Fine Organic Industries (FINEORG IN) – Q3FY26 Result Update – Higher input cost drags margins – BUY
Published on 13 Feb 2026
The company has also received environmental clearance (with a few remaining approvals pending) for its Rs7.5bn greenfield project on SEZ land. We believe the upcoming SEZ facility and the planned U.S. manufacturing plant will be key growth catalysts. The SEZ project is expected to deliver peak revenue potential of Rs26bn, assuming an asset turnover of 3.5x, and should start contributing meaningfully to topline growth from FY28. At current valuations, FINEORG trades at ~24x FY28E EPS. We maintain our ‘BUY’ rating with a target price of Rs5,117, valuing the stock at 30x Dec’27 EPS.
