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Oriental Aromatics Ltd

OAL

NSE

₹624.40-0.82%19 Oct 2026

Reports

Chemicals Organic

Oriental Aromatics Ltd

OAL

NSE

₹624.40

-0.82%

19 Oct 2026

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Chemicals Organic

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Oriental Aromatics Ltd is a third-generation Indian manufacturer that makes the invisible ingredients behind everyday scents and tastes-the molecules that give soap its fragrance, a cold balm its kick, and a prayer ritual its distinctive smell. Founded in 1955 as a distributor of French essential oils, the company transformed itself by acquiring a controlling stake in a camphor maker in 2008 and merging the two in 2017, creating a single integrated house that now makes both the raw aroma chemicals and the finished fragrance compounds. The recurring approach that explains everything else is vertical integration: it makes its own building blocks, uses them in its own formulations, and sells the surplus to other fragrance houses globally, insulating itself from supply shocks and commodity pricing where it matters most.

Business segments

Three engines built on a single integrated chemistry platform-a steady camphor franchise that funds the core, a specialty ingredients factory that supplies the world, and a made-to-order fragrance kitchen that serves India's FMCG brands.

1. Camphor & Terpene Chemicals: the steady cash generator

A branded camphor business where most production is sold under its own retail labels at a premium, not as a commodity powder, creating a moat that market oversupply cannot easily breach.

Branded, not commoditised - over 60% of the company's camphor output is consumed internally by its two own brands, Saraswati (registered 1967, strong in North India) and 3 Pine (registered 1994, market leader in Gujarat and Maharashtra), so the business earns a branded-product realisation rather than competing on powdered camphor spot prices.
Pharma-grade certification locks in niche demand - the company is one of very few US FDA-approved synthetic camphor manufacturers globally, which gives it a defensible position in the pain-management and flu-care space (tiger balms, vapour wicks) where buyers need a certified supplier.
Brought the value chain in-house - until 2023, its brands were sold through franchisees; the company now controls the full route from its Bareilly plant to market execution, capturing the margin that previously sat with intermediaries.
A mature market, managed for contribution - the Indian camphor market has more supply than demand after recent capacity additions, and the company acknowledges it is not a structural growth story, but it remains a steady EBITDA contributor that the company will stay in regardless of competition.

2. Specialty Aroma Ingredients: the global supply engine

A manufacturer of over 100 niche aroma molecules that supplies both its own fragrance division and the world's top flavour-and-fragrance houses, competing on chemistry breadth rather than on any single product.

A wide chemistry toolkit - the company runs 23 to 28 distinct chemical processes across its plants, including a recently added hydrogenation capability, letting it produce molecules across four chosen families (musks, sandals, ambers, rose) and offer customers a basket rather than a single ingredient.
Backward integration provides a margin floor - a large portion of the aroma chemicals it makes is consumed by its own Flavours & Fragrances division at transfer prices, securing an assured margin on those volumes even when external market prices are under pressure from Chinese oversupply.
Customers are lined up before the plant is built - for new molecules, anchor customers typically commit to a sizeable share of monthly production during the development phase, which de-risks the capital expenditure and speeds up commercialisation.
Plants are multi-purpose by design - the main Vadodara facility and the newer Mahad plant (commissioned 2024, dedicated initially to the Evermoss molecule) are built to handle multiple products, so the company can shift production as demand patterns change rather than being locked into a single molecule's fate.
Supplies its own competitors - even rival fragrance houses buy from the company for their India or Singapore operations because the condensed local supply chain guarantees business continuity, a signal of reliability that no single company can make all 4,000-plus ingredients the industry uses.

3. Flavours & Fragrances: the made-to-order creative kitchen

A custom-formulation house that designs the scent and taste profiles for soaps, shampoos, snacks, and fine fragrances, deepening its share of each client's wallet by growing with their new product launches.

