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Revenue
₹252.03 Cr
verified against source
Revenue YoY
13%
reported change
EBITDA
₹13 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Oriental Aromatics reported Q3 FY26 revenue of ₹252 cr (+13% YoY), but EBITDA margin contracted sharply to 5.26% (down ~559 bps YoY) and PAT swung to a loss of ₹1.92 cr. Volume growth remained healthy (sales +10% YoY), driven by market share gains in a soft pricing environment. However, margin compression persisted due to pricing pressure in aroma ingredients, unfavorable seasonal mix (post-festive camper slowdown), and the drag from Mahad's greenfield ramp-up (still at 30-35% utilization). Management guided for 8-10% full-year revenue growth and expects Mahad to reach breakeven in 2-3 quarters as commercial shipments ramp up. The recent US-India trade deal (tariff reduction to 18%) is seen as a positive catalyst for North American demand. Key risk: if pricing recovery is delayed or Mahad stabilization takes longer than expected, margins could remain under pressure.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects FY26 revenue growth of 8-10% YoY, driven by volume gains and market share expansion.
- Mahad plant is expected to achieve breakeven within the next 2-3 quarters as commercial shipments ramp up and utilization improves.
- The US-India trade deal reducing tariffs to 18% is expected to revive North American demand and support volume growth.
Risks flagged
- Aroma ingredient pricing remains under pressure due to a buyer's market and Chinese competition; recovery timing is uncertain.
- Mahad plant is still at 30-35% utilization and has taken longer to stabilize, with management citing geopolitical delays and longer customer approval cycles.
- Analyst noted limited e-commerce presence and lack of innovation in camper products; management declined to discuss strategy, indicating potential underperformance.
Key quotes
- We are currently in a sales maximization mode. And if you look at the sales number and if you look at the production number for 9 months or for year on year, we are achieving our targets.
- I think we have to put the tariffs to rest. We have to now look forward and we have to take the advantage of this situation and grow the business.
- I am not going to discuss my FMCG sales strategy with you on the investor call.
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