Aether Industries Ltd.
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ABOUT
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
- Company has delivered good sales growth of 15.9% CAGR over last 5 years
- Working capital cycle has improved - days down from 387 to 203
- Company comfortably covers its interest (20.2x coverage)
- Company maintains a comfortable, low leverage position
CONS
- Promoter holding has decreased over last 2 years: -6.9pp
- Company has a low return on equity of 6.6% over last 3 years
- Company has a low return on capital employed of 8.8%
- Free cash flow has been persistently negative
- Total debt has risen sharply - up 184.0% year on year
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 22390.00 | 101.74 | 202607.23 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1569.00 | 60.29 | 159705.32 | 1.37 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2507.70 | 34.39 | 74334.45 | 0.36 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4809.00 | 85.90 | 52826.86 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8697.60 | 56.51 | 44625.75 | 0.17 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1123.20 | 32.18 | 37835.11 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1645.90 | 28.66 | 22448.93 | 0.46 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1642.70 | 92.70 | 21803.20 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6345.45 | 23.49 | 18682.12 | 0.47 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 504.45 | 34.46 | 18297.75 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1335.35 | 17.19 | 16913.93 | 0.75 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| BASF | 3692.20 | 24.86 | 15981.92 | 0.68 | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 161 | 164 | 155 | 115 | 180 | 196 | 197 | 215 | 214 | 225 | 257 | 237 | 257 | |
| 116 | 118 | 124 | 106 | 137 | 142 | 138 | 147 | 146 | 153 | 165 | 176 | 200 | |
| Operating Profit | 45 | 46 | 31 | 9 | 43 | 55 | 60 | 67 | 69 | 72 | 92 | 62 | 56 |
| OPM % | 27.76% | 28.01% | 20.17% | 8.17% | 24.15% | 27.92% | 30.26% | 31.41% | 32.04% | 31.86% | 35.67% | 26.03% | 21.84% |
| 3 | 15 | 6 | 6 | 9 | 9 | 11 | 3 | 1 | 7 | -2 | 8 | 10 | |
| Interest | 1 | 2 | 2 | 4 | 3 | 2 | 3 | 2 | 3 | 2 | 3 | 5 | 4 |
| Depreciation | 9 | 10 | 10 | 10 | 10 | 11 | 10 | 12 | 13 | 15 | 16 | 17 | 20 |
| Profit before Tax | 37 | 50 | 25 | 2 | 40 | 52 | 57 | 56 | 53 | 62 | 72 | 49 | 66 |
| Tax % | 18.31% | 24.17% | 25.11% | 40.23% | 23.73% | 26.49% | 28.82% | 23.44% | 24.48% | 29.15% | 27.61% | 21.85% | 26.68% |
| Net Profit | 30 | 38 | 19 | 1 | 30 | 38 | 41 | 43 | 40 | 44 | 52 | 38 | 48 |
| 2.28 | 2.85 | 1.44 | 0.08 | 2.28 | 2.87 | 3.08 | 3.24 | 3.03 | 3.29 | 3.92 | 2.86 | 3.64 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 201 | 302 | 450 | 590 | 651 | 596 | 789 | 940 | 976 | |
| 154 | 230 | 338 | 422 | 465 | 464 | 563 | 645 | 695 | |
| Operating Profit | 48 | 72 | 112 | 168 | 186 | 131 | 225 | 295 | 281 |
| OPM % | 23.61% | 23.78% | 24.93% | 28.49% | 28.61% | 22.07% | 28.59% | 31.42% | 28.82% |
| 2 | 2 | 4 | 7 | 17 | 31 | 32 | 13 | 24 | |
| Interest | 11 | 9 | 11 | 13 | 5 | 9 | 10 | 12 | 13 |
| Depreciation | 6 | 8 | 11 | 15 | 23 | 39 | 43 | 61 | 68 |
| Profit before Tax | 33 | 57 | 94 | 146 | 174 | 114 | 205 | 235 | 248 |
| Tax % | 28.41% | 29.29% | 24.19% | 25.63% | 25.25% | 22.73% | 25.77% | 26.12% | 26.62% |
| Net Profit | 23 | 40 | 71 | 109 | 130 | 88 | 152 | 174 | 182 |
| EPS | 2.48 | 4.24 | 7.36 | 9.67 | 10.47 | 6.65 | 11.47 | 13.08 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 16%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 20%
- 3 Years:
- 10%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 19%
- 1 Year:
- 128%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 15%
- 3 Years:
- 7%
- Last Year:
- 8%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 10 | 113 | 125 | 133 | 133 | 133 |
| 30 | 70 | 164 | 274 | 1,119 | 1,932 | 2,086 | 2,269 | |
| 126 | 172 | 211 | 290 | 15 | 141 | 135 | 354 | |
| Trade Payables | 23 | 38 | 48 | 70 | 82 | 94 | 114 | 151 |
| 19 | 12 | 20 | 24 | 41 | 56 | 94 | 96 | |
| Total Liabilities | 207 | 300 | 453 | 770 | 1,380 | 2,356 | 2,561 | 3,003 |
| 106 | 129 | 216 | 257 | 646 | 743 | 989 | 1,372 | |
| Capital Work in Progress | 1 | 17 | 0 | 58 | 37 | 214 | 333 | 474 |
| 0 | 0 | 22 | 17 | 1 | 0 | 100 | 100 | |
| 40 | 72 | 85 | 163 | 249 | 341 | 386 | 500 | |
| 0 | 0 | 0 | 0 | 0 | 230 | 264 | 306 | |
| Cash & Bank | 1 | 4 | 6 | 18 | 102 | 556 | 240 | 6 |
| 58 | 78 | 124 | 257 | 344 | 272 | 249 | 245 | |
| Total Assets | 207 | 300 | 453 | 770 | 1,380 | 2,356 | 2,561 | 3,003 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 29 | 31 | 43 | 28 | 25 | -2 | 118 | 146 | |
| Cash from Investing | -13 | -48 | -77 | -151 | -348 | -399 | -415 | -590 |
| Cash from Financing | -10 | 33 | 55 | 169 | 439 | 854 | -19 | 211 |
| 0 | 2 | 2 | 12 | 84 | 453 | -316 | -233 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
2026-09-11 - Aether Industries Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 11, 2026
2026-08-19 - Aether Industries Limited has informed the Exchange about the Business Responsibility and Sustainability Report for the FY 2025-26 is annexed herewith.
2026-08-19 - Aether Industries Limited has informed the Exchange regarding the Notice of the 14th Annual General Meeting of the Company, to be held on Friday, September 11, 2026, is annexed herewith.
2026-08-11 - Aether Industries Limited has informed that the Nomination and Remuneration Committee of the Company on August 11, 2026, has approved the issue and allotment of 15,269 Equity Shares of Face Value of Rs. 10 each at exercise price of Rs. 885/- each pursuant to Aether Industries Limited Employee Stock Option Scheme 2021 (herein referred as AIL ESOS 2021) to eligible employees upon exercise of Options, as annexed
2026-08-10 - Aether Industries Limited has informed the Exchange about Schedule of Company s participation in Investor Conference as annexed.
2026-08-07 - Aether Industries Limited has informed the Exchange about Transcript
2026-07-31 - In accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the audio recording of the Earning Conference Call for the Financial Results of the First Quarter ended on June 30, 2026, was arranged today, on July 31, 2026, and is placed on the website of the Company, as annexed.
2026-07-31 - Outcome of BM
2026-07-31 - Revised Press Release.
News
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Aether Industries Ltd.
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