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Anand Rathi Report
Top Picks
Fine Organic Industries
Fine Organic is undergoing a significant capacity expansion with the India SEZ (JNPT) and US Phase-I projects set to commercialise 18-24 months post the Apr-25 EC, unlocking saturated domestic sites for higher-value products.
The SEZ land parcel exceeds all existing sites combined, while the US parcel is five times larger, providing long-term scale visibility. With US approvals in place, Phase-I is de-risked, paving the way for a faster Phase-II. Global validations support onboarding larger customers and deeper wallet share.
The US, ~26% of global additives market (vs India's <4%), offers a strong localisation opportunity given strict manufacturing date norms limiting ocean freight viability.
Despite near-term utilisation constraints, end-FY27/early-FY28 capacity addition underpins a multi-year growth runway.
Expansion is largely self-funded, supported by ~Rs 1,300 crore cash and ~Rs 900 crore expected FY26-27 cash generation (with project debt as needed).
At 28/24x FY27/28e EPS trough multiples, the brokerage maintain Buy rating on the stock with a 12-month target price of Rs 6,400, valuing it at 34x FY28e EPS.
Key Risks: US execution; SEZ timelines; and input volatility.
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