Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Fineotex Chemical Ltd

FCL
Speciality Chemicals

Fineotex Chemical Ltd's price has outrun its earnings. +39.3% in a year against EPS −1.1% — the market is paying now for delivery later.

The sharpest disagreement: profits are rising, but only 40% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.

The price is in a confirmed uptrend (8 weeks in) while the P/E sits at the 89th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +92.0% year on year, and 40% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Stage
Turning around
fundamental trajectory, 12 quarters
Price
₹38.8
+39.3% 1Y
P/E
37.7×
89th pctile
of its own 10-year range
Revenue (Jun 26)
₹377 Cr
+175.2% YoY
Profit (Jun 26)
₹48.0 Cr
+92.0% YoY
Operating margin
16.0%
−2.0 pp YoY
ROCE
18%
FY26
ROIC
14.0%
vs WACC 12.0% → +2.0 pp
Cash conversion
40%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Fineotex Chemical Ltd trades at ₹38.8, in a confirmed uptrend and 8 weeks into that stage. That is +31.1% against its own 200-day average. It sits at 75% of a 52-week range of ₹20 to ₹45. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 8 of stage 2, confirmed. At ₹38.8 it trades +31.1% versus its 200-day average and sits at 75% of its 52-week range (₹20–₹45).

Jul 26: ₹38.8 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+31.1% versus the 200-day line, week 8 of stage 2
Price50-day avg200-day avg
S2S4S2₹46.8₹39.7₹32.5₹25.3₹18.2₹39₹30Jul 23Apr 24Feb 25Nov 25Jul 26
S2S4S2₹46.8₹39.7₹32.5₹25.3₹18.2₹39₹30Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (546 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +1,495% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 89th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Fineotex Chemical Ltd trades at 37.7× P/E, at the pricey end of its own range (89th percentile). Its long-run median P/E is 25.3×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 37.7× is at the pricey end of its own range (89th percentile), against a long-run median of 25.3× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 37.7× vs a 25.3× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 49× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (89th percentile)
P/EMedianEPS (TTM) (quarterly)
52.8×₹1.240.5×₹0.928.2×₹0.615.9×₹0.33.6×₹0.0×37.40×₹1Mar 16Oct 18Jun 21Jan 24Jul 26
52.8×₹1.240.5×₹0.928.2×₹0.615.9×₹0.33.6×₹0.0×37.40×₹1Mar 16Jun 21Jul 26
PEG 0.83 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 20 quarters.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
1.02×0.94×0.85×0.77×0.69××0.83×Q1 FY22Q1 FY23Q2 FY24Q3 FY25Q4 FY26
1.02×0.94×0.85×0.77×0.69××0.83×Q1 FY22Q2 FY24Q4 FY26
P/E
37.7×
89th percentile of 10y
PEG
0.63
as reported

🚨 Why the multiple sits where it does: over the past year annual EPS moved −1.1% against a +39.3% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +32.2%/yr price move, ~+21.5%/yr came from earnings growth and ~+10.7 pp from the multiple (expanding); over 10y, of the +30.2%/yr price move, ~+20.1%/yr came from earnings growth and ~+10.1 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Turning around

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Fineotex Chemical Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −15.1% at the trough to +41.0%, a 2-quarter improving streak, ROCE slipping at 18.0%. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
100%50%70%31%41%12%11%−7.8%−18%−27%%%91.5%41%16.5%Sep 23Dec 24Jun 26
100%50%70%31%41%12%11%−7.8%−18%−27%%%91.5%41%16.5%Sep 23Dec 24Jun 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
44%37%30%22%15%%18%Sep 23Dec 24Jun 26
44%37%30%22%15%%18%Sep 23Dec 24Jun 26
Revenue growth
Rising
latest +91.5% · span −10.0% to +91.5%
Profit growth
Rising
latest +41.0% · span −20.2% to +45.0%
EPS growth
Rising
latest +16.5% · span −21.8% to +44.3%
ROCE
Rolling over
latest 18.0% · span 17.0%–42.1%

