Fine Organic Industries: In-Line Performance

  • Stock Market Analysis
  • Editors Pick

Fine Organic Industries Ltd (BO: FINO ): Our BUY recommendation on Fine Organic Industries (FOIL) with a target price of INR 3,480 is premised on (1) constant focus on R&D, (2) diversified product portfolio, (3) capacity-led expansion growth opportunity, and (4) leadership in oleo-chemical based additives in the domestic and global markets with a loyal customer base. We expect FOIL’s PAT to grow at a 41% CAGR over FY22-24E, led by a 37% CAGR in EBITDA.

In the absence of any major Capex in the coming years, the RoCE would expand from 16.7% in FY22E to 25.3% in FY24E. Q1 EBITDA/APAT was 1/2% above our estimates owing to a 7% rise in revenue, higher-than-expected other income, lower-than-expected tax outgo, offset by higher-than-anticipated other expenses.

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