Aether Industries Ltd

AETHER

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Market Cap

₹ 11,687 Cr

P/E

57.64

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Aether Industries Limited is a leading specialty chemical manufacturer in India, focused on advanced intermediates and specialty chemicals across diverse industries such as pharmaceuticals, agrochemicals, and materials science.

The company has notably improved its financial performance with a 38% year-on-year increase in operating revenue for Q2 FY26, driven by growing contract and exclusive manufacturing agreements.

Aether's strategic expansion initiatives, including the development of Sites 3+ and 5, are crucial for supporting the company's ambitious growth trajectory and strengthening its manufacturing capability.

The R&D-centric strategy, with a substantial 7.23% of revenue allocated towards research and development, highlights Aether's commitment to innovation and technological advancement.

The company's emphasis on building strong strategic partnerships with major global enterprises like Milliken & Co. and Baker Hughes enhances their growth potential and global market penetration.

Sector

Chemicals

Industry

Chemicals - Speciality - Large

Market Cap

11,687 Cr

Volatility

Low Risk

P/E Ratio

57.6

Industry P/E

47.8

PEG Ratio

2.4

P/B Ratio

5.0

52W High

936.50

52W Low

723.15

Sales CAGR

40.07%

10.15%

21.18%

10Y

137.71%

Profit CAGR

92.05%

11.77%

30.65%

10Y

127.14%

ROE

TTM

8.36%

6.69%

9.03%

10Y

9.82%

ROCE

TTM

10.91%

9.09%

12.01%

10Y

12.87%

Technicals

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Forecasts

No. of Analysts

9

1Y Price Target

1059.37 ▲ 22.75%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Nov 14, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ANURAS	1318.15	15,007 Cr	99.26	4.69	0.05	4.73	9.37	3.94
AARTIIND	376.50	13,652 Cr	50.74	2.39	0.27	5.09	5.85	2.49
FINEORG	4360.55	13,351 Cr	33.35	5.39	0.25	16.37	21.90	15.24
PRIVISCL	3141.30	12,307 Cr	46.13	9.93	0.16	21.52	19.32	8.66
AETHER	879.35	11,687 Cr	57.64	5.02	0.00	8.36	10.91	6.83
JUBLINGREA	704.90	11,228 Cr	38.99	3.69	0.71	9.47	11.15	5.48
CLEAN	910.70	9,654 Cr	36.39	6.44	0.66	17.68	23.61	15.75

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	161	164	155	118	180	199	220	240	256	275
Expenses	116	118	124	107	137	145	155	161	175	187
Operating Profit	45	46	31	10	43	54	65	80	81	88
OPM %	27.76	28.00	20.16	8.70	23.98	26.98	29.46	33.16	31.50	31.99
Other Income	2.26	14	4.89	4.16	8.96	7.64	11	2.22	-0.06	6.01
Interest	1.17	1.64	2.06	3.65	2.63	1.96	3.21	5.13	4.80	3.23
Depreciation	9.23	9.74	10	10	10	11	11	13	14	17
Profit Before Tax	37	49	24	0.38	39	49	61	64	62	74
Tax %	18.50	24.73	26.83	476.32	23.92	28.28	29.32	21.09	23.71	27.35
Net Profit	30	37	17	-1.43	30	35	43	50	47	54
EPS in Rs	2.25	2.77	1.32	-0.11	2.26	2.63	3.27	3.79	3.55	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	—	9.84	6.23	11.95	14.68
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

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	87.07%	87.07%	81.81%	81.81%	81.79%	81.79%	81.79%	81.79%	81.77%	81.77%	75.00%	75.00%
FIIs	1.56%	1.56%	1.87%	2.43%	1.98%	2.22%	2.90%	3.17%	3.33%	3.34%	0.44%	4.64%
DIIs	8.35%	8.39%	13.66%	12.99%	11.80%	11.82%	11.56%	11.63%	11.49%	11.43%	18.00%	12.97%
Public	3.01%	2.97%	2.67%	2.76%	4.43%	4.17%	3.75%	3.41%	3.41%	3.46%	6.56%	7.39%
Total Shareholders	56,840	53,456	55,208	60,466	84,000	78,655	71,683	67,251	66,677	64,034	72,628	73,806

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 20, 2025	Chitrarth rajan parghi	Insider - Connected Person	Acquisition	321.00	0.00 Cr	146	—
Nov 20, 2025	Faiz arif nagariya	Insider - Connected Person	Acquisition	321.00	0.04 Cr	1,168	—
Sep 29, 2025	Amansa holdings private limited	Bulk	Buy	735.00	94.27 Cr	12,82,613	0.96
Sep 29, 2025	Goldman sachs fds goldman sac...	Bulk	Sell	735.01	84.61 Cr	11,51,084	0.86
May 15, 2025	Purnima ashwin desai	Insider - Promoter	Disposal	730.88	656.27 Cr	89,79,173	6.77
May 15, 2025	Faiz arif nagariya	Insider - KMP	Acquisition	727.00	0.04 Cr	545	—
Jan 30, 2025	James william ringer	Insider - Connected Person	Acquisition	321.00	0.10 Cr	3,115	—
Jan 06, 2025	Raymond paul roach	Insider - Connected Person	Acquisition	321.00	0.13 Cr	4,154	—
Nov 21, 2024	Faiz arif nagariya	Insider - Connected Person	Acquisition	321.00	0.04 Cr	1,168	—
Nov 21, 2024	Chitrarth rajan parghi	Insider - Connected Person	Acquisition	321.00	0.00 Cr	146	—

Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q4 FY24

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The company's emphasis on building strong strategic partnerships with major global enterprises like Milliken & Co. and Baker Hughes enhances their growth potential and global market penetration.

Sector

Chemicals

Industry

Chemicals - Speciality - Large

Market Cap

11,687 Cr

Volatility

Low Risk

P/E Ratio

57.6

Industry P/E

47.8

PEG Ratio

2.4

P/B Ratio

5.0

52W High

936.50

52W Low

723.15

Sales CAGR

40.07%

10.15%

21.18%

10Y

137.71%

Profit CAGR

92.05%

11.77%

30.65%

10Y

127.14%

ROE

TTM

8.36%

6.69%

9.03%

10Y

9.82%

ROCE

TTM

10.91%

9.09%

12.01%

10Y

12.87%