Gem Aromatics Ltd(GEMAROMA)

NSE: GEMAROMABSE: 544491

₹ 136.2-3.81%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 711 crWebsite: www.gemaromatics.coUpdated: 24 Oct 2026

About

Gem Aromatics makes specialty aroma ingredients: mint and mint derivatives, clove and clove derivatives, cooling agents, citral derivatives such as Safranal, and phenol derivatives. It sells to flavour and fragrance houses and FMCG companies. FY26 consolidated revenue was 366.47 Cr. Total installed capacity was 16,171 MTPA in FY26 after the greenfield Dahej facility was added.^[1][2][3]

Product portfolio

Mint and mint derivatives revenue was ₹237 Cr in FY26.^[4]
Clove and clove derivatives revenue was ₹85 Cr in FY26, about 23% of FY26 revenue.^[4][2]
Mint made up about 70% of revenue in FY25.^[3]
Cooling agents GEM Cool 03, GEM Cool 05 and GEM Cool 23 (WS-03, WS-23) are a forward integration from menthol, aimed at confectionery and pain management.^[4][3]
The phenol value chain (Anisole, MEHQ, Guaiacol, BHA, 4-MAP) uses vapour-phase technology and is a backward integration for Synthetic Anethole.^[3]
Management plans to sell about 50% of Anisole and use about 50% internally (stated in Q4 FY26).^[2]

Manufacturing and capacity

Total installed capacity was 16,171 MTPA in FY26, up from 5,346 MTPA in Q2 FY26.^[2][3]
Dahej Phase-II adds 10,829 MTPA of capacity for phenol derivatives, cooling agents and citral derivatives.^[3]
The cooling agents unit at Dahej has over 500 MTPA of capacity, which the company describes as India's largest.^[3]
About 85% of the Dahej (Krystal) plant is multipurpose.^[5]
Capacity utilisation at the GEM (standalone) level was 60-65% in Q4 FY26, down from about 80%+ in Q4 FY25, mainly because of lower mint volumes.^[2]
The Silvassa plant received an EcoVadis Platinum sustainability rating (reported in Q4 FY26).^[2]

Key operating numbers

Standalone gross margin was 17.7% in Q1 FY27, down from 25.0% in Q1 FY26.^[4]
Consolidated depreciation was ₹9.1 Cr in Q1 FY27, up from ₹1.8 Cr in Q1 FY26, after the Dahej capitalisation.^[4]
Menthol realisations fell about 10% YoY in Q2 FY26.^[3]
Management estimates Dahej reaches cash breakeven at about 45% capacity utilisation (FY27 estimate).^[5]

Customers and markets

As of Q2 FY26 the company served more than 269 customers in 18 countries, including flavour and fragrance houses and FMCG companies, up from 246 customers in FY24.^[3]
FY26 sales were 44% export and 56% domestic; US tariff headwinds reduced exports.^[2]
About 60% of exports went to the US in FY25.^[5]
The cooling agents have been approved by the world's two largest cooling-agent consumers (as of Q1 FY27).^[4]

Dahej expansion

About ₹265 Cr of the roughly ₹270 Cr Dahej capex had been incurred and substantially capitalised as of Q1 FY27.^[4]
Cooling agents WS-23 and WS-03, clove oil and eugenol started production at Dahej on 11 Dec 2025.^[5]
Commercial production of Gemcool 5 and Safranal began on 26 Feb 2026, and the whole Dahej facility went live in April 2026.^[2]
Safranal revenue is expected towards the end of Q2 FY27, with a more meaningful contribution from Q3 FY27.^[4]
Phenol derivatives trial production slipped from the Q1 FY27 target to end of Q2 FY27; commercial production is targeted for Q3 FY27 and revenue from Q4 FY27.^[4][5]
Management puts Dahej peak revenue potential at about ₹800 Cr, at a 3-3.5x asset turn.^[2]
Management guides that Krystal products will be more than 50% of consolidated revenue through FY28.^[4]

Recent developments

In Q1 FY27 the board approved setting up a wholly owned subsidiary in Brazil to distribute essential oils, aromatic and specialty chemicals in Latin America.^[4]
Floods in Madagascar closed Toamasina port for about 30 days in March-April 2026, delaying clove raw material; management says supply normalised from May.^[4]
After the IPO the company repaid Rs 140 Cr of debt, and net debt to equity fell from 0.8x to 0.3x (Q2 FY26).^[3]
In FY26, US tariffs and GST changes disrupted demand for mint products.^[3][5]

Market Cap

₹711 Cr

High / Low

₹248 / 131

Stock P/E

-49.4

Price / Book

1.6

Book Value

₹86

EPS

₹0.3

No. of Shares

5.22 Cr

ROCE

3.2%

ROE

0.3%

OPM

5.2%

Debt / Equity

0.33

Sales

₹366 Cr

Net Profit

₹1 Cr

Promoter holding

57.5%

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