Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Oct - Copy of Newspaper Publication regarding Special Window for transfer and dematerialization (DEMAT) of Physical Shares
Source: Bse
Vinati Organics Limited (VINATIORGA)
Small CapIndustrials stocks · Small cap · NSE
Vinati Organics Limited is a specialty chemical manufacturer with a strong global market share in ATBS. The company produces a diversified portfolio including butyl phenols, IB, HP-MTBE, IBB, customized products, and antioxidants, focusing on niche chemicals and value-added derivatives for various industries like fragrance, personal care, food additives, and plastics.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result29 Jul, 06:57 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -10.7% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
VINATIORGAD candles · FIT view-12.7%Latest close ₹1118.60 on 2026-10-19
Bar
-1.4%
RSI
33
MACD hist
0.31
52W pos
1%
2026-10-19O ₹1135.00H ₹1140.00L ₹1115.10C ₹1118.60Vol 19,629 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
VINATIORGANifty India ManufacturingNifty 500
- VINATIORGA
- -15.2%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -9.6 pp
Chart stats
19 Oct 2026- From 52W high
- -35.7%
- 52W range position
- 1%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.34x
- Avg traded value
- ₹5.8 Cr
- 20D price channel
- ₹1,115.1 - ₹1,241.3
₹1,739
₹1,115.1 - ₹1,739
₹32.2
Latest completed session
20-session average
27.2% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE52
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average42
Revenue +28.4% · PAT +4.8% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model+41.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +28% YoY · PAT +5% YoY · +15% QoQ
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹696 Cr | +28.4% | +15.2% |
| EBITDA | ₹170 Cr | +6.3% | +0.0% |
| Operating margin | 24.0% | -500 bps | -400 bps |
| PAT | ₹109 Cr | +4.8% | -12.1% |
| PAT margin | 15.7% | -353 bps | -487 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 26.20
- P/B
- 3.72
- EV/EBITDA
- 15.02
- Market Cap
- 11759.00Cr
Profitability
- ROE
- 14.90%
- ROCE
- 19.80%
- ROA
- 12.52%
- Dividend Y
- 0.75%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- 2.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 8.83
- Book Value
- 305.00
Cash Flow
- FCF Yield
- 1.22%
- FCF Positive Y
- 5/5
- OCF
- 558.00 Cr
- EPS TTM
- 43.26
Shareholding
- Promoter Hold
- 74.29%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,381+6.9% vs prev
Net Profit
₹ CrLatest: 444+9.6% vs prev
Return on Equity
%Latest: 14.1-3.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 33. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~12.0% over last month) — short-term momentum negative.
- RSI(14) at 33 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
12
RS percentile
Stage 4 Downtrend
1M return
-9.4%
3M return
-15.2%
6M return
-14.8%
1Y return
-34.0%
RS 1D
-2
RS 20D
+4
Sector rank
#5
Industry rank
-
Stage evidence
- Price is 13.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 67.02-0.42%
RS vs Nifty 50067
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation9/30
Growth11/25
Quality10/20
Balance Sheet9/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
52
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
52/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 41.2%.
- Cash flow contributes 7/10 to the score.
Main drags
- Valuation is weaker at 9/30; verify the latest quarterly trend.
- Growth is weaker at 11/25; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
26.2
PB
3.7
EV/EBITDA
15.0
ROE
14.9%
ROCE
19.8%
FCF Yield
1.2%
Debt/Equity
0.0
MoS
+41.2%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
52
Previous: 52
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+41.2%
Previous: +41.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
52
52
52
52
52
50
52
52
52
52
52
52
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹544.86
-105.3% MoS
Growth-justified P/E
44.0
Growth-justified Value
₹1,902.57
+41.2% MoS
PEG
3.54
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
FCL
Small
Fineotex Chemical Limited
Specialty Chemicals
match 166
33
51.4
13.5%
-34%
WATCHLIST
FINEORG
Small
Fine Organic Industries Limited
Specialty Chemicals
match 164
51
36.5
16.5%
+4%
FAIR VALUE
JGCHEM
Small
J.G.Chemicals Limited
Specialty Chemicals
match 159
43
31.8
13.2%
+19%
WATCHLIST
TATVA
Small
Tatva Chintan Pharma Chem Limited
Specialty Chemicals
match 159
19
70.8
5.5%
-1191%
OVERVALUED
INDOAMIN
Small
Indo Amines Limited
Specialty Chemicals
match 158
65
12.8
19.7%
+73%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-06T07:20:14.526Z
Management commentary snapshot
Q4 FY26 consolidated PAT grew 23% QoQ to INR123 crores; FY26 consolidated PAT increased 9% YoY to INR444 crores. Consolidated EBITDA for Q4 FY26 rose 15% QoQ to INR191 crores, and for FY26, it grew 13% YoY to INR707 crores, despite market challenges.
Vinati Organics delivered strong sequential and moderate annual growth in FY26, supported by operational improvements. Management targets 15% volume growth in FY27 and plans significant capex for new niche products and capacity expansion, funded by internal accruals, maintaining a debt-free status. This indicates a resilient business model and clear growth trajectory.