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

Growth, year by year: revenue +44.8% in FY26, profit +14.7% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
74%242%52%166%31%90%9.3%14%−12%−63%%%44.8%14.7%FY16FY21FY26
74%242%52%166%31%90%9.3%14%−12%−63%%%44.8%14.7%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+91.5%) with the last 8 annualized (+32.4%).
revenue accelerating, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
100%50%70%31%41%12%11%−7.8%−18%−27%%%91.5%41%Sep 23Dec 24Jun 26
100%50%70%31%41%12%11%−7.8%−18%−27%%%91.5%41%Sep 23Dec 24Jun 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+44.8%+14.3%+28.7%+21.5%
Profit+14.7%+11.6%+22.7%+20.1%
EPS−1.1%+5.1%+19.6%+19.2%
Share price+39.3%+12.2%+32.2%+30.2%
Revenue YoY (Jun 26)
+175.2%
latest quarter vs a year ago
Profit YoY (Jun 26)
+92.0%
latest quarter vs a year ago
Revenue 10y
21.5%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

49.2/100 — rank 14 of 27 in Speciality Chemicals · 94% evidence confidence

Fineotex Chemical Ltd scores 49.2 out of 100 against the 27 companies it is compared with in Speciality Chemicals, ranking 14. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19 + 14.9 + 3.1 + 12.2 = 49.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Fineotex Chemical Ltd reported ₹377 Cr of revenue in the Jun 26 quarter, +175.2% year on year. That is the 3rd straight quarter of year-on-year growth. Over 10 years it has compounded at 21.5% a year. The last full year, FY26, came in at ₹772 Cr. The last four reported quarters add to ₹1,013 Cr.

Fineotex Chemical Ltd reported ₹377 Cr of revenue in the Jun 26 quarter, +175.2% year on year. That is the 3rd straight quarter of year-on-year growth. Over 10 years it has compounded at 21.5% a year. The last full year, FY26, came in at ₹772 Cr. The last four reported quarters add to ₹1,013 Cr.

FY26 revenue came in at ₹772 Cr (+44.8% on the year), capping 10 years at 21.5% compound. The latest quarter (Jun 26) printed ₹377 Cr, +175.2% year on year — the 3rd consecutive quarter of year-over-year growth.

FY26 revenue ₹772 Cr (+44.8% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
21.5% a year over 10 years
RevenueYoY growth
83474%62552%41731%2089.3%0−12%₹ Cr%₹77244.8%FY16FY21FY26
83474%62552%41731%2089.3%0−12%₹ Cr%₹77244.8%FY16FY21FY26
Jun 26: ₹377 Cr (+175.2% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Revenue (quarterly)YoY growth
407191%305134%20477%10220%0−37%₹ Cr%₹377175.2%Sep 23Dec 24Jun 26
407191%305134%20477%10220%0−37%₹ Cr%₹377175.2%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +94.3% growth against the decade's 21.5% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +91.5% over the last 4 quarters against +32.4%/yr over the last 8 — accelerating; TTM profit +41.0% vs +9.7%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 16.0% this quarter (−2.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Fineotex Chemical Ltd's operating margin is 16.0% in the Jun 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0% to 26.0%. The current quarter sits inside that band.

Fineotex Chemical Ltd's operating margin is 16.0% in the Jun 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0% to 26.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 16.0%, −2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0%–26.0%.

🚨 Why the margin moved: operating margin went −2.7 pp year on year while gross margin went +1.9 pp — the loss came mostly from the gross line: input costs and pricing.

FY26: 17.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 11.0–26.0% band over 13 years
operating marginYoY change (pp)
27%11%23%6.4%19%1.5%14%−3.4%9.8%−8.4%%%17%−7%FY14FY20FY26
27%11%23%6.4%19%1.5%14%−3.4%9.8%−8.4%%%17%−7%FY14FY20FY26
Jun 26: 16.0% operating margin (−2.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
30%3.9%26%0.7%22%−2.5%17%−5.7%13%−8.9%%%16%−2%Sep 23Dec 24Jun 26
30%3.9%26%0.7%22%−2.5%17%−5.7%13%−8.9%%%16%−2%Sep 23Dec 24Jun 26

→ Margins slipped — did that reach the bottom line? Next: profit +92.0% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Fineotex Chemical Ltd earned ₹48.0 Cr of net profit in the Jun 26 quarter, +92.0% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹125 Cr. The 10-year compound rate is 20.1%. That is 12.7% of the quarter's revenue. The same quarter a year earlier earned ₹25.0 Cr.

Fineotex Chemical Ltd earned ₹48.0 Cr of net profit in the Jun 26 quarter, +92.0% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹125 Cr. The 10-year compound rate is 20.1%. That is 12.7% of the quarter's revenue. The same quarter a year earlier earned ₹25.0 Cr.

Jun 26 profit was ₹48.0 Cr, +92.0% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹125 Cr (+14.7%), and the 10-year compound rate is 20.1%.

