About the Company:
Gem Aromatics Ltd is an established manufacturer of specialty ingredients, including, essential oils, aroma chemicals and Value-Added Derivatives in India with a track record of over two decades.
Company offers a diversified portfolio of products, ranging from the Mother Ingredients to its various Value-Added Derivatives.
Company’s products find application across a broad spectrum of industries, such as, oral care, cosmetics, nutraceuticals, pharmaceuticals, wellness and pain management and personal care.
Company is one of the prominent essential oils and Value-Added Derivatives manufacturers in India, based on value and volume manufactured, specializing in products that are derived from mint and clove oil.
Company’s track record, diverse product portfolio and brand recall has helped us establish several leadership positions within our product portfolio, for instance, in India, we have a dominant presence in essential oil-based products and derivatives that are manufactured from mint, clove, eucalyptus oils and other essential oils.
The largest segments under essential oil are – Orange oil, Mint oil, Clove oil, and Eucalyptus oil. Company is present in three of the four major categories.
Company offers 70 products across our four product categories, namely, (i) mint and mint derivatives; (ii) clove and clove derivatives; (iii) phenol; and (iv) other synthetic and natural ingredients.
During FY 2025 in India, we were one of the largest procurers of Piperita oil, and one of the largest processors of DMO, Clove oil, Eugenol and Eucalyptus Oil in terms of volume manufactured. As on FY 2025, our share of DMO and Eugenol in India was 12% and 65%, respectively, in terms of volume manufactured.
Break-up of revenue from sale of products across our product categories:
Company’s Manufacturing Facilities:
- Company operates three manufacturing facilities located in Budaun, Uttar Pradesh (“Budaun Facility”), Silvassa, Dadra and Nagar Haveli and Daman and Diu (“Silvassa Facility”) and Dahej, Gujarat (Dahej Facility”.
Company’s Installed Capacity and Capacity Utilization:
Company’s Customers:
Company has established long standing relationships with several domestic and global corporate customers such as, Colgate-Palmolive (India) Ltd, Dabur India Ltd, Patanjali Ayurved Ltd, SH Kelkar and Company Ltd, Rossari Biotech Ltd, Symrise Private Ltd, dōTERRA, Ventos So Brasil Eireli and Anhui Hautian Spices Co. Ltd. as well as several domestic and global merchant traders.
In Fiscal 2025, Company supplied products to 225 customers domestically and 44 customers cumulatively across 18 foreign countries globally, covering geographies including the Americas, Asia, Africa and Australia.
Company’s Revenue from Domestic and Exports:
Management Team:
- Mr. Vipul Parekh (Designation: Chairman and Whole-Time Director)
- Mr. Yash Vipul Parekh (Designation: Managing Director and Chief Executive Officer)
Objectives of the Issue:
Offer For Sale: (Rs.276 cr)
- Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will be entitled to their respective portion of proceeds of the Offer for Sale.
Fresh issue: (Rs.175 cr)
- Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company and our Subsidiary, Krystal Ingredients Private Limited.
- General corporate purposes.
Fund Utilization:
| Particulars | Amount (Rs. in Crores) |
|---|---|
| Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company and our Subsidiary, Krystal Ingredients Private Limited | 140 cr |
Positives for the Company:
Company is an established manufacturer of specialty ingredients, including, essential oils, aroma chemicals and Value-Added Derivatives in India.
- Company is an established manufacturer of specialty ingredients, including, essential oils, aroma chemicals and Value-Added Derivatives in India with a track record of over two decades.
- Within the product categories in which we operate, we offer a diversified portfolio of products, ranging from the Mother Ingredients to its various Value-Added Derivatives. In India, we have a dominant presence in essential oil-based products and derivatives that are manufactured from mint, clove, eucalyptus oils and other essential oils.
- The Indian Eucalyptus Oil production market is highly consolidated with Company having over 58% of the market.
Wide product range with continuous product development and R&D capabilities.
- Company has a wide and differentiated product category, which includes 70 products as of March 31, 2025, and is spread across our four product categories, namely, (i) mint and mint derivatives; (ii) clove and clove derivatives; (iii) phenol; and (iv) other synthetic and natural ingredients.
- Company also have established manufacturing capabilities for new product categories like citral and are in the process of expanding our production capabilities in the same by expanding the capacity of our Dahej Facility.
Long standing relationship with well-established customers in India and globally.
