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US tariff uncertainty persists
View Risks →Gem Aromatics Limited — Q3 FY26
Gem Aromatics reported Q3 FY26 consolidated revenue of ₹78.9 crore with an EBITDA margin of 8.9%, impacted by tariff uncertainties and GST changes.
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Gem Aromatics reported Q3 FY26 consolidated revenue of ₹78.9 crore with an EBITDA margin of 8.9%, impacted by tariff uncertainties and GST changes. Gross margins improved to 23% from 14% QoQ, driven by better mint prices and clove derivative growth. The new Dahej facility (Crystal Ingredients) was commissioned on December 11, 2025, with cooling agents and eugenol verticals operational; contribution was limited to ~20 days. Management guided for ₹1,050-1,100 crore revenue by FY28 with 16-18% EBITDA margins, driven by Dahej ramp-up and product diversification. Dahej is expected to reach 50-60% utilization by Q1 FY28 and peak revenue of ₹750-800 crore by FY29. Near-term risks include persistent tariff headwinds and GST-related demand disruption in the domestic market.
जेम एरोमैटिक्स ने वित्त वर्ष 2026 की तीसरी तिमाही में ₹78.9 करोड़ का राजस्व और 8.9% का EBITDA मार्जिन दर्ज किया। यह टैरिफ अनिश्चितताओं और GST बदलावों से प्रभावित हुआ। कंपनी का सकल मुनाफा 14% से बढ़कर 23% हो गया, जिसका कारण पुदीने की बेहतर कीमतें और लौंग डेरिवेटिव की बढ़त है। दाहेज में नई फैक्ट्री (क्रिस्टल इंग्रीडिएंट्स) 11 दिसंबर 2025 को शुरू हुई, जहां कूलिंग एजेंट और यूजेनॉल का उत्पादन शुरू है। इसका योगदान सिर्फ 20 दिनों का रहा। प्रबंधन का अनुमान है कि वित्त वर्ष 2028 तक राजस्व ₹1,050-1,100 करोड़ और EBITDA मार्जिन 16-18% होगा। दाहेज फैक्ट्री वित्त वर्ष 2028 की पहली तिमाही तक 50-60% क्षमता पर पहुंच जाएगी और वित्त वर्ष 2029 तक ₹750-800 करोड़ का राजस्व देगी। निकट भविष्य में टैरिफ और GST से जुड़ी मांग में कमी का जोखिम है।
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Dahej facility peak revenue potential
₹750-800 crore
N/A
Peak revenue expected from Crystal Ingredients (Dahej) by FY29, based on 3x asset turnover on ~₹250 crore capex.
Dahej facility utilization target
50-60%
N/A
Target utilization by Q1 FY28, with all products online by Q1 FY27.
Customer count
260+
N/A
Serving over 260 customers across 18 countries, including leading F&F houses.
US export share
60%
N/A
Approximately 60% of exports were to the US in FY25, now impacted by tariffs.
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Guidance and risk preview
Company targets consolidated revenue of ₹1,050-1,100 crore by FY28, with Dahej contributing ~₹700 crore and Gem ~₹400 crore.
60% of exports were to the US, and tariffs continue to impact demand.
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