Subscribe for Gem Aromatics Ltd IPO; Anand Rathi

Anand Rathi, has come out with its report on Gem Aromatics Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on August 18, 2025.

Broker Research

August 20, 2025 / 17:38 IST

IPO

Anand Rathi, Gem Aromatics Ltd

Gem Aromatics Ltd is an established manufacturer of specialty ingredients, including essential oils, aroma chemicals, and valueadded derivatives in India with a track record of over two decades. They offer a diversified portfolio of products, ranging from the Mother Ingredients to various Value-Added Derivatives. Their 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 derived from mint and clove oil. Their track record, diverse product portfolio, and brand recall have helped them establish several leadership positions within their product portfolio. For instance, in India, they have a dominant presence in essential oilbased products and derivatives that are manufactured from mint, clove, eucalyptus oils, and other essential oils.

Valuation and Outlook

At the upper price band company is valuing at P/E of 31.8x to its FY25 earnings, with EV/EBITDA of 21.6x and market cap of ₹ 16,977 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “SubscribeLong Term” rating to the IPO.

For all IPO report, click here