Loading…
World's largest maker of ATBS specialty monomer (used in water treatment/oilfield chemicals) and a leading ibuprofen intermediate producer.
World's largest maker of ATBS specialty monomer (used in water treatment/oilfield chemicals) and a leading ibuprofen intermediate producer.
Sells specialty monomers (building-block molecules for polymers) to a small group of industrial buyers, and its high share of world ATBS supply gives it more say over price than a typical chemical maker. Production is concentrated at plants in Maharashtra, and the founding Saraf family holds control.
Moat: wide (scale, process know-how, IP / patents). Global scale leadership and proprietary process technology in ATBS give it a dominant, hard-to-replicate cost position.
Headquarters: Mumbai, India · Founded: 1989 · Employees: 2,109
Size Vinati Organics (VINATIORGA.NS) is an India Materials company (Chemicals: Specialty) with a market value of $1.14B, the 558th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,043 on 6 Nov 2026.
Performance Over six months the shares fell 25.7%, against -21.8% for the median peer and 0.0% for the India market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 11.0% over the last twelve months (peer median +4.8%); the operating margin is 19.9% (peer median 12.0%).
Valuation It trades at 23.8× forward earnings against a peer median of 14.1× (6th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is +6 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 0.9 points below its cost of capital (13.2% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹25.1B | ₹21.8B | ₹22.4B | ₹18.9B | ₹20.6B |
| Revenue growth | — | -3% | +18% | -8% | — |
| Gross profit | ₹7.16B | ₹5.55B | ₹5.39B | ₹4.46B | ₹5.50B |
| EBITDA | ₹6.23B | ₹6.14B | ₹5.81B | ₹4.72B | ₹5.78B |
| Net income | ₹4.12B | ₹4.44B | ₹4.05B | ₹3.23B | ₹4.19B |
| Free cash flow | n/a | ₹2.88B | -₹277M | -₹606M | ₹1.72B |
| Capital expenditure | n/a | ₹2.70B | ₹5.00B | ₹3.98B | ₹3.44B |
| Total debt | ₹0 | ₹0 | ₹626M | ₹46.5M | ₹352M |
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.
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 | VINATIORGA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.7% | -9.0% | 9th highest of 21 |
| 6-month return | -25.7% | -21.8% | 8th lowest of 21 |
| Distance from 52-week high | -38.8% | -45.6% | 6th highest of 21 |
| Revenue growth (TTM) | +11.0% | +4.8% | 7th highest of 21 |
| Operating margin | 19.9% | 12.0% | 4th highest of 21 |
| Forward P/E | 23.8× | 14.1× | 6th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 24.0% | 8.7% | 5th most demanding of 13 |
| Growth delivered (Del g) | +18.2% | +9.1% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | +5.8 pp | -0.5 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | -0.9 pp | -0.6 pp | 10th lowest of 21 |
| EV / EBITDA | 17.0× | 8.1× | most expensive of 8 |
| Net debt / EBITDA | -0.3× | -0.5× | 4th most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vinati Organics VINATIORGA.NS | India | $1.14B | -26% | +11% | 20% | 23.8× | 24.0% | +18.2% |
| Ecovyst ECVT | United States | $1.15B | -26% | +20% | 12% | 14.1× | 8.0% | +7.8% |
| Shin-Etsu Polymer 7970.T | Japan | $1.15B | +5% | +10% | 13% | 13.2× | -2.9% | +8.4% |
| Shandong Boyuan Advanced Materials 301617.SZ | China | $1.15B | -4% | +11% | 12% | n/a | 44.7% | +22.5% |
| Anhui Hwasu 600935.SS | China | $1.13B | -22% | -10% | -8% | n/a | 28.1% | -1.0% |
| Hebei Jinniu Chemical Industry 600722.SS | China | $1.16B | -16% | -1% | 18% | n/a | 28.1% | +3.0% |
| Jiangsu Sopo Chemical 600746.SS | China | $1.12B | -23% | +6% | 5% | n/a | n/a | n/a |
| Jinhong Gas 688106.SS | China | $1.17B | -42% | +15% | 2% | 67.0× | n/a | n/a |
| Hunan Kaimeite Gases 002549.SZ | China | $1.18B | -43% | -7% | -5% | 38.9× | n/a | n/a |
| Chemtrade Logistics Income Fund CHE-UN.TO | Canada | $1.19B | -17% | +12% | 12% | 9.5× | -0.8% | +7.7% |
| Toagosei 4045.T | Japan | $1.19B | +3% | +2% | 9% | 14.4× | n/a | n/a |
| Hubei Heyuan Gas 002971.SZ | China | $1.09B | +9% | +12% | 7% | 138.4× | n/a | n/a |
| ISE Chemicals 4107.T | Japan | $1.20B | -30% | 0% | 22% | 36.0× | 18.6% | +18.4% |
| Tongyu Advanced Materials (Guangdong) 301630.SZ | China | $1.21B | -19% | +26% | 18% | n/a | 35.9% | +26.0% |
| Yunnan Energy Investment 002053.SZ | China | $1.21B | -24% | -24% | 20% | 11.6× | n/a | n/a |
| Shanghai Skychem Technology 688603.SS | China | $1.22B | -29% | +38% | 19% | 44.6× | n/a | n/a |
| Zhejiang Jiahua Energy Chemical Industry 600273.SS | China | $1.23B | -22% | +4% | 5% | 7.8× | -6.3% | +12.9% |
| Japan Material 6055.T | Japan | $1.06B | -9% | +11% | 27% | 13.5× | 9.4% | +10.5% |
| Nan Pao Resins Chemical 4766.TW | Taiwan | $1.24B | -6% | +3% | 16% | 13.3× | -8.7% | +8.3% |
| Shanghai Chlor-Alkali Chemical 600618.SS | China | $1.24B | -29% | +2% | 6% | n/a | -0.4% | +9.9% |
| Anhui Shenjian New Materials 002361.SZ | China | $1.25B | -54% | -4% | -3% | n/a | n/a | n/a |