- In over two decades of our operations, company has established long-standing relationships with several well established Indian and global customers such as Colgate-Palmolive (India) Limited, Dabur India Ltd, Patanjali Ayurved Ltd, SH Kelkar and Company Ltd, Rossari Biotech Ltd, Symrise Private Ltd, dōTERRA, Ventos So Brasil Eireli and Anhui Hautian Spices Co. Ltd.
- Some of the major players in toothpaste market includes Colgate, Close-up, Pepsodent, Sensodyne, Oral-B, Meswak, Dabur Red Toothpaste, Patanjali, Himalaya, among others. There is substantial presence of our Company in the oral care segment with customers such as Colgate, Dabur, Patanjali.
Company Plans to Expand the geographical reach through growing exports.
- As of March 31, 2025, Company has a clientele with an established pan-India presence. Company seek to continue to develop our distribution network and increase our geographical reach through reinforcing and expanding our distribution channels.
- Company participates in industry-specific conferences and events, both domestically and globally, to enhance our Company’s visibility and facilitate engagement with potential customers.
- In terms of our international presence, company intends to expand our warehousing capabilities in the American markets, Asian markets and Australian markets.
- As on the date company has presences in the United States of America, China, Singapore, Brazil, France, Thailand, Spain, Germany and United Kingdom. Company estimates with our product offering and quality, we will be able to generate significant sales from our exports.
Financials of the Company:
| (in Crores) | FY 23 | FY 24 | FY 25 |
|---|---|---|---|
| Revenue | 425.09 | 454.22 | 505.64 |
| Net Profit | 44.6 | 50.1 | 53.3 |
Valuation of Peer Group Companies:
| Company Name | Face Value | EPS | PE Ratio | RoNW | NAV |
|---|---|---|---|---|---|
| Gem Aromatics Ltd | 2 | 11.39 | 28.53 | 18.80% | 60.61 |
| S H Kelkar and Company Ltd | 10 | 5.40 | 42.33 | 5.83% | 90.66 |
| Oriental Aromatics Ltd | 5 | 10.20 | 36.97 | 5.20% | 196.20 |
IPO Details:
| Details | Info |
|---|---|
| Issue Opens on | 19th August 2025 |
| Issue Closes on | 21st August 2025 |
| Issue Price | Rs.325 |
| Face Value | Rs.2 |
| Retail Category Allocation | 35 % |
| Minimum Lot | 46 Shares |
| Minimum Investment | Rs.14,950 |
| Issue Constitutes | 10 % |
| Issue Size | Rs.451cr ($ 52 million ) |
| Market Cap | Rs.1697 cr ($ 195 million ) |
| Listing at | NSE & BSE |
| Equity Shares Offered (Fresh) | 53,84,615 (Rs.175 cr) |
| Equity Shares Offered (OFS) | 85,00,000 (Rs.276.25 cr) |
| Total Equity Shares Offered (Fresh + OFS) | 1,38,84,615 (Rs.451 cr) |
| Equity Shares Prior to the Issue | 4,68,52,523 |
| Equity Shares after the Issue | 5,22,37,138 (Rs.1697 cr) |
IPO Valuation Parameters:
| Earnings Per Share (EPS) | Price To Earnings ratio (PE) | Return on Net Worth (RoNW) | Net Asset Value (NAV) | Debt Equity Ratio (D/E) |
|---|---|---|---|---|
| 11.39 | 28.53 | 18.80% | 60.61 | 0.78 |
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Important Dates:
| Finalization of Basis of Allotment | on or Before 22nd August 2025 |
| Initiation of Refunds | on or Before 25th August 2025 |
| Credit of Equity Shares: | on or Before 25th August 2025 |
| Listing Date: | on or Before 26th August 2025 |
| Company Contact Info: |
|---|
| Gem Aromatics Ltd A/410, Kailas Complex, Vikhroli Powai Link Road, Park Site, Vikhroli West, Mumbai – 400 079, Maharashtra, India. Telephone: +91 93221 21990 Email: secretarial@gemaromatics.in Website: www.gemaromatics.com |
| Registrar to the Issue: |
|---|
| KFin Technologies Limited Selenium Tower B, Plot No. 31 and 32, Financial District, Nanakramguda, Serilingampally, Hyderabad – 500 032, Telangana, India. Tel: +91 40 67162222 E-mail: gem.ipo@kfintech.com Website: www.kfintech.com |