No spot selling, only bespoke briefs - every order is made-to-order against a specific client requirement, which builds sticky relationships because switching a fragrance supplier means reformulating a finished product that consumers already recognise.
Grows by following the client's innovation pipeline - the division wins more business not just by adding new customers but by capturing more of an existing client's product lines, from their mass-market shampoo to their premium incense stick, a pattern the company calls a hallmark of its business.
Captive raw-material advantage - a generous share of the aroma chemicals that go into its fragrance compounds come from the company's own Specialty Aroma Ingredients division, giving it supply security and cost control that standalone fragrance houses lack when global supply chains seize up.
Built for India's consumer map - the division serves everyone from large FMCG multinationals to regional players and boutique personal-care brands, and its deep understanding of Indian consumer preferences is a competitive edge that most FMCG companies cannot replicate in-house.

Group structure and partners

A listed parent with a dedicated greenfield subsidiary for specialty molecules and a small overseas presence, held tightly by its founding family.

The listed entity, Oriental Aromatics Ltd, is 74.17% owned by the promoter Bodani family and trades on both the NSE and BSE.
Its wholly owned subsidiary, Oriental Aromatics & Sons Limited, owns the greenfield Mahad plant commissioned in November 2024 at a cost of roughly Rs. 160 crore, built on 23 acres of MIDC land with part of the parcel reserved for future projects over the next two to five years.
An overseas subsidiary, PT Oriental Aromatics, is based in Jakarta, Indonesia, incorporated in 2012.
The company's historical structure was shaped by the 2008 acquisition of a 57.66% stake in Camphor & Allied Products Ltd. and the 2017 amalgamation that merged the two entities under the Oriental Aromatics name.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹2,113Cr

