Oriental Aromatics Ltd(OAL)

NSE: OALBSE: 500078

₹ 614.35+6.73%refreshed 26 Oct, 12:30 pm ISTMarket cap: ₹ 2,068 crWebsite: www. orientalaromatics.comUpdated: 24 Oct 2026

About

Oriental Aromatics Ltd is one of India's leading manufacturers of fragrances, flavours, camphor and specialty aroma chemicals, producing over 100 specialty aromatic ingredients using 23 distinct chemical processes. It makes them at plants in Bareilly, Vadodara, Ambernath and Mahad. Revenue was Rs 1,030.78 Cr in FY26, and it serves a customer base of over 2,000 across 30+ countries. Its three divisions, Aroma Ingredients (SAI), Camphor and Terpene Chemicals, and Fragrances, each contribute roughly one-third of revenue.^[1][2][3]

Business segments

Three divisions, Aroma Ingredients (SAI), Camphor and Terpene Chemicals, and Fragrances, each contribute roughly one-third of consolidated revenue as of Q1 FY27.^[4]
Export revenue was 35% of consolidated revenue in Q1 FY27, up from 33% in full-year FY26. Management expects the mix to remain broadly stable.^[4]
Reported as a single fine chemicals segment: revenue within India was Rs 531.6 Cr and outside India Rs 396.37 Cr in FY25, vs Rs 453.17 Cr and Rs 383.24 Cr in FY24.^[1][5]

Products and portfolio

Produces over 100 specialty aromatic ingredients using 23 distinct chemical processes (FY25 annual report).^[1]
Aroma ingredients include camphor, terpene chemicals from gum turpentine/CST, synthetic aroma chemicals made at Vadodara, and hydrogenated aroma chemicals from a brownfield unit at Vadodara.^[6]
One of India's oldest and largest makers of formulated camphor, and one of the world's only suppliers of USFDA-certified pharmaceutical-grade camphor (FY25).^[1]
Mahad produces Evermoss, a specialty musk-type aroma chemical. Commercial shipments began in Q4 FY26.^[3]
A trading division sources fragrance raw materials for internal use and for the Indian flavour and fragrance market (FY25).^[1][6]

Plants and capacity

Bareilly, Uttar Pradesh, was India's first synthetic camphor plant, set up in 1964 with DuPont technology. It makes camphor and pine-based chemicals.^[1]
Ambernath, Maharashtra, commissioned in 2014, produces fragrances and flavours.^[1]
The Vadodara hydrogenation unit started in July 2024 and reached 30% of planned capacity within three months. It ran at 65 - 70% utilisation in Q2 FY26.^[1][6]
Mahad is a greenfield specialty aroma chemicals plant (Evermoss, 250 MT capacity) run by the wholly owned subsidiary Oriental Aromatics & Sons Ltd.^[7][1]
DSIR-approved R&D centres in Chandivali, Mumbai and in Vadodara are run by a 40-member team (FY25).^[1]
Total workers numbered 1174 in FY25.^[1]

Key operating numbers

Consolidated sales volumes grew 22% YoY and production volumes 18% YoY in Q1 FY27, after 9% sales volume growth in FY26.^[4]
The core plants (SAI Vadodara and Bareilly) ran at 85 - 90% utilisation in Q1 FY27. Mahad ran at 50 - 60%, up from about 20 - 21% in Q2 FY26.^[4][3]
Alpha-pinene inputs account for about 60% of sales (FY25). The price of alpha-pinene rose about 70 - 80% over the five months through Q1 FY27.^[1][4]
Mahad reduces consolidated EBITDA margins by 1 - 1.5 percentage points (FY26).^[3]

Customers and markets

Customer base of over 2,000 across 30+ countries, spanning FMCG, personal care, fine fragrance, puja samagri and pain-management companies (FY25).^[1]
The top customer accounted for 11.98% of revenue in FY25. In FY24, the top two customers accounted for 25.25%.^[1]
Received P&G's Global Supplier Excellence award for 2023.^[1]
North America accounted for 16 - 20% of consolidated sales in 9M FY26.^[7]
Camphor moved from franchisee-only B2B sales until 2023 to direct consumer marketing by in-house teams. The company is also expanding exports to the Middle East and South-East Asia.^[1]
Chinese suppliers exert pricing pressure on aroma ingredients in markets including India, South-East Asia and the EU (Q2 FY26).^[6]

Expansion and capex

No new large capex is planned as of Q1 FY27. The stated priority is to raise utilisation of existing assets.^[4]
Mahad capacity can be doubled with INR 12 - 15 crore of further capex once the first plant is stabilised (Q4 FY26 guidance).^[3]
Peak revenue potential excluding Mahad is estimated at INR 1,200 - 1,250 crore at current realisations (Q4 FY26).^[3]
The company plans zero liquid discharge (ZLD) systems at the Bareilly and Baroda plants (FY25).^[1]

Recent developments

In Q4 FY26, Mahad qualified to bid on certain global RFQs for H2 2026.^[3]
Price increases of 25 - 27% were being implemented in three-month tranches in Q4 FY26 to recover cost inflation.^[3]
Indonesian subsidiary PT Oriental Aromatics does no business and is proposed to be liquidated (FY25).^[1]
Net debt-to-equity was 0.56x as of 30 June 2026, down from 0.65x in Q3 FY26.^[7]

Market Cap

₹2,068 Cr

High / Low

₹638 / 227

Stock P/E

363.8

Price / Book

2.9

Book Value

₹197

EPS

₹1.0

No. of Shares

3.37 Cr

ROCE

4.5%

ROE

0.5%

OPM

4.5%

Debt / Equity

0.60

Sales

₹1,031 Cr

Net Profit

₹3 Cr

Promoter holding

74.2%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials