Fine Organic Industries Ltd - Stock Valuation and Financial Performance

BSE: 541557 | NSE: FINEORG | Chemicals | Small Cap

Fine Organic Inds. Share Price

4,402 28.30 0.65%
as on 12-Apr'24 10:20

DeciZen - make an informed investing decision on Fine Organic Inds.

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Semi Strong

Fine Organic Industries stock performance -

mw4me loader
P/E Ratio (CD):
30.01
Market Cap:
13,409.8 Cr.
52-wk low:
4,005
52-wk high:
5,160

Is Fine Organic Industries Ltd an attractive stock to invest in?

1. Is Fine Organic Industries Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Fine Organic Industries Ltd is a good quality company.

2. Is Fine Organic Industries Ltd undervalued or overvalued?

The key valuation ratios of Fine Organic Industries Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Fine Organic Industries Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Fine Organic Industries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Fine Organic Inds.:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Fine Organic Industries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 27%21.8%23.5%21.9%21.4%24.2%23.6%15.1%26.7%45.3%-
Value Creation
Index
1.00.60.70.60.50.70.80.11.02.4-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 5676156607798561,0601,0381,1331,8763,0232,173
Sales YoY Gr.-8.4%7.3%18.1%9.8%23.9%-2.1%9.2%65.6%61.1%-
Adj EPS 19.719.524.426.327.841.251.137.178.9190.1145.7
YoY Gr.--1.2%25.4%7.7%5.8%47.9%24.1%-27.3%112.7%140.9%-
BVPS (₹) 5566.887.7113.2129163.2201.9238.6312.9502.7589.8
Adj Net
Profit
57.156.570.876.385.4126157114242583447
Cash Flow from Ops. 2.179.611445.165.198.421913466.6485-
Debt/CF from Ops. 53.81.30.90.90.81.30.60.70.90.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 20.4%28.7%42.8%61.1%
Adj EPS 28.6%46.9%55%140.9%
BVPS27.9%31.3%35.5%60.7%
Share Price - 27.9% 21.8% -2%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
44.53231.626.223.628.22816.928.646.626.7
Op. Profit
Mgn %
19.218.522.118.618.62223.217.619.527.527.3
Net Profit
Mgn %
10.19.210.79.81012.215.11012.919.320.6
Debt to
Equity
0.70.50.40.10.10.30.20.10.10-
Working Cap
Days
125135127124146134136129110103114
Cash Conv.
Cycle
3641474957555953505598

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 42.80%

Net Profit is growing at healthy rate in last 3 years 54.99%

Return on Equity has declined versus last 3 years average to 26.70%

Sales growth is not so good in last 4 quarters at -26.75%

Latest Financials - Fine Organic Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 130.9 145.7
TTM Sales (₹ Cr.) 2,128 2,173
BVPS (₹.) 573.1 589.8
Reserves (₹ Cr.) 1,742 1,793
P/BV 7.63 7.42
PE 33.41 30.01
From the Market
52 Week Low / High (₹) 4005.00 / 5160.00
All Time Low / High (₹) 735.20 / 7326.45
Market Cap (₹ Cr.) 13,410
Equity (₹ Cr.) 15.3
Face Value (₹) 5
Industry PE 49.4

Management X-Ray of Fine Organic Inds.:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Fine Organic Inds.

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales5676156607798561,0601,0381,1331,8763,023
Operating Expenses 4595015146346978277989341,5122,192
Manufacturing Costs4651465159828690132163
Material Costs3413723764855426285857001,1481,737
Employee Cost 17202733405159657184
Other Costs 5558646656656779161208
Operating Profit 109114146145158234240199365831
Operating Profit Margin (%) 19.1%18.5%22.1%18.6%18.5%22.0%23.2%17.6%19.4%27.5%
Other Income 7294162423173364
Interest 11884368655
Depreciation 11233024201735474048
Exceptional Items 0000000000
Profit Before Tax 9586117121151234216162352841
Tax 332941435695514292223
Profit After Tax 6257767895140165120260618
PAT Margin (%) 10.9%9.3%11.5%10.0%11.1%13.2%15.9%10.6%13.8%20.4%
Adjusted EPS (₹)21.319.726.326.931.144.453.739.284.7201.6
Dividend Payout Ratio (%)0%25%29%28%23%16%13%28%11%4%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 1591942543283965006197319591,541
Share Capital 5555151515151515
Reserves 1541892493233804856047169441,526
Minority Interest0000000000
Debt107959440541139157250
Long Term Debt87555200939157250
Short Term Debt2039434054200000
Trade Payables5853536470538698154176
Others Liabilities 153314863649549079
Total Liabilities 3403754164415257028459401,2281,796

Fixed Assets

Gross Block147196234229240247419444516547
Accumulated Depreciation7673110132152169203248287333
Net Fixed Assets70124125978878217196229214
CWIP 24863321066261440
Investments 00011111033313139
Inventories546476928989132126236445
Trade Receivables778989110146156132162301351
Cash Equivalents 93441812109210264233523
Others Assets1068677109146154116135184184
Total Assets 3403754164415257028459401,2281,796

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 28011445659821913467485
PBT 9586117121151234216162352841
Adjustment 2030362480243714-5
Changes in Working Capital -84-63-50-44-4941-23-217-123
Tax Paid -29-30-43-49-51-86-62-42-83-228
Cash Flow From Investing Activity -29-65-28-16-52-93-85-40-56-85
Capex -27-65-28-15-40-82-73-46-60-81
Net Investments 000-60-4-290-2-15
Others -2005-11-7176611
Cash Flow From Financing Activity 28-20-56-55-1792-37-41-68-69
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 21-32-8-520108-1-36-31-36
Interest Paid -7-8-7-4-2-3-6-5-4-5
Dividend Paid 00-440-28-26-41-9-34-28
Others 15193013131290-1
Net Cash Flow 1-630-26-3979853-58332
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)48.0732.3434.0326.7526.3531.1729.4517.8230.7249.44
ROCE (%)43.9832.8738.3334.5337.7544.5732.6721.5238.7865.39
Asset Turnover Ratio1.991.81.751.91.81.731.351.271.752
PAT to CFO Conversion(x)0.031.41.50.580.680.71.331.120.260.78
Working Capital Days
Receivable Days41474745545250474539
Inventory Days36343738383139413541
Payable Days53555244453643484035