Close Price

₹628.00

Industry

Chemicals Organic

Price To Earnings

397.47

Price To Sales

1.98

Revenue

₹1,065Cr

Rev Gr TTM

Revenue Growth TTM

13.54%

PAT Gr TTM

PAT Growth TTM

-77.68%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	227	197	216	216	237	223	253	226	271	252	282	260
Growth YoY Revenue Growth YoY%	2.8	-1.0	10.8	10.3	4.4	12.8	16.9	4.5	14.6	13.0	11.5	15.2
Expenses ExpensesCr	216	183	196	194	208	200	234	207	254	238	263	240
Operating Profit Operating ProfitCr	11	14	21	22	29	23	19	18	17	13	19	20
OPM OPM%	4.8	7.2	9.7	10.3	12.1	10.1	7.6	8.0	6.4	5.3	6.9	7.6
Other Income Other IncomeCr	3	2	2	2	2	0	0	0	3	2	4	1
Interest Expense Interest ExpenseCr	5	7	3	4	6	6	9	8	10	9	9	8
Depreciation DepreciationCr	5	5	5	5	5	6	7	8	8	8	8	8
PBT PBTCr	3	4	14	15	19	10	4	3	3	-2	7	5
Tax TaxCr	1	2	4	4	4	3	2	2	2	0	3	3
PAT PATCr	2	3	10	11	15	7	1	1	1	-2	4	3
Growth YoY PAT Growth YoY%	-61.8	-31.3	750.4	281.5	510.7	173.6	-86.0	-95.5	-95.0	-126.9	181.0	402.0
NPM NPM%	1.1	1.3	4.7	5.1	6.2	3.2	0.6	0.2	0.3	-0.8	1.4	1.0
EPS EPS₹	0.7	0.8	3.0	3.3	4.4	2.1	0.4	0.1	0.2	-0.6	1.2	0.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	227	197	216	216	237	223	253	226	271	252	282	260
Growth YoY Revenue Growth YoY%	2.8	-1.0	10.8	10.3	4.4	12.8	16.9	4.5	14.6	13.0	11.5	15.2
Expenses ExpensesCr	216	183	196	194	208	200	234	207	254	238	263	240
Operating Profit Operating ProfitCr	11	14	21	22	29	23	19	18	17	13	19	20
OPM OPM%	4.8	7.2	9.7	10.3	12.1	10.1	7.6	8.0	6.4	5.3	6.9	7.6
Other Income Other IncomeCr	3	2	2	2	2	0	0	0	3	2	4	1
Interest Expense Interest ExpenseCr	5	7	3	4	6	6	9	8	10	9	9	8
Depreciation DepreciationCr	5	5	5	5	5	6	7	8	8	8	8	8
PBT PBTCr	3	4	14	15	19	10	4	3	3	-2	7	5
Tax TaxCr	1	2	4	4	4	3	2	2	2	0	3	3
PAT PATCr	2	3	10	11	15	7	1	1	1	-2	4	3
Growth YoY PAT Growth YoY%	-61.8	-31.3	750.4	281.5	510.7	173.6	-86.0	-95.5	-95.0	-126.9	181.0	402.0
NPM NPM%	1.1	1.3	4.7	5.1	6.2	3.2	0.6	0.2	0.3	-0.8	1.4	1.0
EPS EPS₹	0.7	0.8	3.0	3.3	4.4	2.1	0.4	0.1	0.2	-0.6	1.2	0.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	458	506	755	760	709	869	849	836	928	1,031	1,065
Growth Revenue Growth%		10.6	49.1	0.7	-6.7	22.6	-2.3	-1.5	11.0	11.1	13.5
Expenses ExpensesCr	401	441	640	633	554	776	795	789	835	963	995
Operating Profit Operating ProfitCr	57	65	115	127	155	93	54	47	93	68	70
OPM OPM%	12.4	12.8	15.2	16.7	21.9	10.7	6.4	5.6	10.1	6.6	6.5
Other Income Other IncomeCr	7	0	-1	7	2	4	6	7	3	10	10
Interest Expense Interest ExpenseCr	5	7	13	12	2	4	13	20	25	36	35
Depreciation DepreciationCr	14	15	18	19	17	17	19	20	24	31	31
PBT PBTCr	44	43	83	103	137	76	27	14	48	11	13
Tax TaxCr	16	18	26	17	35	23	8	5	13	7	8
PAT PATCr	28	25	57	86	102	53	20	9	34	3	5
Growth PAT Growth%		-10.4	128.7	50.8	18.3	-47.7	-63.0	-53.9	277.1	-90.4	-77.7
NPM NPM%	6.1	4.9	7.6	11.3	14.4	6.1	2.3	1.1	3.7	0.3	0.5
EPS EPS₹	8.3	1.9	17.7	25.6	30.3	16.1	5.9	2.7	10.2	1.0	1.6

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	458	506	755	760	709	869	849	836	928	1,031	1,065
Growth Revenue Growth%		10.6	49.1	0.7	-6.7	22.6	-2.3	-1.5	11.0	11.1	13.5
Expenses ExpensesCr	401	441	640	633	554	776	795	789	835	963	995
Operating Profit Operating ProfitCr	57	65	115	127	155	93	54	47	93	68	70
OPM OPM%	12.4	12.8	15.2	16.7	21.9	10.7	6.4	5.6	10.1	6.6	6.5
Other Income Other IncomeCr	7	0	-1	7	2	4	6	7	3	10	10
Interest Expense Interest ExpenseCr	5	7	13	12	2	4	13	20	25	36	35
Depreciation DepreciationCr	14	15	18	19	17	17	19	20	24	31	31
PBT PBTCr	44	43	83	103	137	76	27	14	48	11	13
Tax TaxCr	16	18	26	17	35	23	8	5	13	7	8
PAT PATCr	28	25	57	86	102	53	20	9	34	3	5
Growth PAT Growth%		-10.4	128.7	50.8	18.3	-47.7	-63.0	-53.9	277.1	-90.4	-77.7
NPM NPM%	6.1	4.9	7.6	11.3	14.4	6.1	2.3	1.1	3.7	0.3	0.5
EPS EPS₹	8.3	1.9	17.7	25.6	30.3	16.1	5.9	2.7	10.2	1.0	1.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	8	17	17	17	17	17	17	17	17
Reserves ReservesCr	308	329	375	447	540	588	608	616	646	648
Current Liabilities Current LiabilitiesCr	106	186	233	114	158	186	298	278	375	443
Non Current Liabilities Non Current LiabilitiesCr	68	49	48	30	29	74	63	84	107	87
Total Liabilities Total LiabilitiesCr	490	573	673	608	745	865	986	995	1,145	1,194
Current Assets Current AssetsCr	258	317	420	363	477	555	639	518	631	704
Non Current Assets Non Current AssetsCr	232	256	253	246	268	310	347	477	514	491
Total Assets Total AssetsCr	490	573	673	608	745	865	986	995	1,145	1,194

