Declared Dividend • May 21
Dividend of ₹11.00 announced Dividend of ₹11.00 is the same as last year. Ex-date: 31st July 2026 Payment date: 17th September 2026 Dividend yield will be 0.2%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (8% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 20
Fine Organic Industries Limited announces Annual dividend, payable on September 17, 2026 Fine Organic Industries Limited announced Annual dividend of INR 11.0000 per share payable on September 17, 2026, ex-date on July 31, 2026 and record date on July 31, 2026. Reported Earnings • May 20
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: ₹136 (up from ₹134 in FY 2025). Revenue: ₹24.8b (up 9.4% from FY 2025). Net income: ₹4.17b (up 1.6% from FY 2025). Profit margin: 17% (down from 18% in FY 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.3%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • May 05
Fine Organic Industries Limited to Report Q4, 2026 Results on May 19, 2026 Fine Organic Industries Limited announced that they will report Q4, 2026 results at 12:08 PM, Indian Standard Time on May 19, 2026 Reported Earnings • Feb 14
Third quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2026 results: EPS: ₹24.11 (down from ₹26.97 in 3Q 2025). Revenue: ₹5.76b (up 12% from 3Q 2025). Net income: ₹739.3m (down 11% from 3Q 2025). Profit margin: 13% (down from 16% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Feb 03
Fine Organic Industries Limited to Report Q3, 2026 Results on Feb 12, 2026 Fine Organic Industries Limited announced that they will report Q3, 2026 results on Feb 12, 2026 Reported Earnings • Nov 08
Second quarter 2026 earnings: EPS misses analyst expectations Second quarter 2026 results: EPS: ₹35.40 (down from ₹38.30 in 2Q 2025). Revenue: ₹6.18b (up 3.8% from 2Q 2025). Net income: ₹1.09b (down 7.6% from 2Q 2025). Profit margin: 18% (down from 20% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 11% per year. Announcement • Oct 27
Fine Organic Industries Limited to Report Q2, 2026 Results on Nov 07, 2025 Fine Organic Industries Limited announced that they will report Q2, 2026 results on Nov 07, 2025 Announcement • Aug 22
Fine Organic Industries Limited Approves Final Dividend for the Financial Year 2024-25 Fine Organic Industries Limited at its 23rd Annual General Meeting held on August 21, 2025, declared Final Dividend of INR 11 (Rupees Eleven only) per Equity Share of face value of INR 5 each for the financial year 2024-25. Announcement • Aug 02
Fine Organic Industries Limited to Report Q1, 2026 Results on Aug 08, 2025 Fine Organic Industries Limited announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • Jul 27
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ₹134 (down from ₹134 in FY 2024). Revenue: ₹22.7b (up 6.9% from FY 2024). Net income: ₹4.10b (flat on FY 2024). Profit margin: 18% (down from 19% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 2.1%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Upcoming Dividend • Jul 18
Upcoming dividend of ₹11.00 per share Eligible shareholders must have bought the stock before 25 July 2025. Payment date: 20 September 2025. Payout ratio is a comfortable 8.2% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.7%). Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 4 highly experienced directors. Non-Executive Independent Director Rashi Mehta was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 10
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ₹134 (down from ₹134 in FY 2024). Revenue: ₹23.7b (up 12% from FY 2024). Net income: ₹4.10b (flat on FY 2024). Profit margin: 17% (down from 19% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 2.1%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Announcement • Apr 25
Fine Organic Industries Limited to Report Q4, 2025 Results on May 08, 2025 Fine Organic Industries Limited announced that they will report Q4, 2025 results on May 08, 2025 Announcement • Jan 28
Fine Organic Industries Limited to Report Q3, 2025 Results on Feb 04, 2025 Fine Organic Industries Limited announced that they will report Q3, 2025 results on Feb 04, 2025 Announcement • Nov 29
Fine Organic Industries Limited Resumes Operations At Badlapur Plant Post-Fire Incident Fine Organic Industries Limited announced that further to intimation dated January 18, 2024, about the disruption of operations at the Company's plant situated at Plot No. W-124-A, Khervai MIDC, Badlapur (E), Maharashtra caused by a fire incident that occurred at the adjacent plant and pursuant to Regulation 30, the company would like to inform that the Company shall resume its manufacturing operations from November 28, 2024 and is actively working on fully restoring all other plant activities to normalcy. Additionally, the company have received an on-account partial claim amount from insurance company, and the claim process as per the completion stage of unit W-124A is currently in progress. Reported Earnings • Nov 09
