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

Vinati Organics Ltd

VINATIORGA
Speciality Chemicals

Vinati Organics Ltd's earnings have outrun its stock. EPS grew +9.5% in a year against a −33.5% price move.

The sharpest disagreement: annual EPS moved +9.5% against a −33.5% price move — the market has not yet caught up with the delivery.

The price is in a downtrend (44 weeks in) while the P/E sits at the 3rd percentile of its own 5-year range. Underneath, the last four quarters read improving — profit +0.8% year on year, and 115% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Topping out
partial read
Price
₹1,321
−33.5% 1Y
P/E
30.4×
3rd pctile
of its own 5-year range
Revenue (Mar 26)
₹604 Cr
−6.8% YoY
Profit (Mar 26)
₹124 Cr
+0.8% YoY
Operating margin
28.0%
flat YoY
ROCE
20%
FY26
ROIC
14.0%
vs WACC 12.0% → +2.0 pp
Cash conversion
115%
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.

Vinati Organics Ltd trades at ₹1,321, in a downtrend and 44 weeks into that stage. That is −9.3% against its own 200-day average. It sits at 9% of a 52-week range of ₹1,281 to ₹1,737. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a downtrend — week 44 of stage 4, confirmed. At ₹1,321 it trades −9.3% versus its 200-day average and sits at 9% of its 52-week range (₹1,281–₹1,737).

Jul 26: ₹1,321 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.
−9.3% versus the 200-day line, week 44 of stage 4
Price50-day avg200-day avg
S4S2S4S2S4₹2,344₹2,058₹1,773₹1,487₹1,202₹1,321₹1,456Jul 23Apr 24Jan 25Oct 25Jul 26
S4S2S4S2S4₹2,344₹2,058₹1,773₹1,487₹1,202₹1,321₹1,456Jul 23Jan 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (544 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 +543% 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 (4 weeks and counting; last ahead the week of 2026-06-25) — 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 3rd 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.

Vinati Organics Ltd trades at 30.4× P/E, near the bottom of its own range — cheaper only 3% of the time. Its long-run median P/E is 50.0×, measured across 5.2 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 30.4× is near the bottom of its own range — cheaper only 3% of the time, against a long-run median of 50.0× measured over 5.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 30.4× vs a 50.0× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 5.2-year window; loss-period spikes above 76× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 3% of the time
P/EMedianEPS (TTM) (quarterly)
79.2×₹46.365.8×₹34.752.5×₹23.139.1×₹11.625.7×₹0.0×30.40×₹43May 21Sep 22Jan 24Apr 25Jul 26
79.2×₹46.365.8×₹34.752.5×₹23.139.1×₹11.625.7×₹0.0×30.40×₹43May 21Jan 24Jul 26
PEG 3.25 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. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 8 quarters; values above 6 pinned at the top.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
6.4×5.0×3.5×2.0×0.6××3.25×Q1 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
6.4×5.0×3.5×2.0×0.6××3.25×Q1 FY24Q4 FY25Q4 FY26
P/E
30.4×
3rd percentile of 5y
PEG
2.09
derived from 3-year earnings growth

Why the multiple sits where it does: over the past year annual EPS moved +9.5% against a −33.5% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −7.1%/yr price move, ~+10.3%/yr came from earnings growth and ~−17.4 pp from the multiple (compressing). 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 low 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: Topping out

Stage: Topping out 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).

Vinati Organics Ltd reads as topping out on its fundamental arc. Topping out — revenue, profit and EPS growth have decelerated hard (revenue growth +17.6% at its peak → −0.9% latest) while ROCE still reads 20.0%. The read is built from 12 quarters across 4 curves, on partial 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
21%30%12%15%4.2%0.6%−4.0%−14%−12%−29%%%−0.9%9.6%9.5%Jun 23Sep 24Mar 26
21%30%12%15%4.2%0.6%−4.0%−14%−12%−29%%%−0.9%9.6%9.5%Jun 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
29%26%24%21%18%%20%FY23FY24FY26
29%26%24%21%18%%20%FY23FY24FY26
Revenue growth
Falling
latest −0.9% · span −9.9% to +18.3%
Profit growth
Rolling over
latest +9.6% · span −24.9% to +26.1%
EPS growth
Rolling over
latest +9.5% · span −24.9% to +25.4%
ROCE
Falling
latest 20.0% · span 19.0%–28.0%

Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue −0.9% in FY26, profit +9.6% 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
76%33%53%18%31%2.7%8.3%−13%−14%−28%%%−0.9%9.6%FY20FY23FY26
76%33%53%18%31%2.7%8.3%−13%−14%−28%%%−0.9%9.6%FY20FY23FY26
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 (−0.9%) with the last 8 annualized (+8.3%).
revenue rolling over, profit rolling over
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
21%30%12%15%4.2%0.6%−4.0%−14%−12%−29%%%−0.9%9.6%Jun 23Sep 24Mar 26
21%30%12%15%4.2%0.6%−4.0%−14%−12%−29%%%−0.9%9.6%Jun 23Sep 24Mar 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−0.9%+2.5%+18.5%
Profit+9.6%+2.0%+10.5%
EPS+9.5%+1.6%+10.3%
Share price−33.5%−9.9%−7.1%+17.6%
Revenue YoY (Mar 26)
−6.8%
latest quarter vs a year ago
Profit YoY (Mar 26)
+0.8%
latest quarter vs a year ago
Revenue 10y
13.7%
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

54.1/100 — rank 12 of 27 in Speciality Chemicals · 87% evidence confidence

Vinati Organics Ltd scores 54.1 out of 100 against the 27 companies it is compared with in Speciality Chemicals, ranking 12. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 14.3 + 19.9 + 12.7 + 7.2 = 54.1. 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.

Vinati Organics Ltd reported ₹604 Cr of revenue in the Mar 26 quarter, −6.8% year on year. Over 6 years it has compounded at 13.7% a year. The last full year, FY26, came in at ₹2,227 Cr. The last four reported quarters add to ₹2,227 Cr.

Vinati Organics Ltd reported ₹604 Cr of revenue in the Mar 26 quarter, −6.8% year on year. Over 6 years it has compounded at 13.7% a year. The last full year, FY26, came in at ₹2,227 Cr. The last four reported quarters add to ₹2,227 Cr.

FY26 revenue came in at ₹2,227 Cr (−0.9% on the year), capping 6 years at 13.7% compound. The latest quarter (Mar 26) printed ₹604 Cr, −6.8% year on year.

FY26 revenue ₹2,227 Cr (−0.9% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
13.7% a year over 6 years
RevenueYoY growth
2.4k76%1.8k53%1.2k31%6078.3%0−14%₹ Cr%₹2,227−0.9%FY20FY23FY26
2.4k76%1.8k53%1.2k31%6078.3%0−14%₹ Cr%₹2,227−0.9%FY20FY23FY26
Mar 26: ₹604 Cr (−6.8% 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.
Revenue (quarterly)YoY growth
70023%52512%3500.7%175−10%0−21%₹ Cr%₹604−6.8%Jun 23Sep 24Mar 26
70023%52512%3500.7%175−10%0−21%₹ Cr%₹604−6.8%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged −0.6% growth against the decade's 13.7% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −0.9% over the last 4 quarters against +8.3%/yr over the last 8 — rolling over; TTM profit +9.6% vs +17.4%/yr — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: 28.0% this quarter (+0.0 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.

Vinati Organics Ltd's operating margin is 28.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 25.0% to 40.0%. The current quarter sits inside that band.

Vinati Organics Ltd's operating margin is 28.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 25.0% to 40.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 28.0%, +0.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 25.0%–40.0%.

Why the margin moved: operating margin went +0.4 pp year on year while gross margin went +4.2 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 29.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 7-year window.
within a 25.0–40.0% band over 7 years
operating marginYoY change (pp)
41%4.0%37%0.3%33%−3.5%28%−7.3%24%−11%%%29%3%FY20FY23FY26
41%4.0%37%0.3%33%−3.5%28%−7.3%24%−11%%%29%3%FY20FY23FY26
Mar 26: 28.0% operating margin (+0.0 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)
31%6.7%29%4.1%27%1.5%24%−1.1%22%−3.7%%%28%0%Jun 23Sep 24Mar 26
31%6.7%29%4.1%27%1.5%24%−1.1%22%−3.7%%%28%0%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +0.8% 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.

