ray as Director of Operations. The cut-off date for e-voting eligibility is set for August 11, 2026. This meeting follows a year where OAL reported a thin TTM PAT of ₹3 Cr on a revenue base of ₹1031 Cr.
- Proposed final dividend of ₹0.50 per equity share (10% of ₹5 face value) for the financial year ended March 31, 2026.
- 54th AGM to be conducted via Video Conferencing on August 18, 2026, at 11:00 a.m. IST.
- Appointment of Mr. John Fitzgibbon Gloster as an Independent Director for a 5-year term from May 20, 2026, to May 19, 2031.
- Cut-off date for determining member eligibility for e-voting is Tuesday, August 11, 2026.
- Ratification of ₹1,60,000 annual remuneration for Cost Auditors M/s V. J. Talati & Co for FY 2026-27.
Financial Performance
Revenue Growth by Segment
Consolidated operating revenue for Q2 FY2026 reached INR 271 Cr, a 15% YoY increase and 20% QoQ growth. For H1 FY2026, revenue was INR 497 Cr, up 10% YoY. Growth was broad-based across camphor, aroma chemicals, and fragrances, though specific percentage splits per segment were not disclosed.
Geographic Revenue Split
Not disclosed in available documents, though the company notes significant revenue from exports to Europe and the US, which faced slowdowns in FY2024 but showed recovery signs in FY2025.
Profitability Margins
Margins are currently under pressure; PAT margin for Q2 FY2026 was 0.26% (down from 6.25% YoY) and H1 FY2026 was 0.24%. The decline is attributed to a softer pricing environment and the gestation impact of the new Mahad facility.
EBITDA Margin
EBITDA margin for Q2 FY2026 was 6.34%, a decline of 574 bps YoY from 12.08%. H1 FY2026 EBITDA margin stood at 7.11% compared to 11.20% in H1 FY2025. Core profitability is being impacted by high fixed costs from new expansions and intense competition.
Capital Expenditure
The company recently completed a debt-funded capital expenditure of approximately INR 200 Cr for a greenfield project at Mahad, Maharashtra, and upgrades at the Baroda facility to support long-term revenue growth.
Credit Rating & Borrowing
The company maintains an 'Adequate' liquidity profile with ICRA. Borrowing costs are reflected in a finance cost of INR 17.8 Cr for H1 FY2026, a 71.2% increase YoY due to the debt-funded capex. Net debt-equity ratio stood at 0.60 as of September 30, 2025.
Operational Drivers
Raw Materials
Alpha-pinene is the primary raw material, with total raw material costs constituting approximately 60% of OAL's total revenue.
Import Sources
Significant raw materials are imported, though specific countries are not named; the company uses an EEFC account to manage these imports via a natural hedge from export earnings.
Capacity Expansion
Current operations include units in Bareilly, Baroda, and a newly commissioned greenfield facility in Mahad. Production volume increased 10% YoY and 26% QoQ in Q2 FY2026, reflecting higher capacity utilization.
Raw Material Costs
Raw material costs account for ~60% of sales. Profitability is highly sensitive to alpha-pinene price volatility; the company uses fixed-price contracts for some customers, which delays the ability to pass on cost increases.
Manufacturing Efficiency
Overall production volume grew 26% QoQ in Q2 FY2026. The company is focusing on process engineering to restore margins to a target range of 8% to 10%.
Strategic Growth
Growth Strategy
Growth is targeted through volume expansion from the new Mahad facility, market share gains in the camphor segment, and cost optimization via the internal CPR program. The company is actively participating in RFQ cycles for H1 2026 to secure strong volumes.
Products & Services
Synthetic camphor, terpineol, pine oil, resins, astromusk, specialty aroma chemicals, fragrances, and flavors.
Brand Portfolio
Oriental Aromatics (OAL).
New Products/Services
The company has 'grabbed a lot of business' for new products and Mahad-specific products, though specific revenue contribution percentages are not yet quantified.
Market Expansion
Expansion is focused on deeper market penetration in India and stabilizing the Mahad facility to cater to the aroma chemical and camphor markets.
Market Share & Ranking
OAL is one of the leading players in the Indian camphor and aroma chemical market.
External Factors
Industry Trends
The industry is seeing a recovery in demand but faces a 'softer pricing environment' due to overcapacity. OAL is positioning itself by shifting toward higher-volume throughput and process efficiency.
Competitive Landscape
Intense competition from established domestic players and significant influx of low-cost camphor imports from China.
Competitive Moat
Moat is built on the Bodani family's extensive experience, a diversified product mix (terpenes, fragrances, flavors), and long-standing relationships with reputable FMCG and pharma clients.
Macro Economic Sensitivity
Highly sensitive to global demand in Europe and the US and domestic consumption trends in the personal care and pharmaceutical sectors.
Consumer Behavior
Growing demand for personal care and hygiene products is driving volume growth for aroma chemicals and fragrances.
Geopolitical Risks
Vulnerable to trade dynamics with China regarding camphor imports and potential supply chain disruptions for imported raw materials.
Regulatory & Governance
Industry Regulations
Subject to tightening environmental and safety regulations in the chemical industry; non-compliance could lead to penalties or operational halts.
Environmental Compliance
Compliant with environmental laws regarding water and air pollution; maintains appropriate waste management systems and safety equipment at all units.
Taxation Policy Impact
Effective tax rate for H1 FY2026 was approximately 77% (INR 4.1 Cr tax on INR 5.3 Cr PBT) on a consolidated basis, though this appears skewed by low profitability.
Risk Analysis
Key Uncertainties
Volatility in alpha-pinene prices (60% of revenue) and the successful ramp-up of the Mahad facility are the primary uncertainties impacting future margins.
Geographic Concentration Risk
Not disclosed, but significant exposure to the Indian domestic market and exports to Europe/US.
Third Party Dependencies
High dependency on suppliers of alpha-pinene; any disruption in imports would halt production of terpene-based chemicals.
Technology Obsolescence Risk
The company is mitigating this through its CPR program and process engineering to improve manufacturing efficiency.
Credit & Counterparty Risk
Working capital is stretched with high debtor days and inventory (NWC/OI of 57%), indicating potential credit exposure, though liquidity remains adequate with ~INR 100 Cr buffer in bank limits.
