Fine Organic (FINEORG) reported a beat on our estimates, with the EBITDA margin recovering to 17% in 2QFY22 (after being subdued in the last three quarters). As per our understanding, the volatility in key vegetable oil prices has reduced in the recent quarter, with prices peaking around current levels. Customers have accepted the current environment of high prices. Lower volatility may result in better ability to pass on prices to consumers. FINEORG has long-standing relationships with its suppliers, which enables it to source raw materials at competitive prices. Based on the aforementioned and the...