Gem Aromatics Ltd

NSE: GEMAROMA BSE: 544491

Incorporated in October 1997, Gem Aromatics Limited manufactures speciality ingredients, including essential oils, aroma chemicals, and Value-Added Derivatives in India.[1]

₹151

52W: ₹133 — ₹350

PE 18 · Book ₹88.1 · +71% vs book

Market Cap₹789 Cr

Stock P/E18Price to Earnings

ROCE22.8%Return on Capital

ROE22.2%Return on Equity

Div. Yield0%Face Value ₹2

Strengths

+Promoter holding has increased by 1.95% over last quarter.

Weaknesses

−Though the company is reporting repeated profits, it is not paying out dividend
−Debtor days have increased from 68.4 to 101 days.

Shareholding Pattern

Promoters57.01%

FIIs1.06%

DIIs4.81%

Public37.11%

Category	Sep 2025	Dec 2025	Mar 2026
Promoters	55.06%	55.06%	57.01%▲1.9
FIIs	2.02%	0.79%▼1.2	1.06%▲0.3
DIIs	6.56%	4.59%▼2.0	4.81%▲0.2
Public	36.36%	39.56%▲3.2	37.11%▼2.5

Financial Statements

Metric	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	92.67	113.29	89.12	202.22	76.4	98.4	83.9
Expenses	78.46	100.85	80.32	157.59	65.89	92.34	76.28
Operating Profit	14.21	12.44	8.8	44.63	10.51	6.06	7.62
OPM %	15.33%	10.98%	9.87%	22.07%	13.76%	6.16%	9.08%
Net Profit	8.59	8.29	4.9	29.12	6.52	4.11	4.21
EPS ₹	1.83	1.77	1.05	6.22	1.39	0.79	0.81

AI Insights

Revenue Trend

TTM revenue at ₹461Cr, down 7.2% YoY. OPM at 15%.

Debt Position

Borrowings at ₹114Cr. Debt-to-equity ratio: 0.25x. Healthy balance sheet.

Capex Cycle

CWIP at ₹7Cr (21% of fixed assets). Significant capex underway — growth runway building.

Margin & Efficiency

ROCE improving from 0% (Mar 2021) to 23% (Mar 2025). Working capital days: 114.

Valuation

PE 18x with 22.8% ROCE. Price is 71% above book value of ₹88.1. Dividend yield: 0%.