Fine Organic Industries manufactures oleochemical-based specialty additives for food, plastics, personal care, coatings and other industrial applications, exporting roughly 60% of its revenue with plants running at full capacity. The Q2 print will speak to whether margins hold above the guided 18-20% EBITDA band after Q1's 25.3% peak, and to the first-ever consolidation of the newly acquired OFM Malaysia and FOIT Thailand businesses.
| Results date | November 02, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 694.2 Cr |
| Previous quarter PAT | Rs. 138.1 Cr |
| Previous quarter EBITDA margin | 25.3% |
| Market cap | Rs. 15,663.88 Cr |
| CMP | Rs. 5,102.0 |
The board meeting is scheduled for November 2, 2026 to consider the Q2/H1 FY27 results; the trading window is shut from October 1 to November 4, 2026.
The quarter tests whether Q1 FY27's 25.3% consolidated EBITDA margin — well above management's guided 18-20% sustainable band — can hold as cost headwinds build through July-September. Palm oil, the anchor feedstock, firmed from ~RM4,445-4,577/t in early July to ~RM4,600+ by mid-September before correcting to ~RM4,374-4,461 by October 1, while Brent crude crossed $100 on September 9 and closed $115.81 on October 25, pointing to further utility-cost pressure after Q1's already 'significantly' higher fuel spend. Reported revenue should read ahead of the organic run-rate because OFM Malaysia (80%, ~Rs. 54 Cr annual turnover) and FOIT Thailand (~53% control) consolidate into the P&L for roughly three weeks from September 9, 2026, on top of a price/FX-driven Q1 growth of +18.0% YoY with no volume component. A rupee in the mid-95s versus 87.91 a year earlier supports realized pricing on the ~60% export mix, while employee costs were guided 'similar or higher' than FY26's 15% increase. Management's standing frame remains a flat, price-led top line until the SEZ plant commissions in H2 FY28, so the call will likely centre on the margin bridge, the first OFM/FOIT consolidation numbers, and the promised US plant investment figure.
Margin vs the 18-20% guided band: Q1's 25.3% consolidated EBITDA margin ran well above the guided sustainable range.
First consolidation of OFM Malaysia and FOIT Thailand: Q2 FY27 is the first quarter including the September 9, 2026 acquisitions.
SEZ and US plant execution: Both projects are the gateways to post-FY28 growth.
Raw material, utility and employee cost trajectory: Cost lines moved against the margin peak through the quarter.
Thailand/Malaysia sequencing and Dubai FZE ramp: Overseas expansion sequencing depends on SEZ project-team availability.
Consolidated revenue rose 18.0% YoY to Rs. 694.2 Cr in Q1 FY27, but management attributed this to price and FX effects with no volume component, as plants run at full capacity. Q2 FY27 reported growth will also include roughly three weeks of the newly consolidated OFM Malaysia and FOIT Thailand businesses from September 9, 2026.
The JNPA SEZ plant is guided to commission in the second half of FY28, with the CFO stating it will be 'somewhere later in FY 28'. The AGM reiterated commercial production is expected during FY 2028.
Management said at the May 21, 2026 conference call that the investment figure would be announced 'next quarter', and it has not been disclosed yet. The company has so far invested USD 1.12 million (approx Rs. 9.6 Cr) in equity and acquired about 160 acres in Jonesville, South Carolina.
Management declined to guide, with Mukesh Shah saying 'No idea... the prices are so volatile as of now, it is impossible to predict anything'. Revenue potential from the SEZ plant remains unquantified.