Fine Organic Industries (FOIL) is the largest manufacturer of oleochemicalbased additives in India and a strong player globally.

GEPL Capita has recommended 'Subscribe' to IPO of Fine Organic Industries. Commenting on the investment rationale, the stock broker said, ''FOIL stands to gain from operating leverage. At a P/E of 31x of FY17 EPS. We believe that it demands a discount to its domestic peers. We assign a Subscribe rating to the IPO.''

ICICIdirect, said, ''At the upper price band of Ra 783, FOIL is available at MCap/sales of ~3.0x and P/E of ~30x on FY18 numbers (annualised given 9MFY18 numbers). FOIL possess healthy balance sheet with Net Debt: Equity at 0.1x, average NWC days ~70 days and robust return ratios profile (FY17 RoE at 25%). We advise Subscribe on FOIL for long-term perspective.''

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