Vinati Organics Ltd earned ₹124 Cr of net profit in the Mar 26 quarter, +0.8% year on year. It is the 8th consecutive quarter of growth. Full-year FY26 profit was ₹444 Cr. The 6-year compound rate is 4.9%. That is 20.5% of the quarter's revenue. The same quarter a year earlier earned ₹123 Cr.

Vinati Organics Ltd earned ₹124 Cr of net profit in the Mar 26 quarter, +0.8% year on year. It is the 8th consecutive quarter of growth. Full-year FY26 profit was ₹444 Cr. The 6-year compound rate is 4.9%. That is 20.5% of the quarter's revenue. The same quarter a year earlier earned ₹123 Cr.

Mar 26 profit was ₹124 Cr, +0.8% year on year — the 8th consecutive quarter of growth. On the full year, FY26 printed ₹444 Cr (+9.6%), and the 6-year compound rate is 4.9%.

FY26 profit ₹444 Cr (+9.6% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
4.9% a year over 6 years
Net profitYoY growth
48033%36018%2403.1%120−12%0−27%₹ Cr%₹4449.6%FY20FY23FY26
48033%36018%2403.1%120−12%0−27%₹ Cr%₹4449.6%FY20FY23FY26
Mar 26: ₹124 Cr (+0.8% 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.
8th straight quarter of growth
Net profit (quarterly)YoY growth
13451%10027%673.3%33−21%0−44%₹ Cr%₹1240.8%Jun 23Sep 24Mar 26
13451%10027%673.3%33−21%0−44%₹ Cr%₹1240.8%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed −6.8% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +10.6% vs revenue −0.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 115% 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 115% of Vinati Organics Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹558 Cr of operating cash against ₹444 Cr of profit. After ₹285 Cr of capital spending, ₹273 Cr was left as free cash.

FY26: operating cash of ₹558 Cr against reported profit of ₹444 Cr, leaving free cash of ₹273 Cr after ₹285 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 115% of profit.

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

FY26: CFO ₹558 Cr vs profit ₹444 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 7-year window, annual resolution.
115% of 3-year profit arrived as cash
Operating cashNet profitFree cash
60942424056−129₹ Cr₹558₹444₹273FY20FY23FY26
60942424056−129₹ Cr₹558₹444₹273FY20FY23FY26
FY26: CFO = 126% of profit (three-year rate 115%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
133%107%82%56%30%%126%FY20FY23FY26
133%107%82%56%30%%126%FY20FY23FY26

Why conversion sits at 115%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 4.4× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹1,208 Cr of building over 3 years.

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).

Vinati Organics Ltd's cash conversion cycle runs 152 days in FY26, down from 158 days in FY21. Capital spending ran ₹1,208 Cr over the last 3 years. At FY26 sales of ₹2,227 Cr each day of that cycle holds about ₹6.1 Cr, so roughly ₹927 Cr sits inside the business at any moment.

FY26: debtors at 85 days, inventory at 110 days — roughly 3.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 152 days, tighter than FY21's 158.

The full loop: cash goes out to suppliers and production on day 0; stock waits 110 days to sell; customers pay about 85 days after that; and suppliers themselves are paid at 43 days — netting out to the 152-day cycle.

In money terms: at FY26 sales of ₹2,227 Cr, each day of the cycle holds about ₹6.1 Cr — so the 152-day loop keeps roughly ₹927 Cr sitting inside the business at any moment.

FY26: a 152-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 7-year window.
−6 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
168132976226days152d110d85d43dFY20FY21FY23FY24FY26
168132976226days152d110d85d43dFY20FY23FY26

On the investment side: capital spending of ₹1,208 Cr over the last 3 fiscal years against ₹273 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹214 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹285 Cr, work-in-progress ₹214 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
5794342891450₹ Cr₹285₹214FY21FY22FY23FY24FY26
5794342891450₹ Cr₹285₹214FY21FY23FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 20% 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.

Vinati Organics Ltd earns a ROCE of 20% in FY26. That is up from a trough of 19% in FY24. 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 19.9% net margin on 0.62× asset turns.

