Fineotex Chemical Limited

FCL.BO

Chemicals - Specialty · Basic Materials

Price

₹39.62

-2.31 (-5.51%)

Market Cap

₹4.54B

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 25, 2026 · filings through Jun 30, 2026

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)

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.

Winston Score History

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.

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Quality

Gross Margin

27.1%

Modest — 27.1% gross margin

Operating Margin

14.5%

Healthy — 14.5% operating margin

ROCE

6.1%

Weak — 6.1% 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 YoY

+91.4%

Fast-growing sales (91.4% YoY)

EPS YoY

-86.9%

Earnings shrinking (-86.9% YoY)

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

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

16%

Weak — only 16% of profit becomes cash

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

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

117.57x

Comfortably covers interest (117.6x)

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

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Valuation

P/E Ratio (TTM)

33.0x

Pricey — P/E 33.0

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+6.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.0 → 26.4)

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Dividends

Dividend Yield

0.20%

Small dividend — 0.20% yield

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

Dividend Growth

+519.4%

Dividend growing fast (519.4% YoY)

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