Fine Organic Industries (FINEORG IN) – Q2FY27 Result Update – SEZ and upcoming US facility to unlock growth – BUY
Published on 04 Nov 2026
FINEORG reported consolidated revenue of INR7.3bn in Q2FY27, registering growth of 22% YoY and 5% QoQ. Exports contributed 56% of revenue, while domestic markets accounted for the remaining 44%. EBITDA margin expanded by 280bps YoY, which we believe was primarily driven by higher realizations. During Q2FY27, raw material prices remained elevated YoY, although the sequential increase was marginal. Fuel costs also remained significantly higher YoY but stabilised compared to the previous quarter. However, ocean freight costs continued to rise sequentially, reflecting supply chain disruptions arising from ongoing geopolitical tensions. We maintain our ‘BUY’ rating with a target price of INR6,761, valuing the stock at 34x Sep’28E EPS.