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	8	17	17	17	17	17	17	17	17
Reserves ReservesCr	308	329	375	447	540	588	608	616	646	648
Current Liabilities Current LiabilitiesCr	106	186	233	114	158	186	298	278	375	443
Non Current Liabilities Non Current LiabilitiesCr	68	49	48	30	29	74	63	84	107	87
Total Liabilities Total LiabilitiesCr	490	573	673	608	745	865	986	995	1,145	1,194
Current Assets Current AssetsCr	258	317	420	363	477	555	639	518	631	704
Non Current Assets Non Current AssetsCr	232	256	253	246	268	310	347	477	514	491
Total Assets Total AssetsCr	490	573	673	608	745	865	986	995	1,145	1,194

Consolidated

Standalone

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	16	-23	181	17	-1	-22	142	-34	2
Investing Cash Flow Investing Cash FlowCr	-31	-12	-10	-35	-59	-46	-99	-87	-12
Financing Cash Flow Financing Cash FlowCr	15	36	-159	16	51	78	-48	121	12
Net Cash Flow Net Cash FlowCr	0	0	12	-2	-9	9	-5	0	3
Free Cash Flow Free Cash FlowCr	-15	-36	171	-18	-60	-69	43	-121	-9
CFO To PAT CFO To PAT%	64.2	-41.0	209.9	17.0	-1.5	-113.0	1,557.6	-99.9	73.0
CFO To EBITDA CFO To EBITDA%	24.8	-20.4	142.2	11.2	-0.9	-41.1	302.1	-36.7	3.6

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	16	-23	181	17	-1	-22	142	-34	2
Investing Cash Flow Investing Cash FlowCr	-31	-12	-10	-35	-59	-46	-99	-87	-12
Financing Cash Flow Financing Cash FlowCr	15	36	-159	16	51	78	-48	121	12
Net Cash Flow Net Cash FlowCr	0	0	12	-2	-9	9	-5	0	3
Free Cash Flow Free Cash FlowCr	-15	-36	171	-18	-60	-69	43	-121	-9
CFO To PAT CFO To PAT%	64.2	-41.0	209.9	17.0	-1.5	-113.0	1,557.6	-99.9	73.0
CFO To EBITDA CFO To EBITDA%	24.8	-20.4	142.2	11.2	-0.9	-41.1	302.1	-36.7	3.6

