Fineotex Chemical Limited

FCL.BO

Chemicals - Specialty · Basic Materials

Price

₹47.47

+3.84 (+8.80%)

Market Cap

₹5.43B

Exchange

Bombay Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

Dividends

Good

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Share count rising — dilution

+800.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 110.7M (2022) → 997.7M (2026)

Winston Score History

The full picture

Fineotex Chemical Limited is an Indian specialty chemicals company that makes chemicals used in the textile industry. Its main products include finishing agents, softeners, enzymes, and other processing chemicals that help fabric manufacturers improve the feel, look, and performance of their textiles. The company sells to textile mills and garment makers, primarily in India but also in export markets across Asia, Europe, and Africa.

Fineotex earns revenue by selling its specialty chemical formulations directly to industrial customers, with pricing tied to volumes and product mix. The company is headquartered in Mumbai and has manufacturing facilities in India, giving it a cost advantage in serving the large domestic textile sector. Its moat comes from technical know-how, customer relationships, and a wide product portfolio that makes switching suppliers inconvenient for mills. The key growth driver is India's expanding textile and apparel manufacturing base, though the business faces risk from raw material price volatility and competition from larger global chemical companies entering the Indian market.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+161.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-78.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

66.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Fineotex Chemical Limited grew revenue 162% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

27.1%

Modest — 27.1% gross margin

Profit after running costs

Operating Margin

14.5%

Healthy — 14.5% operating margin

Return on the money invested

ROCE

17.2%

Strong — 17.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+91.4%

Fast-growing sales (+91.4% YoY)

Profit growth

EPS YoY

-86.9%

Earnings shrinking (-86.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

16%

Weak — only 16% of profit becomes cash

Spare cash per sale

FCF Margin

0.8%

Thin free cash flow (0.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

117.57x

Comfortably covers interest (117.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

39.6x

Pricey — P/E 39.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+13.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (39.6 → 26.4)

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Dividends

Dividend

Dividend Yield

0.20%

Small dividend — 0.20% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+519.4%

Dividend growing fast (519.4% YoY)

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