FY26 profit ₹125 Cr (+14.7% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
20.1% a year over 10 years
Net profitYoY growth
135242%101166%6890%3414%0−63%₹ Cr%₹12514.7%FY16FY21FY26
135242%101166%6890%3414%0−63%₹ Cr%₹12514.7%FY16FY21FY26
Jun 26: ₹48.0 Cr (+92.0% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Net profit (quarterly)YoY growth
52132%3988%2643%130.0%0−46%₹ Cr%₹4892%Sep 23Dec 24Jun 26
52132%3988%2643%130.0%0−46%₹ Cr%₹4892%Sep 23Dec 24Jun 26

Why profit moved: revenue contributed +175.2% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +50.1% vs revenue +94.3%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 40% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 40% of Fineotex Chemical Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−24.0 Cr of operating cash against ₹125 Cr of profit. After ₹93.0 Cr of capital spending, ₹−117 Cr was left as free cash.

FY26: operating cash of ₹−24.0 Cr against reported profit of ₹125 Cr, leaving free cash of ₹−117 Cr after ₹93.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 40% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹−24.0 Cr vs profit ₹125 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
40% of 3-year profit arrived as cash
Operating cashNet profitFree cash
144744−66−136₹ Cr₹−24₹125₹−117FY16FY21FY26
144744−66−136₹ Cr₹−24₹125₹−117FY16FY21FY26
FY26: CFO = −19% of profit (three-year rate 40%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
218%154%91%27%−37%%−19%FY16FY21FY26
218%154%91%27%−37%%−19%FY16FY21FY26

🚨 Why conversion sits at 40%: the cash cycle stretched 17 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 17 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 133-day cycle, in money terms.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Fineotex Chemical Ltd's cash conversion cycle runs 133 days in FY26, up from 116 days in FY21. Capital spending ran ₹209 Cr over the last 3 years. At FY26 sales of ₹772 Cr each day of that cycle holds about ₹2.1 Cr, so roughly ₹281 Cr sits inside the business at any moment.

FY26: debtors at 137 days, inventory at 109 days — roughly 3.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 133 days, looser than FY21's 116.

The full loop: cash goes out to suppliers and production on day 0; stock waits 109 days to sell; customers pay about 137 days after that; and suppliers themselves are paid at 114 days — netting out to the 133-day cycle.

In money terms: at FY26 sales of ₹772 Cr, each day of the cycle holds about ₹2.1 Cr — so the 133-day loop keeps roughly ₹281 Cr sitting inside the business at any moment.

FY26: a 133-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+17 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
145120946843days133d109d137d114dFY14FY17FY20FY23FY26
145120946843days133d109d137d114dFY14FY20FY26

On the investment side: capital spending of ₹209 Cr over the last 3 fiscal years against ₹28.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹2.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹93.0 Cr, work-in-progress ₹2.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
1007550250₹ Cr₹93₹2FY16FY18FY21FY23FY26
1007550250₹ Cr₹93₹2FY16FY21FY26

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 18% and the ROIC − WACC spread is +2.0 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Fineotex Chemical Ltd earns a ROCE of 18% in FY26. That is up from a trough of 15% in FY14. Return on invested capital clears the cost of that capital by +2.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 16.2% net margin on 0.67× asset turns.

FY26 ROCE is 18%, recovered from a FY14 trough of 15% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 16.2% net margin × 0.67× asset turns × 1.31× balance-sheet leverage ≈ 14.2% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 14.0% − 12.0% = a +2.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

FY26: ROCE 18% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY14's 15%
ROCEROIC (annual)WACC
41%33%26%18%9.8%%18%12.5%FY14FY20FY26
41%33%26%18%9.8%%18%12.5%FY14FY20FY26
Q4 FY26: ROCE 12.7% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
35%29%22%16%9.3%%12.7%11.1%Q1 FY24Q2 FY25Q4 FY26
35%29%22%16%9.3%%12.7%11.1%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.01.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Fineotex Chemical Ltd carries total debt of ₹8.0 Cr against shareholder equity of ₹940 Cr as of Mar 26, a debt-to-equity of 0.01 — effectively unlevered. On the annual view that ratio went from 0.01 in FY22 to 0.01 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹8.0 Cr against shareholder equity of ₹940 Cr — a debt-to-equity of 0.01. On the annual view, debt-to-equity went from 0.01 (FY22) to 0.01 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹8.0 Cr at 0.01× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
90.022×60.016×40.010×20.004×0−0.002×₹ Cr×₹80.01×FY22FY24FY26
90.022×60.016×40.010×20.004×0−0.002×₹ Cr×₹80.01×FY22FY24FY26
Mar 26: debt ₹8.0 Cr, debt-to-equity 0.01 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
90.022×60.016×40.010×20.004×0−0.002×₹ Cr×₹80.01×Jun 23Sep 24Mar 26
90.022×60.016×40.010×20.004×0−0.002×₹ Cr×₹80.01×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 2.3 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 2.3 points of Fineotex Chemical Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 1.4% of the company. Promoters moved −0.6 points over the same window, to 62.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −2.3 points over 8 quarters to 1.4%; Promoters: −0.6 points over 8 quarters to 62.3%; Foreign institutions: −0.1 points over 8 quarters to 3.2%.