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: ₹38.30 (up from ₹33.71 in 2Q 2024). Revenue: ₹6.18b (up 14% from 2Q 2024). Net income: ₹1.17b (up 14% from 2Q 2024). Profit margin: 19% (in line with 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.6%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 15% per year. Announcement • Oct 31
Fine Organic Industries Limited to Report Q2, 2025 Results on Nov 08, 2024 Fine Organic Industries Limited announced that they will report Q2, 2025 results on Nov 08, 2024 Announcement • Aug 22
Fine Organic Industries Limited Approves Final Dividend for the Financial Year Ended March 31, 2024 Fine Organic Industries Limited at its AGM held on August 21, 2024 approved final dividend of INR 10.00 per share for the financial year ended March 31, 2024. Upcoming Dividend • Aug 06
Upcoming dividend of ₹10.00 per share Eligible shareholders must have bought the stock before 13 August 2024. Payment date: 20 September 2024. Payout ratio is a comfortable 7.4% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.7%). Price Target Changed • Aug 04
Price target increased by 10% to ₹5,145 Up from ₹4,676, the current price target is an average from 10 analysts. New target price is 5.7% below last closing price of ₹5,458. Stock is up 19% over the past year. The company is forecast to post earnings per share of ₹144 for next year compared to ₹134 last year. Reported Earnings • Jul 28
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₹134 (down from ₹202 in FY 2023). Revenue: ₹21.2b (down 30% from FY 2023). Net income: ₹4.12b (down 33% from FY 2023). Profit margin: 19% (in line with FY 2023). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 5.3%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Jul 22
Fine Organic Industries Limited to Report Q1, 2025 Results on Jul 30, 2024 Fine Organic Industries Limited announced that they will report Q1, 2025 results on Jul 30, 2024 Declared Dividend • May 17
Dividend of ₹10.00 announced Shareholders will receive a dividend of ₹10.00. Ex-date: 13th August 2024 Payment date: 20th September 2024 Dividend yield will be 0.2%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (4% earnings payout ratio) and cash flows (5% cash payout ratio). The dividend has increased by an average of 4.3% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 12
Fine Organic Industries Limited, Annual General Meeting, Aug 21, 2024 Fine Organic Industries Limited, Annual General Meeting, Aug 21, 2024. Reported Earnings • May 11
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₹134 (down from ₹202 in FY 2023). Revenue: ₹21.9b (down 27% from FY 2023). Net income: ₹4.12b (down 33% from FY 2023). Profit margin: 19% (down from 20% in FY 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 8.2%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 03
Third quarter 2024 earnings: EPS in line with expectations, revenues disappoint Third quarter 2024 results: EPS: ₹30.73 (down from ₹34.65 in 3Q 2023). Revenue: ₹5.06b (down 33% from 3Q 2023). Net income: ₹942.1m (down 11% from 3Q 2023). Profit margin: 19% (up from 14% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 31
Price target decreased by 8.2% to ₹4,245 Down from ₹4,626, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ₹4,422. Stock is down 22% over the past year. The company is forecast to post earnings per share of ₹137 for next year compared to ₹202 last year. Reported Earnings • Oct 31
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: ₹33.71 (down from ₹66.09 in 2Q 2023). Revenue: ₹5.58b (down 39% from 2Q 2023). Net income: ₹1.03b (down 49% from 2Q 2023). Profit margin: 19% (down from 22% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 25%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Oct 22
Fine Organic Industries Limited to Report Q2, 2024 Results on Oct 30, 2023 Fine Organic Industries Limited announced that they will report Q2, 2024 results on Oct 30, 2023 Announcement • Aug 25
Fine Organic Industries Limited Approves Final Dividend for the Financial Year Ended March 31, 2023 Fine Organic Industries Limited approved final dividend of INR 9 per equity share of face value of INR 5 each for the financial year ended March 31, 2023 at the Annual General Meeting held on August 24, 2023. Price Target Changed • Aug 21