FY26 ROCE is 20%, recovered from a FY24 trough of 19% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 19.9% net margin × 0.62× asset turns × 1.14× balance-sheet leverage ≈ 14.1% 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 20% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 6-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY24's 19%
ROCEROIC (annual)WACC
29%25%20%15%11%%20%13.9%FY21FY23FY26
29%25%20%15%11%%20%13.9%FY21FY23FY26
Q4 FY26: ROCE 16.1% (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
19%17%15%13%11%%16.1%15.1%Q1 FY24Q2 FY25Q4 FY26
19%17%15%13%11%%16.1%15.1%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.00.

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.

Vinati Organics Ltd carries total debt of ₹63.0 Cr against shareholder equity of ₹2,793 Cr as of Jun 25, a debt-to-equity of 0.02 — effectively unlevered. On the annual view that ratio went from 0.01 in FY22 to 0.02 in FY25. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 25: total debt of ₹63.0 Cr against shareholder equity of ₹2,793 Cr — a debt-to-equity of 0.02. On the annual view, debt-to-equity went from 0.01 (FY22) to 0.02 (FY25). The returns on this page are earned, not borrowed.

FY25: debt ₹63.0 Cr at 0.02× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 4-year window.
Total debtDebt-to-equity
680.022×510.016×340.010×170.004×0−0.002×₹ Cr×₹630.02×FY22FY23FY25
680.022×510.016×340.010×170.004×0−0.002×₹ Cr×₹630.02×FY22FY23FY25
Jun 25: debt ₹63.0 Cr, debt-to-equity 0.02 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
680.022×510.016×340.010×170.004×0−0.002×₹ Cr×₹630.02×Sep 22Dec 23Jun 25
680.022×510.016×340.010×170.004×0−0.002×₹ Cr×₹630.02×Sep 22Dec 23Jun 25

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 2.5 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 added 2.5 points of Vinati Organics Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 9.2% of the company. Foreign institutions moved −1.7 points over the same window, to 3.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +2.5 points over 8 quarters to 9.2%; Foreign institutions: −1.7 points over 8 quarters to 3.6%; Promoters: +0.0 points over 8 quarters to 74.3%.

Why the register moved: rotation — foreign institutions −1.7 points against domestic institutions +2.5 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Fiscal-year ends: promoters +0.0 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
80%59%39%19%−1.9%%74.3%3.7%9.9%12.1%Mar 24Mar 25Mar 26
80%59%39%19%−1.9%%74.3%3.7%9.9%12.1%Mar 24Mar 25Mar 26
Domestic institutions added 2.5 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
80%59%39%18%−2.0%%74.3%3.6%9.2%12.9%Jun 23Dec 24Jun 26
80%59%39%18%−2.0%%74.3%3.6%9.2%12.9%Jun 23Dec 24Jun 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.

Vinati Organics 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
Vinati Organics Ltd this page30.4×₹13,478 CrTopping out
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
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
Fineotex Chemical Ltd37.7×₹4,610 CrTurning around
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 Vinati Organics Ltd's share price today?

Vinati Organics Ltd trades at ₹1,321, −33.5% over the past year. The company is valued at ₹13,478 Cr. The stock sits at 9% of its 52-week range of ₹1,281–₹1,737, −9.3% versus its 200-day average. On the tape, the price is in a downtrend, 44 weeks in. — as of 24 July 2026.

What were Vinati Organics Ltd's latest quarterly results?

Vinati Organics Ltd reported revenue of ₹604 Cr and net profit of ₹124 Cr for the Mar 26 quarter. Revenue fell 6.8% and profit rose 0.8% year on year. Earnings per share were ₹11.95. The operating margin was 28.0%, 0.0 pp higher than a year earlier. — as of 24 July 2026.

What is Vinati Organics Ltd's revenue?

Vinati Organics Ltd reported revenue of ₹604 Cr in the Mar 26 quarter, −6.8% year on year. For the full FY26 fiscal year, revenue was ₹2,227 Cr (−0.9%). Over the last 6 years revenue compounded at 13.7% a year. — as of 24 July 2026.

What is Vinati Organics Ltd's profit?