🚨 Why the register moved: domestic institutions drove it (−2.3 points), alongside promoters (−0.6 points) — distribution into the market’s bid.

Fiscal-year ends: promoters −2.7 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
70%52%33%15%−3.8%%62.3%2.9%1.3%33.5%Mar 24Mar 25Mar 26
70%52%33%15%−3.8%%62.3%2.9%1.3%33.5%Mar 24Mar 25Mar 26
Domestic institutions cut 2.3 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
70%52%33%14%−4.4%%62.3%3.2%1.4%33.2%Sep 23Mar 25Jun 26
70%52%33%14%−4.4%%62.3%3.2%1.4%33.2%Sep 23Mar 25Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Fineotex Chemical Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Speciality Chemicals Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Fineotex Chemical Ltd this page37.7×₹4,610 CrTurning around
Pidilite Industries Ltd64.9×₹1.6L CrConsistent
Aether Industries Ltd83.7×₹18,945 CrMixed
Aarti Industries Ltd42.1×₹17,331 CrTurning around
Anupam Rasayan India Ltd83.6×₹14,226 CrImproving
Privi Speciality Chemicals Ltd42.9×₹14,044 CrMixed
Vinati Organics Ltd30.4×₹13,478 CrTopping out
Alkyl Amines Chemicals Ltd48.3×₹9,153 CrNo read
Clean Science & Technology Ltd33.4×₹7,663 CrDeteriorating
Galaxy Surfactants Ltd24.8×₹6,896 CrMixed
Neogen Chemicals Ltd159.0×₹5,648 CrMixed
Vishnu Chemicals Ltd29.9×₹4,257 CrMixed
Tatva Chintan Pharma Chem Ltd76.9×₹4,029 CrTurning around
Yasho Industries Ltd147.0×₹3,704 CrImproving
Grauer & Weil (India) Ltd20.4×₹3,354 CrTurning around
Panama Petrochem Ltd14.2×₹3,014 CrTurning around
Fineotex Chemical Ltd28.3×₹2,551 CrTurning around
Thirumalai Chemicals Ltd₹2,022 CrNo read
Paushak Ltd41.6×₹1,387 CrMixed
Platinum Industries Ltd23.9×₹1,251 CrImproving
Amines & Plasticizers Ltd29.3×₹1,069 CrTopping out
Sunshield Chemicals Ltd35.5×₹1,051 CrTurning around
Vikram Thermo (India) Ltd20.0×₹768 CrMixed
Sunshield Chemicals Ltd29.2×₹720 CrTurning around
DMCC Speciality Chemicals Ltd24.9×₹680 CrMixed
Chemcon Speciality Chemicals Ltd27.4×₹647 CrImproving
Amal Ltd23.0×₹628 CrNo read
Transpek Industry Ltd13.0×₹595 CrDeteriorating
Kronox Lab Sciences Ltd20.7×₹573 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is Fineotex Chemical Ltd's share price today?

Fineotex Chemical Ltd trades at ₹38.8, +39.3% over the past year. The company is valued at ₹4,610 Cr. The stock sits at 75% of its 52-week range of ₹20–₹45, +31.1% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 8 weeks in. — as of 24 July 2026.

What were Fineotex Chemical Ltd's latest quarterly results?

Fineotex Chemical Ltd reported revenue of ₹377 Cr and net profit of ₹48.0 Cr for the Jun 26 quarter. Revenue rose 175.2% and profit rose 92.0% year on year. Earnings per share were ₹0.33. The operating margin was 16.0%, 2.0 pp lower than a year earlier. — as of 24 July 2026.

