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Makes oleochemical-based specialty additives (emulsifiers, plastic additives) for food, plastics and cosmetics, largely for export.
Makes oleochemical-based specialty additives (emulsifiers, plastic additives) for food, plastics and cosmetics, largely for export.
Makes additives from vegetable oils and fats, and each grade is qualified against the customer's own formulation, so repeat orders follow once approved. Most sales are exports, and raw-material costs follow vegetable-oil prices.
Moat: narrow (process know-how, scale). Niche oleochemical-additive expertise and strong export base, but faces large global specialty-chemical rivals.
Headquarters: Mumbai, India · Founded: 1970 · Employees: 939
Size Fine Organic Industries (FINEORG.NS) is an India Materials company (Chemicals: Major Diversified) with a market value of $1.64B, the 426th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹5,076 on 6 Nov 2026.
Performance Over six months the shares gained 8.9%, against -18.4% for the median peer and 0.0% for the India market (cap-weighted) — highest of 19 in its peer set.
Growth Revenue grew 12.9% over the last twelve months (peer median +5.7%); the operating margin is 20.4% (peer median 8.7%).
Valuation It trades at 33.4× forward earnings against a peer median of 25.0× (5th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 10.3 points above its cost of capital (13.8% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹26.0B | ₹23.5B | ₹22.6B | ₹21.2B | ₹30.2B |
| Revenue growth | — | +4% | +6% | -30% | — |
| Gross profit | ₹8.63B | ₹6.19B | ₹6.49B | ₹6.45B | ₹9.74B |
| EBITDA | ₹5.92B | ₹4.76B | ₹5.15B | ₹5.43B | ₹8.36B |
| Net income | ₹4.82B | ₹4.17B | ₹4.10B | ₹4.12B | ₹6.18B |
| Free cash flow | n/a | ₹3.54B | ₹1.42B | ₹5.93B | ₹4.11B |
| Capital expenditure | n/a | ₹1.42B | ₹1.28B | ₹864M | ₹811M |
| Total debt | ₹1.76B | ₹682M | ₹28.0M | ₹42.3M | ₹285M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Fine Organic Industries FINEORG.NS | $1.64B | +9% | +13% | 20% | 33.4× | 26.7% |
| Croda International CRDA.L | $6.88B | +31% | +3% | 16% | 23.3× | 19.9% |
| Basf BAS.DE | $52.6B | +2% | -4% | 7% | 16.8× | 5.7% |
| Kao 4452.T | $21.8B | +33% | +6% | 10% | 24.4× | 1.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FINEORG.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.8% | -13.0% | 9th highest of 21 |
| 6-month return | +8.9% | -18.4% | highest of 19 |
| Distance from 52-week high | -10.4% | -35.6% | highest of 21 |
| Revenue growth (TTM) | +12.9% | +5.7% | 8th highest of 21 |
| Operating margin | 20.4% | 8.7% | 3rd highest of 21 |
| Forward P/E | 33.4× | 25.0× | 5th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 26.7% | 10.9% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +15.7% | +5.9% | highest of 11 |
| Hurdle (Req g minus delivered) | +11.0 pp | +6.2 pp | 6th least demanding of 11 |
| ROIC minus cost of capital | +10.3 pp | -2.1 pp | 3rd highest of 21 |
| EV / EBITDA | 24.0× | 13.5× | 3rd most expensive of 11 |
| Net debt / EBITDA | -2.3× | 2.0× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fine Organic Industries FINEORG.NS | India | $1.64B | +9% | +13% | 20% | 33.4× | 26.7% | +15.7% |
| Huntsman HUN | United States | $1.66B | -37% | +6% | 0% | 353.8× | n/a | n/a |
| Valiant 002643.SZ | China | $1.66B | -28% | +3% | 10% | 25.6× | 17.4% | +4.9% |
| Metis TechBio 7666.HK | Hong Kong | $1.66B | n/a | +6,987% | -367% | n/a | n/a | n/a |
| Nippon Kayaku 4272.T | Japan | $1.66B | +3% | +14% | 10% | 10.1× | -4.8% | +6.9% |
| Borregaard BRG.OL | Norway | $1.68B | +7% | +3% | 17% | 24.4× | -1.0% | +7.7% |
| AARTI Industries AARTIIND.NS | India | $1.71B | -9% | +40% | 9% | 29.1× | n/a | n/a |
| Advanced Echem Materials 4749.TWO | Taiwan | $1.72B | -39% | +19% | 25% | 33.1× | n/a | n/a |
| Alzchem ACT0.DE | Germany | $1.56B | n/a | +5% | 16% | 20.9× | -1.1% | +8.2% |
| Jilin Chemical Fibre Stock 000420.SZ | China | $1.42B | -25% | +11% | 5% | 154.0× | n/a | n/a |
| Innospec IOSP | United States | $1.93B | -3% | +5% | 8% | 13.4× | 4.4% | +8.3% |
| Privi Speciality Chemicals PRIVISCL.NS | India | $1.40B | -4% | +18% | 20% | 30.4× | 30.1% | +15.0% |
| Rianlon 300596.SZ | China | $1.39B | -7% | +11% | 11% | 14.7× | n/a | n/a |
| Jiangsu Shuangxing Color Plastic New Materials 002585.SZ | China | $1.38B | +5% | -4% | -4% | 62.8× | 22.5% | +0.2% |
| Shanghai Emperor of Cleaning Hi-Tech 603200.SS | China | $1.37B | -16% | +4% | -8% | n/a | n/a | n/a |
| Isuspecialtychemical 457190.KS | South Korea | $1.36B | -49% | +14% | 3% | n/a | n/a | n/a |
| China Resources Chemical Innovative Materials 301090.SZ | China | $1.35B | -33% | +4% | 1% | 19.2× | 21.4% | +1.1% |
| Qingdao Huicheng Environmental Technology 300779.SZ | China | $2.02B | -9% | -13% | 5% | 129.3× | n/a | n/a |
| Zhejiang Yongtai Technology 002326.SZ | China | $2.04B | -40% | +38% | 11% | n/a | n/a | n/a |
| Eternal Materials 1717.TW | Taiwan | $2.06B | -27% | -2% | 5% | 17.2× | 19.9% | +1.2% |
| Ingevity NGVT | United States | $2.07B | -21% | -12% | 25% | 10.4× | -0.9% | -0.8% |