Fineotex Chemical Ltd(FCL)

NSE: FCLBSE: 533333

₹ 49.19-4.49%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 5,728 crWebsite: www.fineotex.comUpdated: 24 Oct 2026

About

Fineotex Chemical Ltd (FCL) is a Mumbai-based specialty chemicals manufacturer serving textile, oilfield, cleaning & hygiene, and water treatment end-markets. In December 2025 it acquired a 53.33% controlling stake in CrudeChem Technologies Group (CCT), a US-based oilfield specialty chemical manufacturer, sharply expanding its scale. FCL reported FY26 revenue of INR 772.23 cr, with CCT driving consolidated Q1 FY27 revenue to INR 376.63 cr (+174.77% YoY). The group's total manufacturing capacity stands at approximately 268,000 MTPA across India and the US.^[1]

Business segments

Oil & Gas specialty chemicals (CCT): ~65% of consolidated revenue in Q1 FY27, up from 55-60% in Q4 FY26 and 30% in Q3 FY26; makes fluid additives and oilfield chemical solutions.^[2]
Textile specialty chemicals: ~55% of revenue in Q3 FY26 before full CCT consolidation; wet-processing and finishing chemicals for Indian and export-oriented textile makers.^[3]
Cleaning & Hygiene: 15% of consolidated revenue in Q3 FY26; includes performance boosters, surfactants and sustainable product lines.^[3]

Group structure

Fineotex Biotex HealthGuard FZE, a wholly owned UAE subsidiary, trades basic industrial chemicals, medicinal chemicals and para-pharmaceutical products (FY26).^[4]
FCL holds 100% of FZE, and FZE holds 53.33% of Crudechem Technology LLC (CCT), a US maker of chemical fluid additives and oilfield chemicals for the global oil and gas sector (FY26).^[4]
The group operates a subsidiary in Ras Al Khaimah, UAE, intended as a platform for Middle East manufacturing and regional expansion.^[5]

Manufacturing capacity and operations

Total group manufacturing capacity is approximately 268,000 MTPA as of Q1 FY27, across India (including Ambernath) and the US (CCT Texas facilities at Brookshire/Midland).^[2]
A fourth India plant at Ambernath (15,000 MTPA) began production in August 2025; only ~10% of the new capacity was used in Q2 FY26 during ramp-up.^[6]
CCT Texas plant ran at 63% on one shift in Q1 FY27, with full utilisation targeted within a few quarters without further capex.^[2]

Key operating numbers

CCT contributed approximately INR 245 cr (~65%) of Q1 FY27 consolidated revenue of INR 376.63 cr.^[2]
International share of consolidated revenue was 77% in Q1 FY27 (domestic 23%), up from 70% in Q4 FY26.^[2]
Consolidated working capital cycle was 72 days in Q1 FY27 vs 79 days in Q4 FY26.^[2]
Consolidated volumes grew 39% YoY in Q3 FY26, including CCT's 15-day contribution; oil & gas volumes grew ~80% QoQ in Q2 FY26.^[3]
Textile specialty chemical volumes grew 15% YoY in Q4 FY26; domestic textile revenue was roughly flat YoY in Q3 FY26 amid US tariff uncertainty.^[5]

Customers and distribution

India textile dealer network expanded from 103 to 115+ as of Q1 FY27; CCT sells through direct relationships with oilfield service operators.^[2]
In Q1 FY27 a specialty chemical package was qualified for a customer that won a USD 8 billion Saudi Aramco order, after two years of R&D.^[2]
CCT began sales into Canada around Q1 FY27; the group is pursuing Suriname, Guyana and other oil-producing regions.^[2]

CrudeChem Technologies (CCT) acquisition

Fineotex acquired a 53.33% stake in CCT Group, four US specialty chemical companies, on 9 December 2025 for approximately USD 11.5 million; CCT had USD 68 million combined annual revenue then.^[6]
The deal added two plants and 80,000 MTPA capacity, with consolidation from 9 December 2025.^[3]
A further 25% CCT stake is to be bought from founders in January 2028, taking the holding to approximately 79-80%.^[5]
CCT's annualised revenue run-rate was approximately USD 90-100 million at the Q4 FY26 exit; target of USD 200 million by December 2028, reaffirmed in Q1 FY27.^[5]
FY26: FZE to increase procurement from CCT, with loans to CCT funded by unsecured inter-corporate borrowing from FCL of up to ₹100 crores for up to 5 years.^[4]

Expansion and capex

CCT Texas expansion commissioned in Q1 FY27, adding ~69,000 MTPA and lifting group capacity to ~268,000 MTPA.^[2]
Total CCT capex planned at less than USD 10 million over 1.5-2 years from Q3 FY26, funded from internal accruals.^[3]
FY26 annual report: enabling approval sought to raise up to ₹800 crore via QIP/preferential issue for capex, working capital and inorganic growth.^[4]
The group is evaluating acquisitions globally, including in the Middle East, as of Q1 FY27; no target disclosed.^[2]

Recent developments

24 September 2026: Fineotex America Inc. incorporated in the US as a wholly owned step-down subsidiary of FZE, to supply water treatment chemicals to data centres and semiconductor makers.^[7]
FY26: long-term credit rating of ICRA A+ (Positive) from ICRA Limited.^[4]

Market Cap

₹5,728 Cr

High / Low

₹62 / 19

Stock P/E

46.4

Price / Book

6.5

Book Value

₹8

EPS

₹0.9

No. of Shares

116.45 Cr

ROCE

18.3%

ROE

13.5%

OPM

19.2%

Debt / Equity

0.01

Sales

₹772 Cr

Net Profit

₹125 Cr

Promoter holding

62.3%

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