Consolidated

Standalone

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	373	732	764	451	1,975	2,375	1,184	1,006	928	791	2,113
Price To Earnings Price To Earnings	13.4	29.3	13.4	5.2	19.4	44.5	59.9	110.3	27.0	239.7	397.5
Price To Sales Price To Sales	0.8	1.4	1.0	0.6	2.8	2.7	1.4	1.2	1.0	0.8	2.0
Price To Book Price To Book	1.2	2.2	1.9	1.0	3.5	3.9	1.9	1.6	1.4	1.2	3.2
EV To EBITDA EV To EBITDA	8.3	13.1	8.1	3.7	13.1	27.1	25.8	25.6	13.6	17.3	36.0
Profitability Ratios Profitability Ratios
GPM GPM%	24.1	24.4	25.5	26.6	33.3	22.2	19.1	17.9	24.8	20.8	20.8
OPM OPM%	12.4	12.8	15.2	16.7	21.9	10.7	6.4	5.6	10.1	6.6	6.5
NPM NPM%	6.1	4.9	7.6	11.3	14.4	6.1	2.3	1.1	3.7	0.3	0.5
ROCE ROCE%	11.8	10.9	17.0	22.6	21.9	10.7	4.7	4.1	7.2	4.4	4.4
ROE ROE%	8.9	7.4	14.6	18.6	18.3	8.8	3.2	1.4	5.2	0.5	0.5
ROA ROA%	5.7	4.4	8.5	14.2	13.7	6.2	2.0	0.9	3.0	0.3	0.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	373	732	764	451	1,975	2,375	1,184	1,006	928	791	2,113
Price To Earnings Price To Earnings	13.4	29.3	13.4	5.2	19.4	44.5	59.9	110.3	27.0	239.7	397.5
Price To Sales Price To Sales	0.8	1.4	1.0	0.6	2.8	2.7	1.4	1.2	1.0	0.8	2.0
Price To Book Price To Book	1.2	2.2	1.9	1.0	3.5	3.9	1.9	1.6	1.4	1.2	3.2
EV To EBITDA EV To EBITDA	8.3	13.1	8.1	3.7	13.1	27.1	25.8	25.6	13.6	17.3	36.0
Profitability Ratios Profitability Ratios
GPM GPM%	24.1	24.4	25.5	26.6	33.3	22.2	19.1	17.9	24.8	20.8	20.8
OPM OPM%	12.4	12.8	15.2	16.7	21.9	10.7	6.4	5.6	10.1	6.6	6.5
NPM NPM%	6.1	4.9	7.6	11.3	14.4	6.1	2.3	1.1	3.7	0.3	0.5
ROCE ROCE%	11.8	10.9	17.0	22.6	21.9	10.7	4.7	4.1	7.2	4.4	4.4
ROE ROE%	8.9	7.4	14.6	18.6	18.3	8.8	3.2	1.4	5.2	0.5	0.5
ROA ROA%	5.7	4.4	8.5	14.2	13.7	6.2	2.0	0.9	3.0	0.3	0.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ELANTAS	LXCHEM	FOSECOIND	OAL	NITTAGELA	CITURGIA	VALIANTORG
Market CapitalizationMkt CapCr	10,940	4,750	4,662	2,113	1,427	1,353	1,304
Close PriceClose₹	13,800.00	170.90	6,185.00	628.00	1,571.30	102.45	465.00
IndustryIndustry	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic
Price To EarningsPE	61.61	56.97	47.57	397.47	13.82		24.01
Price To SalesPS	11.67	1.52	6.03	1.98	2.42		1.70
RevenueRevenueCr	937	3,122	773	1,065	590	0	766
Revenue Growth TTMRev Gr TTM%	17.7%	5.5%		13.5%	10.4%		1.4%
PAT Growth TTMPAT Gr TTM%	33.5%	25.0%		-77.7%	23.6%	-68.2%	907.0%

	ELANTAS	LXCHEM	FOSECOIND	OAL	NITTAGELA	CITURGIA	VALIANTORG
Market CapitalizationMkt CapCr	10,940	4,750	4,662	2,113	1,427	1,353	1,304
Close PriceClose₹	13,800.00	170.90	6,185.00	628.00	1,571.30	102.45	465.00
IndustryIndustry	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic	Chemicals Organic
Price To EarningsPE	61.61	56.97	47.57	397.47	13.82		24.01
Price To SalesPS	11.67	1.52	6.03	1.98	2.42		1.70
RevenueRevenueCr	937	3,122	773	1,065	590	0	766
Revenue Growth TTMRev Gr TTM%	17.7%	5.5%		13.5%	10.4%		1.4%
PAT Growth TTMPAT Gr TTM%	33.5%	25.0%		-77.7%	23.6%	-68.2%	907.0%

FY2026

FY2025

FY2024

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FY2026

Jun 26