Vinati Organics Ltd(VINATIORGA)

NSE: VINATIORGABSE: 524200

₹ 1,055.55-1.35%refreshed 26 Oct, 11:11 am ISTMarket cap: ₹ 10,942 crNext results: 30 Oct 2026Website: www.vinatiorganics.comUpdated: 24 Oct 2026

About

Vinati Organics is an Indian specialty chemicals manufacturer producing ATBS, Isobutylene (IBB), Butyl Phenols, and Antioxidants, with revenue of Rs 2,226.89 crore in FY26. It is the world's largest producer of ATBS and IBB, holds approximately 65% global market share in both, and is India's largest manufacturer of Antioxidants and the only domestic producer of TBA, TB Amine, and Butyl Phenols. The company operates four manufacturing plants in Mahad and Lote, Maharashtra, and exports to more than 40 countries.^[1][2]

Business segments

ATBS contributed ~35% of revenue in FY26; it is a specialty monomer used in water treatment, oilfield chemicals, and personal care.^[3]
Butyl Phenols and Antioxidants combined reached INR600cr in FY25; the segment serves polymer, lubricant, and rubber end-markets.^[4]
IBB contributed ~11% of revenue in FY25; it serves pharmaceutical and agrochemical customers.^[4]
Customized products segment recorded 10% year-on-year growth in FY26.^[3]

Products and portfolio

Vinati offers 30+ products across more than 30 end-use industries, spanning specialty aromatics and specialty monomers.^[1]
VOPL (wholly owned subsidiary) makes MEHQ, Guaiacol, and derivatives; new products in development include anisole, 4-MAP, TAA, and PTAP targeting polymerisation inhibitors, resins, flavours, fragrances, personal care, and pharmaceuticals.^[1]
R&D developed a novel antioxidant for lubricant additives, broadening the antioxidants portfolio.^[1]
2 - 3 additional new products targeting fragrance, food additives, and plastics are expected in 2H FY27, with revenues from FY28.^[3]

Manufacturing operations

Four manufacturing plants located in Mahad and Lote, Maharashtra.^[1]
ATBS capacity utilisation was ~75 - 80% in Q4 FY26 following completion of Phase 1 expansion.^[3]
Butyl Phenol capacity utilisation was ~70 - 75% in Q4 FY26.^[3]
Antioxidant plant utilisation was ~50% in Q4 FY25; management targets ~90% over the following two years.^[4]
Solar capacity stands at 32.5 MW as of FY25.^[4]

Key operating metrics

ATBS global market share is approximately 65% as of FY25.^[1]
ATBS volume grew 30% in FY25, driven almost entirely by volume expansion; demand softened from October 2025, then recovered, and management guided 15 - 20% volume growth for FY27.^[4][3]
Antioxidants revenue grew 15% in FY26 and ~70% in FY25 (from INR120cr to INR210cr+), despite Chinese competitive pricing.^[3][4]
IBB volumes fell ~20% in FY26 due to unavailability of key raw materials caused by the Iran war; the constraint was resolved by Q4 FY26.^[3]
VOPL sales were ~INR10cr in FY26 due to process reengineering delays.^[3]

Customers and distribution

Named customers include BASF, NALCO, and DOW, across pharmaceuticals, personal care, polymers, construction, and agrochemicals.^[1]
Exports account for 56% of revenue across 40+ countries, with customers in the US, Europe, and Asia.^[1]
Export share has declined from ~70% to ~55% over three to four years as domestic demand for antioxidants, butyl phenols, and isobutylene derivatives has grown.^[4]

Expansion and capex

ATBS Phase 1 expansion was completed in FY26, bringing utilisation to ~75 - 80%; Phase 2 is expected to come into effect by October 2026, with meaningful utilisation more likely in FY28.^[3]
VOPL plant is undergoing reengineering expected to complete by September 2026; revenue from Q3 FY27 (October 2026 onwards), targeting INR100 - 120cr in FY27.^[3]
FY26 capex was ~INR270cr (below the INR360cr originally earmarked), covering VOPL capacity expansion and operational scalability.^[3]
FY27 capex is earmarked at INR200 - 250cr; annual capex of ~INR250 - 300cr is guided for the next 3 - 5 years.^[3]

Recent developments

Vinati Organics USA INC was incorporated in Delaware, USA in February 2025 as a wholly owned subsidiary to engage in specialty chemicals processing, distribution, and sale.^[1]
The US imposed a 26% reciprocal tariff on Indian imports; management noted India is better positioned than China (54%), Vietnam (46%), and Bangladesh (37%).^[1]
The company remains debt-free and held ~INR190cr in treasury as of 31 March 2026.^[3]
FY25 capex was Rs 391 crore including investments in VOPL, focused on capacity enhancements and new products.^[1]

Market Cap

₹10,942 Cr

High / Low

₹1,713 / 1,062

Stock P/E

24.7

Price / Book

3.5

Book Value

₹305

EPS

₹42.8

No. of Shares

10.37 Cr

ROCE

19.7%

ROE

14.9%

OPM

26.1%

Debt / Equity

0.00

Sales

₹2,227 Cr

Net Profit

₹444 Cr

Promoter holding

74.3%

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