Price target decreased by 8.1% to ₹4,253 Down from ₹4,626, the current price target is an average from 7 analysts. New target price is 6.4% below last closing price of ₹4,543. Stock is down 26% over the past year. The company is forecast to post earnings per share of ₹138 for next year compared to ₹202 last year. Board Change • Aug 10
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. Senior VP of Operation & Whole Time Director Nikhil Kamat was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 07
Upcoming dividend of ₹9.00 per share at 0.2% yield Eligible shareholders must have bought the stock before 14 August 2023. Payment date: 23 September 2023. Payout ratio is a comfortable 4.5% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.9%). New Risk • Jul 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 27
First quarter 2024 earnings released: EPS: ₹32.54 (vs ₹52.12 in 1Q 2023) First quarter 2024 results: EPS: ₹32.54 (down from ₹52.12 in 1Q 2023). Revenue: ₹5.62b (down 25% from 1Q 2023). Net income: ₹997.7m (down 38% from 1Q 2023). Profit margin: 18% (down from 21% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. New Risk • Jul 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 36% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 36% per year for the foreseeable future. High level of non-cash earnings (23% accrual ratio). Price Target Changed • May 26
Price target decreased by 8.9% to ₹4,674 Down from ₹5,133, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₹4,475. Stock is up 9.2% over the past year. The company is forecast to post earnings per share of ₹142 for next year compared to ₹202 last year. Reported Earnings • May 25
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ₹202 (up from ₹84.67 in FY 2022). Revenue: ₹30.9b (up 65% from FY 2022). Net income: ₹6.18b (up 138% from FY 2022). Profit margin: 20% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 6.3%. Revenue is expected to decline by 2.8% p.a. on average during the next 2 years, while revenues in the Chemicals industry in India are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Announcement • May 19
Fine Organic Industries Limited to Report Q4, 2023 Results on May 24, 2023 Fine Organic Industries Limited announced that they will report Q4, 2023 results on May 24, 2023 Price Target Changed • Mar 09
Price target decreased by 9.4% to ₹5,366 Down from ₹5,923, the current price target is an average from 8 analysts. New target price is 19% above last closing price of ₹4,512. Stock is up 11% over the past year. The company is forecast to post earnings per share of ₹190 for next year compared to ₹84.67 last year. Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: ₹34.65 (vs ₹16.96 in 3Q 2022) Third quarter 2023 results: EPS: ₹34.65 (up from ₹16.96 in 3Q 2022). Revenue: ₹7.75b (up 67% from 3Q 2022). Net income: ₹1.06b (up 104% from 3Q 2022). Profit margin: 14% (up from 11% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Jan 26
Fine Organic Industries Limited to Report Q3, 2023 Results on Feb 09, 2023 Fine Organic Industries Limited announced that they will report Q3, 2023 results at 4:00 PM, Indian Standard Time on Feb 09, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹66.09 (vs ₹16.27 in 2Q 2022) Second quarter 2023 results: EPS: ₹66.09 (up from ₹16.27 in 2Q 2022). Revenue: ₹9.19b (up 110% from 2Q 2022). Net income: ₹2.03b (up 306% from 2Q 2022). Profit margin: 22% (up from 11% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 45% per year. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: ₹66.09 (vs ₹16.27 in 2Q 2022) Second quarter 2023 results: EPS: ₹66.09 (up from ₹16.27 in 2Q 2022). Revenue: ₹9.39b (up 114% from 2Q 2022). Net income: ₹2.03b (up 306% from 2Q 2022). Profit margin: 22% (up from 11% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 47% per year. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹5,751, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 204% over the past three years. Announcement • Oct 20
Fine Organic Industries Limited to Report Q2, 2023 Results on Nov 10, 2022 Fine Organic Industries Limited announced that they will report Q2, 2023 results on Nov 10, 2022 Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improved over the past week After last week's 16% share price gain to ₹7,101, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 367% over the past three years. Announcement • Aug 24
Fine Organic Industries Limited Declares Final Dividend for the Financial Year 2021-22 Fine Organic Industries Limited declared Final Dividend of INR 9 per equity share of face value of INR 5 each for the financial year 2021-22. Upcoming Dividend • Aug 04
Upcoming dividend of ₹9.00 per share Eligible shareholders must have bought the stock before 11 August 2022. Payment date: 22 September 2022. Payout ratio is a comfortable 11% but the company is paying out more than the cash it is generating. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.7%). Lower than average of industry peers (0.7%). Announcement • Aug 03
Fine Organic Industries Limited to Report Q1, 2023 Results on Aug 09, 2022 Fine Organic Industries Limited announced that they will report Q1, 2023 results at 4:00 AM, Indian Standard Time on Aug 09, 2022 Board Change • Jul 31
High number of new directors MD & Executive Chairman Mukesh Shah was the last director to join the board, commencing their role in 2022. Reported Earnings • Jul 28
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₹84.67 (up from ₹39.24 in FY 2021). Revenue: ₹18.8b (up 66% from FY 2021). Net income: ₹2.60b (up 116% from FY 2021). Profit margin: 14% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Over the next year, revenue is forecast to grow 29%, compared to a 15% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 28
Fine Organic Industries Limited Announces Board Changes Fine Organic Industries Limited at its board meeting held on June 27, 2022 approved the following: Approved the appointment of Mr. Mukesh Shah, Managing Director of the Company as a Chairman and Managing Director of the Company with effect from June 27, 2022; Approved the appointment of Mr. Nikhil Kamat as an Additional Director with effect from June 27, 2022; and approved the appointment of Mr. Nikhil Kamat as a Whole Time Director of the Company for period of 5 years with effect from June 27, 2022, subject to the approval of shareholders at the ensuing Annual General Meeting. Mr. Nikhil Kamat holds a degree of Master of Science in Biochemistry from University of Bombay in the year 1987. He has been associated with the Fine Organics Group since the year 1987. He has a work experience in production, planning, handling technical, environmental and regulatory tasks. He has played a crucial role in setting up the plants across the organization. He is currently designated ·as a Senior Vice President - Operations of Fine Organic Industries Limited. He oversees and monitors the working of all the plants across the organization. Announcement • Jun 17
Fine Organic Industries Limited Announces Demise of Prakash Kamat, Chairman and Executive Director Fine Organic Industries Limited announced the demise of Shri. Prakash Kamat, Chairman and Executive Director of the Company, on June 17, 2022. Shri. Prakash Kamat was Co-founder of the Company and the Company has immensely benefited from his vision, guidance and support during his long association. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 23% share price gain to ₹5,024, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 26x in the Chemicals industry in India. Total returns to shareholders of 240% over the past three years. Price Target Changed • Jun 01
Price target increased to ₹4,528 Up from ₹4,020, the current price target is an average from 5 analysts. New target price is 12% below last closing price of ₹5,122. Stock is up 68% over the past year. The company is forecast to post earnings per share of ₹106 for next year compared to ₹84.71 last year. Reported Earnings • May 31
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₹84.71 (up from ₹39.24 in FY 2021). Revenue: ₹18.8b (up 66% from FY 2021). Net income: ₹2.60b (up 116% from FY 2021). Profit margin: 14% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Over the next year, revenue is forecast to grow 12%, compared to a 16% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 19
Fine Organic Industries Limited to Report Q4, 2022 Results on May 27, 2022 Fine Organic Industries Limited announced that they will report Q4, 2022 results on May 27, 2022 Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. Independent Director Kaushik Shah was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Recent Insider Transactions • Mar 31
Insider recently sold ₹2.0m worth of stock On the 25th of March, R. Shah sold around 500 shares on-market at roughly ₹4,014 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Price Target Changed • Feb 16
