US tariff uncertainty persists
60% of exports were to the US, and tariffs continue to impact demand. Management is pursuing a US+1 strategy but due diligence is lengthy.
GEMAROMA / bear-case history
Track the concerns that keep returning.
Gem Aromatics · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
GST-related demand disruption in domestic market
GST changes have led to cautious procurement, especially from price-sensitive unorganized players. Clarity is emerging but impact lingers.
Dahej ramp-up execution risk
New facility requires customer approvals and production stability; delays in commercialization could impact revenue targets.