Aarti Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Speciality Chemicals: 83.3% • Pharmaceuticals: 16.7%
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Latest quarter profit grew 227.3% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.54x)
- Working capital cycle has improved - days down from -25 to -34
- Company has a consistent dividend-paying track record
- Stock looks reasonably valued - P/E of 34.5 is below its historical median
CONS
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on capital employed of 6.9%
- Company has a low return on equity of 7.2% over last 3 years
- Free cash flow has been persistently negative
- Effective tax rate is unusually low at -15.6% - earnings may be flattered
- Company has delivered a poor profit growth of -3.8% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 22305.00 | 101.35 | 201838.07 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1572.50 | 60.43 | 160061.58 | 1.37 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2515.00 | 34.49 | 74550.84 | 0.36 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4753.80 | 84.91 | 52220.49 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8796.15 | 57.15 | 45131.39 | 0.17 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1132.45 | 32.45 | 38146.70 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1642.10 | 28.59 | 22397.10 | 0.46 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1612.65 | 91.01 | 21404.36 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6217.65 | 23.01 | 18305.85 | 0.48 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 497.05 | 33.95 | 18029.33 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1358.70 | 17.49 | 17209.68 | 0.74 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| BASF | 3745.25 | 25.21 | 16211.55 | 0.67 | 360.29 | 162.22 | 4824.26 | 24.57 | 15.23 | 10.46 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,404 | 1,450 | 1,724 | 1,769 | 1,845 | 1,717 | 1,749 | 1,992 | 1,636 | 2,085 | 2,276 | 2,439 | 2,241 | |
| 1,202 | 1,217 | 1,465 | 1,486 | 1,538 | 1,517 | 1,519 | 1,726 | 1,426 | 1,801 | 1,958 | 2,096 | 2,081 | |
| Operating Profit | 202 | 233 | 259 | 283 | 307 | 200 | 230 | 266 | 210 | 284 | 318 | 343 | 160 |
| OPM % | 14.39% | 16.07% | 15.02% | 16.00% | 16.64% | 11.65% | 13.15% | 13.35% | 12.84% | 13.62% | 13.97% | 14.06% | 7.14% |
| 0 | 0 | 8 | 0 | 5 | 7 | 6 | 3 | 5 | 23 | -13 | 6 | 3 | |
| Interest | 40 | 58 | 54 | 59 | 64 | 62 | 85 | 64 | 59 | 99 | 68 | 112 | 82 |
| Depreciation | 89 | 93 | 97 | 98 | 102 | 108 | 110 | 113 | 114 | 120 | 121 | 118 | 124 |
| Profit before Tax | 73 | 82 | 116 | 126 | 146 | 37 | 41 | 92 | 42 | 88 | 116 | 119 | 163 |
| Tax % | 2.74% | -10.98% | -6.90% | -4.76% | 5.48% | -48.65% | -14.63% | -7.61% | -4.76% | -14.77% | -12.93% | -23.53% | 11.66% |
| Net Profit | 71 | 91 | 124 | 132 | 138 | 55 | 47 | 99 | 44 | 101 | 131 | 147 | 144 |
| 1.96 | 2.51 | 3.41 | 3.63 | 3.80 | 1.52 | 1.31 | 2.74 | 1.20 | 2.77 | 3.63 | 4.05 | 3.98 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,050 | 3,699 | 4,025 | 3,994 | 4,317 | 6,040 | 6,565 | 6,346 | 7,302 | 8,422 | 9,041 | |
| 2,442 | 3,043 | 3,108 | 3,065 | 3,382 | 4,329 | 5,477 | 5,372 | 6,309 | 7,316 | 7,936 | |
| Operating Profit | 608 | 657 | 917 | 930 | 935 | 1,711 | 1,088 | 974 | 993 | 1,106 | 1,105 |
| OPM % | 19.95% | 17.75% | 22.77% | 23.27% | 21.65% | 28.32% | 16.58% | 15.34% | 13.60% | 13.14% | 12.22% |
| 3 | 2 | 5 | 11 | 2 | 1 | 0 | 11 | 31 | 71 | 19 | |
| Interest | 117 | 131 | 179 | 122 | 86 | 102 | 166 | 211 | 275 | 339 | 361 |
| Depreciation | 115 | 136 | 151 | 173 | 218 | 244 | 310 | 377 | 433 | 473 | 483 |