Fine Organic Industries Ltd Stock News

Fine Organic Industries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Fine Organic Inds. on 12-Apr-2024 10:20 is ₹4,402.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Apr-2024 10:20 the market cap of Fine Organic Inds. stood at ₹13,409.8.
The latest P/E ratio of Fine Organic Inds. as of 12-Apr-2024 10:20 is 33.41.
The latest P/B ratio of Fine Organic Inds. as of 12-Apr-2024 10:20 is 7.63.
The 52-week high of Fine Organic Inds. is ₹5,160 and the 52-week low is ₹4,005.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Fine Organic Inds. is ₹2,128 ( Cr.) .

About Fine Organic Industries Ltd

The company was incorporated as 'Fine Organic Industries (Mumbai) Private Limited' on May 24, 2002 in the state of Maharashtra at Mumbai as a private limited company under the Companies Act, 1956, as amended. Thereafter, the name of company was changed to 'Fine Organic Industries Private Limited' and a fresh certificate of incorporation consequent upon change of name dated February 16, 2009 was issued by the Registrar of Companies, Maharashtra situated at Mumbai (RoC). Subsequently, the company was converted into a public limited company, the word 'private' was struck off from the name of company and consequently, a fresh certificate of incorporation dated November 2, 2017 was issued by the RoC recording the change of company's name to 'Fine Organic Industries Limited'.

Fine Organic Industries is the largest manufacturer of oleochemical-based additives in India and a strong player globally in this industry. It had a vast range of different products sold under the 'Fine Organics' brand. It is the first company to introduce slip additives in India and is the largest producer of slip additives in the world. The company’s success is the result of sustained efforts over the decades in all areas of its business, such as product innovation, process technology improvements, increases in scale, improved raw material procurement and focus on cultural understanding of consumers.

The company’s direct customers are multinational, regional and local players manufacturing consumer products and petrochemical companies and polymer producers globally. Its plastics additives and specialty additives are also used in the packaging of foods and other fast moving consumer goods. It has a dedicated research and development (R&D) centre located in Mahape, Navi Mumbai. Its R&D activities are focused on improving production processes, improving the quality of present products, creating new additives and creating downstream products. It has developed in-house process design expertise to construct its production facilities. This gives it scale advantages by enabling the timely expansion of its capacity in response to market needs and reduces capital expenditure costs for expansions significantly compared to other players.

Business area of the company

The company produces a wide range of specialty plant derived oleochemical -based additives used in food, plastic, cosmetics, paint, ink, coatings and other specialty application in various industries.

Awards and Recognitions

  • 2013-2016: Awarded meritorious performance in industrial safety by the National Safety Council, Maharashtra Chapter.
  • 2015: ISO 9001:2015 Quality management system certification for manufacture and supply of speciality chemicals for food, polymer, textile, metal, cosmetic, pharmaceutical, paints and other allied industries by BSI Assurance UK Limited.
  • 2016: FSSC 22000 Food safety system certification for processing and bulk packing of food additives and fatty acid esters category K by BSI Assurance UK Limited.
  • 2017: GMP+ process certification for feed safety assurance in the First Ambernath Facility by Control Union Certifications.

Major Events and Milestones

  • 1970: Established as ‘Fine Organic Industries’, a partnership firm, in Mumbai by Late Shri Ramesh Shah and Shri Prakash Kamat.
  • 1973: Commissioned first food additives facility in Dombivli.
  • 1988: Set up second facility in Ambernath.
  • 1995: Incorporated Oleofine Organics (India) Private Limited for expanding the capacity for polymer additives.
  • 2002: Incorporated the Company under the name of Fine Organic Industries (Mumbai) Private Limited.
  • 2005: Research and development centre was established in Mahape, Navi Mumbai.
  • 2006: Fatty acid esters facility was commissioned in First Ambernath Facility.
  • 2008: Polymer additives facility was commissioned in First Ambernath Facility.
  • 2010: Polymer additives capacity was expanded in First Ambernath Facility.
  • 2011: Amalgamation of Oleofine Organics (India) Pvt Ltd with company.
  • 2012: Additional food and polymer additives facility was commissioned in First Ambernath Facility.
  • 2014: Joint venture was signed with Zeelandia International, a Netherlands based bakery premix manufacturer.
  • 2015: Additional food and polymer additives capacity was commissioned in First Ambernath Facility.
  • 2017: Amalgamation of Fine Research and Development Centre Private Limited and Fine Speciality Surfactants Private Limited with company.
  • 2017: Sub-leasing of the facility and general plant and machinery at Dombivli, MIDC from Fine Organic Industries partnership firm to company.
  • 2018: Joint venture agreement was signed with Adcotec, a German company for application, development, marketing, distribution and sales activities of food and food additives.
  • 2018: Initiated Initial Public Offerings (IPO) and got listed on BSE and NSE.
  • 2019-20: The company expanded production capacity at new plant namely N-42 located at Ambernath. Entire plant has been successfully commissioned and capitalized during the year in phased manner.
  • 2020: Started operation at its new manufacturing facility situated at additional MIDC Patalganga, Maharashtra, India from November 25, 2020.
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