Price target increased to ₹3,866 Up from ₹3,530, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ₹3,928. Stock is up 65% over the past year. The company is forecast to post earnings per share of ₹57.83 for next year compared to ₹39.24 last year. Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ₹16.96 (up from ₹9.36 in 3Q 2021). Revenue: ₹4.70b (up 57% from 3Q 2021). Net income: ₹519.8m (up 81% from 3Q 2021). Profit margin: 11% (up from 9.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.6%. Earnings per share (EPS) missed analyst estimates by 5.4%. Over the next year, revenue is forecast to grow 14%, compared to a 20% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Price Target Changed • Jan 06
Price target increased to ₹3,524 Up from ₹3,240, the current price target is an average from 4 analysts. New target price is 5.6% below last closing price of ₹3,735. Stock is up 46% over the past year. The company is forecast to post earnings per share of ₹57.75 for next year compared to ₹39.24 last year. Price Target Changed • Nov 22
Price target increased to ₹3,399 Up from ₹3,167, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₹3,522. Stock is up 35% over the past year. The company is forecast to post earnings per share of ₹59.00 for next year compared to ₹39.24 last year. Price Target Changed • Nov 15
Price target increased to ₹3,240 Up from ₹3,009, the current price target is an average from 3 analysts. New target price is 14% below last closing price of ₹3,755. Stock is up 46% over the past year. The company is forecast to post earnings per share of ₹57.65 for next year compared to ₹39.24 last year. Reported Earnings • Nov 13
Second quarter 2022 earnings released: EPS ₹16.27 (vs ₹10.18 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2022 results: Revenue: ₹4.45b (up 64% from 2Q 2021). Net income: ₹498.7m (up 60% from 2Q 2021). Profit margin: 11% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Announcement • Aug 26
Fine Organic Industries Limited Approves to Declare Final Dividend Which Includes Onetime Special Dividend on Account of Golden Jubilee Year At the AGM Held on August 24, 2021 Fine Organic Industries Limited approved to declare a Final Dividend INR 11 per equity share of face value INR 5 each for the financial year 2020-21 which includes a onetime special dividend of INR 5 per equity share on account of golden jubilee year at the AGM held on August 24, 2021. Upcoming Dividend • Aug 06
Upcoming dividend of ₹11.00 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 23 September 2021. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (0.7%). Reported Earnings • Jul 30
Full year 2021 earnings released: EPS ₹39.24 (vs ₹53.75 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: ₹11.3b (up 9.2% from FY 2020). Net income: ₹1.20b (down 27% from FY 2020). Profit margin: 11% (down from 16% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jun 30
Price target increased to ₹2,798 Up from ₹2,552, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₹2,903. Stock is up 56% over the past year. Reported Earnings • May 29
Full year 2021 earnings released: EPS ₹39.25 (vs ₹53.75 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: ₹11.5b (up 11% from FY 2020). Net income: ₹1.20b (down 27% from FY 2020). Profit margin: 11% (down from 16% in FY 2020). The decrease in margin was driven by higher expenses. Announcement • Jan 30
Fine Organic Industries Limited to Report Q3, 2021 Results on Feb 12, 2021 Fine Organic Industries Limited announced that they will report Q3, 2021 results on Feb 12, 2021 Price Target Changed • Dec 23
Price target raised to ₹2,396 Up from ₹2,209, the current price target is an average from 2 analysts. The new target price is close to the current share price of ₹2,407. As of last close, the stock is up 27% over the past year. Is New 90 Day High Low • Dec 21
New 90-day low: ₹2,409 The company is down 10.0% from its price of ₹2,665 on 22 September 2020. The Indian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹634 per share. Reported Earnings • Nov 03
Second quarter 2021 earnings released: EPS ₹10.18 The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: ₹2.75b (flat on 2Q 2020). Net income: ₹312.1m (down 45% from 2Q 2020). Profit margin: 11% (down from 21% in 2Q 2020). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Nov 03
Revenue beats expectations Revenue exceeded analyst estimates by 0.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 22%, compared to a 15% growth forecast for the Chemicals industry in India. Announcement • Sep 13
Fine Organic Industries Limited to Report Q1, 2021 Results on Aug 12, 2020 Fine Organic Industries Limited announced that they will report Q1, 2021 results on Aug 12, 2020 