What is Fineotex Chemical Ltd's revenue?

Fineotex Chemical Ltd reported revenue of ₹377 Cr in the Jun 26 quarter, +175.2% year on year. For the full FY26 fiscal year, revenue was ₹772 Cr (+44.8%). Over the last 10 years revenue compounded at 21.5% a year. — as of 24 July 2026.

What is Fineotex Chemical Ltd's profit?

Fineotex Chemical Ltd earned ₹48.0 Cr of net profit in the Jun 26 quarter, +92.0% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹125 Cr. The operating margin ran 16.0% in the latest quarter. — as of 24 July 2026.

What is Fineotex Chemical Ltd's market cap?

Fineotex Chemical Ltd's market capitalisation is ₹4,610 Cr at a share price of ₹38.8. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Fineotex Chemical Ltd's P/E ratio?

Fineotex Chemical Ltd trades at a P/E of 37.7×, at the 89th percentile of its own 10-year range, against a long-run median of 25.3×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Fineotex Chemical Ltd pay a dividend?

Yes — Fineotex Chemical Ltd's dividend payout was 3% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Fineotex Chemical Ltd overvalued?

On its own history, Fineotex Chemical Ltd looks expensive against its own history: its P/E of 37.7× sits at the 89th percentile of its 10-year range (long-run median 25.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Fineotex Chemical Ltd growing?

Yes — Fineotex Chemical Ltd is growing: latest-quarter revenue +175.2% year on year, profit +92.0%, and the margin −2.0 pp at 16.0%. The 10-year compound rates are 21.5% (revenue) and 20.1% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Fineotex Chemical Ltd performing?

Fineotex Chemical Ltd is in a confirmed uptrend, 8 weeks in. Its latest quarter's revenue rose 175.2% and profit rose 92.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Fineotex Chemical Ltd in?

Turning around — profit growth swung from −15.1% at the trough to +41.0%, a 2-quarter improving streak, ROCE slipping at 18.0%. The read comes from the last 12 quarters of growth (revenue growth +91.5% latest, profit growth +41.0% latest, eps growth +16.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Fineotex Chemical Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 8 of stage 2), trading +31.1% versus its 200-day average and at 75% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Fineotex Chemical Ltd beating the market?

Not lately — on a trailing-13-week view Fineotex Chemical Ltd is currently behind the NIFTY 500 (1 week and counting; last ahead the week of 2026-07-10), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +1,495% against the NIFTY 500's +274% — ahead of the index over the full window. — as of 24 July 2026.

Will Fineotex Chemical Ltd's share price go up?

This page publishes no price forecast for Fineotex Chemical Ltd. What it measures instead: the share price is ₹38.8, the price is in a confirmed uptrend 8 weeks in. Its P/E of 37.7× sits at the 89th percentile of its own 10-year range. — as of 24 July 2026.

Who owns Fineotex Chemical Ltd?

Promoters hold 62.3% of Fineotex Chemical Ltd, foreign institutions 3.2%, domestic institutions 1.4% and the public 33.2% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 2.3 points over 8 quarters. — as of 24 July 2026.

Does Fineotex Chemical Ltd have too much debt?

No — Fineotex Chemical Ltd's debt-to-equity is 0.01, and operating profit covers the interest bill north of 100×. FY26 borrowings were ₹8.0 Cr against equity of ₹882 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is Fineotex Chemical Ltd's capex?

Fineotex Chemical Ltd spent ₹209 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹93.0 Cr, with ₹2.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Fineotex Chemical Ltd's cash flow?

Fineotex Chemical Ltd generated ₹−24.0 Cr of operating cash flow in FY26 and ₹−117 Cr of free cash flow after ₹93.0 Cr of capital spending. Reported profit that year was ₹125 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Fineotex Chemical Ltd's profit real cash?

Not fully — over the last 3 fiscal years, 40% of Fineotex Chemical Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹−24.0 Cr against reported profit of ₹125 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 24 July 2026.

Where is Fineotex Chemical Ltd in its business cycle?

Fineotex Chemical Ltd's FY26 operating margin was 17.0%, against a 13-year band of 11.0%–26.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 16.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Fineotex Chemical Ltd story?

The sharpest disagreement: profits are rising, but only 40% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Fineotex Chemical Ltd a stock worth studying right now?

This is not investment advice. The machine read: Fineotex Chemical Ltd's price has outrun its earnings. +39.3% in a year against EPS −1.1% — the market is paying now for delivery later. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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