Overview

Detailed Summary

Aether Industries Limited is a leading specialty chemical manufacturer in India, focusing on producing advanced intermediates and specialty chemicals for diverse sectors such as pharmaceuticals, agrochemicals, and electronics.
The company has experienced substantial growth, with a 44% increase in revenue year-on-year for Q3 FY '26, driven by strong performance across its three business models: large-scale manufacturing, contract research and manufacturing services (CRAMS), and exclusive manufacturing.
Aether has recently completed significant capacity expansions at Site 3++ and Site 5, positioning itself to meet rising demand, particularly in non-pharma sectors like oil and gas and material sciences.
Strategic partnerships with key clients such as Baker Hughes and Milliken are bolstering Aether's market presence and facilitating entry into new markets, highlighting its emphasis on long-term customer relationships.
Innovation remains central to Aether's growth strategy, with ongoing R&D expansions and a focus on developing new products and processes that cater to emerging market needs in sectors beyond pharmaceuticals and agrochemicals.

Sector: Chemicals & Petrochemicals
Industry: Specialty Chemicals
Market Cap: 15,109 Cr
Volatility: Moderate Risk
P/E Ratio: 68.8
Industry P/E: 43.0
PEG Ratio: 2.4
P/B Ratio: 6.2
52W High: 1,274.20
52W Low: 723.15

Sales CAGR

1Y: 40.07%
3Y: 10.15%
5Y: 21.18%
10Y: 137.71%

Profit CAGR

1Y: 92.05%
3Y: 11.77%
5Y: 30.65%
10Y: 127.14%

ROE

TTM: 8.94%
3Y: 6.69%
5Y: 9.03%
10Y: 9.82%

ROCE

TTM: 10.61%
3Y: 9.09%
5Y: 12.01%
10Y: 12.87%

Technicals

Oscillators

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Neutral

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Neutral

Bullish

Overall

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Bullish

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Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

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Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Forecasts

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Peers

Commodities Chemicals Chemicals & Petrochemicals Specialty Chemicals

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AARTIIND		459.90	16,612 Cr	39.65	2.79	0.22	7.04	6.41	3.15
ANURAS		1330.75	15,150 Cr	89.06	4.59	0.00	5.10	7.68	2.77
AETHER		1135.80	15,109 Cr	68.84	6.15	0.00	8.94	10.61	6.86
BASF		3418.00	14,785 Cr	35.19	3.74	0.59	10.62	14.23	4.98
FINEORG		4754.10	14,560 Cr	34.91	5.46	0.23	15.65	20.00	13.91
VINATIORGA		1306.85	13,523 Cr	30.47	4.28	0.65	14.03	18.72	12.36
PRIVISCL		3251.50	12,655 Cr	38.64	8.96	0.31	23.19	21.43	9.99
Median: 7 Co.	—	1330.75	14,785 Cr	38.64	4.59	0.23	10.62	14.23	6.86

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	155	118	180	199	220	240	256	275	317	305
Expenses	124	107	137	145	155	161	175	187	207	222
Operating Profit	31	10	43	54	65	80	81	88	111	83
OPM %	20.16	8.70	23.98	26.98	29.46	33.16	31.50	31.99	34.87	27.10
Other Income	4.89	4.16	8.96	7.64	11	2.22	-0.06	6.01	-2.23	9.89
Interest	2.06	3.65	2.63	1.96	3.21	5.13	4.80	3.23	3.92	6.14
Depreciation	10	10	10	11	11	13	14	17	17	18
Profit Before Tax	24	0.38	39	49	61	64	62	74	87	68
Tax %	26.83	476.32	23.92	28.28	29.32	21.09	23.71	27.35	26.04	20.60
Net Profit	17	-1.43	30	35	43	50	47	54	64	54
EPS in Rs	1.32	-0.11	2.26	2.63	3.27	3.79	3.55	4.07	4.86	4.07

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	590	651	598	839	915
Expenses	422	465	466	598	636
Operating Profit	168	186	132	241	279
OPM %	28.49	28.61	22.11	28.75	30.47
Other Income	6.97	17	25	30	21
Interest	13	5.09	8.52	13	15
Depreciation	15	23	40	45	49
Profit Before Tax	146	174	110	213	235
Tax %	25.63	25.25	24.67	25.62	25.40
Net Profit	109	130	82	158	176
EPS in Rs	—	9.83	6.22	11.94	16.54
Dividend Payout %	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	113	125	133	133
Reserves	274	1,120	1,931	2,093
Borrowings	291	16	183	200
Other Liabilities	92	120	154	218
Total Liabilities	770	1,380	2,401	2,644
Fixed Assets	257	646	853	1,117
CWIP	58	37	232	363
Investments	17	1.21	0.21	0.21
Other Assets	438	695	1,315	1,163
Total Assets	770	1,380	2,401	2,644

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-5.44	-6.56	-16	100
Cash from Investing Activity	-151	-348	-424	-418
Cash from Financing Activity	169	439	894	1.92
Net Cash Flow	12	84	453	-316

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	81.81%	81.81%	81.79%	81.79%	81.79%	81.79%	81.77%	81.77%	75.00%	75.00%	74.98%	74.95%
FIIs	1.87%	2.43%	1.98%	2.22%	2.90%	3.17%	3.33%	3.34%	0.44%	4.64%	5.81%	6.29%
DIIs	13.66%	12.99%	11.80%	11.82%	11.56%	11.63%	11.49%	11.43%	18.00%	12.97%	12.25%	12.66%
Public	2.67%	2.76%	4.43%	4.17%	3.75%	3.41%	3.41%	3.46%	6.56%	7.39%	6.96%	6.11%
Total Shareholders	55,208	60,466	84,000	78,655	71,683	67,251	66,677	64,034	72,628	73,806	67,806	65,562

Market Transactions

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Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Available on Pro Plan