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Prabhudas Lilladher Report
Fine Organic Industries Ltd. is India’s largest oleochemical based (green) polymer and food additives manufacturer and is amongst top five to six successful players globally.
It operates at the top end of oleochemicals chain (limited competition) and has sufficient capacity in place for growth till FY24E (~60% capacity expansion since FY19) to leverage the increasing adoption of green chemicals worldwide.
We expect 24% revenue compound annual growth rate and 41% earnings CAGR over FY21-24E (20% CAGR over FY20-24E - on pre-Covid-19 base) as return on capital employed expands to 33% (19% in FY21, 32% average over FY16-20).
Net cash balance sheet coupled with strong operating cash flow generation will enable self sustained growth.
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