Oriental Aromatics Limited has received a show cause notice from the Income Tax Department regarding proceedings under section 148A of the Income Tax Act, 1961. The company disclosed this development to stock exchanges on March 30, 2026, in compliance with SEBI listing regulations.

Show Cause Notice Details

The notice, bearing number ITBA/AST/F/148A(SCN)_1/2025-26/1088064009(1), was dated March 28, 2026, and received by the company on March 29, 2026, at 16:10 hours via email. The communication came from the Office of The Assistant Commissioner Of Income Tax Circle 1(1)(1), Vadodara.

Financial Implications

According to the Income Tax Department, income chargeable to tax amounting to ₹1,36,76,65,149 has allegedly escaped assessment within the meaning of section 147 of the Income Tax Act, 1961, for Assessment Year 2020-21. The department has indicated that ₹1,25,80,23,649 of this total amount is still under verification.

Company Response

Oriental Aromatics has stated that it will file an appropriate response to the show cause notice within the prescribed timelines. The company has disclosed that the financial impact cannot be determined at this stage, as no penalties, restrictions, or sanctions have been imposed pursuant to the communication.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also uploaded this information on its website at www.orientalaromatics.com , ensuring transparency with stakeholders and regulatory compliance.

Oriental Aromatics Limited has released its comprehensive investor presentation for February 2026, providing stakeholders with detailed insights into the company's business operations and strategic positioning in the specialty chemicals sector.

Business Operations and Manufacturing Infrastructure

The company operates across four key business segments through strategically located manufacturing facilities. The aroma chemicals and camphor operations are based in Bareilly (Uttar Pradesh), Vadodara (Gujarat), and Mahad (Maharashtra), while the flavours and fragrances division operates from Ambernath (Maharashtra).

The company's research and development capabilities are supported by two specialized facilities: the Centre for Innovation in Mumbai and a process re-engineering laboratory in Vadodara. The Mumbai facility houses a state-of-the-art synthesis lab with 20-25 research associates, while the Vadodara lab focuses on developing new turpentine chemical products.

Global Market Presence

Oriental Aromatics maintains a significant international footprint, with FY25 geographical sales showing a 55% domestic and 45% international split. The company exports to multiple countries across six continents, including markets in Africa (Egypt, Kenya, Nigeria, Zambia), Asia (Indonesia, Japan, Malaysia, South Korea), Europe (Germany, Netherlands, Spain, United Kingdom), and the Americas (Brazil, Mexico, Argentina).

Product Portfolio and Applications

The company's diverse product range spans multiple categories within the specialty chemicals sector. In aroma chemicals, Oriental Aromatics manufactures pinene derivatives, sandalwood derivatives, specialty aroma chemicals, and musk compounds. The product applications extend across cosmetics, soaps, pharmaceuticals, fine fragrances, incense sticks, food products, and various FMCG items.

Industry Market Dynamics

According to the presentation, the global aroma chemicals market was valued at USD 6.55 billion in 2025 and is expected to expand at 7.7% CAGR to reach USD 8.82 billion in 2029. The flavours and fragrances market was valued at USD 33.3 billion in 2024 and is projected to reach USD 44.6 billion by 2033, growing at 3.15% CAGR.

The Indian flavors market reached INR 4,592 crore in 2024 and is expected to reach INR 8,513 crore by 2033 at 6.75% CAGR. The luxury perfume market in India is estimated to reach USD 1.6 billion from 2025 to 2030, growing at 8.6% CAGR.

Regulatory Compliance

The investor presentation was submitted to BSE Limited and National Stock Exchange of India Limited on February 25, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The presentation has also been uploaded on the company's website at www.orientalaromatics.com as required under Regulation 46 of the listing regulations.