NSE: AARTIIND · BSE: 524208
AARTI INDUSTRIES LTD
Manufactures and exports specialty chemicals and pharmaceutical intermediates from Indian plants to customers across the US, Europe, Africa, the Middle East, and India. Two segments earn revenue: Specialty Chemicals (~81.5% of segment revenue disclosed) covering nitration and sulfonation chemistry including the nitro-chlorobenzene (NCB) value chain, fuel additives, agrochemical intermediates and methyl methacrylate (MMA); and Pharmaceuticals (~18.5%) covering APIs and intermediates for drug formulators. Fuel additives capacity was raised to 360 KTPA from 290 KTPA in Q1 FY27, with portfolio diversification beyond MMA across geographies. A $150 million multi-year agrochemical supply agreement runs through March 2030, the Ojin JV is commissioning in Q2 FY27 with a Rs 300-400 crore steady-state revenue target, and the Zone IV expansion is delayed 3-6 months due to labour and West Asia-related issues. FY27 capex is guided at Rs 700-800 crore against Rs 1,125 crore in FY26. Raw materials (benzene, sulphur, aniline, toluene, methanol) made up 63.4% of FY26 revenue, rising over 60% during the year, while net debt stood near Rs 4,300 crore (~3.6x EBITDA). Middle East revenue exposure is ~9-10% of revenue, which fell to ~2% in Q1 FY27 as volumes were redirected to other regions. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Specialty Chemicals (82%), Pharmaceuticals (19%). Asset-heavy, export-oriented specialty chemicals and pharmaceutical intermediates manufacturer with significant commodity-input exposure.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,000 | 6,619 | 6,372 | 7,271 | 8,286 |
| EBITDA (ex other income) | 1,929 | 1,089 | 977 | 1,003 | 1,174 |
| margin % | 27.6 | 16.5 | 15.3 | 13.8 | 14.2 |
| Owners' profit | 1,307 | 545 | 416 | 331 | 419 |
| EPS, as reported (₹) | 36.06 | 15.04 | 11.49 | 9.13 | 11.56 |
| ROE % · ROCE % | 22.1 · 22.4 | 11.1 · 13.4 | 7.9 · 8.6 | 5.9 · 7.6 | 7.0 · 8.5 |
| Debt / equity (x) | 0.37 | 0.58 | 0.60 | 0.68 | 0.83 |
| Cash from operations | 471 | 1,310 | 1,204 | 1,242 | 781 |
| Capex | (1,307) | (1,326) | (1,328) | (1,386) | (1,124) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,628 | 1,840 | 1,949 | 1,676 | 2,100 | 2,319 | 2,206 | 2,387 |
| Profit before tax | 34 | 40 | 88 | 42 | 94 | 118 | 111 | 180 |
| Net profit | 52 | 46 | 96 | 43 | 106 | 133 | 137 | 155 |
| EPS (₹) | 1.44 | 1.27 | 2.64 | 1.19 | 2.91 | 3.67 | 3.79 | 4.27 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD ◆ | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.9 | 23.1 | 62 of 99 | 38% |
| P/B | 2.7 | 2.8 | 47 of 99 | 53% |
| ROCE | 4.4 | 10.1 | 78 of 106 | 27% |
| ROE | 7.0 | 8.1 | 58 of 99 | 42% |
| Debt / Equity | 0.8 | 0.2 | 88 of 99 | 11% |
| EBITDA margin | 16.2 | 15.5 | 47 of 99 | 53% |
| Revenue growth | 42.5 | 24.4 | 21 of 94 | 79% |
| Profit growth | 258.0 | 55.1 | 12 of 92 | 88% |
| Market cap | 15871 | 699 | 7 of 108 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Aarti Industries to hold Q2 FY27 earnings call on November 2 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Aarti Industries schedules Q2 FY27 earnings call for November 2 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board meeting to approve September 2026 quarterly and half-year results | results | low | — | — |
| 13 Oct 2026 · 10+ year supply deal worth about Rs 1,500 cr with global specialty chemical major | strategic transactions | high | — | — |
| 13 Oct 2026 · Aarti Industries signs over-10-year manufacturing deal worth Rs 1,500 crores | compliance | low | — | — |
| 8 Oct 2026 · EGM notice for fundraise up to Rs 1,000 crore via QIP or preferential issue | compliance | minimal | — | — |
| 7 Oct 2026 · BSE and NSE approve reclassification of promoter group member to public | ownership changes | medium | — | — |
| 7 Oct 2026 · Aarti Industries EGM on October 31 to approve fundraise of up to Rs 1000 crore | board shareholder meetings | low | — | — |
| 6 Oct 2026 · Routine RTA certificate for share dematerialisation filed with BSE and NSE | compliance | minimal | — | — |
| 1 Oct 2026 · Board approves enabling resolution to raise up to Rs 1,000 Crores | fund raising | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.