Fine Organic Industries (FINEORG IN) – Q4FY26 Result Update – SEZ and U.S. capex to drive long-term growth – BUY
Published on 21 May 2026
FINEORG reported consolidated revenue of Rs6.3bn in Q4FY26, registering growth of 3% YoY and 13% QoQ. Domestic demand witnessed improved performance during the quarter, while export markets remained steady. EBITDA margin expanded by 380bps QoQ, primarily driven by higher realizations. All manufacturing facilities are currently operating at full capacity, except for the Patalganga (food-grade) plant, which management has guided is expected to achieve full utilization by FY27. During Q3FY26 and Q4FY26, the company infused equity of ~Rs61.7mn into its Thailand JV and ~Rs4.9mn into its UAE subsidiary respectively. Additionally, the company had acquired ~159.9 acres of land in the U.S. in June’25 and expects to finalize the capex plan for its proposed manufacturing facility by Q2FY27. The ongoing Rs7–7.5bn greenfield SEZ project is expected to commence commercial operations in H2FY28.
