FINE ORGANIC INDUSTRIES FUNDAMENTAL RESEARCH REPORT

Fine Organic Industries (NSE: FINEORG, BSE: 541557), Mumbai, founded 1970, is India’s pioneer and largest maker of oleochemical-based specialty additives : food emulsifi ers, polymer additives (slip, anti-fog, anti-static), feed-nutrition,cosmetic and coating additives. Its products are “a technical pinch of salt” in the customer’s product: small in the customer’scost but critical to performance, and hard to switch once approved. It sells 600+ products to 950+ direct customers in 110+countries (~60% exports), is debt-free and holds net cash (consolidated net debt/equity -0.41x at FY26). Event 1 - a margin breakout quarter. Q1 FY27 consolidated revenue Rs 694 Cr (+18%) , EBITDA Rs 176 Cr (+42%) , margin 25.3% (21.0% a year ago), gross margin 45.4% vs 40.4%; PAT Rs 138 Cr (+18%; the base included a Rs 7 Cr insurance one-off andhigher other income). Standalone PAT rose 46%. It is the best quarter in six, achieved despite raw-material prices “elevated”and higher utility costs from the West Asia confl ict.