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Stock

Oriental Aromatics Limited

OAL.NS
29
Chemicals - Specialty · Basic Materials
Price
₹512.50
-1.00 (-0.19%)
Market Cap
₹17.25B
Exchange
National Stock Exchange of India
Winston Score
29
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Sep 20, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Mixed
Cash Flow
Weak
Stability
Weak
Valuation
Good
Dividends
Weak

§Winston Score History

The full picture

Oriental Aromatics Limited, established in Mumbai, India, in 1955, is a leading manufacturer and supplier of terpene chemicals, camphor, and various specialty aroma ingredients. Operating as Camphor & Allied Products Limited until its rebranding in February 2018, the company provides specialized aroma chemicals critical for the flavor, fragrance, and essential oil sectors. Its offerings also include synthetic camphor for medicinal and religious uses, alongside specific products such as terpineol, pine oils, astromusk, isobornyl acetate, and terpene resins. Additionally, Oriental Aromatics develops fragrances for a broad spectrum of consumer goods, including soaps, shampoos, hair oils, detergents, incense sticks, cosmetics, toiletries, household cleaners, and air fresheners. Its flavor solutions serve diverse industries such as instant food, beverages, dairy, confectionery, oral hygiene, sweets, meat, snacks, healthcare, and bakeries. Beyond its domestic operations, the company boasts a robust global footprint, exporting its products to numerous countries across North America, South America, Europe, Africa, and Asia.

Growth Profile

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

Revenue Growth

+15.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+400.0% YoY

YoY Growth Rate

EPS growth accelerating

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

Cash Position

Cash flow positive

₹0 cash & investments

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

Growth + cash flow

Oriental Aromatics Limited is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Share count broadly stable

+0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 33.7M (2022) → 33.8M (2026)

Score breakdown

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Quality

Profit per sale
Gross Margin
10.8%
Thin — 10.8% gross margin
Profit after running costs
Operating Margin
4.6%
Thin — 4.6% operating margin
Return on the money invested
ROCE
5.8%
Weak — 5.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+13.5%
Fast-growing sales (+13.5% YoY)
Profit growth
EPS YoY
-77.7%
Earnings shrinking (-77.7% YoY)

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

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
-572%
Weak — only -572% of profit becomes cash
Spare cash per sale
FCF Margin
-3.2%
Burning cash (-3.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
1.09x
Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
324.4x
Expensive — P/E 324.4

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

Cheaper or dearer next year
P/E vs Forward
+289.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (324.4 → 34.9)

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Dividends

Dividend
Dividend Yield
0.10%
Small dividend — 0.10% yield

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

Dividend record
Dividend Growth
N/A
Data not available

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