| Profit before Tax | 379 | 392 | 591 | 646 | 632 | 1,366 | 613 | 396 | 316 | 365 | 486 |
| Tax % | 19.03% | 19.35% | 18.57% | 18.97% | 18.75% | 13.45% | 10.97% | -5.30% | -7.47% | -15.60% | -7.61% |
| Net Profit | 307 | 316 | 481 | 523 | 514 | 1,182 | 546 | 417 | 340 | 422 | 523 |
| EPS | 37.35 | 38.92 | 59.10 | 30.04 | 14.74 | 32.61 | 15.06 | 11.51 | 9.37 | 11.65 | — |
| Dividend Payout % | 2.68% | 2.57% | 19.81% | 11.65% | 10.18% | 10.73% | 16.61% | 8.69% | 10.67% | 8.59% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 14%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 5%
- 5 Years:
- -4%
- 3 Years:
- -8%
STOCK PRICE CAGR
- 10 Years:
- 13%
- 5 Years:
- -11%
- 3 Years:
- -1%
- 1 Year:
- 30%
RETURN ON EQUITY
- 10 Years:
- 17%
- 5 Years:
- 13%
- 3 Years:
- 7%
- Last Year:
- 7%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 41 | 41 | 43 | 87 | 87 | 181 | 181 | 181 | 181 | 181 |
| 1,269 | 1,475 | 2,517 | 2,815 | 3,325 | 4,320 | 4,740 | 5,109 | 5,428 | 5,777 | |
| 1,545 | 2,111 | 2,569 | 2,624 | 3,062 | 2,801 | 3,116 | 3,319 | 3,707 | 4,773 | |
| Trade Payables | 295 | 347 | 265 | 324 | 584 | 344 | 227 | 752 | 1,230 | 1,691 |
| 191 | 209 | 233 | 240 | 455 | 156 | 274 | 638 | 352 | 434 | |
| Total Liabilities | 3,341 | 4,182 | 5,628 | 6,089 | 7,514 | 7,802 | 8,538 | 10,000 | 10,898 | 12,856 |
| 1,567 | 1,844 | 1,979 | 2,302 | 3,511 | 3,635 | 4,824 | 5,605 | 6,330 | 6,355 | |
| Capital Work in Progress | 267 | 431 | 795 | 1,418 | 1,298 | 1,260 | 989 | 1,059 | 1,276 | 2,030 |
| 62 | 56 | 33 | 37 | 36 | 3 | 12 | 19 | 90 | 189 | |
| 547 | 687 | 701 | 781 | 901 | 899 | 1,015 | 1,151 | 1,388 | 1,297 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 895 | 857 | 1,864 | |
| Cash & Bank | 22 | 24 | 797 | 233 | 406 | 167 | 194 | 512 | 293 | 436 |
| 878 | 1,139 | 1,322 | 1,318 | 1,361 | 1,837 | 1,503 | 759 | 665 | 685 | |
| Total Assets | 3,341 | 4,182 | 5,628 | 6,089 | 7,514 | 7,802 | 8,538 | 10,000 | 10,898 | 12,856 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 498 | 407 | 818 | 1,221 | 938 | 751 | 1,372 | 1,159 | 1,229 | 608 | |
| Cash from Investing | -470 | -574 | -768 | -1,109 | -1,307 | -1,162 | -1,301 | -1,317 | -1,382 | -1,141 |
| Cash from Financing | 57 | 264 | 839 | -520 | 635 | 417 | 46 | 421 | -74 | 746 |
| -3 | 2 | 771 | -564 | 173 | -239 | 27 | 263 | -227 | 213 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Aarti Industries Limited has informed the Exchange regarding a press release dated September 07, 2026, titled "Aarti Industries Commissions Phase I of Zone IV, Unlocking New High-Value Manufacturing Opportunities".
2026-08-28 - Aarti Industries Limited has informed the Exchange about Copy of Newspaper Publication regarding dispatch to the Shareholders of Integrated Annual Report for the FY 2025-26 and Notice of 43rd AGM
2026-08-27 - Aarti Industries Limited has informed the Exchange that Record date for the purpose of Dividend is 14-Sep-2026.
2026-08-27 - Aarti Industries Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report for the Financial Year 2025-26'.
2026-08-27 - Aarti Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 21, 2026
2026-08-24 - Aarti Industries Limited has informed the Exchange about Schedule of Analyst /Investor Meet.
2026-08-20 - Aarti Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-18 - Aarti Industries Limited has informed the Exchange about Copy of Newspaper Publication - Notice of Loss of Share Certificate.
2026-08-07 - Aarti Industries Limited has informed the Exchange about Transcript
News
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