Fine Organic Q1 Review - Inline Result: Nirmal Bang

Nirmal Bang Report

Fine Organic Industries Ltd.’s Q1 FY25 performance came broadly in line with our estimate on the back of volume led performance in the domestic market and a pick-up in USA.

As per our calculations, Ebitda/kg has normalised further to Rs 82, still far higher than the pre-Covid level.

While capacity constraints over the next two years are well known, the management’s intent to opt for debt, despite having Rs 9 billion as cash on the books, indicates much larger investment plans over the next three-four years.

Fine Organic remains our top “Buy” idea. Maintain Buy after rolling forward valuation to June-26E earnings and a revised target price of Rs 6,400 (37 times price-to-earning.)

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