Vinati Organics Ltd earned ₹124 Cr of net profit in the Mar 26 quarter, +0.8% year on year — the 8th straight quarter of growth. Full-year FY26 profit was ₹444 Cr. The operating margin ran 28.0% in the latest quarter. — as of 24 July 2026.

What is Vinati Organics Ltd's market cap?

Vinati Organics Ltd's market capitalisation is ₹13,478 Cr at a share price of ₹1,321. 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 Vinati Organics Ltd's P/E ratio?

Vinati Organics Ltd trades at a P/E of 30.4×, at the 3rd percentile of its own 5-year range, against a long-run median of 50.0×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Vinati Organics Ltd pay a dividend?

Yes — Vinati Organics Ltd's dividend payout was 20% of profit in FY26, and it recorded a payout in each of its last 7 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Vinati Organics Ltd overvalued?

On its own history, Vinati Organics Ltd looks cheap against its own history: its P/E of 30.4× has been cheaper only 3% of the time in 5 years (long-run median 50.0×). 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 Vinati Organics Ltd growing?

Yes — Vinati Organics Ltd is growing: latest-quarter revenue −6.8% year on year, profit +0.8%, and the margin +0.0 pp at 28.0%. The 6-year compound rates are 13.7% (revenue) and 4.9% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Vinati Organics Ltd performing?

Vinati Organics Ltd is in a downtrend, 44 weeks in. Its latest quarter's revenue fell 6.8% and profit rose 0.8% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 4 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Vinati Organics Ltd in?

Topping out — revenue, profit and EPS growth have decelerated hard (revenue growth +17.6% at its peak → −0.9% latest) while ROCE still reads 20.0%. The read comes from the last 12 quarters of growth (revenue growth −0.9% latest, profit growth +9.6% latest, eps growth +9.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Vinati Organics Ltd in an uptrend?

No — the price is in a downtrend (week 44 of stage 4), trading −9.3% versus its 200-day average and at 9% 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 Vinati Organics Ltd beating the market?

Not lately — on a trailing-13-week view Vinati Organics Ltd is currently behind the NIFTY 500 (4 weeks and counting; last ahead the week of 2026-06-25), 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 +543% against the NIFTY 500's +274% — ahead of the index over the full window. — as of 24 July 2026.

Will Vinati Organics Ltd's share price go up?

This page publishes no price forecast for Vinati Organics Ltd. What it measures instead: the share price is ₹1,321, the price is in a downtrend 44 weeks in. Its P/E of 30.4× sits at the 3rd percentile of its own 5-year range. — as of 24 July 2026.

Who owns Vinati Organics Ltd?

Promoters hold 74.3% of Vinati Organics Ltd, foreign institutions 3.6%, domestic institutions 9.2% and the public 12.9% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 2.5 points over 8 quarters. — as of 24 July 2026.

Does Vinati Organics Ltd have too much debt?

No — Vinati Organics Ltd's debt-to-equity is 0.00, and operating profit covers the interest bill north of 100×. FY26 borrowings were ₹0.0 Cr against equity of ₹3,161 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is Vinati Organics Ltd's capex?

Vinati Organics Ltd spent ₹1,208 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 ₹285 Cr, with ₹214 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Vinati Organics Ltd's cash flow?

Vinati Organics Ltd generated ₹558 Cr of operating cash flow in FY26 and ₹273 Cr of free cash flow after ₹285 Cr of capital spending. Reported profit that year was ₹444 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Vinati Organics Ltd's profit real cash?

Yes — over the last 3 fiscal years, 115% of Vinati Organics Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹558 Cr against reported profit of ₹444 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Vinati Organics Ltd in its business cycle?

Vinati Organics Ltd's FY26 operating margin was 29.0%, against a 7-year band of 25.0%–40.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 28.0%. 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 Vinati Organics Ltd story?

The sharpest disagreement: annual EPS moved +9.5% against a −33.5% price move — the market has not yet caught up with the delivery. 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 Vinati Organics Ltd a stock worth studying right now?

This is not investment advice. The machine read: Vinati Organics Ltd's earnings have outrun its stock. EPS grew +9.5% in a year against a −33.5% price move. The sharpest open question: whether the price catches up with earnings that have already moved. 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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