Current business mix
FY26 Revenue by Product Segment
Latest issuer-disclosed distribution across 5 reported categories.
ATBS35.0%
Antioxidants (AO)20.0%
IB12.0%
IBB12.0%
Customized & Other Products21.0%
Growth engines
ATBS Market Leadership & Expansion
Global market share in ATBS remained robust; expects 15-20% volume growth in FY27 and 15% annually for the next 3 years.
Antioxidants Business Momentum
Delivered 15% revenue growth in FY26 despite challenging market; expects strong momentum in FY27 supported by market expansion.
Customized Products Demand
Segment recorded strong growth of 10% year-on-year, driven by increased customer demand.
New Niche Chemical Development
R&D team working on new products for fragrance, personal care, food additives, and plastics segments, expected to generate revenue from FY28.
Capacity and execution
ATBS Capacity Expansion Completion
Successfully completed ATBS capacity expansion during FY26, significantly enhancing ability to meet growing demand.
ATBS Phase 2 Commissioning
Second phase of ATBS expansion will come into effect by October, with more utilization expected in FY28.
VOPL Process Reengineering
A few products under VOPL require process reengineering, expected to take 6 months, with revenue contribution anticipated from Q3 FY27 onwards.
Tailwinds
ATBS Industry Growth
ATBS sees a double-digit industry growth year-on-year given its varied applications and use in oil and gas.
Stable Raw Material & Logistics
After initial issues from the Iran war, raw material availability and logistics are now stable.
Headwinds
ATBS Demand Softness
Demand softened from October 2025, impacting ability to meet the full year target.
IBB Raw Material Unavailability
IBB volume declined ~20% in FY25 partly due to unavailability of key raw materials on account of Iran war.
Antioxidants Competition from China
Contribution from China in antioxidants, with undercutting and aggressive selling, impacting growth.
Sectoral Cyclicality
The sector has seen a lot of cyclicality in the last few years, with shorter cycles and steeper fluctuations in demand/supply, raw material pricing, and logistics.
Risk radar
Geopolitical Supply Chain Disruptions
Iran war caused unavailability of key raw materials for IBB, though now allied, highlighting vulnerability.
Competitive Pricing Pressure
Chinese players are undercutting and selling aggressively in the antioxidants market, impacting pricing and growth.
New Product Development & Commissioning
R&D projects for new products and process reengineering at VOPL carry execution risks for timely commissioning and revenue generation.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
QoQ comparison for Q4 FY26 highlights strong sequential momentum in profitability. YoY comparison for FY26 provides a comprehensive view of the company's overall growth and stability over the full fiscal year, crucial for assessing performance in a cyclical sector.
Sector KPIs management disclosed
Consolidated EBITDA Growth (FY26)
EBITDA grew by 13% to INR707 crores from INR625 crores in FY 2025.
Consolidated PAT Growth (FY26)
PAT increased by 9% to INR444 crores compared to INR405 crores in the previous year.
ATBS Volume Growth Outlook (FY27)
Management expects approximately 15% to 20% volume growth in FY 2027 for ATBS.
Antioxidants Revenue Growth (FY26)
Antioxidants business delivered an impressive 15% revenue growth in FY 2026.
Management forward view
FY27 Volume Growth Target
Management is targeting approximately 15% volume growth at the company level in FY 2027.
FY27 Capex Plan
Earmarked approximately INR200 crores to INR250 crores of capex for FY 2027 for capacity expansion, innovation, and operational efficiency.
Long-term Organic Expansion
Expects to invest around INR250 crores or INR300 crores annually for the next 3 to 5 years for organic expansion.
Debt-Free Growth Strategy
Company has been achieving all its expansion goals through internal accruals and remains debt-free.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall Volume Growth | Targeting 15% in FY27. | Achievement of the 15% volume growth target for FY27. |
| VOPL Revenue Contribution | INR10 crores in FY26. | Realization of INR100-120 crores revenue from Q3 FY27 onwards after process reengineering. |
| Antioxidants Revenue Scale | 15% growth in FY26. | Progress towards achieving INR800-900 crores revenue in the next 2 years. |
| New Product Commissioning | 2-3 products in pipeline for H2 FY27. | Timely commissioning and initial revenue generation from new products starting FY28. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 83rd percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
30 docs text-extracted · 18 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Industrials: 83rd pctile, median 68 · Small: 86th pctile, median 66
Evidence depth
Financial-only
30 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
75
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 74.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸5 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Vinati Organics Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep - Vinati Organics schedules one-on-one in-person analyst meeting with HDFC AMC on September 7, 2026.
Source: Bse
Annual reportSep 2026
Sep 2026 · Intimation Under Regulation 30 - Web Link Of The Annual Report For The Financial Year 2025-26 1 Sep - 37th AGM on September 23, 2026; annual report web-link and e-voting schedule shared.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Aug - Newspaper advertisement in respect to Special Window opened for lodgment of transfer & dematerialization request(s)
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Jun - Vinati Organics schedules one-on-one investor meeting with ICICI Pru MF AMC on June 30, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jun - Vinati Organics scheduled two one-on-one investor meetings with UTI Mutual Fund and Canara Robeco on June 22, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Jun
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.